innovationinbanking

          This article is a curtain raiser on the myriad opportunities GST provides for Banks to expand the middle of the Banking Pyramid.           Small Finance Banks have a splendid chance to attract new customers into their fold with innovative banking products to suit GST participants.           One of the main features of GST is to widen the tax base. GST is expected to embrace a large number of Service Providers and Goods Suppliers into the tax grid.           All GST Registered entities have to have bank accounts to enable them to simply the GST compliance rules.           The first article under GST sub-tag highlights the need for restaurants to have transparent bank accounts. Under the new GST rates announced by the Finance Mini...

          Reserve Bank of India vide its Letter No:-RBI/2016-17/36 DBR.No.BP.BC.4/21.03.009/2016-17 dt.August 11, 2016 advised All Commercial Banks and All India Financial Institutions (Exim Bank, NABARD, NHB and SIDBI), to identify specialised areas for certification of the staff manning key responsibilities. As a pointer, Reserve Bank of India has made the beginning and advised Banks to make acquiring of a certificate course mandatory for the following areas: Treasury operations – Dealers, mid-office operations Risk management – credit risk, market risk, operational risk, enterprise-wide risk, information security, liquidity risk Accounting – Preparation of financial results, audit function Credit management – credit appraisal, rating, monitoring, credit administration At the same time, Banks are free to require certification for other ar eas of work also. The employees working in the aforementioned areas shoul...