Results for: Digital Banking

Kompasbank, Denmark’s innovative digital business bank, has secured €5.5 million in funding to expand its full-service banking offerings for small and medium-sized enterprises (SMEs). This latest investment will be used to grow the bank’s lending portfolio and introduce new products and services, including leasing, overdraft facilities, foreign exchange services, transaction banking, and payment solutions. Kompasbank aims to provide SMEs with a comprehensive and personalized banking experience through its digital platform.

This article provides a comprehensive overview of bank holidays in India during September 2024, outlining the specific dates and reasons for closures. It also highlights the availability of digital banking services for uninterrupted access to financial transactions.

BigPay introduces its new ‘Save to Travel Stash’ feature, allowing users to automatically save for their next trip by rounding up spare change from transactions. This feature also offers a 1% cash rebate on international spending in Asia and a chance to win a free trip through a lucky draw contest.

India’s rural and semi-urban areas continue to face significant underpenetration of financial services, primarily due to limited awareness of digital technology and financial inclusion. MD and CEO of PayNearby, Anand Kumar Bajaj, highlights the challenges faced by these regions, including lack of infrastructure, unreliable internet connectivity, and absence of physical branches. He emphasizes the need for assisted digital banking to enhance accessibility for underserved populations.

In observance of Buddha Purnima, banks in numerous Indian states will remain closed on May 23, 2024. This bank holiday is declared by the Reserve Bank of India (RBI) and affects banks in states such as Tripura, Maharashtra, Mizoram, Madhya Pradesh, Chandigarh, Uttarakhand, Arunachal Pradesh, Jammu, Uttar Pradesh, West Bengal, New Delhi, Chhattisgarh, Jharkhand, Himachal Pradesh, and Srinagar. Digital banking services, however, will continue to be accessible for customers’ convenience.

India’s central bank, the Reserve Bank of India (RBI), has imposed restrictions on Kotak Mahindra Bank due to severe deficiencies in its IT systems and risk management practices. The bank has been ordered to halt onboarding new customers through online and mobile channels and cease issuing fresh credit cards. This action comes after extensive scrutiny and discussions with the RBI over the past two years, during which the bank failed to adequately address the concerns raised.