During interrogation, the accused allegedly told the police that Manish worked in a call centre before. He got the idea to cheat people using telecalling and database of credit cardholders. He opened nine bank accounts in his name to receive the cheated money. He started this business in 2017. … [Read more...] about Over 250 duped by calls offering gifts against points on credit card
Consolidating credit card debt into personal loan
India’s largest bank SBI is moving fast towards digital channels. More than half the transactions of this bank with 450 million customers, are taking place via digital channels. Rajnish Kumar, Chairman, SBI said at a fireside chat on the Banking Post 2020 at ETBFSI Converge. SBI YONO -- the biggest startup SBI YONO, a mobile app is the major contributor behind the online growth. The app was launched by the bank three years back and has been acquiring customers significantly. “YONO has a total of 2.7 crore registered users by now and every day 70,000 new users join. Because of the pandemic, the rate of new users has gone up significantly,” Kumar explained. The bank has also been using data and analytics significantly even in the credit segment. “We are now offering pre-approved personal loans and pre-approved business loans. We are disbursing Rs 70-80 crore worth loans daily irrespective of whether the bank is open or closed. That's the power of digital,” … [Read more...] about 55 out of 100 transactions at SBI are on digital channels: Rajnish Kumar
Many others are workers who lost their jobs. One woman in her 60s used to work in restaurants and supermarkets until the epidemic broke out and had credit-card debts totaling W50 million, which she was able to pay back incrementally while she was employed. But once she lost her job, there was no way to pay back the money. … [Read more...] about Bankruptcies Surge Due to Coronavirus Epidemic
NEW YORK: Citigroup announced that Jane Fraser would succeed Michael Corbat as the bank's next chief executive, making Fraser the first woman to ever lead a Wall Street bank.Fraser is currently head of Citi's global consumer banking division, a major part of the bank that includes checking and savings accounts but also Citi's massive credit card business.She's been with Citi for 16 years.Fraser will be the first woman to lead one of Wall Street's big six banks. JPMorgan Chase's Jamie Dimon has had women as his second-in-command for years, but shows no signs of stepping down from the CEO role.Corbat led Citigroup for eight years, rebuilding the company after it nearly collapsed during the Great Recession and 2008 financial crisis.The federal government had to step in to buy a stake in Citi to keep it afloat, and the New York bank had some of the most toxic assets of all the major banks during this time.Corbat turned Citi into a much smaller and stable entity, focusing on its credit card … [Read more...] about Citi picks Jane Fraser as next CEO, first woman in that role
She also foots part of the bill or the entire tab when travelling with friends and relatives. “I realise I need to be careful and save for myself,” she says. “It worries me sometimes that my spending feels out of control, particularly when it comes to spending on others. I am slowly trying to be less impulsive.” … [Read more...] about Why do you really spend as you do?