News That Matters

Tag: banking

EPS to enter new business lines in digital banking

EPS to enter new business lines in digital banking

Finance
PUNE: Electronic Payment and Services (EPS), a retail banking technology service provider, is diversifying its business by entering the fraud and risk management and transaction processing and enterprise reconciliation markets. The company has partnered with Morocco-based m2m and Dubai-headquartered Ascent Business Group to use their products for these segments, said Thyagarajan Seshadri, president, banking relations at EPS. Set up in 2011, EPS started out offering end-to-end ATM operations and outsourcing services for public sector banks in India. It currently runs more than 12,500 brown-label ATMs for banks like State Bank of India, Canara Bank and Bank of India. Brown-label ATMs are owned by banks and the management of these is outsourced to firms like Electronic Payment and Services....
We are witnessing end of non-preforming assets cycle: P. K. Gupta, MD (Retail & Digital Banking), SBI

We are witnessing end of non-preforming assets cycle: P. K. Gupta, MD (Retail & Digital Banking), SBI

Finance
GUWAHATI: P. K. Gupta, Managing Director (Retail & Digital Banking) State Bank of India (SBI) on Sunday expressed optimism that banks will return to profitability very soon. Gupta who was in Guwahati while interacting with media persons said, “We are witnessing end of non-preforming assets (NPA) cycle. NPAs have been recognised and tackled. We hope to return to profitability very soon.” He stated that NPAs in Northeast India are within the manageable limits. India’s largest public sector bank, SBI has recently taken Assam’s athletic sensation Hima Das as brand ambassador for promoting Sbi Yono(You Only Need One”). YONO is an integrated digital banking platform offered by State Bank of India to enable users to access a variety of financial and other services su...
Your SBI net banking facility may get blocked if mobile number is not registered by Dec 1

Your SBI net banking facility may get blocked if mobile number is not registered by Dec 1

Finance
If you are an Internet banking user of State Bank of India (SBI), you have to register your mobile number with the bank by December 1, 2018. If you do not register it before the deadline, you will not be able to access your net banking account after December 1, i.e., it will be blocked. The bank has intimated its users on its Internet banking website 'onlinesbi' that they need to register their mobile number through the branch (unless already done) or else their Internet banking may be blocked. "Attention INB users, please register your mobile number with us immediately, if not already done, through Branch, failing which the Internet Banking Facility may be blocked with effect from 01.12.2018", says the online SBI website. Therefore, if your mobile number is not already registered with S...
India's shadow banking sector likely to face shake-up after default

India's shadow banking sector likely to face shake-up after default

Finance
By Krishna N. Das and Neha DasguptaIndia's burgeoning shadow finance sector is likely to face a shake-up after defaults at one major lender battered the nation's financial markets in the past week and reinforced worries about credit risk. Industry officials and experts say they expect Indian regulators to cancel the licences of as many as 1,500 smaller non-banking finance companies because they don't have adequate capital, and to also make it more difficult for new applicants to get approval. The Reserve Bank of India (RBI), which has been tightening rules for non-banking financial companies (NBFCs), did not respond to requests for comment. Better capitalised and more conservatively run finance firms are likely to swallow up an increasing number of smaller rivals, the experts said. That co...
Scammers steal half a billion pounds from UK banking customers

Scammers steal half a billion pounds from UK banking customers

Business
More than £500m was stolen from customers of British banks in the first half of 2018, figures have shown.Industry group UK Finance said £145m of that was due to authorised push payment (APP) scams, in which people are conned into sending money to another account.But £358m was lost to unauthorised fraud, which includes transactions made without account holders' knowledge.Unauthorised fraud victims are usually refunded by their banks, but victims of APP fraud rarely get their money back.This is because current legislation means they are liable for any losses incurred if they authorise a payment themselves."Purchase scams", in which people are duped into paying for products or services that do not exist, were the most prevalent form of APP ...