New Delhi: In the ever-evolving landscape of the banking industry, the role of the Chief Digital Officer (CDO) stands at the forefront of innovation and adaptation. As financial institutions navigate the complexities of the digital age, the CDO emerges as a pivotal figure, entrusted with spearheading strategies to drive digital business initiatives forward. Beyond simply embracing technological advancements, the CDO must strategically implement transformative measures that revolutionize traditional banking paradigms.

Central to this endeavor is cultivating robust leadership roles within the organization, fostering a culture of digital transformation from the executive level downwards. In this introductory exploration, we delve into the multifaceted responsibilities of the Chief Digital Officer within a bank, examining the strategic imperatives and leadership dynamics essential for navigating the digital frontier. In this regard Mansi Gupta, ObserveNow interacted with Dr. Jasmin B Gupta, CDO, Pahal Finance and Founder, Meitmoney.

Here are a few excerpts from the interview:

Can you provide a brief overview of your role as the Chief Digital Officer in an NBFC/Bank?

The role of a Chief Digital Officer has undergone a paradigm shift recently, from leading digital as an enabler to digital as a business. Today the Digital Universe comprises not just digital channels, but building digital-only products and platforms, digital DIY journeys, digital transformation, digital adoption, digital marketing, digital partnerships, and much more. Hence from mere net banking or mobile banking which was what digital comprised of decades ago; Api banking, Open banking, Banking as a service, Lending as a service, neobanking, superapps, embedded finance, Credit AI, etc. have changed the digital banking scenario. 

What key initiatives or strategies are you implementing to drive digital business?

B2C and B2B2C digital acquisition strategies along with retention, engagement, and monetization, building digital products and do-it-yourself digital journeys, API stack-driven digital business via Fintech/ other partnerships for embedded finance initiatives, Digital marketing, Digital collections, Credit AI and Smart Analytics, Bots, Mobile Apps, Platforms/ Systems, OCEN, ONDC, Applications partner management, Digital Fraud Detection, AI & ML driven futuristic innovations and much more…

Are there specific areas of technology or innovation that you believe will have a significant impact on the industry in the coming years?

Block chain and Artificial Intelligence are expected to have a significant impact on the industry in the coming years, as new use cases emerge around Gen AI and virtual assets. Embedded finance will be a game-changer for the financial industry, blurring the lines between Banks, FIs, Fintechs, NBFCs, e-commerce, and non-financial platforms. As Bill Gates famously said, “Banking is necessary. Banks are not.” Digital embedded banking is the future. With innovations around UPI and Digital Public goods, digital financial inclusion should thrive.

For individuals aspiring to leadership roles in digital transformation, what advice would you offer based on your experience as a Chief Digital Officer?

Digital today is no more about just transformation, it is much beyond it in terms of scope and impact. Hence anyone aspiring to lead Digital needs to focus on 3 key aspects:

Continuous Learning: Since newer technologies keep emerging, it’s important to keep yourself updated with all the technological advances so that innovative business use cases can emerge. Online courses and video learning as well as advanced certification programs of IIMs and IITs, can help.

Collaborative Approach: Collaboration is the key in the new digital universe. Hence networking and building the right partner relationships can result in mutually beneficial synergies leading to win-win solutions to problem statements that otherwise cannot be resolved on a standalone basis.

Comprehensive Business + Tech Approach: A Digital professional needs to have complete Business domain expertise along with an understanding of technology, for him/her to be able to lead the organization from digital transformation to a Digital Business/profit center approach.

New Delhi: Gross Goods and Services Tax (GST) revenue collected for February 2024 is ₹1,68,337 crore, marking a robust 12.5% increase compared to that in the same month in 2023. This growth was driven by a 13.9% rise in GST from domestic transactions and 8.5% increase in GST from import of goods. GST revenue net of refunds for February 2024 is ₹1.51 lakh crore which is a growth of 13.6% over that for the same period last year.

Strong Consistent Performance in FY 2023-24: As of February 2024, the total gross GST collection for the current fiscal year stands at ₹18.40 lakh crore, which is 11.7% higher than the collection for the same period in FY 2022-23. The average monthly gross collection for FY 2023-24 is ₹1.67 lakh crore, exceeding the ₹1.5 lakh crore collected in the previous year’s corresponding period. GST revenue net of refunds as of February 2024 for the current fiscal year is ₹16.36 lakh crore which is a growth of 13.0% over that for the same period last year. Overall, the GST revenue figures demonstrate continued growth momentum and positive performance.

Breakdown of February 2024 Collections:

Central Goods and Services Tax (CGST): ₹31,785 crore

State Goods and Services Tax (SGST): ₹39,615 crore

Integrated Goods and Services Tax (IGST): ₹84,098 crore, including ₹38,593 crore collected on imported goods.

Cess: ₹12,839 crore, including ₹984 crore collected on imported goods

Inter-Governmental Settlement: The central government settled ₹41,856 crore to CGST and ₹35,953 crore to SGST from the IGST collected. This translates to a total revenue of ₹73,641 crore for CGST and ₹75,569 crore for SGST after regular settlement.

The chart below shows trends in monthly gross GST revenues during the current year. Table-1 shows the state-wise figures of GST collected in each State during the month of February, 2024 as compared to February, 2023. Table-2 shows the state-wise figures of post settlement GST revenue of each State till the month of February, 2024.

New Delhi: Paytm has announced strategic measures to enhance the autonomy of its offerings from those of Paytm Payments Bank, in response to regulatory actions against the bank. 

The move includes discontinuing inter-company agreements and simplifying the Shareholders Agreement to bolster the independent governance of Paytm Payments Bank. 

This decision comes amidst regulatory scrutiny from the RBI, which directed Paytm Payments Bank to halt certain transactions, and an inquiry by the Enforcement Directorate regarding potential Foreign Exchange Management Act violations.