The Reserve Bank of India (RBI) has taken the decision to cancel the bank holiday originally set for March 31, 2025. This move comes as the central bank aims to ensure that banks across the country remain operational during this critical period for year-end financial transactions. This directive is a response to the need for … Read more
Lloyds Banking Group will shut 136 branches in the United Kingdom to match customers’ transition to digital banking but will not cut jobs, the lender said on Wednesday. Lloyds shut several branches in the past few years across England and some in Wales, after the COVID-19 pandemic led consumers to switch to mobile banking. The … Read more
The Income Tax Department has recently published a brochure stressing the importance of avoiding cash transactions to reduce the risk of tax penalties. The primary goal of this campaign is to educate taxpayers about the potential financial consequences of engaging in cash transactions, which could result in harsh penalties according to the Income Tax Act. … Read more
Fintech company super.money, backed by Flipkart, has introduced ‘superFD’, a fresh fixed deposit (FD) offering that includes Unified Payments Interface (UPI) payments and offers interest rates of up to 9.5%. The platform has joined forces with small finance banks approved by the RBI to provide these FDs, which are backed by insurance of up to … Read more
The National Payments Corporation of India (NPCI) has yet again added a new feature to the Unified Payments Interface (UPI) platform. The new feature, UPI Circle-Delegate Payments, will help primary holders of UPI accounts to delegate transaction rights to secondary users. The main goal is to create a common platform that simplifies and enhances transactions … Read more
Every month, the Reserve Bank of India (RBI) issues a full list of bank holidays. On a regular basis, the banks are open on first and third Saturdays and are closed on second and fourth Saturdays. The month of June will see the fifth Saturday. As per RBI rules, banks will be open for business … Read more
Mumbai: The Reserve Bank of India’s (RBI) working group to regulate unsupervised digital lending through loan apps is all set to put the onus on the banks and non-banking lenders concerned to supervise the entities with which they do business, two people aware of the development told The Economic Times. The panel is likely to … Read more
All pathbreaking moves in history have taught us that transformational changes do not occur when we just try to optimise existing facilities. They occur only when we transcend to a level where we create customer value in completely new ways – when we reimagine things in entirety. In the 1990s, we witnessed a technology and … Read more
Industry watchers said there had been no decline in IT spending among banks in spite of the slowdown across the world. “Banks’ spend on IT is now not about outsourcing, it’s about doing business through IT,” said Amit Chandra, assistant vice president, HDFC Securities. Source link