Bank

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 »

Android Pay Coming to Bank of America ATMs

Earlier this year, Bank of America jumped onto the cardless ATM technology bandwagon announcing the introduction of the state-of-the-art ATMs that would allow customers to withdraw or complete other tasks using their smartphones instead of their bank cards. This week, they took that ambition a step further announcing that they would now allow customers to perform those tasks though Android Pay. ... Read More »

27 Percent of Small Business Owners Use Same Bank Account for Business and Personal (Infographic)

Managing finances is a key priority for small businesses. Yet many business owners make financial mistakesthat may cost them dearly. For example, a new study has revealed 27 percent of small business owners use the same checking account for personal and business finances. Downsides of Using the Same Bank Account for Business and Personal While it may seem easier to consolidate all ... Read More »

Not linked Aadhaar with your SIM, bank accounts, financial savings? Deadlines are nearing; here’s how to do it

English author, Douglas Adams, once said, “I love deadlines. I love the whooshing noise they make as they go by.” If you are someone like Adams, you will surely get into trouble, especially when it comes to meeting Aadhaar deadlines in our country. This 12-digit number has now become mandatory for several purposes, from filing your income-tax returns to getting ... Read More »

Yes Bank raises $400 million loans from Japan, Taiwan

Midsize private sector lender Yes Bank has raised $400 million in syndicated loans from lenders in Taiwan and Japan for on-lending to clients. It exercised a greenshoe option to raise $250 million in a five year commercial loan from 17 Taiwanese banks, a statement said. In Japan, it raised JPY 16.5 billion or $150 million from eight lenders in a ... Read More »

ESAF Small Finance Bank to open 60th branch on Wednesday

ESAF Small Finance Bank is opening its 60th branch at Andheri (East) in Mumbai on Wednesday. The erstwhile microfinance lender, which converted itself into a small finance bank following the receipt of RBI’s licence, had begun its operations in March this year. Announcing the launch of its Mumbai operations, K Paul Thomas, MD & CEO, said the bank, which currently ... Read More »

Banking Sector Stares At Additional Rs. 40,000 Crore NPAs

New Delhi: The banking sector fears accretion of more than Rs. 40,000 crore of bad loans to its books following recent classification of eight consortium accounts of Axis Bank as non-performing assets by the RBI. The Reserve Bank has directed certain reclassifications in the private sector lender’s asset classification and provisioning as on March 2017, subsequent to the annual Risk ... Read More »

Punjab National Bank Q2 Profit Beats Estimates, Shares Surge

State-run Punjab National Bank, the country’s fourth-biggest lender by assets, reported a 2 per cent rise in second-quarter profit, beating forecasts. Its shares rose over 5 per cent to Rs. 208 at day’s high. Net profit rose to Rs. 561 crore for the quarter ended September 30, from Rs. 549 crore a year earlier, the state-run bank said. Analysts polled ... Read More »