ICICI Bank launches digital OD facility for its salary account holders

ICICI Bank has launched a new facility for its customers. Called the ‘Insta Flexicash’, it offers instant and paperless approval for overdraft (OD) to the salary account holders of the bank. The service can be availed using the bank’s internet banking platform. Under the new facility, select pre-approved customers of the ICICI Bank can apply […]

Sashidhar Jagdishan to take over as HDFC Bank CEO from Aditya Puri: Reports

The Reserve Bank of India (RBI) has given approval to HDFC Bank to replace its CEO Aditya Puri with Sashidhar Jadishan, said reports from various media houses on Tuesday. Aditya Puri, who has been at helm of HDFC Bank since 1994, will move out from office in October 2020 after turning 70. At the recently […]

Sashidhar Jagdishan to take over as HDFC Bank CEO from Aditya Puri

The Reserve Bank of India (RBI) has given approval to HDFC Bank to replace its CEO Aditya Puri with Sashidhar Jagdishan. Aditya Puri, who has been at helm of HDFC Bank since 1994, will move out from office in October 2020 after turning 70. Jagdishan will take over on October 27, 2020 for a period […]

Digital revolution presents banks with more change in 10 years than last 200

The banks are also facing tougher scrutiny of their financial strength. A health check of 123 banks across the European Union, to be published on Sunday, is expected to say that around 20 European banks need to build bigger financial buffers. No UK bank is expected to fail – together they hold £150bn more capital […]

Written down AT1 bonds may return to haunt Yes Bank with ‘mis-selling’ charges

‘Super FDs’According to at least three such investors that Moneycontrol spoke to Yes Bank’s executives pitched these bonds as ‘super FDs’, which will offer consistent returns and safety of a regular fixed deposit. In most cases, these investors had existing regular fixed deposits in Yes Bank that fetched them a rate of interest of around 8 […]

Digital banking: Mondo hopes to become the Google or Facebook of the sector

Five weeks later, Mondo has 30 customers testing its prototype account. Blomfield – a former management consultant now on his third business startup, all before the age of 30 – said a crunch meeting with the Bank of England on Wednesday would determine whether Mondo gets the formal go-ahead to apply for a banking licence. […]

CBI books Auro Gold Jewellery, directors in ₹229-crore bank fraud case

In its complaint, the SBI alleged that it had sanctioned credit facilities of over ₹229 crore to the company. However, the funds were used for trading with other firms which were not in the same line of business. The advances were allegedly diverted.

Banks sanction Rs 1.36 lakh cr under ECLGS: CARE Ratings

Emergency Credit Line Guarantee Scheme (ECLGS) till July 29, a CARE Ratings report said on Monday.The total sanctioned amount works out to be 46 per cent of the target of Rs 3 lakh crore set up by the government while announcing the relief package for industry, especially the MSME sector, which was hit hard by […]

Timo joins hands with Viet Capital Bank as new banking partner

To accomplish its mission of providing a smart financial management platform with a focus on the best user experience, Timo has striven to find a suitable, long-term partner, who brings not only the core banking systems but also shares its vision of creating the best digital banking platform for the increasingly sophisticated customer base in […]

Yes Bank | Why is a Financial Redressal Agency missing when it is needed most?

Then Union Finance Minister Arun Jaitley in his 2015-16 Budget Speech announced setting up a taskforce to study the need and design for an FRA. The taskforce submitted its report in June 2016 and suggested first setting up a shell FRA and then gradually scale it up to a statutory body. It gave a transition […]