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The RBI should also implement measures to avoid UK-like incidents happening here More than 12 million bank customers in the UK were in for a surprise last week when they found that they could not operate their accounts due to malfunctioning of banks’ software, resulting in a chaos at...

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Moneylife Digital Team 25 June 2012
The Finance Ministry expects around 60,000-80,000 white-label ATMs to roll out in the next six to eight months   New Delhi: Non-banking entities, which have been allowed by RBI to operate ATMs on behalf of banks, are expected to open 60,000-80,000 automated teller machines in the next...

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Moneylife Digital Team 21 June 2012
The RBI has given an in-principle approval to Morgan Stanley India to enter commercial banking. So far, Morgan Stanley has been an investment banker in India. The permission is a big coup for Morgan Stanley India chief executive officer Dr PJ Nayak, who is credited with building Axis Bank...

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Moneylife Digital Team 21 June 2012
The RBI said all rural branches of banks will have to impart financial literacy. This move comes after the central bank found Financial Literacy and Credit Counselling Centres (FLCC) were located in the urban and semi-urban areas. “Banks may consider setting up need based FLCs in other...

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Moneylife Digital Team 20 June 2012
Karnataka Bank has made a mockery of RBI’s recent directive deadline to put up names and addresses of unclaimed and inoperative accounts. What about your bank? Check out and let us know If you thought that the recent Reserve Bank of India’s (RBI) directive to banks would make it easier for...

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Pre-paid cards, which are convenient alternatives to cash and cheques, are mainly issued by banks and Non-Banking Financial Companies (NBFCs)   Mumbai: Making life easier for people, the Reserve Bank of India (RBI) has allowed holders of pre-paid payment cards, to deposits school and...

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Consumers in the US can use the WesternUnion.com website to send money to family and friends in India using their bank accounts without incurring a transfer fee   Mumbai: Global payment service provider Western Union announced a money-saving option for people in the US who want to...

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Having a bank account for every family will help the government and its agencies to use it for electronic fund transfer of wages, salaries or payments to suppliers.   Mumbai: In an ambitious move, the Finance Ministry has instructed all the lenders to ensure that at least one person...

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While SBI cut lending rates for SME and agriculture loans ahead of RBI policy, there is no immediate change in the home loan and auto loan Mumbai: Days ahead of the Reserve Bank of India (RBI) reviewing the interest rate, the country's largest state-run lender State Bank of India (SBI)...

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Moneylife Digital Team 16 June 2012
According to the RBI data, since March 2010, the number of zero balance accounts in India has doubled to 103.2 million while banking outlets increased to 1.47 lakh The number of no-frills or zero-balance account holders more than doubled to 103.21 million in the year to 31 March 2012...

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SBI chairman said he expect the central bank to cut CRR by 1% to ease liquidity and lower interest rates New Delhi: Amid economic slowdown and contracting growth in the manufacturing sector, the country's largest lender State Bank of India (SBI) said it expects 1% cut in cash reserve...

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Banks would factor in the availability of funds before deciding on reducing fixed deposit rates Mumbai: Mid-size public sector banks would wait till the mid-term policy review by the Reserve Bank of India (RBI) before taking a call on reducing interest rates on fixed deposits (FDs), top...

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  The threshold limit in RTGS System transactions has been cut to Rs1 lakh from existing Rs 2 lakh until 9th June Mumbai: The Reserve Bank of India on Friday said it has cut down the threshold limit in Real Time Gross Settlement (RTGS) System transactions to Rs1 lakh from existing Rs...

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  According to the NHB chairman home loan rates are likely to come down by 25-50 basis points in the current financial year, given the probability of reduction in policy rates Mumbai: Housing finance regulator National Housing Bank (NHB) has received nod from the Foreign Investment...

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    Over past 10 years, the Bank's reconstruction scheme did not make much progress mainly due to non-fulfillment of commitments for contribution to revival fund by UCBs and poor track record of recovery including from Ketan Parekh New Delhi: The Reserve Bank of India has...

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  RBI deputy governor Dr Chakrabarty said he do not know how much growth sacrifice is due to lack of productivity, lack of efficiency, and how much is it due to inflation Mumbai: Reserve Bank of India (RBI) deputy governor Dr KC Chakrabarty on Friday sought to stave off criticism...

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Dr KC Chakraborty got an extension for three months, even as a proposal to extend his tenure by two years is pending before the Appointment Committee   New Delhi: The government has extended the tenure of Reserve Bank of India (RBI) deputy governor Dr KC Chakraborty by three months,...

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RBI had given detailed instructions to these banks to deal with unclaimed deposits or inoperative accounts and had advised them to find the whereabouts of the customers or their legal heirs   Mumbai: The Reserve Bank of India on Wednesday asked cooperative and regional rural banks to...

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The Finance Minister said RBI should proactively work and to see if all electronic banking transactions are possible without any charges being levied   New Delhi: Finance Minister Pranab Mukherjee asked RBI to work out a mechanism to ensure that banks charge no fee from customers for...

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The Court said that offences under Section 138 of the NI Act are on high rise" and have massive effect on the economic condition of the victims   New Delhi: A man has been sentenced to six months in jail in a cheque bounce case with the court saying that such offences are on "rise"...

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