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Cybercriminals are now using new and advanced techniques to attack mobile-based banking and the geography of attacks has become more diversified and extensive -- especially from a mobile financial malware perspective, a new report said on Sunday.   According to global cybersecurity...

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Housing Development Finance Corporation Ltd (HDFC) has increased interest rates of its various fixed deposit products with different maturities by up to 25 basis points (bps).   The change came into effect on March 30.   The housing finance major is offering an annual interest...

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The Reserve Bank of India (RBI) on Friday extended the restrictions on the withdrawal and deposits in the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank till June 30.   The Maharashtra-based cooperative bank was placed under restrictions with effect from close of business on...

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Banking consumers may face difficulties in getting services from March 27 to April 4 as all banks in the country will largely stay closed or offer curtailed services as the institutions switch to the new financial year. However, customers do not have to worry as ATMs, mobile banking and...

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IANS 25 February 2021
Strongly opposing Prime Minister Narendra Modi's plans to privatise all public sector banks (PSBs), the Unted Forum of Banking Unions on Thursday said that it could imperil Rs 80 lakh crore hard-earned money belonging to the people.   UFBU Convenor Devidas Tuljapurkar said that the...

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Sucheta Dalal Sucheta Dalal 11 February 2021
What is the most effective solution to poor service, mis-selling and harassment by banks which are entrusted with your hard-earned savings? Simple. Bank account portability; or the ability to vote with your feet and switch to a better bank. The idea of bank account portability, which will...

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Dr Sakuntala Narasimhan Dr Sakuntala Narasimhan 03 February 2021
For the third day in a row, the coin-dispensing machine at Canara Bank (a public sector bank or PSB) had a notice stuck on it saying 'Out of order'.    Some customers made a wry face and went away. I decided to march into the manager’s cabin and ask why the machine hadn’t been...

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Moneylife Digital Team 29 January 2021
The Reserve Bank of India (RBI), while releasing a framework for strengthening grievance redress mechanism, has warned supervisory action against banks that fail to improve their redress mechanism in a time-bound manner. Last month Moneylife had written about how the RBI is winding up its...

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Maya M 21 January 2021
A personal loan is an unsecured loan for which one does not require any collateral or security or pledge. It is a hassle-free way to meet short-term or medium-term expenses such as renovating your home or temporary financial needs, without preconditions.    Since personal loans are...

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Moneylife Digital Team 08 January 2021
The Reserve Bank of India (RBI) has issued a cautionary warning regarding a fraudulent method of obtaining sensitive information using phone numbers.    The notice says that a fraud is being committed using mobile numbers similar to banks’ toll-free number. Mobile numbers resembling a...

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Sucheta Dalal Sucheta Dalal 23 December 2020
“Do you know that RBI is winding up its customer services department and also BCSBI (Banking Codes and Standards Board of India)?” asked a rather agitated former bank chairman who was instrumental in the creation of BCSBI along with the late SS Tarapore.    The dissolution of BCSBI, a...

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IANS 21 December 2020
A day after the Central Bureau of Investigation (CBI) filed a case against Hyderabad-based company Transstroy (India) Ltd for allegedly cheating a consortium of banks of Rs7,926 crore, the Canara Bank clarified that it has an exposure of Rs678.28 crore in the accused company.   In a...

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Moneylife Digital Team 20 November 2020
Credit cards have become a popular and convenient mode to make payments for goods and services. A credit card can help you to improve your credit score, if you spend wisely and make your full payment before the due date. You can also enjoy great discounts, cash-back and good deals that are...

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IANS 18 November 2020
Assuring about 20 lakh depositors of the Lakshmi Vilas Bank (LVB), now under moratorium, that there is no need to panic and all glitches in withdrawal of deposits—subject to a maximum of Rs25,000—will be sorted out, the RBI appointed Administrator TN Manoharan on Wednesday said ATM machines...

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Moneylife Digital Team 13 November 2020
Have you been mis-sold a financial product by your bank? Do you have issues related to loans or deposits? Have you been charged wrongly by the bank? Have you experienced problems while using Internet banking or mobile banking? Tired of waiting for your bank’s response? Not getting a...

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Moneylife Digital Team 13 October 2020
Several customers of State Bank of India (SBI) on Tuesday faced issues while conducting online transactions.   In a tweet, SBI says, "Intermittent connectivity issues have delayed making our core banking system available to our esteemed customers today. We hope to be able to...

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New guidelines to further secure credit and debit card payments left several cardholders in a fix on Thursday as many of them were not able to make online or contactless transactions.   The reason for such instances, industry insiders pointed out, was due to non-compliance of the...

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IANS 18 September 2020
Google has removed digital payments major Paytm's app from its Play Store for allegedly violating its gambling policies.   "Paytm Android app is temporarily unavailable on Google's Play Store for new downloads or updates. It will be back very soon," the company said in a tweet on...

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IANS 16 September 2020
To reinforce ATM security system, lending major State Bank of India (SBI) has extended its OTP-based cash withdrawal for Rs 10,000 and above throughout the day.   OTP-based cash withdrawal for Rs 10,000 can now be carried out throughout the day across all SBI ATMs in the country...

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Moneylife Digital Team 10 September 2020
In a bid to promote digital transactions, ICICI Bank reportedly plans to impose a 'Cash Transaction Charge' on customers who go to a bank branch and deposit their EMI (equated monthly installment) in cash to repay loans.    The move has caused consternation for two reasons – first, it...

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