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SBI's interest rate on 7-179 days fixed deposit would come down to 7% from the existing 7.25%.   New Delhi: Ahead of the Reserve Bank of India (RBI)'s mid-quarter review of the monetary policy later this month, country's largest lender State Bank of India (SBI) on Thursday slashed fixed...

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This is a story of HDFC Bank. Other banks are not any better My wife has an auto loan with HDFC Bank. We decided to part pay the loan. I called my personal banker to ask him the minimum amount I need to pay. He told me the loan department has not yet opened for work as yet and that he...

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Cora Currier (ProPublica) 05 June 2012
A suit reveals how Bank of America knew about big losses at Merrill Lynch before the companies merged but didn't tell shareholders When Bank of America announced it was buying Merrill Lynch in September 2008, bank execs told their shareholders that the merger might hurt earnings a touch....

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Moneylife Digital Team 28 May 2012
Any person having an account with Ahli United Bank would be able to wire money to a bank account holder in India using the Internet banking platform   Mumbai: India's third largest private sector lender Axis Bank on Monday said it partnered with Bahrain's Ahli United Bank for inward...

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Moneylife Digital Team 28 May 2012
As many as 926 computerised branches of public and private sector banks will accept advance income tax in Mumbai and Navi Mumbai   Mumbai: The Reserve Bank of India (RBI) and 926 branches of public and private banks will accept advance income tax in Mumbai and Navi Mumbai to avoid long...

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Moneylife Digital Team 24 May 2012
Moving a step closer to getting into banking business, the Department of Posts (DoP) has started scouting for a consultancy firm to prepare a road map for the proposed ‘Post Bank of India’ (PBI). The Department has already carried out a feasibility study for setting up the PBI and has invited...

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Moneylife Digital Team 24 May 2012
To attract inflows in view of a falling rupee, the Reserve Bank of India (RBI) raised the interest rate ceiling on NRI deposits in foreign currencies by up to 3%. RBI said, “Interest rate ceiling on Foreign Currency Non-Resident FCNR (B) deposits of banks has been raised from 125 basis points...

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Moneylife Digital Team 10 May 2012
State Bank of India (SBI) launched a ‘virtual’ electronic debit card for e-commerce transactions. It can be created by a customer using the SBI’s Internet banking facility. The product allows the user to create a virtual card for any online transaction. The customer is not required to share...

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Moneylife Digital Team 10 May 2012
South Africa-based financial services group, FirstRand Bank said it has entered into retail and commercial banking operations in India by opening of a branch in Mumbai. The Bank hopes to introduce some technology-based products in the country in the near future. It will tie up with various...

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Moneylife Digital Team 10 May 2012
Providing relief to home-loan borrowers, RBI asked banks not to levy any penalty on pre-payment of loans taken on floating rate. “Though many banks have… voluntarily abolished the pre-payment penalties on their floating rate home loans, there is a need for ensuring uniformity across the...

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Moneylife Digital Team 10 May 2012
RBI  has made it mandatory for all banks to print the MICR (magnetic ink character recognition) and IFSC (Indian financial system code) on the passbook and statement of account of the customers. “Currently, the MICR code is available on the cheque leaf along with the IFSC code of the...

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Moneylife Digital Team 10 May 2012
RBI has ‘advised’ all banks to offer all customers a ‘basic savings bank deposit account’ without insistence on a minimum balance. Such an account should offer certain minimum facilities. However, RBI has not guided about the ‘basic savings bank deposit account’. Currently, the minimum...

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Mark Huffman (ConsumerAffairs.com) 09 May 2012
About 2 lakh homeowners from the US could save as much as 30% of their monthly payments under the program ConsumerAffairs.com, in a report said that Bank of America (BoA) has begun contacting some of its mortgage customers who may be eligible for a mortgage balance reduction. The bank is...

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Sucheta Dalal Sucheta Dalal 05 April 2012
KP had illegally availed of over Rs800 crore from the banks in cahoots with the chairman and his son. Soon after, SEBI passed an order barring KP from the capital market for 14 years. In February 2012, the office of the custodian, appointed under the Special Courts Act of 1992, filed a...

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Moneylife Digital Team 05 April 2012
ICICI Bank has launched a new card for the super affluent segment and the Bank’s wealth management clientele called ICICI Bank Sapphiro. The card is linked to a single card account with a single statement and single fee. It provides access to a host of privileges from American Express and...

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Moneylife Digital Team 05 April 2012
In a move that would help a large number of home loan customers to reduce their interest burden, State Bank of India (SBI) has decided to allow them to re-price their existing loans at lower rates. The switchover will be subject to a small fee 1% of the outstanding loan amount. The move is...

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Moneylife Digital Team 29 March 2012
IDBI Bank launched the country’s first online G-Sec portal ‘Samriddi’ to enable retailers to purchase government bonds and securities. Observing that retail investors’ participation in government bonds and securities was much lower in India than countries like Japan, Mexico and Argentina,...

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Moneylife Digital Team 29 March 2012
SBI Cards and Payment Services Pvt Ltd launched two new initiatives. The first called ‘No Income Documents’ simplifies procedures for existing mortgage and auto loan customers as it eliminates the need to provide income documents while applying for a new card. Kadambi Narahari, CEO, SBI...

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Veeresh Malik Veeresh Malik 29 March 2012
The press and the media have ignored RuPay, which can bring about a revolution in India. But the ordinary bank customer can help spread the good word The press and the financial and business channels have...

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Anil Agashe 27 March 2012
Goldman Sachs executives invariably described their clients as ‘muppets’, a disparaging term equivalent to ‘bakras’ in Hindi. Indian banks seem to have similar attitude to their customers, according to this first-hand account I am a “classic customer” (whatever that means) of HDFC Bank....

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