personal-finance
SBI upgrading its internet banking services, YONO app today
Nov 08, 01:11

India's largest lender State Bank of India (SBI) has informed its customers through a notice that Yono, Yono Lite, and internet banking (INB ) may witness some intermittent issues today because the bank is upgrading its internet banking platforms, so ignore using SBI's internet banking, SBI Yono app or SBI Yono Lite app for today.

"We request our esteemed customers to bear with us as we upgrade our internet banking platform to provide for a better online banking experience." SBI tweeted.

The bank posted the announcement along with the tweet that says " We are upgrading our internet banking platfom for better experience. During this upgrade activity, INB,YONO, YONO lite may experience some intermittent issues on 8th Novemeber 2020. We regret the inconvenience caused and request you to bear with us."

About 76 million customers are using internet banking facilities and around 17 million customers are using mobile banking services. 58 million customers have downloaded YONO app with 26 million are registered users.

SBI on September 20 informed its customers that it is upgrading its Unified Payments Interface (UPI) platform for better customer experience and urged customers to use SBI Yono, Yono Lite and net banking instead for the day in case they face trouble with UPI.

economy
What are remittances?
Nov 05, 01:11

Remittances refer to money sent by migrant workers to their home countries. For many low income and developing countries, this is an importance source of foreign capital second only to development aid. While India is the recipient of large capital flows from investors who want to buy equity shares or build factories here, remittances still make for a significant portion of foreign capital. Indeed, India is the largest recipient of remittances. With COVID-19 gripping the world, these flows are set to dip in 2020. Some states such as Kerala (which accounts for 20 percent of inflows into India) will feel the pain more.   ​

Remittances (1)
economy
What is collection efficiency?
Nov 05, 01:11

Collection efficiency is simply the money collected as a percentage of the amount demanded in a loan repayment. This has become a key yardstick to judge bank earnings in COVID times and especially after a six-month moratorium on loan repayments. Rising collection efficiency means that borrowers are repaying their loans. It is also a sign that things are getting back to normal and the economic recovery is gaining traction. While collection efficiency is around 99 percent in usual times, it has touched 95 percent for many lenders recently. ​

A positive sign