Citibank India: From Retail to Institutional Focus

In the context of banking, "Mashreq" primarily refers to Mashreq Bank, a prominent financial institution based in the United Arab Emirates (UAE). Here's what you should know about Mashreq in banking: * One of the Oldest Banks in the UAE: Established in 1967 as the Bank of Oman, it's one of the oldest and leading privately-owned banks in the UAE and the broader Middle East region. * Comprehensive Financial Services: Mashreq offers a wide range of banking and financial services to individuals, businesses, and corporations. These include: * Retail Banking: Personal accounts (current, savings, foreign currency), loans (personal, home, auto), credit cards, debit cards, investments, and insurance products. * Corporate & Investment Banking: Corporate finance, investment advisory, mergers and acquisitions (M&A), initial public offerings (IPOs), underwriting, treasury and capital markets services, global transaction banking (cash management, trade and working capital solutions). * Islamic Banking: They also provide Islamic banking services, adhering to Sharia principles, including Islamic deposits, loans, and other financial products. * Wealth and Asset Management: Services for both institutional and individual clients. * Digital Banking Focus: Mashreq has a strong emphasis on digital banking. They were pioneers in introducing internet banking in the region and have a dedicated digital banking platform called Mashreq NEO (and Mashreq NEO BIZ for businesses) which offers a suite of online banking services through their app. * International Presence: While headquartered in Dubai, UAE, Mashreq has an expanding international footprint with operations in 14 countries. They have corporate banking operations in countries like Oman, Bahrain, Qatar, Kuwait, and India, and provide both corporate and retail banking services in Egypt, among other international offices in Europe, Asia, Africa, and the US. * Innovation: Mashreq is known for its innovative approach, having been the first bank in the UAE to install ATM cash machines, issue debit and credit cards, and offer consumer loans. They continue to focus on digital solutions and leveraging technology in their services. In essence, when you hear "Mashreq" in a banking context, it almost invariably points to Mashreq Bank, a significant player in the Middle Eastern and international financial landscape, known for its comprehensive services and digital innovation.

Starting from October 15, 2025, For current and savings accounts held with Singapore’s seven major retail banks — DBS Bank, OCBC Bank, United Overseas Bank (UOB), Citibank Singapore, Maybank Singapore, HSBC Singapore, and Standard Chartered Bank — a new “cooling-off period” mechanism will take effect. When an account’s balance is at least S$50,000, and a single electronic transfer (combined with any withdrawals made in the previous 24 hours) exceeds 50% of the account balance, the transaction will trigger the cooling-off mechanism. In such cases, the transaction — along with subsequent outgoing payments — will either be delayed for 24 hours or automatically declined. This measure applies only to electronic fund transfers made through mobile banking apps or internet banking. Transactions conducted at bank branches or ATMs, such as cash withdrawals or over-the-counter services, are not affected. Certain categories of transactions are exempted, including: • Standing instructions for recurring transfers • Regular GIRO / eGIRO payments • Bill payments to recognised institutions (e.g., utilities and telecommunications providers) as determined by the bank When a transaction is delayed, the bank will immediately notify the customer via the mobile banking app or internet banking platform. If the transaction is legitimate, no further action is required, and the system will automatically release the funds after 24 hours. The aim of this cooling-off mechanism is to combat scams involving rapid electronic fund transfers, giving customers a period to review and verify their transactions — and to prevent significant financial losses caused by impulsive or fraudulent actions.

India’s banking system is undergoing a major overhaul this October, prioritizing speed, transparency, and consumer protection. The Reserve Bank of India (RBI) is introducing continuous cheque clearing, while several banks are revising service charges and compliance rules. These changes impact daily transactions, user costs, and the way customers access banking services ������. Continuous Cheque ClearingThe RBI is replacing batch-based cheque processing with continuous clearing and real-time settlement starting October 4, 2025 ���. Banks will process cheques throughout the day, so deposits will be credited within hours rather than the traditional one-day wait ��. The overhaul is rolling out in two phases: Phase 1 begins October 4, 2025, and Phase 2 starts January 3, 2026 ��. Customers can expect faster fund access, benefiting businesses and individuals needing speedy transactions ��. Higher Service Charges and Locker AgreementsBanks including Punjab National Bank (PNB), HDFC Bank, and YES Bank have revised locker fees, salary account charges, ATM withdrawal limits, and penalties for failed standing instructions starting October 1, 2025 ����. All customers must update their bank locker agreements to comply with new safety and regulatory norms �. These changes mean slightly higher costs for customers and stricter compliance procedures ���. Loan Interest Rates-Banks are now free to adjust floating loan rates in real time, rather than being locked for three years. Borrowers will see the impact of rate changes more quickly and can opt to switch between fixed and floating rates �. UPI Transaction Security UpdateThe NPCI (National Payments Corporation of India) has discontinued Person-to-Person “collect request” features for UPI payments, enhancing user security and reducing fraud risk ��. Customer ImpactCustomers will need to keep track of revised cutoff timings for cheque deposits, familiarize themselves with updated service charges, and ensure locker agreements are re-executed ��. Faster payments and settlements will help businesses manage cash flow better, while higher service fees could nudge users towards digital banking and automation ���. This overhaul marks a decisive step towards modernizing India’s banking ecosystem, making transactions quicker and safer for everyone. 🤔What's your perspective 🤔

Payment Banks in India Payment Banks (PBs) are a specialized category of banks introduced by the Reserve Bank of India (RBI) in 2014 to promote financial inclusion, especially for unbanked and underbanked populations like low-income households, small businesses, and migrants. They provide basic banking and payment services in a technology-driven, low-cost manner but operate under restrictions to ensure stability. As of August 2025, there are 5 active PBs in India.4b5946 Key Features Services Offered: Savings and current accounts (zero or low minimum balance). Remittances, bill payments, mobile recharges, and digital wallets. Debit cards, UPI integration, and merchant payments. Fixed deposits (limited). Restrictions: No lending or credit cards. Maximum deposit: ₹2 lakh per customer (as of 2025).9651a3 Must invest deposits in low-risk assets (e.g., government securities). Capital Requirement: Minimum ₹100 crore. Interest Rates: Savings: 3–7% p.a.; competitive to attract users. Regulation: Full RBI oversight, with emphasis on digital compliance and KYC. Objectives Enhance access to formal banking in rural/semi-urban areas. Support initiatives like Digital India, Jan Dhan Yojana, and Direct Benefit Transfer (DBT). Boost digital payments; PBs handle billions in UPI transactions monthly.17d831 List of Active Payment Banks (2025) Airtel Payments Bank (Launched: 2016; HQ: New Delhi; Promoter: Bharti Airtel): Over 500,000 banking points; 1.5M+ merchants. Focus: Mobile-linked savings, QR payments.989bb8 Fino Payments Bank (Launched: 2017; HQ: Mumbai; Promoter: Fino Paytech): Targets rural/semi-urban; 25,000+ outlets. Services: Remittances, bill payments.06c7bf India Post Payments Bank (IPPB) (Launched: 2018; HQ: New Delhi; Promoter: India Post): Leverages 155,000+ post offices; millions of customers. Doorstep banking, sweep-in facilities.026d68 Jio Payments Bank (Launched: 2016; HQ: Mumbai; Promoter: Reliance Jio): Digital-first; integrated with Jio ecosystem. Focus: Everyday transactions, zero-balance accounts.c75f47 Paytm Payments Bank (Launched: 2017; HQ: Noida; Promoter: One97 Communications): Seamless app-based banking; fixed deposits. Vast ecosystem for payments, shopping.31428f Benefits Accessibility: Paperless opening, doorstep services via agents. Affordability: Low/no fees, higher interest than traditional savings. Security: RBI-insured deposits up to ₹5 lakh (via DICGC). Innovation: Drives UPI adoption (20B+ transactions in Aug 2025).056ed6 Challenges Limited scope (no credit) restricts growth. Competition from fintechs and full banks. Regulatory compliance for cybersecurity.

IFSC Code IFSC Code (Indian Financial System Code) is an 11-character alphanumeric code used in India to identify specific bank branches for electronic fund transfers. Mandated by the Reserve Bank of India (RBI), it facilitates secure and efficient transactions through systems like NEFT (National Electronic Funds Transfer), RTGS (Real-Time Gross Settlement), and IMPS (Immediate Payment Service). As of October 2025, IFSC codes remain integral to India’s digital banking ecosystem, supporting seamless interbank transactions. Structure of IFSC Code The IFSC code follows a standardized format: First 4 characters: Bank identifier (e.g., SBIN for State Bank of India, HDFC for HDFC Bank). 5th character: Reserved, always ‘0’ (zero). Last 6 characters: Branch identifier, unique to each branch (e.g., 000123 for a specific branch). Example: SBIN0001234 SBIN = State Bank of India 0 = Reserved 001234 = Branch code (e.g., a specific SBI branch) Purpose and Usage Fund Transfers: Enables accurate routing of funds for NEFT, RTGS, and IMPS transactions. Online Banking: Used in internet banking, mobile apps, and UPI for interbank transfers. Payment Systems: Supports bill payments, loan repayments, and other digital transactions. Verification: Ensures transactions reach the correct bank and branch, reducing errors. Key Features Unique Identification: Each branch of a bank has a distinct IFSC code. RBI Oversight: Managed by RBI and assigned through the National Payments Corporation of India (NPCI). Integration: Links with core banking systems for real-time processing. Accessibility: Available on bank websites, passbooks, cheque books, and RBI’s database. How to Find an IFSC Code Bank Documents: Printed on cheque books, passbooks, or account statements. Bank Website: Most banks list IFSC codes for branches on their websites. RBI Database: RBI’s official website provides a searchable list of IFSC codes. Third-Party Portals: Websites like NPCI, bankbazaar.com, or apps like PhonePe allow IFSC lookup. Branch Contact: Customers can contact their bank branch or customer care. Importance in 2025 Digital Payments: With UPI handling over 50% of global real-time payment volume, IFSC codes ensure accurate linking of accounts for transactions. Financial Inclusion: Supports fund transfers to rural and cooperative bank branches. Regulatory Compliance: Ensures adherence to RBI’s KYC and anti-money laundering norms. Cross-Border Transactions: Used in some international remittances alongside SWIFT codes. Challenges Errors in Entry: Incorrect IFSC codes lead to failed transactions. Branch Mergers: Bank mergers (e.g., SBI or PSU bank consolidations) may change IFSC codes, requiring updates. Awareness: Some users, especially in rural areas, struggle to locate or use IFSC codes. Example Banks and IFSC Codes (2025) State Bank of India (SBI): SBIN000XXXX HDFC Bank: HDFC000XXXX ICICI Bank: ICIC000XXXX Axis Bank: UTIB000XXXX Punjab National Bank (PNB): PUNB0XXXXXX

How State Bank of India bridges the gap between scale and personalization offers a winning blueprint for CX professionals. Its success stresses the importance of integrating digital journeys with human touchpoints, investing in employee empowerment, and prioritizing financial inclusion for sustainable excellence. https://lnkd.in/gVFU8xZq #CustomerExperience #DigitalBanking #SBI #FinanceInnovation #CXLeadership #EmployeeExperience #FinancialInclusion #BankingExcellence #YONO #GlobalFinanceAwards

Jinesh Gosar: Banking Transformation Leader Bridging Two Decades of Financial Services Excellence with Strategic Innovation Icons Oman recognizes Jinesh Gosar, Founder & CEO of SimpliFI Consulting FZ-LLC, for pioneering enterprise banking strategies that deliver measurable impact across the GCC and broader Middle East. With 22 years of progressive experience spanning technology consulting, institutional banking, and organizational strategy, Jinesh Gosar brings a rare combination of execution excellence and visionary thinking to banking innovation in the region. At Bank Muscat, as Head of One Bank Strategy, Jinesh architected and deployed a comprehensive enterprise relationship framework that transformed how the bank serves corporate clients. This holistic, cross-business unit approach enhanced relationship coverage and unlocked new revenue streams from existing client relationships, demonstrating how strategic coordination creates value. Prior to this organization-wide strategy role, Jinesh spent 11 years leading the bank's Global Financial Institutions business, expanding Trade Finance, Correspondent Banking, and FI Lending across the Middle East, Africa, Indian subcontinent, and Europe. His leadership delivered substantial revenue growth while maintaining portfolio resilience through multiple economic disruptions, including the COVID-19 pandemic, Arab Spring, and the 2011 European debt crisis. His banking career began at ICICI Bank in Mumbai, where he specialized in structuring FX and Interest Rate hedging solutions for corporate clients prior to and during the 2008 sub-prime crisis—an experience that shaped his perspectives on leverage-driven growth, approach to risk management, and belief in creating sustainable growth strategies. Uniquely, Jinesh's career foundation lies in technology consulting, where he implemented Oracle eBusiness Suite ERP systems for global clients, advising on supply chain optimization and financial reporting best practices. Today, through SimpliFi Consulting FZ-LLC, Jinesh advises commercial banks on implementing his proprietary Ecosystem Banking Framework (EBF)—a methodology that enhances relationship coverage for corporate clients, promotes collaboration across business silos, and creates new revenue streams by embedding banks deeper into customer ecosystems. Building on his holistic understanding of banking and his rich and diverse FI coverage experience, he champions practical AI adoption through use cases that solve real banking challenges rather than technology for technology's sake. Jinesh holds a Global Executive MBA from INSEAD and is a Chartered Accountant from The Institute of Chartered Accountants of India. His combination of deep banking operations experience, strategic leadership credentials, and technology fluency positions him uniquely to guide financial institutions through the complexities of modern banking transformation.

Beyond Digital: Why Bank Branches Still Matter J Madegowda DOI: 10.71329/IUPJBM/2025.24.2.54-86 © 2025 IUP. All Rights Reserved. * Professor, Department of Business Administration, Vidyavardhaka College of Engineering, Gokulam III Stage, Mysuru 570002, Karnataka, India. E-mail: jmadegowda@vvce.ac.in; madegowdaj@gmail.com. This study explores the continued relevance of branch banking in the context of fintech integration by analyzing perspectives from bank customers and officers. Using Factor Analysis, the study evaluates responses across six service dimensions—security, accessibility, personalized assistance, fraud prevention, customer support, and geographical connectivity. The results indicate a strong consensus on the enduring importance of branch banking, especially in areas with poor digital infrastructure and among customers with limited digital literacy. Both customer and officer responses emphasize the role of branches in ensuring secure transactions, fostering trust, and delivering tailored services for complex financial needs. Despite the rise of digital platforms, physical branches remain critical for supporting nderserved populations and maintaining inclusive financial access. The findings support the adoption of hybrid banking models that integrate fintech innovations with human-centric branch services. Practical implications include training staff to manage high-stakes, personalized interactions and enhancing digital-physical synergy in service delivery. This study contributes to the growing discourse on digital transformation in banking by highlighting the sustained value of physical branches and offering a strategic framework for balancing digital efficiency with traditional relationship-based service.

Banking customers have often wondered why cheque clearance takes days when digital transactions complete in seconds. Today, with RBI's introduction of faster cheque clearing, that wait is being dramatically shortened. The recent RBI announcement states, "From now on, banks will pass/return cheques on the same day. Customers will get credit on the same day." Even more significant, effective January 3, 2026, "banks will pass/return cheques within 3 hours. Customers will get credit in a few hours." This change means instant fund availability, improved convenience, and reduced delays, elevating both customer and employee experience in banking. RBI’s initiative encourages everyone to “keep adequate balance to avoid cheque bounce,” urging proactive financial responsibility. For finance professionals and CX leaders, these developments signify a renewed commitment to operational excellence and real-time customer service. It is a paradigm shift transforming back-office functions into strategic drivers of customer satisfaction. As India's financial ecosystem moves toward greater digital integration, Reserve Bank of India (RBI)’s cheque clearing reforms stand as a milestone in responsive service delivery. Stakeholders across the sector must appreciate the technological advancement and address challenges in staff training, process automation, and communication for seamless transitions. https://lnkd.in/g8Kra4w3 #ChequeClearing #BankingInnovation #CustomerExperience #RBI #FinanceTrends #DigitalTransformation

As India's financial ecosystem moves toward greater digital integration, Reserve Bank of India (RBI)’s cheque clearing reforms stand as a milestone in responsive service delivery. Stakeholders across the sector must appreciate the technological advancement and address challenges in staff training, process automation, and communication for seamless transitions. https://lnkd.in/gm-5yS_j #ChequeClearing #BankingInnovation #CustomerExperience #RBI #FinanceTrends #DigitalTransformation