Category: Banking

1,100 Views A credit report is a compilation of your credit history. It includes information such as how much you owe, how much credit you have available, and your payment history. Your credit score is determined by a formula that takes into account the data in your credit report. Having errors on your credit report can negatively impact your credit score, making it more difficult to get approved for loans or mortgages, or to get the…

1,448 ViewsOverdraft facility is a credit agreement that is made with the bank that allows the account holder to withdraw from the account even if the balance is zero. There is an approved limit given by the bank  within which the account holder can overdraw from the bank. Most of the financial institutions allow this overdraft facility on current account while some also allow on savings account. Overdraft facilities can be given by only those…

1,197 ViewsIn order to access international transactions without investing a great deal of time, it is convenient to create a virtual IBAN account. Several types of businesses that interact with countries outside of their borders can use international money transfer accounts for their purposes. Businesses that need to expand are challenged to keep up with eCommerce as the world becomes more interconnected and offers more financial opportunities. You can meet these demands by opening a…

1,425 ViewsEvery bank provides savings, investments, credit, and payment facilities to their customers across segments. While there exist several textbook definitions of financial inclusion, the most basic way to define it is to say that financial inclusion is an act of ensuring that every existing customer in the country has access to banking services. Initially, financial institutions comprised a brick and mortar delivery model. However, it wasn’t a successful business model for many and hence,…