RBI rebuts social media rumours on closure of 9 banks

MUMBAI: Rebutting social media rumours swiftly, the Reserve Bank of India on Wednesday said no commercial banks are going to be shut. Finance secretary Rajiv Kumar discribed such social media messages as “mischievous” saying the government was in process of strengthening public sector banks by infusing capital in them. “Reports appearing in some sections of social media about the RBI closing

RBI puts Mumbai-based PMC Bank under directions

The Reserve Bank of India has put limits on amount that can be withdrawn by depositors from the urban co-operative bank. The Reserve Bank of India has placed Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC Bank) under directions for six months from the close of business of the bank on September 23, 2019. The depositors

Gig Economy Banking Is Booming (And Banks Are Missing The Boat)

OBSERVATIONS FROM THE FINTECH SNARK TANK Established banks are finally waking up to the opportunity to bank the gig economy. No wait, that’s not true. They’re not waking up to it–they’re getting hit upside the head with it. Recent articles on the topic include: Fixing the Banking and Payment Needs of the Gig Economy. According to

Book clinic: can you recommend modern fiction to replace my love of classics?

‘Deliriously funny pastiche’: Francis Spufford. Photograph: Murdo Macleod/The Guardian Q: How can I wean myself off classics and on to something more contemporary? Anna Morton, 49, Oxfordshire A: Claire Armitstead, writer and critic, says: There are three possible prescriptions for your addiction. The first is the methodone approach: find a substitute that satisfies, without actually

The roadmap for real banking reforms

Bengaluru: The announcement of the merger of ten banks into four large banks has been touted over the past three weeks as a banking sector reform, based on the recommendations of the Narasimham Committee report (1991). The Narasimham Committee recommendations were forward looking and are still relevant. But if we examine the recommendations to see which

‘Selfish’ private-sector bank triggered Altico crisis: SBI chief

Says its reckless act could imperil whole financial system State Bank of India Chairman Rajnish Kumar has slammed a private sector lender for the crisis at Altico Capital, as its unilateral move to secure its own money can potentially cause troubles to the wider financial system. The realty-focussed non-banking lender Altico, which owes over ₹4,500 crore

Dubai Startup Hub launches 4th edition of networking series

Dubai Startup Hub, an initiative of Dubai Chamber of Commerce and Industry, in cooperation with Area 2071, recently kicked off the fourth edition of its weekly networking series which brings together stakeholders from the Dubai startup ecosystem and features inspirational talks led by successful entrepreneurs and industry innovators. The 10-week series, hosted at Emirates Towers,

Cisco adds speed, smarts to MDS storage networking family

Looking to support ever-increasing workloads, Cisco has pumped up the speed and intelligence of its storage area networking family. The company addressed the need for increased speed by saying it would add support for 64Gbps ready SAN fabric across its 9700 line of MDS storage directors.The MDS family includes the 18-slot 9718, the 10-slot 9710

NETWORKING NEEDS MORE THAN INCREMENTAL INNOVATION

The apocryphal Chinese curse – “May you live in interesting times” – certainly applies to the datacenter of the early 21st century. Never before have the demands on compute, storage, and networking been so high, and never before have we come up against so many limits to physics that we are not quite sure how