13, Oct, 2019
TCS, Israel’s Finance Ministry join hands to build affordable technology for small banks

Small Banking

Tata Consultancy Services(TCS) has partnered with Israel’s Finance Ministry to make technology affordable for small banks in the country, according to a report in The Economic Times. “In India, we created a core banking platform and have taken it to other markets. Having developed the first one, the Ministry of Finance wanted us to […]

Small banks that rely on technology providers Fiserv, FIS and Jack Henry & Associates are starting to revolt, arguing the companies are making it more difficult for them to compete against larger banks. According to a report in The Wall Street Journal citing executives at some of the small banks across the country, the executives argue the […]

A 93-year-old bank in Tamil Nadu is moving to Mumbai. The boards of Lakshmi Vilas BankNSE 4.98 % (LVB) and IndiabullsNSE 6.14 %Housing Finance this week approved the merger between the two to create what would be known as the ‘Indiabulls Lakshmi Vilas Bank’, with a combined loan book of Rs 1.23 lakh […]

Novo, a startup mobile bank aimed at small business, has said it raised $4.8 million in venture seed financing led by Crosslink Capital, along with Red Sea Ventures and RRE. Other investors in the funding round include Hack VC, Rainfall and the Stanford Law School Venture Fund, according to a company […]

Reserve Bank of India (RBI) Governor Shaktikanta Das will hold a meeting with heads of Small Finance Banks on March 15 to discuss their participation in priority sector lending and financial inclusion. “Small Finance Banks have an important role in promoting financial inclusion and priority sector lending,” RBI Governor Shaktikanta […]

Tax moves will revive consumption, says HDFC’s Deepak Parekh Consumption to GDP ratio in India is extremely low and taxes had slowed down consumption. The tax moves announced today will be significant in reviving consumption, says HDFC’s Deepak Parekh.Income Tax: Key highlights from FM Piyush Goyal’s speech -Individual taxpayers with […]

Bank of America beats earnings on both top and bottom lines   8:55 AM ET Wed, 16 Jan 2019 | 01:27 Bank of America reported better-than-expected profit and revenue for the fourth quarter on Wednesday, driven by a strong performance from its consumer-banking business and lower taxes. The results sent the […]

AP Alexandria Ocasio-Cortez Freshman U.S. Rep. Alexandria Ocasio-Cortez is almost certain now to be seated on a powerful committee that will oversee Wall Street and the rest of the banking industry. The firebrand New York Democrat needs just a rubber stamp vote to get named to the House Financial Services […]

Yana Paskova | Bloomberg | Getty Images Raymond James is telling investors to scale back their positions in payments company Square. The firm downgraded the stock to “underperform” from “market perform,” citing a lack of growth opportunities on the horizon and its move into banking as a negative catalyst for […]

Source: Square Square is launching yet another banking product. The payments company announced a debit card for businesses on Thursday that lets Square sellers using its credit card processor get immediate access to money from sales. The product encourages merchants to keep funds with Square instead of depositing them into […]

Commissioner Kenneth Hayne. Source: AAP/David Geraghty. The banking royal commission’s final report will be submitted to the government today before being made public on Monday afternoon. The report is widely expected to include a laundry list of recommendations designed to break the cycle of appaling behaviour in the sector, but […]

While administration officials in Washington advise unpaid federal workers to take out loans and seek credit from friendly grocers rather than visit food pantries, the financial industry is donating relief funds as a partial government shutdown was nearing its sixth week. The latest is J.P. Morgan Chase, which told employees […]

British lending start-up MarketInvoice said Monday that it secured £56 million ($72 million) in a mix of equity and debt funding from investors. The London-based financial technology firm lets small-to-medium enterprises sell their unpaid invoices through an online platform to gain access to working capital loans. MarketInvoice said the investment […]

Wilbur Ross says government employees should just get loans, but it’s not that easy Here’s a review of what the major banks are offering to assist furloughed government workers. Most of these assistance programs are on a case-by-case basis that require the customer to initiate the conversation via a phone […]

When Jason Sherman decided to start his own company to make beer from micro-craft brewers more accessible, he never imagined that a federal government shutdown could affect his business. Until late December, everything was going as planned for the Brooklyn, New York-based company named TapRm. The company distributes beer to […]