May 10, 2016 - On-tap bank licence: Tough conditions may lead to a lukewarm response

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Sree Vijaykumar From the Editor's Desk Imagine a bank heist where the robber takes out a gun, asks the bank staff to put money into a bag, only to be told that they do not have any cash. When the robber looks confused, he is directed to a poster on the wall that proclaims this a "cash-free" location. "It's true," the manager tells him. "Sorry." Well, this is what happened on April 22, 2013 at Stockholm's Ostermalmstorg branch of Skandinaviska Enskilda Banken. Crime is the single most important consideration in the global transition to cashless. The criminal economy depends on the anonymous, untraceable nature of cash. Indeed, much of the cash in the world, maybe most of it, is simply unaccounted for. The World Bank estimates that about a third of the cash in most countries circulates underground, in black markets and through illegal employment. Take it away and thieves have no foolproof way to sell their stolen goods, drug dealers no way to hide their deals. Atleast till a new sophisticated cyber-criminal emerges! - Comment On-tap bank licence: Tough conditions may lead to a lukewarm response Reserve Bank of India guidelines for the new on-tap bank licences, experts opine, isn’t likely to evince much interest among the existing players due to the prevailing banking atmosphere in the country and some tough conditions set by the regulator. Property Listing: Goyal Orchid Whitefield, Bangalore 1/2/3 BHK apartments, starting from Rs 35 Lacs.   Property Listing: Godrej Infinity, Keshav Nagar, Pune Luxury 2/3 BHK apartments, from Rs 38 Lacs - Rs 92 Lacs.   Former Deutsche Bank co-chief Anshu Jain, ex-colleague Bhupinder Singh to launch NBFC in India The NBFC will lend to individuals, SMEs and entrepreneurs, and may be modelled on San Francisco-based fintech startup SoFi to which Jain is an adviser. 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