CURRENT AFFAIRS

Detailed explanation-1: -Amazon Web Services (AWS) on Tuesday said it has inked a multi-year deal with Axis Bank to power the digital transformation programme of the country’s third largest private sector bank.

Detailed explanation-2: -Digital transformation in banking is the operational and cultural shift towards integrating digital technology into all areas of the bank, optimizing operations and value delivery to customers. If executed successfully, digital transformation can improve the bank’s ability to compete in an increasingly crowded market.

Detailed explanation-3: -Following the merger of Axis Bank and Citi, Citi’s retail customers will become Axis Bank customers. CCI has approved the Rs 12, 325-crore merger deal between Axis Bank and the Citibank.

Detailed explanation-4: -A few examples of digital banking transformation are online banking applications, data encryption software, virtual assistants, KYC system software, website optimization, etc. This raises a ton of questions around digitization in modern banks and similar business institutes.

Detailed explanation-5: -We advise that the name of ‘UTI Bank Ltd’ has been changed to ‘Axis Bank Ltd’ in the Second Schedule to the Reserve Bank of India Act, 1934 with effect from July 30, 2007 by notification DBOD. No. PSBD. 1174/16.01.