Tag: banks

Best CD Rates – December 2023
Money

Best CD Rates – December 2023

What Is a CD? A certificate of deposit is known as a CD and is used by consumers to save money for longer periods of time. A CD is a safe method to save money because up to $250,000 of the money allocated into the account is backed by the federal government. A CD is a kind of savings account, but unlike traditional savings accounts, it has a fixed interest rate and fixed date of withdrawal. The maturity date is when money from the CD can be withdrawn. Monthly fees usually are not charged for owning a CD. If you withdraw money from a CD before the term is up, you will pay a penalty. How Does a CD Work?Once you open a CD, you typically cannot make additional deposits into the account. Instead, you need to open a second CD with the additional funds. Consumers often have several CDs with diff...
BoB’s former chief digital officer Akhil Handa says he was not terminated
Business

BoB’s former chief digital officer Akhil Handa says he was not terminated

The controversy around Bank of Baroda’s mobile application ‘bob world’ refuses to die down. Now, different versions about the separation of Akhil Handa, former chief digital lending officer from Bank of Baroda, have added a twist. While Handa claims he was serving a notice period after resignation, the Bank said his services were terminated. Debadatta Chand, managing director and CEO, BOB, in a media call post Q2FY24 results said, “We have taken action on a large set of people in terms of people in the field. So, as far as the CDO is concerned, it is cessation of service induced by the bank, and that is termination, and currently, we are putting in someone as CDO, so if the time comes, we will look out for a new CDO.” On October 31, 2023, BoB, in a filing with BSE, ha...
How it impacts your money
Money

How it impacts your money

The Federal Reserve left its target federal funds rate unchanged for the second consecutive time Wednesday.Even so, consumers likely will get no relief from current sky-high borrowing costs.Altogether, Fed officials have raised rates 11 times in a year and a half, pushing the key interest rate to a target range of 5.25% to 5.5%, the highest level in more than 22 years. "Relief for households isn't likely to come soon, at least not directly in the form of a cut in the fed funds rate," said Brett House, economics professor at Columbia Business School.The consensus among economists and central bankers is that interest rates will stay higher for longer, or until inflation moves closer to the central bank's 2% target rate.What the federal funds rate means for youThe federal funds rate, which i...
Banks: Banks disburse Rs 1,400 cr of loans under frictionless credit platform: RBI ED
Business

Banks: Banks disburse Rs 1,400 cr of loans under frictionless credit platform: RBI ED

MUMBAI: Banks have disbursed over Rs 1,400 crore in loans under the 'frictionless credit' platform since its launch on August 17, a senior Reserve Bank official said on Thursday. Speaking on the sidelines of an Assocham event, Ajay Kumar Choudhary, an executive director at the central bank, said around 20,000 central bank digital currency transactions are taking place on a daily basis right now. The RBI launched the new approach earlier this year under which lenders will be able to disburse retail loans like the ones to agriculturists in a matter of minutes, using an analytics engine that aggregates borrower details from multiple sources, including bank details and land records, to take a call on loan proposal. "70,000 loans and more than Rs 1,400 crore of loans have been disbursed since ...
Credit card rewards scaled back: This festive season, don’t expect bumper rewards & cashbacks on card spends; here’s why
Business

Credit card rewards scaled back: This festive season, don’t expect bumper rewards & cashbacks on card spends; here’s why

Credit card perks that included attractive reward points, instant cashbacks, and various benefits such as access to airport business lounges and exotic vacations at low cost have been scaled back by banks during this festive season. As banks strive to gather deposits after recent interest rate hikes, they are becoming less generous with these offers. Data collected by ET revealed that banks have increased spending thresholds and caps, indicating a focus on profitability in the loan segment, which has been growing alongside increasing affluence in urban India.For example, HDFC Diners Club Privilege Card has discontinued its double reward points on weekend dining, Rs 1,000 vouchers on monthly spends of Rs 40,000, and reduced global lounge access from twelve to two. SBI Cash Back Card has ha...
Adani’s $3.5 bn Ambuja loan moves ahead after some banks get approval
Business

Adani’s $3.5 bn Ambuja loan moves ahead after some banks get approval

Ambuja cements (Photo: Bloomberg) By Saikat Das A group of banks that have been in talks to lend about $250 million each toward a syndicated loan of about $3.5 billion to refinance debt which the Adani Group took out to fund its purchase of Ambuja Cements Ltd. have received internal approval for the deal, according to people familiar with the matter.   The three banks are Barclays Plc, Deutsche Bank AG and Standard Chartered Plc, said the people, asking not to be identified when discussing a private matter.  They’re part of a larger consortium in talks for the syndicated loan to billionaire Gautam Adani’s conglomerate. Some institutions were in discussions to lend $400 million each, in what could become one of the biggest loan deals in Asia this year, Bloo...
This AI Powered Norwegian Startup Redefines Anti-Money Laundering Tracking For The Financial Sector
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This AI Powered Norwegian Startup Redefines Anti-Money Laundering Tracking For The Financial Sector

Marit Rødevand, CEO at Strise, in the company HQ.Strise / Andreas Turau The Norwegian anti-money laundering (AML) software company Strise received on September 25th, the Oslo Innovation Award at the opening Ceremony of Oslo Innovation Week, in acknowledgment of their achievement in developing cutting-edge AI tools that help catch financial criminals quicker and reestablish trust in financial institutions. Financial crimes such as frauds are on the rise and as organised crime infiltrate in society, authorities consider it a threat to national security in many countries. The Western world is now as well implementing the eleventh sanctions package against Russia. “This award is a tribute to our amazing team (...). We have created something that solves significant issues for regulated in...