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Insolvency And Why It Happens: 5 Reasons People Go Broke

Every year, more than 800,000 people declare bankruptcy in the United States. In Canada, a substantial 125,000 Canadians also became insolvent and file either a bankruptcy or a consumer proposal. There are... Read more »

Understanding FIRC, Foreign Inward Remittance Certificate

What is FIRC FIRC (Foreign Inward Remittance Certificate) is a document that is issued by a bank to their customers against all the inward remittances entering India. It can be an advance... Read more »
7 Reasons Why Your Cheque Is Dishonoured

7 Reasons Why Your Cheque Is Dishonoured

Issuing cheques is a very convenient method of making payments. What it requires is just writing the date, amount of money to be paid, name of the person who is to be paid to... Read more »

Difference Between IFSC And MICR Code

Today monetary transactions are not limited to a bank or a country which makes it mandatory for every financial institution to do a verification before processing. To make this process faster banks... Read more »

11 Reasons Why Is There A Cash Crunch In India?

Cash shortage is being reported from all across the country, especially in states such as Andhra Pradesh, Telangana, Karnataka, Jharkhand, Madhya Pradesh, Bihar, Uttar Pradesh and Rajasthan. The cash crunch has already... Read more »

How To Reactivate Inoperative/Dormant Bank Account

Has it been more than two years since you made any transaction in your bank account? If your answer is yes, then this can land you up in trouble by making your... Read more »

How To Pay Less for Bank Services Post DGGST Notice To Banks In India

Banks across India are currently in a state of frenzy. They have been asked to pay the ‘free services’ tax provided to customers with a minimum account balance with retrospective consequences. The... Read more »

Banks Asked To Pay ‘Free Services’ Tax, ATM Transaction Charges Expected

India’s banking industry is currently in a state of dilemma. Banks such as State Bank of India, ICICI Bank, Axis Bank etc. have been asked to pay the ‘free services’ tax provided... Read more »

Following RBI Order, SBI Prohibits Trading Cryptocurrencies

Post RBI order regarding banning the regulated financial institution from dealing in cryptocurrencies, India’s biggest public sector bank has issued a notification stating that SBI prohibits trading cryptocurrencies among its customers. Read more »

KYC Affects Mobile Wallets; Cashless Economy Still Far Away

Since 1st March 2018, there has been a slump in the volume of e-commerce transactions– using PPI (Prepaid Payment Instruments)– following the expiry of the 28th February 2018 KYC authentication deadline for... Read more »

Latest SBI Interest Rates On Car, Home and Education Loans

SBI interest rates (from home loan to education loan) are currently based on a one-year marginal cost of funds-based lending rate (MCLR) of 8.15%, according to the bank’s website. MCLR is the... Read more »
Online Money Transfer

NEFT vs RTGS vs IMPS: How Should You Transfer Money Online?

The world is moving to the internet to accomplish various tasks. One of them is money transfer. People usually had to go to their banks or a third-party to transfer money to someone... Read more »

A bank is a financial institution that lends credit to the public and accepts deposits from the public. Most banking systems are closely and highly regulated in all countries. Banking is of different types such as retail banking, commercial banking, and investment banking. In simple terms banking is a system that deals with cash, credit and other financial transactions on a daily basis. Some of the services that make a significant part of the banking system are Savings accounts, Debit Card, Credit Card, Merchant Services, Cash Management, Wealth Management, Insurance, Loans such as home loans, business loans, auto loans, personal loans, and loan against Life Insurance Policy. Banking is a core system that helps people manage their lives better with its financial services. It is a system that is meant to keep any economy monetarily stable at all times.