Category: Finance

Giorgi Tukhashvili, the co-founder and CEO of Kernel, a successful Georgian startup that helps small and medium enterprises digitize their invoices, died in a tragic skiing accident in Bakuriani on January 22, 2024. He was 36 years old and is survived by his mother, wife, and children. A Passionate Entrepreneur and Innovator Tukhashvili was a prominent figure in the Georgian startup ecosystem, as he co-founded and led Kernel, one of…

The Georgian lari (GEL) has been gaining strength against the US dollar (USD) and the euro (EUR) in recent days, reaching new highs in 2023. According to the latest data from the National Bank of Georgia, as of January 9, 2024, one USD was worth 2,6879 GEL, while one EUR was worth 2,9408 GEL. This means that the lari has appreciated by about 0.1% against both currencies since December 28,…

Heavy snowfall and strong winds disrupt train services in western Georgia The Georgian Railways company has issued a statement about the delays and problems caused by the bad weather in western Georgia. According to the statement, heavy snowfall and strong winds have affected the railway infrastructure and the movement of trains in the region. The company said that it has mobilized all its resources and personnel to deal with the…

The loyalty penalty in banking Millions of customers who have been loyal to their banks for years are being exploited by low interest rates on their savings accounts. This is the conclusion of a recent report by the Financial Conduct Authority (FCA), the UK’s chief financial regulator, which warned that the “harm” caused by this practice has worsened as interest rates have risen. The FCA said it had challenged some…

Fintechs have been disrupting the financial services industry for years, offering innovative solutions to customers’ needs and challenges. However, as the market becomes more competitive and regulated, fintechs may find it harder to grow and scale on their own. That’s why partnering with banks could be a strategic move for fintechs in 2024, as it could bring mutual benefits and opportunities for both parties. The benefits of fintech-bank partnerships Fintechs…

The Australian Competition and Consumer Commission (ACCC) has released a report on the retail deposit market, calling for reforms to improve competition and consumer outcomes. The report found that banks use pricing strategies and product design to reduce the cost of their deposit funding, while creating barriers for customers to switch to better deals. Banks exploit consumer inertia and biases The ACCC report, which was commissioned by Treasurer Jim Chalmers…

The Reserve Bank of India (RBI) Governor, Duvvuri Subbarao, has expressed his dissatisfaction with the current level of penalties imposed on banks that violate the central bank’s regulations. He said that the maximum penalty of Rs 1 crore is “peanuts” compared to the size and profits of the banks. Why are the penalties low? According to Subbarao, the penalties on banks in India are low because of the legal constraints.…

The amount of unclaimed deposits in both public and private sector banks has increased by 28% to ₹42,270 crore in the financial year 2022-23, according to the data presented by the Ministry of Finance in the Parliament. This is the highest amount of unclaimed deposits ever recorded in the history of Indian banking. What are unclaimed deposits and why do they matter? Unclaimed deposits are those deposits that have not…

The Central Bank of Kenya (CBK) recently increased its benchmark lending rate to an 11-year high of 14.5 percent, in a bid to curb inflation and stabilize the shilling. This move has had a ripple effect on the cost of borrowing for consumers and businesses, who are now feeling the pain of higher interest rates. Consumers face higher loan repayments and reduced spending power One of the immediate impacts of…

The Reserve Bank of India (RBI) has imposed monetary penalties on 176 cooperative banks across six states for breaching various regulatory norms in the financial year 2022-23. The total amount of fines levied by the RBI on these banks is Rs 14.04 crore, according to the RBI’s Annual Report for 2022-23 released on Tuesday. Reasons for penalties The RBI said that the penalties were imposed for contraventions or non-compliance with…