Indian Bank has introduced the IB SAATHI initiative, which aims to provide an integrated ecosystem for all stakeholders in the financial sector through the business correspondent route. The initiative will offer simplified delivery of services, including both basic and value-added offerings. Indian Bank plans to deploy around 5,000 banking correspondents by March 2024 to enhance accessibility and reach.
JPMorgan maintained an underweight rating on TCS with a target price of Rs 2650. The IT company announced a large deal win from JLR worth $1bn TCV over five years.
Indian Bank has partnered with IBM to improve its infrastructure and enhance scalability and agility. The bank will consolidate its front branch servers under its Project Paradise initiative, aiming to achieve better manageability and availability. The collaboration with IBM will accelerate the bank s modernization path and provide a flexible and secure infrastructure for deploying new front-end banking applications.
The stress test suggests that the balance sheet remains protected despite headwinds. LatAm is a potential catalyst and the global CP business is much undervalued.