Dr. Srikant Sharma, Senior Consultant Medicine, Moolchand Medcity, Lajpat Nagar, New Delhi.
Bank of Baroda, India’s leading public sector bank, signed a Memorandum of Understanding (MoU) with KB Financial Group Inc. (KBFG), Korea, for comprehensive business cooperation between the two organizations to establish In-Ko financing corridor and development of innovative digital payment ecosystem. The MoU was signed during IndiaKorea Business Forum on 9th July 2018 by Mr. P S Jayakumar, MD&CEO, Bank of Baroda and Dr. Yoon Jong-kyu, Chairman, KB Financial Group in the presence of Mr. Suresh Prabhu, Hon’ble Minister of Commerce & Industry and Civil Aviation, Govt of India. Speaking on the occasion Mr. P S Jayakumar, MD&CEO, Bank of Baroda said, “Through this engagement, Bank of Baroda and KB Financial Group will work together on creating a new digital payments ecosystem in India and creating InKo corridor for providing reciprocal financial services to Corporate and Retail Clients of Bank of Baroda and KB Financial Group. We are committed to work jointly with KB Financial Group by leveraging the potential synergies generated between Bank of Baroda’s diverse domestic network and KB’s business relations with Korean Conglomerates.” In line with the Hon’ble Prime Minister Shri Narendra Modi’s vision of ‘Look East’ and ‘Digital India’, the proposed In-Ko corridor will have two legs i.e. ‘Corporate Leg’ comprising Corporate Finance, Trade Finance, Correspondent banking relationship and establishing dedicated Korean Desk at Bank of Baroda in India. The ‘Retail Leg’ will include local currency accounts, remittance facilities, digital payment services and financial assistance for consumption and asset purchase. KB Financial Group and its subsidiaries including KB Kookmin Bank (Korea’s #1 Bank) and KB Kookmin Card Co. Ltd. provide a broad range of banking and related financial services to consumers and corporations primarily in Korea and in selected international markets including commercial banking operations, investment and securities operations, real estate finance operations etc.
The House journals of Bank of Baroda bag awards from Reserve Bank of India
The bilingual house journal ‘Bobmaitri’ and Hindi Magazine ‘A ks hay yam’ published by leading Public Sector Bank, Bank of Baroda were awarded with First and Special prize respectively at an award function held at its Central Office, Mumbai, amongst all Public Sector Banks and Financial Institutions under All India House Journal Competition organized by Reserve Bank of India. The awards were received by Executive Director Shri Ashok Kumar Garg, Head (Rajbhasha) Dr. Jawahar Karnawat and Chief Manager (OL) Shri Punit Kumar Mishra at the hands of Dy. Governor of RBI Dr. Viral V Acharya. Shri MK Jain, Dy. Governor and other senior officials of RBI, top officials and OL Officers of different Banks & FIs were also present on the occasion.
Bank of Baroda collaborates with IBM, Accenture for ‘stateof-the-art’ Centers of Excellence
Bank of Baroda, India’s second largest bank public sector bank today announced a collaboration with global technology majors, namely, IBM and Accenture (NYSE: ACN) to power a ‘state of the-art’ IT Center of Excellence (ITCoE) and Analytics Center of Excellence (ACoE), respectively. The twin centers of excellence form part of comprehensive digital roadmap laid out by the Bank aimed at further enhancing the quality of business growth, portfolio diversification and fee income using ‘digitization’. The endeavor would be to execute on the twin mandates of improving business efficiency and taking new use-cases to market at speed to deliver a differentiated, world-class customer experience. Importantly, the alliance is indicative of the Bank’s support for the government’s steadfast focus on growing technology opportunities through initiatives such as “Digital India” and meet “Ease of Banking” directive. Bank of Baroda has always approached innovation with the customer in mind, creating solutions that address not only business opportunities, but the needs of emerging markets like India. The collaboration also gives us the opportunity to bring in talented technologists and a wealth of creative new ideas that will possibly help us shape the next wave of technology with a highly energized and engaged team of the Bank. Becoming a true digital bank requires transformation of the entire organization and is not restricted to one function. ITCoE that will work with various business functions inside the Bank aims to create a market leading technology differentiation driving business outcomes. ITCoE will bring together a wide variety of leading skills sets for digitization agenda such as design thinking, mobility, agile IT delivery and emerging technologies like Blockchain, Robotics Process Automation, Open API banking and Business Process Management. ITCoE will blend business strategy and technology to transform the Bank into a full scale digital bank. Under ACoE, the Bank will establish a data and analytics technology platform with an enterprise wide pet byte scale Big Data Lake* powered by leading data technologies and techniques such as predictive analytics, machine learning and artificial intelligence. This center will help to leverage the wealth of our data to drive the next wave of sustainable growth for the bank. ACoE will work with the Bank’s business units and functions to identify and realize new value-creation opportunities, and build the bank’s capability in leveraging analytics to increase revenue, reduce costs and improve risk profile. Immediate opportunity areas are increasing average product holding, improving collections efficiency, preventing frauds and enabling more robust monitoring and tracking of business operations across the management hierarchy. These Centres of Excellence will help in accelerating digital transformation journey, and turn the Bank into a data driven digital enterprise while building large pool of talented technologists and data analysts.
Bank of Baroda organizes nationwide camps on World Blood Donor Day
On the occasion of World Blood Donor Day on June 14, 2018, Bank of Baroda, the second-largest public sector bank, organised blood donation camps —across the country to help raise awareness about the need for safe blood and blood products, and acknowledge blood donors for their voluntary and life-saving act. The blood donation campaign was held under the theme ‘#ISaveALifeToday’ highlighting the fundamental human values of altruism, respect, empathy and kindness. It also underlined the importance of voluntary unpaid blood donation systems. Bank of Baroda collected 5711 units of blood from camps organised in its premises across 13 zones in collaboration with various hospitals and NGOs. The Bank expressed its gratitude to both its staff members and customers for participating in this noble cause and making World Blood Donor Day a big success.
P S Jayakumar, MD & CEO, Bank of Baroda
P S Jayakumar, MD & CEO, Bank of Baroda and Dr. Yoon Jong-kyu, Chairman, KB Financial Group