Bank

Linking Aadhaar With Bank Accounts, Mobile Phone SIMs: Last Date And Other Things To Know

    The deadline for linking Aadhaar card with essential services is March 31, 2018. The Aadhaar card, a 12-digit unique identification number issued by the Unique Identification Authority of India (UIDAI), is mandatory to be linked with a host of essential services. The Aadhaar card, which is based on the biometric and demographic data, of Indian citizens, has to ... Read More »

Why we should worry about the fall in bank credit

A curious crisis: Investors unwilling to borrow, banks reluctant to lend Growing economies show increasing deployment of bank credit, but in India this has been decreasing for years and is now falling flat. This impacts economy in myriad ways January 1, 2018: In most market economies, the disbursal of bank credit is usually a relatively reliable indicator of the extent ... Read More »

Should Indians be worried about the safety of their bank deposits? What we know (and what we don’t)

The Finance Ministry in a series of tweets earlier this week clarified that rights of depositors will not be compromised by the Financial Resolution and Deposit Insurance Bill, 2017, or FRDI Bill, expected to be tabled in the Parliament in the upcoming winter session. The ministry said that “besides providing similar protection /guarantee of Rs.1 lakh to depositors,as it exists today, the ... Read More »

Rupee falls 14 paise to 64.52 as RBI keeps rates unchanged, raises inflation forecast

The rupee weakened further by 14 paise to close at 64.52 against the US dollar after the Reserve Bank decided to keep rates unchanged and raised the inflation forecast on Wednesday. Besides, heavy capital outflows in anticipation of rate hike by the US Federal Reserve and a strong dollar overseas largely ruled forex market sentiments. Though the RBI’s policy outcome ... Read More »

Chatbots Will Soon Discuss Your Banking Info With You

Text a question like “What’s my credit card debt?” or “How much did I spend on gas this month?” and the friendly answer comes within seconds. “Let’s see,” it begins, before listing the requested information. This is a banking chatbot, a software program that understands and responds to questions and commands about your bank account. It’s like your bank’s customer service representative ... Read More »

6 Reasons Small Businesses May Need to Change Banks

Do you know how some people are quick to purchase those novel kitchen gadgets in a TV infomercial? Well, there were a handful of years when I got excited about new banking options and opened a bunch of savings accounts with different banks. Just like people found uses for those “As Seen on TV” gadgets, I found ways to justify ... Read More »

Most Small Business Owners Have Negative View of Mobile Banking

Small businesses are generally early adopters of technology, but a new survey conducted by RateWatch on the subject of mobile banking says otherwise. According to the survey, which was conducted in the third quarter of 2016, the perception of 69 percent of the respondents regarding this technology was not positive. Another data point in the survey corroborates this fact, as ... Read More »

Will Banks Survive? Inside Financial Tech’s Disruption of the Way You Fund Your Business

“My six-month-old baby daughter is probably going to open her first bank account, not with an HSBC or a JP Morgan, but rather with a Facebook or Apple.” Financial technology (fintech) aficionado Henri Arslanian believes that in the future, banks will be obsolete. Instead, people will turn exclusively to solutions such as Facebook or Amazon for their financial needs. He ... Read More »

Finally, PayPal Allows Instant Transfers to Bank Accounts

PayPal (NASDAQ:PYPL) users in the U.S. will soon be able to instantly transfer money to their bank accounts and have the cash show up in minutes. This is in contrast to the three to five business days it currently takes the popular payment platform to process funds.  U.S. users will be able to move the money via eligible debit cards ... Read More »

Insurer Aviva India Turns To PSU Banks On Recapitalisation Plan Boost

Aviva Plc’s India life insurance joint venture is raising its exposure to the country’s state-run banks as it bets the government’s $32 billion plan to rescue lenders burdened with record bad loans will boost their prospects. The insurer also likes metals stocks and consumption-driven sectors, especially those that target rural consumers, but would avoid the non-bank finance companies, Prashant Sharma, ... Read More »