In a significant development on March 21, 2025, the United Forum of Bank Unions (UFBU) has decided to call off their two-day nationwide strike, which was originally planned for March 24 and 25. This decision was made after the UFBU received positive reassurances from both the Finance Ministry and the Indian Banks’ Association (IBA) regarding…
Positive Pay System was introduced by Reserve Bank of India 2020 vide circular no RBI/2020-21/41 DPSS.CO.RPPD.No.309/04.07.005/2020-21 dated 25.09.2020. Financial frauds are big concern with increase of digitalization. To prevent check fraud and make transactions secure, banks have implemented Positive Pay System, that is a strong fraud prevention mechanism that protects account holders from unauthorized or altered…
What is Neo Banking? NEO banks are the banks which has no physical branches. NEO Banks are digital only financial institutions that operate exclusively online through websites and mobile apps. The financial services industry has undergone massive transformations from manual to Core Banking and now digital without any physical branch. the evolution of banking has been marked…
The Banking Ombudsman is an authority created by the Reserve Bank of India (RBI) to address customer grievances regarding banking services. It provides a cost-free, quick, and impartial resolution process for complaints against banks. Customers can file complaints if they are dissatisfied with the services of a bank or have not received a satisfactory…
Exchange-Traded Funds (ETFs) have gained popularity among investors for their unique features and benefits. In this blog, we’ll explore the uses of ETFs, their potential returns, how they differ from mutual funds and stock investments, and their safety profile. What is an ETF? An ETF is a type of investment fund that trades on stock…
Junior Associates of the Indian Institute of Bankers (JAIIB) is a professional certification program offered by the Indian Institute of Banking and Finance (IIBF). IIBF was established in 1928 and offers various courses related to banking career enhancement. 1. Skill Enhancement The JAIIB certification program offers a comprehensive curriculum that equips banking professionals with…
Digitalization is the need of the hour and it is happening very fast across the world. In today’s digital age, online banking has become need for managing finances. While the convenience of accessing your bank account from anywhere at any time is available, it also comes with its own set of risks. Cybercriminals are constantly…
RLLR Repo Linked Lending Rate was introduced by RBI in Oct 2019. From 2019 to 2024, changes in *Marginal Cost of Funds-based Lending Rate* (MCLR) and *Repo Linked Lending Rate* (RLLR) would have influenced borrowers differently based on various factors, including changes in RBI policies, market conditions, and interest rates. 1. MCLR (Marginal Cost of…
Non-Performing Assets (NPA) in banking refer to loans or advances that are in default or arrears, meaning the borrower has not paid back the principal or interest for a specified period. An asset is classified as non-performing if: 1. Principal and Interest Payments: The payments are overdue for a specific period (usually 90 days or…
Bank handles money and it involves several key activities like- Deposits: You can deposit cash or checks into your account. This can be done via teller services, ATMs, or direct deposit from employers. Withdrawals: You can withdraw money using an ATM, by writing checks, or through bank tellers. Some banks also offer online transfers to…