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Tag: deposits

JPMorgan Chase takes on Square and PayPal with smartphone card reader, faster deposits for merchants

Finance
JPMorgan's Business Complete Banking serviceSource: JP MorganJPMorgan Chase is making a play to sell more services to millions of American small business owners, pushing into an area pioneered by fintech firms including Square, PayPal and First Data, CNBC has learned.The bank is rolling out a checking account that is paired with a new fintech-inspired service called QuickAccept, according to JPMorgan executives. QuickAccept lets businesses take card payments within minutes, either through a mobile app or a contactless card reader, and users will see sales hit their Chase accounts on the same day.That fast funding is offered free, unlike competitors including Square, which typically take a day or more and charge a 1.5% fee to make instant transfers."Our competition either doesn't have same-...
Bank credit up 6.74% to Rs 102.69 lakh crore; deposits rise 9.82%

Bank credit up 6.74% to Rs 102.69 lakh crore; deposits rise 9.82%

Finance
MUMBAI: Bank credit and deposits grew by 6.74 per cent and 9.82 per cent to Rs 102.69 lakh crore and Rs 137.11 lakh crore in the fortnight ended April 24, latest data from the RBI showed. In the year-ago fortnight, bank loans had stood at Rs 96.20 lakh crore and deposits at Rs 124.83 lakh crore. In the previous fortnight which ended on April 10, 2020, bank credit had grown by 7.20 per cent and deposits by 9.45 per cent. In the fiscal ended March 31, 2020, bank loans had decelerated to 6.14 per cent, a near five-decade low, due to slower economic growth, lower demand and as banks remained risk averse. Loan growth in FY20 was the slowest since the fiscal ended March 31, 1962, when it had increased by 5.38 per cent. During FY20, bank deposits grew by 7.93 per cent to Rs 135.71 lakh crore ...
Government mulls raising insurance cover on bank deposits to above Rs 1 lakh: Nirmala Sitharaman

Government mulls raising insurance cover on bank deposits to above Rs 1 lakh: Nirmala Sitharaman

Finance
NEW DELHI: Finance Minister Nirmala Sitharaman on Friday said the government will bring legislations on raising insurance cover on bank deposits from the current Rs 1 lakh and regulating multi-state cooperative banks amidst a crisis in PMC Bank affecting lakhs of depositors. These legislations will be brought during the Winter Session of Parliament starting Monday, the minister told reporters here. "Work is on and we shall go to the Cabinet for approval to introduce a legislation in winter session. The legislation will amend the necessary Acts and the laws to make sure that banking functions undertaken by cooperatives sector will be brought under the Banking Regulation Act for complying with prudential norms," she said. Unless the prudential norms are applied, many of the things that are e...
Bank credit growth slows to 10.24%, deposits at 9.73%

Bank credit growth slows to 10.24%, deposits at 9.73%

Finance
MUMBAI: Bank credit and deposits growth slowed to 10.24 percent and 9.73 percent to Rs 96.80 lakh crore and Rs 127.80 lakh crore, respectively, in the fortnight to August 30, show the latest RBI data. In the year-ago fortnight, advances were at Rs 87.80 lakh crore while deposits stood at Rs 116.46 lakh crore. In the previous fortnight to August 16, advances grew 11.64 percent to Rs 96.82 lakh crore and deposits by 10.15 percent to Rs 126.80 lakh crore. In July, the non-food bank credit rose 11.4 percent on year-on-year basis from 10.6 percent in July 2018. Advances to the services sector decelerated to 15.2 percent in the month from 23 percent in the year-ago month. Credit to agriculture & allied activities rose 6.8 percent compared with an increase of 6.6 percent in the same month las...