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Credit ratings and credit reports: everything you need to know
A credit score is a three-digit figure that indicates to a lender whether or not you are creditworthy based on your credit history. Your creditworthiness informs the lender about your ability to take out and repay a loan. When you apply for a loan or a credit card, the lender will look at your credit […]
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A digital ecosystem is launched by the ICICI Bank for the MSMEs
ICICI Bank, a private sector lender, introduced a comprehensive digital ecosystem for micro, small and medium companies (MSMEs) on Thursday, which includes customers of other banks. The ecosystem, according to the bank, offers a variety of industry-first solutions, signaling a substantial shift from the current industry practice of banks providing services primarily to their clients. […]
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Why KYC Is Not A Burden: What Is KYC? How Important Is It For Everyone?
KYC is a term that should be familiar to everyone who uses banking or financial services. KYC is a process that banks and financial organizations use to verify their customers’ identities and addresses. Know Your Customer is an acronym for “Know Your Customer.” This bank obtains the necessary information from customers in order to defend […]
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How Do Nostro And Vostro Bank Accounts Work?
We are frequently perplexed by economic jargon. We believe this is a highly technical or complicated issue. However, reality occasionally deviates from this ideal. We strive to improve your financial expertise on this platform. Today, we’ll discuss Nostro and Vostro Bank accounts so that you’ll understand what the other person is talking about the next […]
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How many types of banks do we have in India?
When you hear the word bank, the first thing that comes to mind is a commercial bank. However, different types of banks exist in India for various purposes. In this article, we will learn about the various types of banks in India. Central bank: An economy’s central bank is its foundation. It is tasked with […]
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Do You Own a Bank Locker? Check out these rules
People keep their jewelry and other valuable items in bank lockers to keep them safe. If you have kept your gold in a bank locker or plan to reserve a locker for yourself in a bank, you should be aware of the newly revised locker rules. Following a Supreme Court order, the RBI has mandated […]
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RBI bans Paytm Bank from onboarding new customers
In an unexpected move on Friday, the Reserve Bank of India (RBI) barred fintech giant Paytm from onboarding new customers to its payments bank. The Reserve Bank of India has directed Paytm Payments Bank Ltd to cease onboarding any new customers with immediate effect, in line with section 35A of the Banking Regulation Act, 1949, […]
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What is Domestic Systematically Important Banks (D-SIBs)?
Banking is the foundation of any economy. A strong banking system is essential for any country’s growth. Every bank makes a contribution to economic growth. However, due to their size, cross-judicial activities, lack of implementation complexity, substitution, and interconnectedness, only a few banks become systemically significant. Because of their characteristics, these banks are so important […]