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Sucheta Dalal Sucheta Dalal 23 June 2015
Stanchart robs a doctor in Kolkata with churning and forgery. Will RBI act?   Dr Abhik De, a highly qualified doctor in Kolkata, had an account with Standard Chartered Bank. Since 2005, the Bank also managed his mutual fund investment which was Rs1.56 crore in 15 schemes. In a...

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A strike called by All India Bank Employees Association (AIEBA) on June 24 to press for the demands of employees of associate banks of State Bank of India (SBI) has been postponed, said a top union leader.   "The June 24 strike has been postponed. We will meet union ministers for...

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June 30 will be the last day for exchanging pre-2005 currency notes, including those of Rs.500 and Rs.1,000 denominations, at banks, the Reserve Bank of India has notified.   The RBI has asked the public to deposit the old design notes in their bank accounts or exchange them at a...

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Vinita Deshmukh Vinita Deshmukh 17 June 2015
After a Moneylife story, Pune-based Kiran Chaptekar not only received Rs30,000 that he lost in failed ATM transactions, but RBI has asked Bank of Maharashtra for an explanation   Last week, Moneylife story on `Money lost in Bank of Maharashtra ATMs’, had highlighted the plight of a...

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It works 24x7 and costs very little   Savers suddenly have a wide range of choice for mobile payments; instead of using physical instruments, like cash, cards or cheques, you use your mobile phone to make the payments. In mobile banking or Internet banking, money can be transferred...

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Sucheta Dalal, Debashis Basu  and   Jason Monteiro Jason Monteiro 12 June 2015
8 lessons on the ‘suitability’ of financial products from our survey. Watch out for these, the next time your banker makes you a sales pitch   M Gopalan, 71, went to a private bank to withdraw some funds for his son. He was immediately subjected to investment advice. “Why don’t...

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Vinita Deshmukh Vinita Deshmukh 11 June 2015
Depositors suffer delays in getting back their wrongly debited amounts from ATMs. This time, it’s a father who lost Rs30,000 he needed for daughter’s college admission   On 2nd of June, Pune based Kiran Chaptekar went to the Thergaon (suburb in Pune) ATM of Bank of Maharashtra to...

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Banking operations were severely hit as workers struck work in five associate banks of the State Bank of India across the country on Thursday, a union official said here.   The strike by clerical staff was to protest against the proposed merger of the five associates of SBI, the...

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Keeping banks closed on two Saturdays in a month is non-productive and does not help either banks or its customers. Instead, bank employees who will work on Saturdays should be given a day off on any alternate days like hospitals, public transport and other essential...

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The country's largest commercial bank, State Bank of India (SBI) said on Friday that it will be holding a resolution week from may 25 for its genuine loan defaulters where they can arrive at an amicable solution with the bank.   "In the last week of May, we are going to have a one...

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Mobile banking is becoming more popular with users across all age groups. Here are some tips to avoid the pitfalls that loom large   With newer handsets with bigger and better screens and updated operating systems (OS) entering the market, almost every bank is coming up with mobile...

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By analysing customer behaviour to detect suspicious transactions, frontline staff in banks can help disrupt the flow of dirty money   Organized crime is a global challenge. To fund its operations it relies on funds raised through ransom for kidnapping, extortion, drug trafficking and...

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Unions in the banking sector have cautioned their members to follow procedures while enrolling members under the government insurance schemes to be launched on May 9, said union officials.   Officials at some branches of nationalised banks told IANS that they were being pressured by...

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Bank employees and unions will have to recharge themselves to a new set of objectives that would enhance the business of banks on one side and help the society on the other   May Day is usually the day to recall the assertion of their rights. For a change, the All India Bank Employees...

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The RBI has fixed Rs15 lakh as a minimum amount for FDs that cannot be withdrawn prematurely and will fetch higher interest. This is arbitrary and unfair    Last week, Reserve Bank of India (RBI) permitted banks to offer differential interest rates on deposits based on whether the...

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The entire Indian banking industry ecosystem is at the cusp of a digital revolution, which requires adoption of technology to stay ahead of competition, a CII and PricewaterhouseCoopers study said here on Tuesday.   The study titled 'Banks taking a quantum leap through digital' said...

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Sucheta Dalal Sucheta Dalal 14 April 2015
How banks are picking our pockets with unreasonable charges to cover up for their inefficiencies in business lending   It required a sharp prod by the governor Reserve Bank of India (RBI), Dr Raghuram Rajan, for Indian banks to cut their base lending rates by a token 15 to 25 basis...

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Moneylife Digital Team 23 February 2015
Trade unions finally managed to get a good deal -- a 15% hike in wages coupled with second and fourth Saturday off -- from bank managements after protracted negotiations   Bank unions across the country have decided to defer their 25th February strike following negotiations with the...

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Gurpur Gurpur 23 February 2015
Banks have no responsibility to match perfectly the account number with the beneficiary name as mentioned by the remitter. This makes the customer run from pillar to post for grievance redressal. Why is the RBI so unconcerned?    National Electronic Funds Transfer (NEFT) and Real Time...

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Moneylife Digital Team 31 January 2015
These revelations are part of a letter written by Harshavardhan Madabhushi, general secretary of Associate Banks' Officers' Association-SBH unit to the MD of SBI’s Associate Banks Department   While customers accuse bank staff of mis-selling and arm-twisting them to buy insurance...

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