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Bank One

Banking 1

Introduction to how banks make money and the value they (potentially) add to society.

Indian digital payments firm Paytm launches niche bank

May 23, 2017

By Sankalp Phartiyal

MUMBAI (Reuters) – Indian digital payments firm Paytm, which is backed by Asian technology giants SoftBank Corp and Alibaba Group Holding, launched a niche bank on Tuesday, part of a plan to more than double its customer base to 500 million in the next three years.

Paytm Payments Bank will help the firm reach tens of millions of Indians who use mobile phones and cheap data services in the world’s fastest-growing internet services market but do not have access to the formal banking sector.

The payments bank will open 31 branches and 3,000 customer points in its first year, the company said in a statement.

A payments bank is an institution that can take deposits and remittances but cannot lend.

Paytm became a household name across India after New Delhi’s shock move to ban high-value currency notes late last year resulted in a cash crunch and boosted the use of its electronic wallet.

Russian economy seen growing from 2017 onwards: World Bank ...

May 23, 2017

MOSCOW (Reuters) – Russia’s oil-dependent economy is expected to grow from 2017 onwards, supported by higher global crude prices and oil production rising to new post-Soviet highs, the World Bank said on Tuesday.

The international lender said it expected Russian gross domestic product to grow by 1.3 percent in 2017 and by 1.4 percent in 2018 and 2019, following two years of economic contraction.

Greater oil earnings would “positively influence consumer and investor sentiment, leading to a recovery of domestic demand and modest economic growth in 2017-19,” the World Bank said in a semi-annual report.

It said its latest growth forecasts were based on the assumption that crude prices would average $55 a barrel this year, $60 in 2018 and $61.5 in 2019, and that an OPEC/non-OPEC agreement to restrict output was extended.

It cited International Energy Agency data as forecasting that Russia’s oil output would rise to 11.38 million barrels per day (bpd) this year and 11.54 million bpd next year, due to rising production by small- and medium-size energy companies.

What happens if one bank closes your account but you have 10 others?

Lets say one bank closes your account due to overdraft that hasn't been paid and they report you to the credit bureau that regulates banks which means you can't open another account.

You can be arrested for over drafting and leaving, a bank account.

Most banks don't mess around with this.

If arrested, they will get restitution and court costs, and so will the court.