Reserve Bank Governor Raghuram Rajan on Friday said banking sector will see major changes in the coming years.
A Europe-like cyber security defence alliance is the need of the hour, say banking technology experts.
Rajan has set March 2017 as the deadline for banks to clean up their balance sheets.
Enthused by India's financial inclusion drive, US-based Accion, one of the biggest micro finance organisations in the world, has renewed its focus in India. Michael Schlein, bottom, left, chief executive officer of Accicon, tells Namrata Acharya in an email interview the Wall Street and Silicon Valley are eager to participate in opportunities presented by the issuance of the small finance and payment bank licences, the expanded banking correspondent opportunities, and the Jan-Dhan Yojna.
Kapoor and his associate entities owned 10.6 per cent in the bank at the end of June 2019.
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Nationalisation has served its purpose. It's time to move ahead, keeping majority ownership of the government in a few banks to serve the people, argues Tamal Bandyopadhyay.
The mobile wallet player plans to add more Chinese sellers to its e-commerce platform and boost technology for its soon-to-be-launched payments bank
'A fresh look is being given to ways of processing, transmission, and delivery.'
Now you can check your Aadhaar authentication history online to track if anyone misused your unique identity.
The country has come a long way in the process of financial inclusion, Raghuram Rajan said, but "still has a way to go".
Paytm will not be available for download now but there will be no impact on existing users of the app. 'The app was blocked for violation of play policies - a clarification of our policy was released earlier today ahead of the IPL (Indian Premier League) tournament,' Google said in an e-mailed response on Friday.
We are certainly for digitisation. I do not have opinion about demonetisation. I still don't, says Bill Gates.
This is the second instance of mainstream banks blocking services to new-age digital payments companies.
While taking gold out of the closet to borrow money is no longer taboo in Indian households, the sharp drop in gold prices is hitting the newest loan product on the banking turf hard, explains Tamal Bandyopadhyay.
Multiple organisations of different kinds with overlapping goals would be a dream situation for those who believe in competition and innovation.
Property of Rs 3,500 crore belonging to the company was seized by the EOW, a police official said.
HDFC Bank managing director Aditya Puri says a little delay in monetary transmission is inevitable
For months, offline retailers and traders have been lobbying hard for a national retail policy to protect their business from the growing influx of e-commerce.
Bankers need to take a call on whether they will allow technology firms to run banks or banks themselves will turn into tech firms, says Tamal Bandyopadhyay.
Thanks to Rajan we are an inflation-targeting country now
This is the fourth consecutive time that the RBI has kept key interest rates unchanged despite clamours from the industry to cut rates to boost economy.
One can expect significant changes at India's banks in ensuing months.
Banking secot to see major changes by 2020.
Payments banks are niche banks which will be allowed to function with several restrictions.
With the arrival of new players such as Amazon Pay, Google Tez and Flipkart's PhonePe, digital money companies are now changing their business pitch.
The regulator said if the variable pay is up to 200 per cent of the fixed pay, at least 50 per cent of it should be in non-cash, and if the variable pay is above 200 per cent, 67 per cent of it should be paid via non-cash instruments.
After a gruelling 24 hours, the PhonePe team has fully restored UPI on the payment platform. The app is up and running again with ICICI Bank as its new partner with all payment instruments enabled.
Short-term lending rate unchanged at 7.75 pc.
Reserve Bank of India Governor Shaktikanta Das tells Anup Roy, Raghu Mohan and Niraj Bhatt that it is time for banks to lower interest rates and start lending to cash-starved finance companies after due credit appraisal and proper risk assessment.
The deal gives a valuation of over $4 billion to Paytm, which is already backed by Alibaba group as a strategic investor.
The RBI governor most famous oneliners -- 'I am Raghuram Rajan and I do what I do' -- that eventually summed up the year 2015 for the central bank
Besides, two new entities-- IDFC and Bandhan -- have been given full-fledged banking licence.
The strike call is over privatisation, mergers, and also due to write-off of corporate NPAs, criminalisation of willful default
The company employs 4,200 people across three centres in Noida and Bengaluru, which together employ a fourth of its global workforce
A senior official with Muthoot Finance said the group would also want to apply for a universal licence.
Vodafone to invest 1.3-billion pounds in upgrading and expanding its network in India.
The bank has over 1.15 crore registered mobile banking customers.
The size of the hole in today's banking crisis appears to be roughly 10 per cent of GDP.
Banks are sensing warning signals of potential loan defaults from gems and jewellery exporters as the appreciating rupee continues to dent their profits. Loan accounts of a few diamond and jewellery exporters are already showing signs of stress, with banks receiving delayed payments.
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