RBI: Banks to refund unclaimed deposits

RBI has asked banks to locate depositors and refund unclaimed deposits currently estimated at over Rs1,700 crore. “Keeping in view public interest, it has been decided that banks should play a more proactive role in finding the whereabouts of the account holders of unclaimed deposits/inoperative accounts. Banks are, therefore, advised that they should display the list of unclaimed...

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Mutual Funds: A slow start

In January, the Sensex gained 11% but this didn’t seem to interest equity mutual fund (MF) investors. After a month of inflows into equity MFs, January saw an exodus of Rs380 crore from equity funds. Sales declined and redemptions rose. Though sales of equity-linked savings schemes (ELSS)picked up marginally, sales of other equity funds declined. Volatility and uncertainty in the market of the...

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Mahesh Bank launches RuPay ATM card

The AP Mahesh Co-operative Urban Bank has launched its Mahesh RuPay ATM card in collaboration with National Payment Corporation of India (NPCI). Intended primarily for ‘no frills account-holders’, the RuPay ATM card is expected to draw more users to its ATM channel and also reduce the overall transaction costs for the Bank. The Bank has 36 branches mainly in Hyderabad and Secunderabad.

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