Mobile banking transaction frauds are on the rise: Here’s how to transact safely


It has been almost two years since Prime Minister Narendra Modi announced the demonetisation drive to ban Rs 500 and Rs 1,000 notes. Although cash is still king among consumers, there is one route that has seen a surge in usage over the last three years, i.e., mobile banking.

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Demonetisation impact: Bharat going digital for payments


More Indians from smaller towns and cities are paying digitally for goods and services, raising expectations of sustained growth for non-cash payments, even as Reserve Bank data indicates the sharp spike in digital transactions following the 2016 note ban has evened out this year.

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HDFC Bank hikes deposit rates; Bank of Baroda raises lending rate


Signaling tightening of rates, HDFC Bank had recently raised interest rates on deposits by up to 0.5 percent for various tenors, while Bank of Baroda hiked lending rates by 0.1 percent. HDFC Bank's announced new interest rate on deposits below Rs 1 crore for various tenors effective November 6, 2018.

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Digital assistants, social media to be key for banking sector by 2022: Report


Digital assistants, social media and third-party channels are expected to be the primary channels for banking by 2022, apart from mobile and online, a report said on Wednesday. “After existing digital channels (mobile and online), digital assistants, social media and third-party channels are expected to be the primary channels for banking by 2022,” as per the 10th annual ‘Innovation in Retail Banking’ report.

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SBI Reduces Daily Cash Withdrawal Limit On Select Debit Cards


State Bank of India (SBI), the largest lender of the country, has reduced the daily cash withdrawal limit on select debit cards with effective from October 31, 2018. Customers who hold SBI Classic and Maestro debit cards can now withdraw only Rs. 20,000 per day, the lender said.

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India jumps 23 places to 77th in World Bank's Ease of Doing Business Rankings


In a big boost for NDA government, India climbed another 23 points in the World Bank’s ease of doing business index to 77th place, becoming the top ranked country in South Asia for the first time and third among the BRICS. In the last two years the country has climbed 53 notches, a performance matched in the past only by Bhutan.

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India Gets its First Bitcoin ATM Kiosk in Bengaluru


In February, when the finance ministry banned banks and regular financial institutions from being part of the bitcoin network, Indians could no longer buy and sell bitcoins, unless they had an overseas account or an overseas relative or friend who could transact on their behalf.

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Xiaomi plans to launch money lending services in India, seeking RBI approval


Xiaomi plans to foray into consumer finance and business-to-business lending by floating a non-banking financial company (NBFC), the Chinese smartphone and electronics major has said in its latest regulatory disclosure. The new company, Xiaomi Financial Services India.

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Indian largest lender's chief sees bad loan provision falling after 2 quarters


State Bank of India, the country's largest lender, sees its provision for bad loans remaining high for at least the next two quarters, after which it will start softening as it steps up efforts to improve asset quality, its chairman said recently.

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Internet banking may not work for some SBI users from December


Internet banking users of State Bank of India (SBI) are required to register their mobile number (if not done earlier) with the lender by December 1, 2018, said the country's largest bank. Customers who fail to register it before the deadline, will not be able to access the internet banking facilities of SBI, the lender said on its online portal- onlinesbi.com.

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