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Moneylife Digital Team 21 August 2015
Banks now tweaking their offerings along with cutting rates   After the Reserve Bank of India (RBI) deregulated interest rates on savings accounts in October 2011, Yes Bank, Kotak Mahindra Bank and IndusInd Bank have been attracting customers with higher interest on savings account...

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Moneylife Digital Team 29 July 2015
A Moneylife Foundation survey reveals gross mis-selling by banks. Over 83% of the participants were coerced to buy insurance   All regulators repeatedly emphasise that intermediaries such as a distributors and agents should ensure that they sell only products that are suitable to each...

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Providing unsolicited credit cards, or enhanced credit limits without a customer’s request, is improper   There has been a dramatic growth in credit cards issued by various banks in the past 15 years. With growing competition to garner more customers, banks showered customers with...

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Moneylife Digital Team 10 July 2015
Will it entice savers?   Axis Bank is the first bank to launch non-callable fixed-deposits (FD). Reserve Bank of India (RBI) had come out with the norms allowing banks to offer differential rates on FDs. Regular FDs allows premature withdrawal after seven days with or without a...

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Moneylife Digital Team 30 June 2015
Considering the high costs levied by private banks for bank lockers, most respondents to Moneylife’s Survey preferred to go with a public sector banks   Moneylife conducted an online survey to study user perception on bank lockers. The survey, which closed on 20 March 2015, obtained...

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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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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 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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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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SSA Zaidi 08 May 2015
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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