The lockdown has set off a banking revolution. Irrespective of which bank you have an account with - in a city or a village without a branch - you can call the local post office and ask it to deliver cash. In as little as 10-15 minutes, the postman or postwoman will reach your home. For this, you need not have an account with the post office. Between March 24 and April 23, post offices across India delivered Rs 412 crore in over 21 lakh such transactions, mostly in rural and unbanked areas, through a network of 1.36 lakh post offices which have been equipped with 1.86 lakh handheld AePS devices. “This has been made possible due to AePS facility of India Post Payments Bank (IPPB) through which one can withdraw money at the doorstep even if he or she has an account in any other bank,” said P
MUMBAI: Delays in recognition of non-performing assets (NPA) and the lack of timely allocation of provisions on these bad loans can impact the financial health of banks, the Reserve Bank of India said in its annual Trends and Progress report Tuesday. “Empirical evidence suggests that the profitability of banks that delay recognition and adequate provisioning for impaired assets is adversely affected as compared to those that act in a timely manner,” the central bank said in a report published Tuesday. After seeing seven consecutive years of rising bad loans, the banking sector in FY19 posted a decline in consolidated bad loans, data from the report showed. The gross NPA ratio in the fiscal year of 2018-19 came in at 9.1 percent as against 11.2 percent in the year-ago period, while net NPA
[unable to retrieve full-text content]The supplications of banks on behalf of their rich clients are endless and often bordering varied oddities. Banking/Finance-Industry-Economic Times
For the third day in a row, many customers are still not been able to access the country's largest private sector lender, HDFC Bank's Internet and mobile banking channels. The bank, responding to customer complaints on social media, attributed the outage to a 'technical glitch' adding that a team of experts constituted by the bank was at work to resolve the breakdown. We apologise that the resolution of the technical glitch is taking more time than anticipated. Our experts are work… https://t.co/OYKf7tQ43g— HDFC Bank Cares (@HDFCBank_Cares) 1575358749000 Though the bank claims to have resolved the issue, many customers are still unable to log in to these channels. According to the bank, normalcy will be restored within the next few hours. A common problem faced by many of i
The peer-to-peer lender Zopa Group is this weekend finalising a £130m capital injection that will allow it to cling onto its ambition of becoming a challenger to Britain's biggest banks.Sky News has learnt that Zopa is in advanced talks about securing the funding from an entity connected to IAG Capital Partners, a US-based private investment firm, and Silverstripe, its UK vehicle. Sources said on Saturday that a deal was expected to be signed at the beginning of next week.If completed, it would come just before Zopa's banking licence-with-restrictions expires a year after it was granted.The additional funding is essential to the company's ability to fulfil regulatory capital requirements overseen by the banking and City regulators.