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Sucheta Dalal Sucheta Dalal 21 March 2012
The Banking Ombudsman might be spending more time in rejecting rather than looking into complaints – it rejected 71% of complaints last year We need a proactive Banking Ombudsman Four years ago, when the excesses of the financial sector led to a global financial crisis, India had its...

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Moneylife Digital Team 15 March 2012
For hassle-free income-tax (I-T) collection, RBI has designated 926 computerised branches of public and private sector banks to receive advance tax payments from people residing in Mumbai and Navi Mumbai. Of the 926 bank branches, 862 are public sector bank branches, while the rest are...

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Moneylife Digital Team 15 March 2012
Movida, a mobile payments joint venture by Visa and Monitise, has signed an agreement with HDFC Bank to introduce a mobile payment service. The service allows HDFC Bank’s customers to pay bills, top up prepaid airtime and buy tickets. It is designed to operate across all mobile networks using...

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Moneylife Digital Team 15 March 2012
Indian Bank has introduced an account portability feature which allows its customers to retain the account number even if they change the branch. The facility would enable customers to have the freedom of operating his/her account from any branch with just a change in home branch code. Customers...

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Moneylife Digital Team 15 March 2012
Bank customers in India are growing more comfortable with using their debit cards for purchases, according to Visa’s latest Global Payment Tracking Survey 2011. Debit card penetration in India is at 53%, a 4% rise over that in the previous year. This increase can be attributed to Indians’...

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Moneylife Digital Team 06 March 2012
In many cases like wrong reporting to CIBIL, upgrading credit card without consent, mis-selling and blank clause in loan agreement by banks, the Ombudsman has ruled in favour of the customer Banking customers continue to run from pillar to post to resolve their grievances, however, many of...

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The introduction of white label ATMs will not be an unmixed blessing, unless RBI keeps a tight vigil over their operations. Whether they will prove white elephants or not will depend on what safety precautions will be mandated by RBI to be complied with by all the stakeholders The Reserve...

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Raj Pradhan Raj Pradhan 02 March 2012
HDFC, Axis and ICICI Bank offer less than the minimum savings rate interest (4% p.a.) for fixed deposits with a tenor less than 15 days. Do you wish to sign-up for a 7-14 day FD from Kotak Mahindra bank at 0% p.a.? Who is the target customer segment for these products? It may sound strange,...

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Moneylife Digital Team 01 March 2012
Axis Bank said sales and usage volumes for its travel currency card used for international travel have crossed $2 billion. The Bank claimed that it holds 48% market share in the segment; this was the first time anywhere in the world that any bank has crossed $2 billion in sales for such a card....

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Moneylife Digital Team 16 February 2012
The RBI in its quarterly review of monetary policy in mid-January, cut the cash reserve ratio (CRR)—the amount of deposits banks keep with the central bank—by 50 basis points (bps) to 5.50% from 6%. The central bank kept other rates like repo and reverse repo rates unchanged due to high core...

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Moneylife Digital Team 08 February 2012
According to the Bank Employees Union, Dhanalaxmi Bank’s business fell down from Rs22,000 crore but it is being camouflaged through inter-bank deposits and other measures After the resignation of Dhanalaxmi Bank’s chief operating officer and managing director- Amitabh Chaturvedi due to...

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Yogesh Sapkale Yogesh Sapkale 08 February 2012
According to experts from banking and IT-Security, banks are not really interested in security unless they forced to. Some even try to threaten experts who show the loopholes in their systems Safety and security for online financial transactions has always remained a cause of worry for all...

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Moneylife Digital Team 06 February 2012
According to sources, the Bank's MD & CEO has resigned due to serious differences with other Board members Dhanalaxmi Bank Ltd's managing director and chief executive, Amitabh Chaturvedi has resigned from the bank. The Bank’s board of directors are meeting today at 4pm and may declare...

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Moneylife Digital Team 03 February 2012
Government-owned IDBI Bank Ltd has launched India’s first online retail G-Sec portal. The portal provides an opportunity for retail investors to buy and sell government securities (G-Secs). G-Secs are bonds issued by Central and state governments. The portal became operational on 17 January...

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Moneylife Digital team 03 February 2012
If you are an account-holder of HDFC Bank, be prepared to pay Rs50 per quarter for a non-operational account of over a year and Rs25 for depositing cash of over Rs1 lakh. The Bank’s order came into effect from 1st January. Though there is no cash-handling fee for deposits of up to Rs1 lakh in a...

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Moneylife Digital Team 03 February 2012
The State Bank of India (SBI) has cut down the processing fee on home loans above Rs75 lakh to Rs10,000 from Rs20,000, while for loans between Rs30 lakh-Rs75 lakh, the fee has been reduced to Rs6,500 from Rs10,000 earlier, a senior SBI official said. The new fee structure became applicable...

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Gurpur Gurpur 02 February 2012
The RBI has allowed other private sector banks to handle government business but a few more steps are required to ensure a level playing field for all players for healthy growth of banking in India The Reserve Bank of India (RBI) has just issued a notification whereby private sector banks are...

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V Raghunathan V Raghunathan 20 January 2012
Will RBI look at some of these banking practices? There is a variety of anti-consumer banking practices that the Reserve Bank of India (RBI) must address. For instance, banks gleefully charge BPLR (benchmark prime lending rate)-linked interest rate to their borrowers, every time the RBI hikes...

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Moneylife Digital Team 19 January 2012
RBI has allowed cooperative and primary urban cooperative banks to fix interest rates on various non-resident deposit schemes. Extending the ambit of its recent decision to deregulate deposit rates, RBI said, “Banks are free to determine their interest rates on both savings deposits and term...

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Moneylife Digital Team 19 January 2012
RBI barred non-banking financial company Money Masters Leasing & Finance (MMLF) from accepting public deposits as well as from selling, creating a charge or mortgage or dealing in any manner with property and assets for six months for violation of directions on deposit acceptance. “It was...

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