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Bank of Baroda organises Industry level symposium

February 23, 2023

Bank of Baroda organises Industry level symposium
Bank of Baroda (Bank), one of India’s leading public sector banks, conducted an industry-level symposium with the theme “Digital Journey in Banking Legal and Business Challenges” on 17th February, 2022. Against the backdrop of a rapid increase in digital transactions, the aim of the symposium was to provide a platform for dialogue and discussion amongst banking and legal experts on the spectrum of changing laws and their materiality in the current market framework.

The topics covered during the symposium included Fintech – Legal Aspects & its Impact; Revolution in Digital Lending & its Impact on Banking; Digital Documents, its Execution & e-Bank Guarantees; Automation of the Loan Process including Co-lending Arrangements – Business and Legal Challenges and Cyber Security & Preventive Measures.

Fintech Legal Aspects & its impact: The legal framework pertaining to digital lending, the credibility of digital /electronic signatures as well as the need to establish a viable robust regime for E-stamping were key issues discussed. The speakers also discussed the importance of seamless documentation in the banking industry, the role of machine learning in taking instant credit decisions and automated grievance redressal.

Revolution in Digital Lending and its impact on Banking: The panel explained the E-stamping process and the need for online notarization. Given the centralised nature of digital lending, the place of paying stamp duty can become a contentious issue.

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