Banking: Password-generating credit card

ICICI Bank has launched ‘ICICI Bank Carbon’ credit card in partnership with Visa. This card generates one time passcode for transactions by using an alphanumeric LCD screen, a 12-button touch keypad and an in-built battery. Using the keypad, user has to enter her 4-digit CodeSure PIN (obtained from ICICI Bank website) which then generates dynamic passcodes on the LCD screen. Its battery lasts for three years. ICICI Bank Carbon card is available for a one-time fee of Rs1,000.

User

Nomination: Claim Settlement of Deceased

RBI has directed all banks to adopt a simple procedure for hassle-free settlement of claims of deceased depositors. “We have been receiving feedback from public that banks are not following the simplified procedure as advised. Banks are therefore advised once again that they should strictly comply with the instructions for hassle-free settlement of claims on the death of a depositor,” RBI said in a statement.

Further, it asked banks to provide forms for settlement of claims to any person who approaches the bank for such forms, to settle claims on time. “Claim forms may also be put on the bank’s website prominently so that claimants of the deceased depositor can download the forms without having to visit the concerned bank,” RBI added further. The problem is that the RBI’s job ends with issuing such guidelines. It has no way of systematically checking whether its guidelines are being followed.

User

Banking Charges: Complaints against Private Banks for Excess Fees

Under the Banking Ombudsman Scheme, RBI received as many as 15,653 complaints against private sector banks in the period July 2012 - June 2013 for deducting excess annual fees from the accounts of customers. Of these, 3,486 related to complaints against ATM/debit card/credit cards, the minister of state for finance, Namo Narain Meena, said in a written reply to a question in the Lok Sabha. Further, out of 2,786 complaints received since July 2013, 898 related to ATM/debit card/credit cards, he added.

“The majority of such complaints generally pertain to non/short dispensation of cash at ATMs, unauthorised credit card transactions through net banking, application of annual fees despite card being free, complaints against credit card due recoveries,” he said. The minister added that “In order to improve customer service in banks, majority of recommendations of the Damodaran Committee have been implemented by the banks. A working group has also been constituted by the RBI to review and update the Banking Ombudsman scheme.”

User

COMMENTS

Bhaskar

4 years ago

This is quite normal with private banks. They have sharp banking practices which border on stealing customers money by extortionary charges. The worst is they do not answer the customers complaint nor do they redress

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Online Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine)