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Tag: banking

Banking by smart speaker arrives, but security issues exist

Banking by smart speaker arrives, but security issues exist

Technology
Hey Alexa, what's my bank account balance? Big banks and financial companies have started to offer banking through virtual assistants — Amazon's Alexa, Apple's Siri, and Google's Assistant — in a way that will allow customers to check their balances, pay bills and, in the near future, send money just with their voice. And with the rapid adoption of Zelle, a bank-to-bank transfer system, it soon could be possible to send money to friends or family instantly with voice commands. But the potential to do such sensitive tasks through a smart speaker raises security concerns. Virtual assistants and smart speakers are still relatively new technologies, and potentially susceptible to being exploited by cyber criminals. Regional banking giant U.S. Bank is the first bank to be on all t...
RBI governor appears before Parliamentary panel; assures steps to strengthen banking system

RBI governor appears before Parliamentary panel; assures steps to strengthen banking system

Finance
RBI Governor Urjit Patel today faced tough questions from a parliamentary panel on bad loans, bank frauds, cash crunch and other issues even as he assured the members that steps were being taken to strengthen the system, sources said. Sources present at the meeting of the Parliamentary Standing Committee on Finance said the RBI Governor expressed confidence of tiding over the crisis regarding non-performing assets (NPAs). Some members of the committee, headed by senior Congress leader Veerappa Moily, sought to know about the reasons for recent instances of ATMs running out of cash and why enough steps were not taken to tackle banking frauds. Patel told the panel that steps were being taken to strengthen the banking system. "We are confident that we will be able to tide over the crisis," a ...
HDFC Bank aims expand investment banking, taps talents

HDFC Bank aims expand investment banking, taps talents

Finance
HDFC Bank, the country’s largest lender by market value, is hiring top investment banking talent to boost its presence in a business holding major promise and close the gap with bulge-bracket Wall Street names that dominate placements at South Asian B-schools. In the past few months, the bank has hired at least 10 top rainmakers from global banks such as HSBC, Standard Chartered Bank, and Macquarie, and the home-grown ICICI Bank. While its ranking in the debt market has been climbing, HDFC Bank is slotted lower in equity offerings where Citi and BoFA-ML dominate. Among local banks, Axis, ICICI and Kotak have significant presence in the equity markets. The bank ranks second in the Bloomberg Bond League table for India while it is way below in the Equity Offering table at 19. “The expa
View: India's banking system requires stronger watchdog

View: India's banking system requires stronger watchdog

Finance
By Ila PatnaikTo many economists, the solution to India’s bad-loan crisis appears as obvious as the problem: Privatize state-owned banks, which have racked up billions more in soured loans and performed much worse than their private-sector counterparts. Yet, unless the government first strengthens its ability to supervise all banks, public and private, selling some of them off will be slim guarantee against another crisis. One can understand the urge to privatize. A long-mooted bankruptcy law finally passed last year allows any single creditor to initiate the bankruptcy process. This has disrupted the earlier cozy system, whereby banks hid the full extent of their soured loans and the Reserve Bank of India, which oversees the sector, looked the other way. As bad loans tumbled out of the cl
China is at risk of a banking crisis, a central bank body says

China is at risk of a banking crisis, a central bank body says

Finance
China is one of the economies most at risk of a banking crisis, according to the Bank of International Settlements, which published its quarterly review on Sunday.The report, which included a study on the early signs of a banking crisis, found China's debt — measured by a credit-to-GDP gap — surpassing an amount that could lead to a system fallout. The country also has a high level of debt servicing ratio, which made its banking system more vulnerable.The credit-to-GDP gap measures the difference between the percentage of debt in an economy and its long term trend. A bigger number suggests debt is growing at a pace that may not be healthy for the economy.Debt servicing ratio, meanwhile, refers to the amount of money as a proportion of income that's used to repay loans. A higher ratio means