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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...

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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...

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Gurpur Gurpur 26 December 2011
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...

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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...

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Gurpur Gurpur 29 November 2011
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...

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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...

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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...

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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...

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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...

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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...

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Sucheta Dalal Sucheta Dalal 25 August 2011
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...

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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...

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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...

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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...

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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.

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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,...

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Sucheta Dalal Sucheta Dalal 05 August 2011
Instead of intelligently reviewing the existing mechanism of customer services, the Damodaran Committee only wants to add to it The release of the Damodaran Committee report has to be among the strangest in recent times. After 13 months of deliberation, the report was released without M...

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Moneylife Digital Team 05 August 2011
According to the RBI-appointed panel, there are a number of complaints about wrong reporting by banks to credit bureaus, which has serious implications on the credibility of a borrower The Damodaran Committee appointed by the Reserve Bank of India (RBI) has said that there is a need to...

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Moneylife Digital Team 05 August 2011
The RBI panel on banking customer services list various measures to enhance convenience for customers and safety of electronic transactions The Damodaran Committee on banking customer services says there should be zero-liability on customers for any loss in electronic transactions. "Internet...

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Moneylife Digital Team 05 August 2011
They believe that most of the problems customers suffer are due to the unhelpful attitude of banking staff and that putting them in charge will not help The recommendation by the Damodaran Committee on banking customer services to set up an internal ombudsman system for every bank could...

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