Ban - NewNerve

In a significant development within India’s banking sector, digital savings accounts have been reshaping traditional norms, offering unparalleled convenience and efficiency. Leading this transformation was Kotak811, which exemplified how digital banking is revolutionizing financial management in India. With features like instant activation, zero balance requirements, free virtual debit cards, and credit cards against fixed deposits (without employment or income proofs), Kotak811 met the demands of today’s tech-savvy generation. One standout feature was ActivMoney, allowing account holders to earn up to 7% interest p.a. on savings by automatically investing idle funds into fixed deposits, without penalties for withdrawal. Moreover, digital savings accounts have democratized access to...

The Reserve Bank of India (RBI) has intensified its efforts to combat unauthorised forex trading platforms, emphasizing the need for heightened vigilance among banks. Governor Shaktikanta Das has raised concerns about banking channels being exploited for funding these platforms, prompting the RBI to take decisive action. Framework for Authorisation of Electronic Forex Trading Platforms The RBI has implemented a robust framework for the authorisation of electronic trading platforms since 2018. This framework ensures strict compliance with regulations and is currently being updated to keep pace with technological advancements that have revolutionized financial markets. Cautionary Advice and Alert List: In response to complaints of cheating and fraud associated with unauthorised trading p...

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Kotak Bank’s Digital-Only Zero-Balance Savings Accounts Hit a Roadblock: RBI’s Action

RBI’s Vigilance Drive: Unauthorised Forex Trading Platforms Under Scrutiny, Banks Called to Action