Silicon Valley Bank (SVB) was a well-capitalized institution seeking to raise some funds. Within 48 hours, a panic induced by the very venture capital community that SVB had served and nurtured ended the bank’s 40-year run. While relatively unknown outside of Silicon Valley, SVB was among the top 20 American commercial banks, with US$209 billion in total assets at the end of last year. Faced with higher interest rates, loss of IPOs, and a funding drought, SVB’s clients began pulling money out of the bank. Lenders somewhat similar to SVB are in an unfortunate situation. A failure to protect deposits over $250,000 could cause a loss of faith in other mid-sized banks. Analysts said SVB’s collapse is unlikely to set off the kind of domino effect that gripped the banking industry during the financial crisis. Continue reading Silicon Valley Bank | How does a bank collapse in 48 hours?
The Indian rupee has plunged more than 6 per cent against the US dollar this year and tumbled to record lows against the American currency in recent weeks, weighed down by broad strength in the greenback and as investors retreated from domestic share markets. This is in spite of the Indian central bank’s conviction and actions to stall a freefall. The Reserve Bank of India (RBI) has attempted to save the vulnerable rupee. The analysts say the dollar is likely going to remain strong for the next three months, possibly to the end of the year. The Fed wants to maintain a strong dollar so that the dollar can remain the world’s major reserve currency. Continue reading Dollar-Rupee Heading 80 & May Hit 82
China has pushed for greater Renminbi adoption across Africa, and its recent talks with Saudi Arabia for a Renminbi-based oil deal have signaled that nations are at least thinking about some alternative or counterweight to the US dollar. For China to continue pushing the Renminbi to take on a greater share of the global reserve currency, it would have to prove the Renminbi’s long-term stability to win the trust of other nations. Continue reading Can the Chinese Renminbi Challenge the US Dollar?
e-RUPI is a cashless and contactless digital payments medium, which will be delivered to mobile phones of beneficiaries in form of an SMS string or a QR code. These vouchers are person- and purpose-specific, meaning if they are released by the government for the purpose of vaccination, then they can be redeemed only for that. Now you can make payment through this e-Rupi Digital Payment at any place in the country. Continue reading e-RUPI | A voucher System Ahead of Digital Currency in India
Despite several opportunities, banks face pressure from both external and internal forces that hinder full-scale digitalization. The complexity and width of digital initiatives vary upon infrastructure, customer preferences and policy framework of the region. Continue reading Digitalization of Banking
As ATMs have become ubiquitous, so too have attacks that turn these automated tellers into robotic thieves. In July 2016, a group of masked cyber-criminals cashed out 34 ATMs operated by the First Commercial Bank, one of Taiwan’s largest banks. Criminals had collected more than 83.27 million New Taiwan dollars (US$2.6 million) in cash — without using ATM cards. The criminals did not physically damage the ATMs, nor did they use skimmers or bank cards. Continue reading Hackers Program ATMs to Spew Cash
On the evening of November 8, Prime Minister Narendra Modi demonetised all 500 and 1000 rupee notes with immediate effect. All Banks and ATMs were closed on November 9 to make necessary arrangements. ATMs reopened today and are only dispensing notes worth 2000 rupees. Continue reading Demonetisation | My Experience
The world’s oldest paycheck has apparently been discovered and it was cashed in beer! Beer is one of the world’s oldest prepared beverages, possibly dating back to the early Neolithic or 9500 BC, when cereal was first farmed and is recorded in the written history of ancient Iraq and ancient Egypt. Continue reading The Oldest Paycheck Was Cashed in Beer