MUMBAI: Banks that have a large conglomerate structure will now have to consolidate similar activities under one entity, according to RBI’s new draft circular for banks. RBI has also asked banks with large NBFC arms to comply with rules pertaining to upper-layer NBFCs. Only a single entity within a bank group is allowed to engage…
To identify nominees for the Banking Awards, U.S. News starts with a list of dozens of banks and credit unions, including the 40 largest consumer banks in the country based on asset size. Then U.S. News scores those financial institutions’ checking accounts, savings accounts and CD accounts based on a variety of factors and identifies…
NEW DELHI: The Reserve Bank of India on Friday kept the repo rate unchanged for the seventh consecutive time at 6.5%. This indicates that your loan EMIs are likely to remain unaffected.Additionally, RBI governor Shaktikanta Das said that SDF and MSF stands at 6.25% and 6.75%, respectively.“After a detailed assessment of macroeconomic and financial developments,…
When choosing a bank account, seniors should consider factors like their income, spending habits and retirement plans. Source link
MUMBAI: One97 Communications is likely to partner SBI, HDFC Bank, Axis Bank and Yes Bank to settle UPI transactions once it gets the third-party app provider licence.Banking sources said that the switchover will be smooth and phased, as the @paytm handle will be retained. However, instead of pointing to PPBL, these handles will point to…
MUMBAI: RBI has asked credit card issuers to set up a system that can ascertain the end use of funds to keep a check on fintechs that attempt to stretch regulatory boundaries. Banks typically pay merchants directly, while aggregators widen the scope by collecting money through cards and making payments to entities that otherwise could…
New KYC updation process soon? Banks are working on strengthening their KYC (Know Your Customer) standards by adding extra verification layers to identify accounts and account holders. This initiative is being discussed with the Reserve Bank of India (RBI) and the government. The plan includes updating all existing accounts, especially those with a single phone…
NEW DELHI: As part of ease of doing business and to mitigate risk in case of high-value banking loans, the Central Economic Intelligence Bureau, an arm of the finance ministry, with the help of SBI on Tuesday launched a digital platform that would help all govt banks to obtain mandatory intelligence clearance from CEIB within…
Bharat Bandh: Amid ongoing farmer protests for laws on minimum support prices (MSPs) and agricultural reforms, the Samyukat Kisna and the Kisan Mazdoor Morcha have jointly called for a Bharat Bandh on February 16. According to a report by ET, the nationwide strike could affect many services. Let’s see how you might be impacted by…
Many checking accounts don’t pay any interest at all, and when they do, it’s a paltry amount. It’s common for a checking account to pay an annual percentage yield of .01%. If you leave $1,000 in this checking account for a year, you will earn a whopping 10 cents in interest. The days of having…
