Digitization is now controlling the world and given a significant threat to various jobs. Banking and Financial industry have been affected maximum in this regard. After demonetization, payment wallets got a boost and make banking process simpler and easier.A Recent study by Citigroup revealed that around 30% of bank jobs could be lost between 2015-2025 in  the whole world. ATMs are also threat to lose jobs. But in many cases , complete automation is not possible for now because human supervision is required. Read more at:https://www.entrepreneur.com/article/294142

Banking is that sector of an economy which is very sensitive to changes in worldwide economics events, in a negative or positive way. International banks infuse the required capital and technology into a developing country’s financial system apart from risk sharing. But after 2007 subprime crisis international banks have received some criticism. Therefore some questions regarding trust issue, supervision of these banks by developing nations,  reduced access to SME’s and households and impact of digital technology on international banks have to be answered. Read more at https://blogs.worldbank.org/allaboutfinance/globalization-and-banking 

The effectiveness of a strategy lies in its implementation. Before demonetization, India’s was 13% to the GD but the target is to cannibalize cash usage to 5 to 6% of GDP in coming years.  No single action leads to a transformation. The first to come was the Jan Dhan scheme, then comes the linking of Aadhaar number and the mother of all may be GST. With the GST, caps on cash transactions, opportunities to evade tax has shrunk. One may even see the 2,000 notes in circulation shrink as the RBI accelerates supply of lower denomination currencies which are on the rise. Read more at: http://economictimes.indiatimes.com/industry/banking/finance/banking/is-the-digital-india-dream-fading-think-again/articleshow/59276009.cms

Investors ask these questions before investing like: “Have I picked up the right schemes?” or “Should I change my portfolio?” Here are a few major mistakes noticed during interactions with some investors. 1) Starting without any clue, 2) Focus on returns, 3) Portfolio full of top performers, 4) Novices looking for jackpot 5) A dozen schemes for diversification. Finally, always focus on your goals, investment horizon and risk profile while choosing a scheme. Read more at:  http://economictimes.indiatimes.com/mf/analysis/how-to-pick-the-right-equity-mutual-fund-schemes/articleshow/59381480.cms

Debates have started in some countries to make cash as well as ATMs extinct in 5-10 years. According to an estimate by the ATM Industry Association (ATMAI), there are more than 3 million ATMs worldwide and the number of financial transactions— in a month is close of 9 billion. The banking system in many countries is modernizing, and installation of ATMs is part of the process. Value-added services like balance enquiry, funds transfer and bill payment are offered. In India, interoperability of ATMs is one of the unique features. Read more at: http://economictimes.indiatimes.com/industry/banking/finance/banking/50-years-after-invention-atms-are-still-here-to-stay/articleshow/59403164.cms

Natural disasters bring loss of life and property and some insurance covers protect yourself and family during any natural calamity. Life insurance provides cover in case of death by special perils like fire, storm, cyclone, earthquake, and flood. A term policy supports the family in case of any unforeseen circumstances and the premium rate for the same is normally low. Home insurance also provides protection against burglary, damage and electrical breakdowns. Personal accident insurance is useful in case of permanent disability and death; you get 100% lump sum amount of the sum insured and in case of partial disability, you get some percentage of the sum insured, depending upon the insurance company. Read more at: http://www.financialexpress.com/money/insurance/crisis-insurance-how-to-protect-yourself-against-natural-disasters/624700/

Warranty &Indemnity (W&I) Insurance is a tool to protect both the buyer and the seller against financial loss resulting from a misrepresentation in, or breach of the warranties. These clauses remain the most heavily negotiated clauses. While the usage of W&I Insurance is gradually increasing it still remains untapped largely due to parties’ unawareness about its benefits and perception of the premium costs being high. The main reasons for taking this are speedy recovery of money, sense of security, financial comfort and flexibility. W&I bridges the gap between parties’ perception of the amount of risk and liability that each party should bear. Read more at:  http://www.financialexpress.com/money/insurance/warranty-and-indeminity-insurance-still-not-adequately-tapped-in-india/539763/

Only filing ITR is not enough. It is also necessary to keep abreast of the latest changes in ITR rules so as to make your return filing complete in all respects. Ten facts to keep in mind before filing ITR this year for last financial year are: 1) Due date for filing returns 2) Mandatory return filing 3) Change in law with respect to revised return 4) Linking of Aadhaar card with PAN 5) Dividend Tax 6) Return filing mandatory even if TDS is deducted 7) TDS and Form 26AS 8) Savings Bank Interest Income 9) Schedule AL 10) E-Verification of Income Tax Returns. These are the important steps that are required to complete the process of online income tax return filing. Read more at: http://www.financialexpress.com/money/ten-facts-to-know-about-filing-income-tax-return-this-year/730293/

Messaging application WhatsApp has initiated discussions with Indian banks and other institutions to allow its users to make payments via United Payments Interface (UPI), which facilitates instant fund transfer between two bank accounts on the mobile platform. With UPI allowing instant settlement of funds between peers, all banks need to do is to integrate their systems with WhatsApp, which can identify the correct recipient. Read more at: http://economictimes.indiatimes.com/industry/banking/finance/banking/you-may-transfer-money-via-whatsapp-soon/good-news-for-you/slideshow/59281092.cms

Infrastructure players are happy when they can complete a project in a short period of time. Regulatory changes may now undo all the good work the government has put in and may be the cause for project delays across India. The GST regime is estimated an 8-9% “tax impact”. Under the Insolvency and Bankruptcy Code (IBC), the lenders appoint their own person to run the show and virtually take over the assets, leading to liquidation within 180-270 days which has worried the banks about their own survival.  Read more at: http://economictimes.indiatimes.com/industry/banking/finance/banking/banks-or-india-inc-who-will-come-back-from-the-brink-first/articleshow/59404105.cms

BHIM(Bharat Interface for Money) is a government initiative and developed by the National Payments Corporation of India(NPCI). It is an app where only one UPI-enabled bank account can be added. BHIM offers attractive features like free unlimited transactions between accounts with no commission and hidden charges. It is synced directly with the bank account and there is no need of any wallet recharge like other private payment apps like Paytm and Mobikwik. The inclusion of more people into the digitized world through BHIM,however,remains a challenge for NPCI and it must initiate programmes to spread the technology and ensure that it is accepted at physical and online stores and public transports. Read more at:  http://www.bhimguide.in/2017/01/difference-between-bhim-upi-this-app-is.html?m=1

In June 2017, the Government of India, launched Startup India Hub to provide a platform for sharing knowledge and skills about startups in India. It has invested 10,000 crores in this regard to help new companies combat the lack of capital. With the definition of a startup being changed (a market existence of 7 or lesser number of years); startups are a major employer at present. The implementation and entrepreneurship has to be improved and a conducive atmosphere has to be created alongside for posting a positive message to the thriving and aspiring startups in India. Read more at: http://www.forbesindia.com/article/leaderboard/startup-india-on-track-gradually/47395/1  

Savings account with online banks are useful for people who do not need a banking service frequently. The key benefits of an online bank are: i) It offers higher rates of interest than traditional banks because of its lower maintenance and running costs, ii) It takes lower fees for a service, for example discounting overdraft fees partially or even fully and also issuing free debit cards and allowing free online  payment of bills, iii) An online bank takes substantial time to transfer money to another bank's account. This is a blessing in disguise as savings accounts are meant for saving and online banks provide the incentive to save more and spend less. Online banks for these purposes are becoming extremely popular these days. Read more at:  http://www.savingsaccounts.com/articles/advantages-to-banking-online

Demonetization was a shock to the growing Indian economy. The effects of demonetization are steadily getting neutralized. With banks issuing more liquidity in the market,availability of cash has almost come back to that of the pre-demonetization era. Government online initiatives in the form of BHIM and Aadhar Payments have gained massive popularity and private companies like Paytm and Mobikwik have found grounds in the Indian online market post demonetization. A fully digitized economy is not feasible but the country has at least taken a huge step forward to be a digital-friendly economy and the government has to properly nurture the ongoing trend to materialize its motives. Read more at:http://www.indiainfoline.com/article/general-editors-choice/demonetisation-impact-as-the-effects-of-demonetisation-is-fading-govt-plans-to-nurture-a-digital-economy-117050800111_1.html

Finance is a daunting subject for someone who is not a numbers person. But understanding concepts like EBITDA and net present value are important no matter where you sit on the org chart. Here are some strategies for boosting your financial acumen. Get acquainted with your company’s income statement. Reproduce the numbers in a spreadsheet then group them into categories of profit and loss. Your goal is to understand how much your company spends and where it makes money. Play with the numbers. Experiment with the figures on the balance sheet by going through a series of “what if” scenarios. What if prices were lower? What if revenue was higher? This exercise helps you internalize how financial models work. Find a financial mentor. Foster a relationship with a senior financial or operations manager who can teach you and answer your questions. This person can also serve as a sounding board for financial decisions you need to make. Read more at: https://hbr.org/2017/03/how-to-improve-your-finance-skills-even-if-you-hate-numbers

Daily, new business starts-up but very few are successful.  The reason is that their focus is based on their idea and not their finances. So, lack of innovation, mismanagement of financial resources, failure to hire the right people, inability to access capital; inability to adapt to changing business environment and immigration policies gets included in the issues of start-up failure. These three strategic financial plans should be included by small businesses to fix failures. 1) Being acquainted with the business cash flow analysis. 2) Hiring a consultant for specific services. 3) Embracing strict financial discipline. 4) Using VPN and private internet connection to prevent any average hacker from attacking the data while using open Wi-Fi source. Read more at: http://newsvader.com/id/17256442225

After the Government’s Initiative to help start-ups, many youngsters are becoming inclined toward their own start-up. Starting a new Business and taking it to the level of success is tougher job than working with MNCs. Also, the possibility is very less. So, some aspects should be considered before starting a Business: 1) Every Entrepreneur should know at least one web development tool and one programming language. 2) Entrepreneur should never initiate a business which is completely dependent on funder’s money. 3) Every Entrepreneur should play with their own strength first. 4) Every Entrepreneur should learn to say “No”. Read more at: https://www.entrepreneur.com/article/296286

Despite the challenges that lie ahead to start the big business at once, there is a way to become a millionaire even when one starts with smaller investment. One should: 1) Focus on Learning, not big gain. This builds foundations for long term gains. 2) Learn loads about any topic online. This will advance one much faster. 3) Focus on the Niche one loves. This will provide huge gains. 4) Prove your expertise by creating free content. In this way, try to earn reputation through the content and this will help one to build relationship with the others who value your work. And from there, everyone gets richer. Read more at : https://www.entrepreneur.com/article/296109

The Reserve Bank of India has set up small and payments banks in India for fulfilling the aim of financial inclusion in India. Non-Banking Finance Companies, telephone companies, super-market chains and public-sector entities can set up payments banks. Small banks can be promoted by individuals with related experience or companies. NBFC’s and MFI’s can convert themselves into small banks. The main objective of small banks in providing credit to small farmers, micro industries or another unorganized sector. Payment banks provide small savings account and remittance services. These banks are not allowed to lend credit. Services by both these banks are restricted to neighbouring districts though later on they can expand their operations. Read more at: https://www.legistify.com/blogs/view_detail/606-small-payment-banks-future-of-local-banking