All You Need to Know About Prompt Corrective Action
Prompt Corrective Action (PCA) is a system that the RBI imposes on banks showing signs of financial stress. The regulator considers banks as unsafe if they fail to meet the standards on certain financial metrics or parameters. Read on to know about these parameters and the workings of PCA. When Does RBI Invoke Prompt Corrective Action? […]
Checklist for Loan Applications in India
Debt, when used wisely, can be a valuable tool to achieve many things in life. As a long list of responsibilities accompanies everyone as we step into adulthood, it becomes imperative to borrow from banks to fulfill some of the big responsibilities. Loans are available in many forms such as personal loans, home loans, education […]
Things to Keep in Mind While Applying for a Loan
Banks and financial institutions offer a wide range of loans across various needs. With time, technology has managed to make things faster and more efficient when it comes to loan applications. Loans might now be readily available to people. However, this has not changed the importance of exercising prudence before availing of a loan. Here […]
What is Overdraft Facility in Bank Accounts?
An overdraft facility provided by the bank allows you to withdraw more money than what is available in your account, up to a particular approved limit. It is like a short-term credit agreement between you and your bank. Features of Overdraft Facility An overdraft facility in bank accounts is like a pre-approved loan. The bank […]
PMC Bank Crisis : Everything You Should Know As An Account Holder
On 23rd September, the Reserve Bank of India (RBI) imposed strict restrictions on the Mumbai based, Punjab and Maharashtra Cooperative Bank (PMC). As per the latest RBI circular, PMC Bank has been barred from carrying out a majority of its routine business transactions for 6 months. The restrictions, extend to both lending and withdrawals, meaning a customer […]
Personal Loans in India 2019: Benefits, Process, Features and More
Personal loans are available to both salaried and self-employed borrowers and are meant to meet personal and private expenses in times of emergency. These loans are unsecured and are not covered by any security. Due to the absence of security, these loans bear a high rate of interest when compared to other types of borrowing […]
Are E-Wallets Replacing The Actual Wallet?
E-Wallets have become a part of our day to day life. It has made our life easier by offering so many services under one platform. If we want to transfer money to someone, we open don’t open our physical wallet anymore, we open our e-wallet and transfer money instantly! This is just one of the […]
Best Savings Bank Accounts You Can Consider Opening In 2019
Savings account is something which almost all of us have in a public or private sector bank. Savings account give us interest on our deposit, kept in the account. Along with that they also provide additional features of online money transfer, debit card, cheque book, and monthly account statement. Previously, we had to visit the […]
How are Indian Banks Moving Towards a Digital Revolution?
The Indian banking industry has become an example for the pace at which it is growing over the past decade or so. The requirement to introduce computers was felt in the Indian banking sector in the 1980s, in order to provide better services to the customers and improve bookkeeping. A committee was then set up […]
Innovate or Die – Truth about the Banking Industry
More than 134 banks (inclusive of private, public and also international) exist in India. In 2016, there were 1,38,850 commercial bank branches, signaling a commercial bank branch is serving almost 1000 people round the year. This leads to an important inference that citizens are flooded with many banking opportunities. Even NBFCs (Non-Banking Financial Companies e.g. Bajaj […]
Do Small Commercial Banks Offer Higher Interest Rates Than Commercial Banks?
Investors have started showing interest in fixed deposits because of the rising interest rates. Small finance banks are offering better interest rates than commercial banks. Au Small Finance Bank, Jana Small Finance bank, Capital Small Finance Bank, Fincare Small Finance Bank, Equitas Small Finance Bank, ESAF Small Finance Bank, Suryoday Small Finance Bank, Ujjivan Small […]
Impact of Commercial Banks in the Economy
Banks have always played a crucial role in the overall growth and development of any country. They play a decisive role and fuels the growth of any economy. Be it any sector, the entire fate of trade and commerce is dependent on the banking industry, and thus banks are regarded as the backbone of any […]
5 Characteristics of a Successful Digital Bank
We are in an era where everything can be purchased with the help of a mobile phone. Soon, a day will come with the help of a hi-tech wearable device, all you will need to do is say or think and you will be able to see options in front of you in a virtual […]
How Does CRISIL Rating Affect Your Fixed Deposit?
Off-late, the interest rate has started moving north, and thus investors are scouting for corporate deposits that provide the best interest rate and come with the highest degree of safety. But how you do get the safety of such deposits? For this you have, rating agencies like CRISIL, ICRA, and CARE Ratings to provide an […]
The Evolution of Banking in India
Our banking system is divided into commercial banks (public and private banks), Regional Rural Banks, Cooperative Banks, etc. One of the key events that marked the evolution of the Indian banking sector is the nationalization of banks. The event made way for the Indian economy to get a global position among the top ten economies […]
10 Digital Banking features you need to know about
Technology has caused the biggest shift in the banking sector in hundreds of years, changing the way that banks engage with customers and even with each other. The shape of established retail banks especially is changing, spurred by the challenge from fast, focused digital new entrants who are chipping away at revenue streams. If you […]