Physical KYC takes anywhere between two to five working days to get done, V-KYC, only a few minutes.
Tamal Bandyopadhyay details HDFC Bank's digital journey.
The origin of the challenge is the so-called "fresh start" process. Many in the MFI industry apprehend that such a law in India will encourage small unsecured borrowers to default and destroy the credit culture. So, while'Fresh start' is a welcome step as it will free up the debtors from the archaic laws of the colonial era, debtors need handholding and counselling to prevent any misuse, says Tamal Bandyopadhyay.
'Real estate loans are given in the garb of retail loans, sourcing money cheap from the NHB refinance window.' 'This loophole is being plugged,' notes Tamal Bandyopadhyay.
If you have a huge debt, pay up, don't neglect it, says personal finance expert Harsh Roongta.
One should concentrate on using credit card only for planned expenses rather than trying to plan an optimum usage of all the cards, says Harsh Roongta.
If tweets can do so much, why do we need an independent regulator and multiple committees discuss and recommend policy?
Long-term investors should consider moving into smaller stocks. Rather than try to pick stocks, it makes sense to build a diversified portfolio by exposure across midcap and small caps funds, suggests Devangshu Datta.
Sahara accuses Mirach Capital of cheating, forging bank letter.
This is one of the many such cases that helped to create an acute fear psychosis among public sector bankers, reveals Tamal Bandyopadhyay in his fascinating new book Pandemonium: The Great Indian Banking Tragedy.
CBI has registered a case against general secretary of Mumbai BJP Mohit Kamboj, his jewellery manufacturing firm Avyaan Overseas, its directors, few mid-level bankers and others for alleged diversion of funds by availing fraudulent foreign bills negotiation limit and export packaging credit limit, issued by lender Bank of India between 2013 and 2018.
The BJP threw a counter punch, claiming that the Gandhi family tried to help Mallya's floundering Kingfisher Airlines in 2011-12.
Those behind recapitalisation are neither aware nor do they care. After all, they have no skin in this game. And the Lok Sabha elections are round the corner. That's what they care about, points out Debashis Basu.
Documents such as PAN card, Aadhaar card, I-T return papers, which are used for KYC, can get leaked from a number of sources. Other prominent sources are the direct sales agents and photocopy shops, say Sanjay Kumar Singh.
A user just needs to download any app floated by such fraudsters and apply for instant loans. These apps are mainly concentrated on Google Play considering the reach and popularity of Android systems.
The All India Bank Officers' Confederation has condemned the purported "unsavoury attack" on SBI chairman Rajnish Kumar by Finance Minister Nirmala Sitharaman during a banking event last month in Guwahati. The association claimed that an audio clip has gone viral on social media that revealed the finance minister coming down heavily on the SBI chief, accusing him of poor credit uptick, during an outreach programme in late February.
After snapping his political alliance with the ruling National Democratic Alliance at the Centre, N Chandrababu Naidu, chief minister of Andhra Pradesh, speaks to B Dasarath Reddy on what he now has in mind.
Exchanges will have to facilitate a more direct interface between clients and the clearing corporation, bypassing intermediaries such as brokers, under this new proposed framework.
The infra-major going belly up cracked open some major flaws in the system - the most evident being weak corporate governance and how layers of corporate structures could be formed adding to the opaqueness of the group.
Travel cards are like debits cards-loaded with the currency of your choice or which the lenders offer.
A few days back, Finance Minister Nirmala Sitharaman urged the start-up community and public to deal in cryptocurrency with caution because everything that was floating around was not currency. In the first week of August, the country's top nine crypto exchange platforms were summoned by the Directorate of Enforcement (ED) in Hyderabad. The exchanges were questioned for money laundering, especially over a number of Indian non-banking financial companies and their fintech partners for predatory lending practices in violation of the Reserve Bank of India (RBI) guidelines and by using tele-callers who misuse personal data and use abusive language to extort high interest rates from the loan takers.
Banks will also have to seek borrower's status report from Central Economic Intelligence Bureau on the account turning NPA
Shridhar Madhav Patankar, the brother of Thackeray's wife Rashmi, "owns and controls" Shree Saibaba Grihanirmiti Private Limited, it said.
The Reserve Bank has permitted PNB to make provisions against the fraud amount.
'The NIA has shared with states concerned a list of 125 suspected activists who have close links with the JMB leadership'
'Urjit Patel was not quite the picture of courage, but even he turned, he had to turn.' 'Perhaps there is something that is far more sinister than what we are aware of, which is the reason for his resigation.'
It is suggested that you get your SIM locked with which the wallet account is mapped.
The government has also hiked excise duty by 11 percent, which is in addition to the 6 per cent that was announced in the budget, he said.
I kept insisting that Rs 100 notes were in short supply and there was an urgent need to augment the supply of 100 rupee notes while also rapidly bringing into circulation the proposed new Rs 500 notes. But this was easier said than done because all the note printing machines of the RBI were programmed for printing Rs 2,000 notes and required at least three weeks before the machines could print the new Rs 500 currency notes. The availability of currency paper posed another major bottleneck, and it had to be imported. It was decided to immediately start printing the Rs 500 notes. It was only when the supply of the new Rs 500 notes started improving and the process of change of cassettes at the ATMs gathered momentum that the situation began limping back to normal. A fascinating excerpt from former SBI chairman Rajnish Kumar's The Custodian of Trust: A Banker's Memoir, five years after demonetisation, November 8.
Second authentication for small value payments through credit cards can be reduced subject to conditions.
Mallya said he was being advised by lawyer Harish Salve.
The modus operandi highlighted by CBI says that while the corporate strikes a deal for imports with a company in one country, the billing is done at inflated prices in other country by the group's front company.
Congress chief Sonia Gandhi's son-in-law said that he was a political victim but never misused his position or ran away with anyone's money.
Since payment alternatives such as UPI, e-wallets and USSD - based mobile banking through different platforms are directly or indirectly linked to the user's bank account one needs to be extra careful to keep hackers at bay, explains Adhil Shetty, CEO, BankBazaar.
RBI governor Raghuram Rajan is clear about cleaning up the mess in the banking system.
Disclosing details of his assets, he said the reports about the rise in his wealth had been done without checking facts.
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Disclosing details of his assets, he said the reports about the rise in his wealth had been done without checking facts.
The culture of freebies burdens coming generations with the huge bill for the flagrant abuse of power by preceding governments, points out Virendra Kapoor.
ugar mills in UP owe thousands of crores to cane farmers.
Mallya is a fugitive from justice in India, Attorney General Mukul Rohatgi told the Supreme Court.
