A new era in banking is where banking activities are done through a digitized mechanism. Neobanks are fintech firms, that is to say, digital banks without any physical branches.
KYC is a mandatory process by which bank/s, FI/s obtain information about the identity and address of the customers to establish the legitimacy of a customer.
The Reserve Bank of India will start imposing penalties on banks in case the ATMs remain out-of-cash for a total period of 10 hours in a month from October 1, 2021, onwards.
The amendment has been made to the DICGC Act,1961 to provide interim payments to depositors subject to certain provisions stipulated in the DICGC (Amendment) Act, 2001.
According to researchers, Covid-19 may have affected the mental health of adolescent children very badly. Young adults are known to have succumbed to depression as a result of little or no social contact.
There is an evident lack of financial literacy in India but various reports and surveys point out that the case is worse for women.
RoDTEP is a reform, based on the globally accepted principle that taxes and duties should not be exported, and taxes levied on the exported products should be either exempted or remitted to exporters.
A factoring business is a business where an entity acquires the receivables of another entity for an amount. However, credit facilities provided by a bank is not considered factoring business.
The CPI stands at 6.26% in June 2021 compared to May 21 of 6.30%. This is over and above the RBI tolerance limit of 2-6%. However, for June 21 the data is provisional.
The abrupt rise in fuel prices has led to a boom of questions and opinions about the current government, prior government and oil companies. Let us decode why the fuel prices are rising.
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