If the largest lender SBI has its way, it may herald the beginning of the end of the ubiquitous debt cards from the banking system as the bank plans to promote more digital payment solutions and eliminate the plastic cards.
The RBI has decided to allow round-the-clock fund transfers through NEFT from December this year in order to promote digital transactions.The decision, the Reserve Bank of India said, "is expected to revolutionise the retail payments system of the country."
Credit bureaus appear to be helping high-street banks take cautious lending decisions where loans are not backed by collaterals.Although personal loans, which are offered without any security, rose more than a quarter in the three months to September, delinquencies are still the lowest at 0.5 per cent, a study by credit bureau Transunion Cibil showed.
First, loans went kaput and borrowers left the country after defaulting on payments or committing frauds, then high-profile bankers were forced to leave and even the top central banker quit in the end -- 2018 was indeed a 'Year of Exits' for the banking sector.
This scenario is enough to rattle anyone: An SMS in the middle of the night informing that a transaction has been made on your credit card in a city 1000s of miles away and even while the card is in your possession. With the increase in the digital way of life, especially when it comes to financial transactions, the risk of financial frauds cannot be ignored. A fraudulent online transaction in one's bank account, debit or credit card could be because of e-mail spoofing, phishing or it could have been an act committed by cloning one's card.
With Chanda Kochhar's resignation, Sandeep Bakhshi will now take over as the MD and CEO OF ICICI bank.
In 1984, Chanda Kochhar joined ICICI as a management trainee and 25 years later became the MD & CEO. Almost a decade after her ascension to the top, she has tumbled down under the weight of serious allegations of misconduct and corruption and a CBI inquiry that followed.Kochhar has now sought an early retirement and the bank has accepted her resignation. At the centre of the storm is Kochhar's husband Deepak Kochhar, whose company NuPower Renewables allegedly received an investment from a Videocon group company as a quid pro quo for a loan from the bank.
In these times of digital payments and cashless transactions, credit cards are almost a necessity. The question is, how many such pieces of plastic do you need in your wallet. Some financial planners insist that one credit card is enough. They fear their clients might run up huge bills.But it’s a fallacy that multiple credit cards will push a person into a debt trap. In fact, you will manage your expenses better if you have more than one credit card. Here are some ways you stand to benefit.
"In view of the increase in the number of complaints received by banks around fraudulent transactions at ATMs and to encourage digital and cashless transactions, it has been decided to decrease the cash withdrawal limits of debit cards issued or being issued on 'Classic' and 'Maestro' platforms," said a bank communiqué to offices.
India Post will launch its long-awaited payments bank by launching 650 branches across the country today, making it the fourth such entity to start operations. The India Post Payments Bank will be launched by Prime Minister Narendra Modi.
Being stuck with soiled or mutilated currency can be quite frustrating especially when you have no idea what to do with it. Find out all about handling such seemingly unusable notes and the conditions under which it can be exchanged.
For nearly a decade, Indian banks - a largely male-dominated industry - have been a rare bastion for female leaders. But things have started to change now. It is certainly not a good time for Indian banks battling one storm after the another over the past few months. The biggest names involved in the turbulence -—scams, toxic assets, and sinking profitability— are of women. Here are stories of three iconic Indian women bankers and their encounter with unpleasant situations.
Nirav Modi was more than just another diamond merchant, whose eponymous jewellery label blazed its trail across high streets of Madison Avenue or MGM Macau and Marina Bay Sands within a span of a decade to emerge as the biggest luxury label to have ever come out of Asia. Till the law caught up with him. Here are things we bet you did not know about Nirav Modi, the man in the eye of PNB storm.
In the stock exchange filing, PNB said that it has reported the fraud to law enforcement and investigative agencies.
2017 was the year when curiosity about the Bitcoin hit an all-time high, thanks largely to a dramatic surge in its value. Notwithstanding recent fluctuations in its price, interest remains strong in the original cryptocurrency, which was launched in 2009. One question everybody has is what is the process of 'mining' that creates new Bitcoins and how does the blockchain technology underpinning the cryptocurrency really work. Here's how...
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