Of Self Help Groups And Financial Inclusion In Poverty Reduction

Financial inclusion, in its narrowest connotation, can be construed as an endeavour that provides people, especially those in the hitherto un-banked region, a bank account.

Now, Credit Cards Can Be Linked To UPI

The Resirve Bank of India said that credit cards will now be allowed to be linked to Unified Payments Interface accounts as UPI has become the most inclusive mode of payment in India.

FINANCIAL SYSTEMS AND MARKETS IN INDIA

A system that aims at establishing and providing a regular, smooth, efficient and cost effective linkage between depositors and investors is known as financial system. The functions of financial system are to channelize the funds from the surplus units to the deficit units. Financial system is one of the industries in an economy. It is a particularly important industry that frequently has a far reaching impact on society and the economy. But if its occult trappings are stripped it is like any industry, a group of firms that combine factors of production (land, labour and capital) under the general direction of a management team and produce a product or cluster of products for sale in financial market. The product of the financial industry is not tangible rather it is an intangible service. Financial industry as a whole, produces a wide range of services but all these services are related directly or indirectly to assets and liabilities, that is, claims on people, organization, institutions, companies and government. This is the process of diversion of the productive capacity of the conomy to the making of capital goods which increase future productive capacity. Process of capital formation involve three distinct but inter-dependent activities: savings, finance and investment. The financial system in process of capital formation has to decide as to how capital is to be used. Poor choice in deciding which economic projects are to be embarked upon, leads to wastage of resources. The better the quality of judgment exercised in allocation, the more rapid economic progress.

RBI CIRCULAR

Restriction on Storage of Actual Card Data [i.e. Card-on-File (CoF)]

UNLOCKING THE LAND MARKETS IN INDIA : A STEP TOWARDS BETTER CREDIT CULTURE AND URBAN INFRASTRUCTURE

A constitution as voluminous as ours surprisingly refers to land only fleetingly. Spread over 395 articles in 22 parts and eight schedules, the subject of land comes up in only four parts.

SIGNIFICANT HURDLES IN MAKING FULL RANGE OF FINANCIAL SERVICES AVAILABLE TO ALL

Despite making rapid strides in digital transactions and expansion of universal banking services to the last mile, there are still significant hurdles in making the full range of financial services available to all sections of the population, especially those in low income groups and senior citizens.

PRE-PACKAGED INSOLVENCY RESOLUTION PROCESS-A HYBRID FRAMEWORK TO SAVE VIABLE MSMES

MSME sector in India is second largest employment generator after agriculture, and acts as a breeding ground for entrepreneurs and innovators with considerable support in strengthening business ecosystem.

E-RUPI

(A Prepaid Electronic Gift Voucher for specific purpose)

Bank Liable For Break-In And Theft From Locker

Gopal Prasad Mahanty and his daughter Rupali had been customers of State Bank of India's Bokaro Steel City Branch in Jharkhand for nearly four decades.

Central Bank Digital Currency (Virtual Form Of A Fiat Currency)

Over the last few years, there is growing interest in cryptocurrencies like Bitcoin, Litecoin and Dogecoin which work on a distributed ledger technology known as the block chain network.

New Umbrella Entity: Ushering Payment Revolution

India has been on the cusp of a technological revolution driven by fintech companies.

A HOLISTIC APPROACH IN ASSESSMENT OF NON-FUND BASED LIMITS AND IT'S PRECAUTIONARY MEASURES

In assessment of the working capital of a borrower, banks shall consider the two types of facilities i.e. Fund based and Non-fund Based facilities.

BUSINESS CORRESPONDENT MODEL- UNDER FINANCIAL INCLUSION, ISSUES & STRATEGIES FOR MAKING ITA SUCCESS

Financial inclusion is a process of providing access to appropriate banking and financial products and services to the vulnerable groups in particular such as weaker sections, low income groups at an affordable cost.

RBI'S ACCOUNT AGGREGATORS FRAMEWORK WILL REVOLUTIONISE FINANCIAL INCLUSION

Last year in September, India's latest financial data-sharing system went live with the unveiling of the Account Aggregators network.

UNION BUDGET 2022: IMPROVING ACCESS TO FINANCE

The Finance Minister of India, Ms. Nirmala Sitharaman presented the Union Budget 2022-23 ("Budget") on 1st February 2022.

STRESS TESTING : NEED AND IMPORTANCE

Stress Testing is described as the evaluation of a bank's financial position, under a severe but plausible scenario to assist in decision making within the bank.

STUDY OF PROJECT TECHNICAL FEASIBLITY AND ECONOMICAL VIABILITY

Banks are financing every type of advances.

ROLE OF ARTIFICIAL INTELLIGENCE AND ANALYTICS IN BANKING

AI and Data Analytics have evolved with the surge of the digital revolution, due to which there has been huge growth in the dynamics of how these are used today in banking.

RBI CIRCULAR

Framework for Geo-tagging of Payment System Touch Points

What You Need To Know About Cryptocurrency

Crypto means a person who adheres or belongs secretly to a party or group, not openly declared. Cryptocurrency is a virtual currency or digital currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurencies are decentralized networks based on blockchain technology - a distributed ledger enforced by a disparate network of computers.

Time Bank Is Need Of The Time

The concept of Time Banks is gaining momentum at a rapid pace in the entire world. Time banks have been established in 34 countries The numbers of Time Banks have grown sharply in the year 1940. At that time the number of Time Banks in United States were500 and now more than 37000 enrolments exist. Time Banks also have a significant presence in Switzerland, Japan, South Korea, New Zealand, Taiwan, Senegal, Argentina, Israel, Greece, and Spain.

AXIS BANK ACQUIRES CITIBANK'S INDIA CONSUMER BUSINESS FOR RS. 12,325 CR

In a significant acquisition in the Indian banking sector, Axis Bank has acquired Citibank's consumer businesses for Rs 12,325 crore.

HAS THE WHEEL COMPLETED A FULL CIRCLE?

The above question has come to the foray, as the farm bills passed by the parliament has become an Act with the assent of President Sri Ram Nath Kovind.

FOREIGN CONTRIBUTION (REGULATION) AMENDMENT ACT 2020, GUIDELINES AND BANK PROCEDURES

The Government of India notified FCRA 2020(Amendment) and it came into effect from 29th September 2020 and has given strict enforcement and stringent penalties (including criminal consequences) for violations of the FCRA. Let us understand the rules for foreign contribution from its inception.

TRANSFORMATION EFFORTS OF THE BANKING INDUSTRY OF BANGLADESH IN THE NEW NORMAL

The impact of the Covid-19 crisis created foundation for the transformation and restructuring of the banking industry. Historically, economic and financial crises challenged traditional business models which appear to be even more relevant during new normal.

FINANCIAL ACTION TASK FORCE : ACHIEVEMENTS AND CHALLENGES

Task force FATF is the money laundering and terrorist financing watchdog.

DIGITAL LOAN MONSTERS

Good news is in the air. India is celebrating arrival of immunizations against deadly corona virus.

DEALING WITH UNCLAIMED BANK DEPOSITS

Unclaimed deposits are commonly defined as those deposits which are lying in accounts not operated for a period of 10 or more years.

BEND BUT DONT BREAK: OPERATIONAL RESILIENCE

The word resilience was coined by Emmy Werner in the 1970s. She studied a cohort of children from Hawaii.

BANKERS IN A BIND AFTER NCLAT RULING ON DHFL RESOLUTION

Bankers are now in a quandary after the NCLAT recently ruled that the Committee of Creditors' (CoC) decision to approve the resolution plan of DHFL was "illegal”; the plan containing an “illegal” stipulation on recovery of avoidance transactions was not sustainable.