NEW DELHI: For the fourth straight year since Switzerland's government began making details of dormant Swiss bank accounts public and allowed claimants to submit necessary proof to access the funds, no claimants have come forward for about a dozen accounts linked to Indians. And now the funds are at the risk of getting transferred to Switzerland's Federal Finance Administration. The claim period for some — there are accounts linked to Indian residents and nationals from the British Rule era as well — would expire next month, while a few others can still be claimed till end-2020. Under Swiss laws, a bank account is declared dormant after there is no customer contact for 60 years and details are made public for inviting claims for all such accounts having at least 500 Swiss francs or assets of unknown value. And under global pressure over recent years, Switzerland has opened its banking system for regulatory scrutiny from abroad as well as entering into pacts for automatic … [Read more...] about Anybody claiming those dormant Indian Swiss bank accounts?
Disclose foreign bank accounts
The reason why private banks will play the deposit pricing game strategically is the weakening of banks’ deposits base given the competition from MFs and insurance companies due to tax-savings schemes. The State Bank of India’s move to slash deposits rates ranging between 20 basis points (bps) and 75 bps across tenors may offer private banks a window to corner relatively cheaper term-deposits. While they may follow the SBI’s lead, it is unlikely that they would try to match the country’s largest bank while cutting their deposit rates. On Monday, the SBI cited surplus liquidity and a falling interest rate scenario to rejig its deposit rates. Effective August 1, the bank will cut its rates by 50-75 basis points (bps) on time-deposits of up to 179 days duration; and for longer tenors, by up to 20 bps in the retail and 35 bps in the wholesale segment (Rs 2 crore and above).Private banks had cut their deposit rates by 25 bps a fortnight ago after the Reserve Bank of … [Read more...] about Pvt banks may not match SBI in lowering deposit rates
By Ashwin Manikandan & Bhavya Dilipkumar Mumbai: High-street banks are increasingly tying up with unicorns such as Flipkart, Ola and Paytm to ride on the popularity of cashback offers to increase their credit card base, and leverage data footprints left by customers on these digital platforms to smoothen their underwriting processes. For digital businesses, these cobranded credit cards offering cashbacks help improve customer ‘stickiness’ or loyalty to their brand, industry insiders said. Axis Bank and ecommerce major Flipkart on Thursday became the latest entrants to the cobranded credit card club. State Bank of India and Citibank have brought out cobranded credit cards with cab aggregators Ola and payments major Paytm, respectively, over the last two months. ICICI Bank and ecommerce giant Amazon had launched a similar product last year. All these cards come with exclusive cashback benefits. The Axis-Flipkart card, for example, provides 5% cashback on all … [Read more...] about High-street banks join hands with unicorns to ride cashback wave
A screen for an open banking platform is shown on Oct. 30 when 10 banks opened a pilot test for the open banking system. [YONHAP]Open banking was to revolutionize the business by allowing for seamless exchanges between financial institutions as apps from one would be able to connect with accounts from another.A trial run was started in Korea last month, and while open banking is working, it is not yet living up to its promise.The Financial Services Commission (FSC), Korea’s top financial regulator, and major banks initially promoted the open banking system saying it would enable the checking of account balances at all participating banks using the app of just one. They also indicated that the same sort of cross-institution access would be possible in making transfers.Application programming interfaces, or APIs, can permit direct links between the IT systems of banks.The reality has been somewhat short of expectations. The apps do enable simple and instant connections for the … [Read more...] about Open banking coming up short
Mumbai: At least 1,950 Sikhs from Maharashtra could not go to Gurudwara Darbar Sahib in Pakistan after opening of the Kartarpur corridor as they are facing financial crunch due to a scam at the Punjab and Maharashtra Cooperative (PMC) Bank, a senior community leader claimed. Prime Minister Narendra Modi on Saturday inaugurated the Kartarpur corridor and flagged off the first batch of over 500 Indian pilgrims, including former prime minister Manmohan Singh and Union minister Harsimrat Kaur Badal. The corridor links Gurdwara Darbar Sahib in Pakistan, the final resting place of Sikhism founder Guru Nanak Dev, to Dera Baba Nanak shrine in Punjab's Gurdaspur district. PMC Bank has been put under restrictions by the RBI since September after an alleged Rs 4,355 crore scam came to light, following which the deposit withdrawal was initially capped at Rs 1,000, causing panic and distress among depositors. The withdrawal limit has been raised in a staggered manner to Rs 50,000. Nearly 2,000 … [Read more...] about PMC Bank crisis: Maharashtra Sikhs unable to go on Kartarpur pilgrimage due to financial crunch