The Prevention of Money Laundering Act (PMLA) is the core of the legal framework that has been put in place by the Govt of India to combat money laundering and generation of black money. As per Rule-9 of the PMLA, the reporting entities like banks, financial institutions and intermediaries have an obligation to verify the identity of clients, maintain records and […]
Banking
What is Peer to Peer Lending? How does it work? | RBI’s latest Guidelines on P2P Lending Platforms
As per the latest RBI’s report, the total outstanding amount of un-secured loans (personal loans) given by the formal banking sector is around Rs 16,200 billion. That’s a huge amount! But, we all know that a majority of us (Indians) also rely on our friends, family members, acquaintances, money lenders, Chit funds and business associates […]
A Complete Guide to ‘How Banks Assess Your Credit Health’ | How Lenders decide whether to give you Credit?
When Karthik’s father had a medical emergency, he decided to pursue one of the many loan/credit card offers he receives on a daily basis. Initially, all looked positive as the over-enthusiastic bank representative excitedly pointed all the benefits Karthik would receive and how this was truly the best decision of his life. However, Karthik was […]
How Technology is Redefining the Financial Services Industry – As we know it today!
Technology today is rapidly changing the world around us. The wide-spread availability of internet enabled mobile phones has helped the common man to reap the benefits of technological advances in all streams around them. A consumer today can hail a cab conveniently using the smart-phone instead of waiting forever for the public transport to arrive. […]
RBI’s latest data on Financial Savings & Liabilities of Indian Households (2016-17) | How & Where do we save & invest?
The Reserve Bank of India (RBI) has released the nineteenth volume of its annual statistical publication, ‘Handbook of Statistics on the Indian Economy – 2017‘ on 15th sep, 2017. Through this publication, the Reserve Bank has been providing time series data on various economic and financial indicators for the Indian economy. You can find lot […]
Aadhaar number & Multiple Bank Accounts | Linking Status & Govt’s Subsidy
The Central government in one of its recent notifications (dated 1st June, 2017) has asked all the Financial institutions, including Banks, to verify and link Aadhaar numbers of their customers with their bank accounts. If you have multiple Bank accounts, you need to link all your Accounts to your Aadhaar number. It is now mandatory […]