What are some advantages of universal banking?
Under one roof:Universal banking offers all financial products and services under one roof. It save transaction cost and time.It also increase the speed of work. Hence it is beneficial to bank as well as customer. Investors trust: Universal banks hold equity shares of many companies .
What you mean by universal banking?
Universal Banking, means the financial entities – the commercial banks, Financial Institutions, NBFCs, – undertake multiple financial activities under one roof, thereby creating a financial supermarket. The entities focus on leveraging their large branch network and offer wide range of services under single brand name.
What are the challenges of cashless policy?
However, Nigeria’s cashless policy faces several challenges including poor network connectivity and debiting customers’ account twice, high transaction charges, PoS machine malfunctions and other technical issues.
What are the benefits of cashless policy?
Going cashless not only eases one’s life but also helps authenticate and formalise the transactions that are done. This helps to curb corruption and the flow of black money, which results in an increase of economic growth.
What are the disadvantages of cashless economy?
Risk on identity theft is one of the major disadvantages of the cashless economy in India. Rate of online fraud is rising with each passing day, broadening the risk of hacking. Not every individual is very tech-savvy or very much aware of all the technical usage.
What are the disadvantages of cashless transactions?
It can not only make you susceptible to identity theft, but you could also be rendered helpless in the absence of physical cash or any other payment option. Another drawback is that you need to keep your phone constantly charged.
Is cashless economy good or bad?
Cashless payments eliminate the problem of counterfeit money and illegal cash totally. Digital payments can also reduce the risks of storing cash and fear of money theft. Cashless and digital payments facilitate the tracking of spending expenditure in an easier way.