WEEKLY FINANCIAL SNIPPETS- 18/11/2017

  • RBI INSTRUCTS BANKS TO PROVIDE DOORSTEP BANKING TO SENIOR CITIZEN ABOVE 70 YEARS & DIFFERENTLY –ABLED : Reserve Bank of India has instructed all banks to provide doorstep banking facilities to senior citizens of more than 70 years of age and differently-abled persons by December 2017. This is a very positive move by RBI and senior citizens and differently-abled persons can look forward to availing basic banking services right from the comfort of their homes.

 

  • HDFC BANK LAUNCHES SMART-UP ZONE IN ODISHA: HDFC Bank has rolled out SmartUp zone in Odisha at its Bhubaneswar Branch. The first SmartUp zone was launched by HDFC Bank in Delhi in October. SmartUp zone is an exclusive area of the branch dedicated to start ups. Through this zone, specially trained bank staff will offer tailor made banking and advisory solutions to entrepreneurs.

 

  • WILFUL DEFAULTERS WILL NOT BE ALLOWED TO BID FOR STRESSED ASSETS: SBI chairman Mr. Rajnish Kumar has said that banks will block efforts by wilful defaulters to bid for distressed assets in insolvency proceedings. He said that there is no place for wilful defaulters or people who have diverted funds as proved in the forensic audit. However he said that legally even the promoters were within their rights to bid for the stressed assets but banks would put some pre-conditions so that the wilful defaulters/promoters will not be able to bid for the said stressed assets.

 

  • BANKS RECAPITALISATION TIED TO REFORMS: The government which has announced the recapitalisation of state owned banks has said that the recapitalisation does not come on its own as it is followed and preceded by a whole lot of plans and reforms. Everything is linked to the reforms which each bank board will consider within a time frame and have to come out with plan of action. The reforms also include bank boards taking a stand and coming up with a clear plan on consolidation.

 

  • RBI REJECTS ISLAMIC BANKING IN INDIA: In a major move, the Reserve Bank of India has decided not to pursue a proposal for introduction of Islamic banking in India. The Reserve Bank said the decision was taken after considering the wider and equal opportunities available to all citizens to access banking facilities.

 

  • GOOGLE LAUNCHES “TEZ” APP: Google has officially launched a free mobile wallet in India and has named it “TEZ”. TEZ is a free mobile wallet that will let its users to link up their phones to their bank accounts for making online payments. TEZ App comes with a new technology- Audio QR ( AQR) which uses ultrasonic sounds to let you exchange money.

 

  • DEBIT/CREDIT CARDS AND ATMs WILL BE REDUNDANT IN FOUR YEARS : Niti Aayog CEO Mr.Amitabh Kant has said that debit cards, credit cards and ATMs will be redundant in next 4 years of time. People will start using their mobile phones for doing their financial transactions. He said that 72% of Indian population is averaging below 32 years of age and this young generation will prefer to use mobiles in future for all their financial transactions.
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