BANKING Brought to you by


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...

Read More



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...

Read More



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...

Read More



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...

Read More



Moneylife Digital Team 19 January 2012
RBI deregulated interest rate on savings accounts in all state and Central cooperative banks, a move that will fetch better returns for depositors. RBI said the state and Central cooperative banks are free to determine their savings bank interest rate subject to two conditions: each bank will...

Read More



Moneylife Digital Team 10 January 2012
Here is a real-life story of legal heirs of a deceased, who successfully managed to claim a matured fixed deposit along with compound interest after 15 years What happens when someone, in absence of a nominee, dies before the fixed deposit is matured? Most of the times, the legal heirs are...

Read More



The Reserve Bank of India has recently deregulated interest rates on NRE rupee deposits which are beneficial to NRIs who wish to deposit their surplus funds with banks in India. There are, however, some caveats that NRIs should remember before investing in bank deposits in India  The Indian...

Read More



Moneylife Digital Team 23 December 2011
The RBI says that the competition in this space, which was non-existent earlier, could rise as banks with lower CASA ratio could rush to gain such deposits by raising rates The Reserve Bank of India (RBI), in its Financial Stability Report (FSR) for December 2011, warns that competition among...

Read More



While the BCSBI has already laid down standards for the service quality, it has now to go a step further to standardise the systems and procedures that have a direct bearing on the customers to improve the quality of service by harnessing technology to the maximum extent  It goes to the credit...

Read More



Moneylife Digital Team 14 November 2011
Currently around 68% of flats in Mumbai cost more than Rs1 crore while 95,000 flats have remained unsold which may take three years get absorbed. While the bad debts are increasing there are new funding avenues opening for realtors  The growing concern over bad loans, in addition to Moody’s...

Read More



SH Subramanian 14 November 2011
For banks- both nationalised and private, you are just a number. Be ready to dump them and move on – if you can afford to Often there's a valid question as to whether the banks- both nationalised and private -care about their customers. The answer is very simple; it cares to ensure that it...

Read More



Moneylife Digital Team 12 September 2011
Account holders complain banks do not give TDS certificates on time, tax deducted not credited to tax credit account  The Reserve Bank of India recently announced that banks must issue duly completed tax deduction at source (TDS) certificates for account holders and dispatch it to their...

Read More



Moneylife Digital Team 08 September 2011
Insurance on deposits and prompt delivery of TDS certificates are two issues the committee has overlooked Several cooperative banks are saddled with bad debt. These banks usually have a lot of political influence. Poor supervision and low accountability has led to a series of failures among...

Read More



Moneylife Digital Team 06 September 2011
The banking regulator today announced 10 points that banks must work on to improve services for customers The Reserve Bank of India (RBI) today announced that banks must issue certificates for tax deduction at source (TDS) duly completed, for account holders, and dispatch to their mailing...

Read More



The Damodaran committee report is full of homilies and general statements rather than action points suited to the Indian ground reality After 13 months of deliberations and so much of drama over its release, the report of the Damodaran committee on customer services in banks has turned out...

Read More



Moneylife Digital Team 22 August 2011
A study by FICCI, IBA and BCG highlights that the banking industry is growing in the right direction, but it lags behind global benchmarks in areas like staff deployment and that there is a need for a major overhaul of debt management Highlights of a banking industry study by FICCI, IBA and...

Read More



What senior citizens expect is personalised service and understanding of their needs with a humane touch. But the report does not contain any specific suggestion to meet several special requirements of the elderly—the Committee has only made a few generalised statements The report on banking...

Read More



Moneylife Digital Team 11 August 2011
According to the Deposit Insurance and Credit Guarantee Corporation, fully-protected accounts, where the deposit amount does not exceed Rs1 lakh, made up an astonishing 89% of the total number of accounts. Around 88% of the premium money comes from private and public banks—the beneficiaries of...

Read More



Moneylife Digital Team 09 August 2011
Larger banks being made to bear the burden of the failure of poorly regulated co-operative banks The only beneficiaries of the deposit insurance premium collected by the Deposit Insurance and Credit Guarantee Corporation (DICGC) are badly-run and politically-influenced co-operative banks.

Read More



Moneylife Digital Team 09 August 2011
Volumes may be still low compared to metropolitan cities, but higher yields, especially in home and two-wheeler loans, is making business more profitable in these places The prospects for corporate lenders in the retail sector are brighter today in tier-2 cities like Lucknow, Ludhiana,...

Read More

Free Helpline
Legal Credit
Feedback