BANKING


Moneylife Digital Team 08 January 2015
Despite directions from RBI, banks refuse to share details of the entity sending money through NEFT   The National Electronic Fund Transfer (NEFT), used by almost everyone to transfer money quickly, can also put the receiver in a difficult position. The main reason is, there are no...

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Moneylife Digital Team 30 December 2014
There is a growing sense of frustration among bank customers about the constant, stealthy increase in service charges. Strangely, RBI, the regulator is siding with the bank cartel. Will PM Modi and FM Jaitley pay any heed to helpless bank customers?   This weekend, Prime Minister...

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Moneylife Digital Team 19 December 2014
Researchers feel that the banking industry may encourage employees to think that cheating is okay   When a banker you trust dupes you, he is called a ‘bankster’. Moneylife is not new to such bankers. We have come across several cases where consumers have been duped by bankers selling...

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Moneylife Digital Team 08 December 2014
After exceeding the free transaction limits, ICICI Bank customers will have to pay Rs20 per financial transaction excluding service tax and Rs8.50 for every non-financial transaction   ICICI Bank Ltd, the country’s largest private sector lender, has announced a hike in its automated...

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Moneylife Digital Team 05 December 2014
When RBI increases rate, banks immediately jump to increase lending rates. However, when there is no change in RBI’s policy for the past 12 months, why banks are regularly reducing interest rates on deposits, the most important source of income for most financial consumers?   In yet...

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Moneylife Digital Team 01 December 2014
The relay strike will start on 2nd December from South Zone. On 3rd December, the strike will take place in North Zone followed by East Zone on 4th December and West zone on 5th December, the UFBU has said   United Forum of Bank Union (UFBU) and National Union of Bank Employees have...

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Moneylife Digital Team 21 November 2014
The PIL seeks to quash recent circulars by RBI regulating the number of free ATM transactions in six metros from 1st November   The Madras High Court has issued notices to Reserve Bank of India (RBI) and Indian Banks' Association (IBA) over the recent limitations on automatic teller...

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Moneylife Digital Team 21 November 2014
RBI also asked banks to ensure that the balance in savings account does not turn into negative balance mainly due to levy of charges for non-maintenance of minimum balance   The Reserve Bank of India (RBI) on Thursday asked banks to inform their customers about fall in minimum...

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Moneylife Digital Team 18 November 2014
According to a reply received under the RTI, as on 7 November 2014 a total of 7.1 crore bank accounts have been opened out of which 5.3 crore were accounts with 'Zero balance'   Around Rs5,400 crore have been deposited in over seven crore bank accounts opened under Pradhan Mantri Jan...

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Gurpur Gurpur 18 November 2014
SBI, the country’s largest lender, has limited free transactions like ATM, net banking and branch banking, depending on the monthly average balance the customer maintain in her savings bank account. ‘Anywhere banking’ has already gone haywire, and with SBI taking lead, ‘Any time banking’ too...

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Gurpur Gurpur 17 November 2014
While the banks have considerably benefitted from the introduction of CBS, the customers of banks have yet to reap the benefits   The biggest metamorphosis in the banking industry during the last decade has been the introduction of ‘any branch banking’ through the implementation of...

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Moneylife Digital Team 12 November 2014
SBI, HDFC Bank and Axis Bank have led the move to charge customers for ATM transactions. Moneylife Foundation wrote to the RBI protesting the move, but it made no difference. The RBI however accepted our point that customers often use other bank ATMs because theirs dont function. However, RBI...

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Moneylife Digital Team 11 November 2014
The one-day nationwide strike by bank employees would also affect clearing of about 10 crore cheques worth Rs7.40 lakh crores across the country    Banking operations, including clearing of cheques, across the country are likely to be hit Wednesday as around 10 lakh employees went on...

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Moneylife Digital Team 07 November 2014
These banks have lost their licenses and are mismanaged by politicians. Is this the minimum government and maximum governance that Narendra Modi had promised?   The Narendra Modi government has decided to infuse Rs2,375.42 crore to revive 23 unlicensed district central cooperative...

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Moneylife Digital Team 30 October 2014
The government has sanctioned fresh capital for public sector banks. Will this capital too leak out into bad loans and be dumped into the opaque and another corrupt process called CDR?   The government of India has just announced a fresh round of capital infusion to keep unaccountable...

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Moneylife Digital Team 30 October 2014
PSBs will require an infusion of Rs2.4 lakh crore in equity by 2018 to comply with international standards laid out by the Basel III regulatory regime   The government is considering additional capital infusion in public sector banks (PSBs), according to a Union government official....

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Sucheta Dalal Sucheta Dalal 28 October 2014
Will RBI insist on one credit report free annually?   Dr Kirit Somaiya, Member of Parliament (MP), who inaugurated Moneylife Foundation’s Credit Helpline, narrated the story of how former Union minister Suresh Prabhu found himself marked a defaulter for no fault of his. Apparently, a...

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AK Ramdas AK Ramdas 08 October 2014
While special paper for printing currency notes may be produced in India soon, how about introducing polymer currency notes, which are not easily counterfeited?   In 2010, the foundation stone was laid in Mysore by Security Printing and Minting Corporation of India Ltd, (SPMCIL) to...

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Gurpur Gurpur 25 August 2014
What bankers get from charging for ATM use is peanuts compared to what they are losing in NPAs   On 15 August, 2014, the 68th Independence Day, our Prime Minister Narendra Modi announced a scheme called Pradhan Mantri Jan-Dhan Yojana in the cause of financial inclusion in our country...

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Moneylife Digital Team 11 June 2014
According to independent MP Rajeev Chandrasekhar,  the Modi govt should come out with a strategy to restructure and restore the health of these banks that are becoming piggybanks for politically friendly businesses  Rajeev Chandrasekhar, an independent member of the Rajya Sabha, who is...

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