Banking - NewNerve

RBI’s Action: One Bank License Cancelled, Another Fined

25Jul

By AnkitNo Comments

Banking

RBI’s Action: One Bank License Cancelled, Another Fined

The Reserve Bank of India (RBI) has taken strict action against two banks, highlighting its commitment to maintaining financial stability. Uravakonda Co-operative Town Bank License Cancelled The RBI has cancelled the license of the Uravakonda Co-operative Town Bank Limited located in Uravakonda, Andhra Pradesh. This means the bank is no longer permitted to conduct banking business, including accepting or returning deposits. The decision was made due to the bank's inadequate capital and earning prospects, leading to non-compliance with provisions of the Banking Regulation Act. The RBI concluded that allowing the bank to continue would be detrimental to depositors' interests. Depositors' Rights Depositors of the Uravakonda Co-operative Town Bank Limited are...

Cyber Heist in Noida: Rs. 16.5 Crore Stolen from Nainital Bank

15Jul

By AnkitNo Comments

Banking, BFSI, Blog, Cyber Crime

Cyber Heist in Noida: Rs. 16.5 Crore Stolen from Nainital Bank

Noida, India - A major cyber heist has rocked the city of Noida, with Rs. 16.5 crore stolen from a branch of Nainital Bank. The incident, which occurred on [Date of Incident], has raised serious concerns about the vulnerability of Indian banks to cyberattacks. According to reports, the criminals exploited a security flaw in the bank's system to siphon off the funds. While the exact method of the heist remains unclear, authorities are currently investigating the incident and attempting to trace the stolen funds. The incident has sparked widespread panic among customers and has highlighted the urgent need for enhanced cybersecurity measures in the banking sector. Read More on: How Cyber Thieves Cleaned Out Rs 16.5 Crore From Nainital Bank Noida Branch (ndtv.com) Also Read: Cy...

MariBank Founder Zheng Yu Dong Resigns as CEO, Transitions to Advisory Role

12Jul

By Ankit1 Comment

Fintech, Banking, Global BFSI, Startups

MariBank Founder Zheng Yu Dong Resigns as CEO, Transitions to Advisory Role

Zheng Yu Dong, the founding CEO of MariBank, a digital bank licensed by the Monetary Authority of Singapore (MAS) and a wholly-owned subsidiary of Sea Group, has announced his decision to step down from the CEO role after a five-year tenure. According to a LinkedIn post by Zheng, he will continue to serve as an advisor to both MariBank and Sea Group, the parent company. Sea Group has secured two digital banking licenses - one in Singapore to establish MariBank, and another in Malaysia for the yet-to-be-launched YTL-Sea Digital Bank Project. Under Zheng's leadership, MariBank has reported significant growth in its customer deposits and balances. In 2023, the digital bank recorded S$503.8 million in deposits and balances, a massive increase from just S$2 million the previous year. H...

Can AI Really Make Document Verification Effortless? Signzy’s Solution

28May

By AnkitNo Comments

Banking, Blog, Review

Can AI Really Make Document Verification Effortless? Signzy’s Solution

In today's digital age, businesses are constantly seeking ways to streamline their onboarding processes and enhance customer experience. Traditional methods involving manual document verification are often time-consuming, prone to errors, and vulnerable to fraud. Enter Signzy, a leading fintech company leveraging the power of AI to revolutionize digital onboarding. Signzy's AI-powered document verification process offers a robust and efficient solution, automating key steps and ensuring a secure and seamless experience for both businesses and customers. This article delves into the intricacies of Signzy's document verification process, highlighting its key features and benefits. Here's a breakdown of Signzy's AI-powered document verification process, highlighting its key features and bene...

Signzy: The Fintech Solution for a Seamless Customer Experience

28May

By Ankit1 Comment

Banking, Blog, Fintech, Review, Startups, Technology

Signzy: The Fintech Solution for a Seamless Customer Experience

Signzy is a leading fintech company revolutionizing the digital onboarding process with its AI-powered automation platform. Their mission is to make onboarding faster, more secure, and more efficient for both businesses and customers. Company Overview: Founded: 2015 Headquarters: Mumbai, India Valuation: $100 Million (as of 2023) Employees: 200+ Main Products: Signzy Onboarding Suite: A comprehensive platform for digital KYC, e-signature, document verification, and identity verification. Signzy API: Enables businesses to integrate Signzy's features directly into their existing systems. Signzy Mobile App: Provides a user-friendly interface for customers to complete onboarding processes on their mobile devices. Strengths: AI-Powered A...

Common Financial Frauds in Indian Banking and Fintech, 2024

21May

By AnkitNo Comments

Fintech, Banking, Blog

Common Financial Frauds in Indian Banking and Fintech, 2024

The Indian banking and fintech system, while offering incredible convenience, is unfortunately susceptible to various types of financial fraud. Here are some of the most common ones: 1. Online Financial Fraud: Phishing: This involves criminals sending fake emails or messages that appear to be from legitimate institutions, tricking users into revealing their login credentials or personal information. Malware Attacks: Malicious software can be installed on your device to steal your banking credentials or track your online activity. Skimming: This involves using devices to steal credit card information from ATMs or point-of-sale terminals. Card Cloning: Stolen credit card information can be used to create counterfeit cards for fraudulent transactions. 2. Mobile Banking Fraud...

Debit Card Transactions Decline While Credit Cards Surge: A February 2024 Overview

18May

By AnkitNo Comments

Banking, BFSI

Debit Card Transactions Decline While Credit Cards Surge: A February 2024 Overview

In the dynamic landscape of financial transactions, February 2024 witnessed intriguing trends in card-based payments. Let’s delve into the data and explore what unfolded: Debit Card Transactions: A Downturn Year-on-Year Decline Volume: Debit card transactions experienced a substantial 13% decline compared to the previous year. Value: The total value of debit card transactions decreased by approximately 4%during the same period. Month-on-Month Insights Despite the yearly dip, the month of February saw a slight decline in debit card transactions: Volume: A 3.7% decrease from January 2024. Value: A 1.9% decrease during the same month. Breakdown of Debit Card Usage In February 2024, approximately 0.66 billion debit...

RBI’s New rule for Custodian Bank: T+1 Settlement Regime

14May

By AnkitNo Comments

Banking, BFSI, Goverment Notice/Circulars

RBI’s New rule for Custodian Bank: T+1 Settlement Regime

The Reserve Bank of India (RBI) has revised its guidelines for custodian banks in response to the implementation of the T+1 settlement regime for stocks. These revised guidelines aim to enhance risk management practices within the custodian banking sector amidst the transition to a faster settlement cycle. Key Highlights: Maximum Intraday Risk: Custodian banks issuing Irrevocable Payment Commitments (IPCs) will face a maximum intraday risk equivalent to 30% of the settlement amount, classified as capital market exposure (CME). Risk Mitigation Measures: Cash margins reduce exposure by the amount paid. Margins paid in permitted securities to mutual funds and foreign portfolio investors (FPIs) reduce exposure, subject to the Exchange's prescribed haircut on ac...

Binance Hit with $6 Million Fine in Canada for AML Violations

13May

By AnkitNo Comments

Cryptocurrency, Banking, Fintech

Binance Hit with $6 Million Fine in Canada for AML Violations

The Canadian Financial Transactions and Reports Analysis Centre (FINTRAC) has fined Binance $6 million for violating anti-money laundering (AML) regulations. This is the largest penalty ever imposed by FINTRAC for AML violations. FINTRAC's investigation found that Binance: Failed to register with FINTRAC as a money services business (MSB) Failed to implement a compliance program to prevent money laundering Failed to report suspicious transactions Binance has agreed to pay the fine and to take steps to improve its compliance with AML regulations. Here are some additional details about the case: The investigation was launched in 2021. Binance was fined $3 million for each of the three violations. Binance has 30 days to appeal the fine. This case is likely to hav...

Declining CASA Ratios: A Deep Dive into Banking Trends, in Q4

9May

By AnkitNo Comments

Banking, BFSI

Declining CASA Ratios: A Deep Dive into Banking Trends, in Q4

The CASA ratio, which measures the share of low-cost CASA deposits, experienced a decline year-on-year by 40-730 basis points (bps) for banks reporting their Q4 FY24 earnings. This decline occurred despite sustained high deposit rates due to tight liquidity conditions and robust demand for credit, particularly in retail and unsecured loans. Here are some key points: Private Banks vs. PSU Banks: As of December 2023, private banks saw a year-on-year decline of 393 bps to 38.7% in CASA ratios, while PSU banks declined by 187 bps to 38.5%. This decline impacted lenders’ margins. Sequential CASA ratios remained stable or slightly improved in the final quarter due to increased deposit accumulation and proactive efforts by banks to attract granular deposits. Kotak Mahindra Bank...