BANKING Brought to you by


Moneylife Digital Team 25 June 2013
In another example of cartelisation among bankers, several banks have increased, or started imposing, charges for transaction alerts through SMS as well as for mobile banking. Some banks have hiked the annual fees on debit/credit cards. A few banks have even increased charges for depositing...

Read More



Moneylife Digital Team 07 June 2013
“I think the RBI has told banks not to sell gold coins,” the finance minister P Chidambaram told a news agency. Well, gold sales from banks are small and will not help in reducing gold imports or lowering CAD. However, consumers will benefit from not buying gold from banks There is a new...

Read More



Khalid Memon 06 June 2013
RBI deputy governor Dr KC Chakrabarty said that the decision on various charges levied by banks has been left to their respective board of directors and the Indian Banks Association oversees the reasonableness aspect and can suggest a cap on the charges. This policy prevents the RBI from...

Read More



Moneylife Digital Team 30 May 2013
We noticed that there is no uniformity amongst banks when it comes to customer verification. This makes is easier to target some banks to launder money, and then sell the gold later to someone else Yesterday, we had pointed out that banks, allowed by the Reserve Bank of India (RBI) to...

Read More



Moneylife Digital Team 28 May 2013
During 2012-13, about Rs160 crore was paid to depositors of 13 failed co-operative banks. The DICGC used money collected from depositors of other banks under the credit insurance scheme. Not a single rupee was paid on account of any failed nationalised or private banks. This only shows that...

Read More



Moneylife Digital Team 28 May 2013
The Reserve Bank of India (RBI) has asked banks to levy cheque return charges only if the customer is at fault. RBI said that cheques requiring re-presentation, without any recourse to the payee, should be presented at the immediate next clearing not later than 24 hours and customers notified...

Read More



Penalizing banks and compensating the customers for the delay or deficiency in service delivery standards should form the cornerstone of all banking regulations and create an environment of trust and confidence between the banks and the banking public It is a common practice among banks...

Read More



In the first part of this two-part series we identify certain basic services rendered by every bank, and ensure that these services are offered free of all charges across the board, so that every customer is treated fairly, equitably and in a non-discriminate manner   The Reserve Bank...

Read More



Moneylife Digital Team 16 May 2013
After receiving complaints from customers, RBI is examining whether at least 30 banks have sold gold investment products as a precondition to offering regular banking services to customers, to gain commissions. Apart from this probe, RBI has also undertaken a ‘thematic study’ of systemic...

Read More



Moneylife Digital Team 16 May 2013
In an enlightening session on gold, Debashis Basu, editor and publisher of Moneylife, used decades of data to expose many myths about gold and the factors that move the gold price   Gold has always been an attractive asset, especially during the last decade when gold prices witnessed...

Read More



Moneylife Digital Team 16 May 2013
The Reserve Bank of India (RBI) has come across a wide variation in interest rates being charged to retail borrowers even if loans are sanctioned on the same day. It has now asked banks to stop differentiating between home branch and non-home branch while charging clients, since all banks are...

Read More



Moneylife Digital Team 09 May 2013
Cobrapost has alleged that RBI is acting as a protector, and not as a regulator or enforcer. The RBI is loath to admit that there exists a massive money laundering racket in our financial institutions across the board, because if it were to admit, it would strip the RBI of its halo as a 'one...

Read More



Moneylife Digital Team 24 April 2013
Many customers, harassed HDFC Bank’s new KYC norms, have complained to Moneylife on the issue. Moneylife followed up with HDFC Bank and the regulator and this is what we found out   HDFC Bank, which has been the subject of innumerable customer complaints about harassment to resubmit...

Read More



Moneylife Digital Team 24 April 2013
RBI deputy governor KC Chakrabarty said the central bank will introduce some corrective measures in KYC norms as and when necessary to check any “transaction-level aberrations” in the functioning of banks Reserve Bank of India (RBI) deputy governor KC Chakrabarty on Tuesday said the...

Read More



Moneylife Digital Team 23 April 2013
SBI would issue the State Bank Smart Payout Cards to blue collar employees, workers, contract labourers and its existing customers State Bank of India (SBI), the county's largest lender, has launched “State Bank Smart Payout Card”, a prepaid card with a monthly cap of Rs25,000 for...

Read More



Moneylife Digital Team 22 April 2013
The SRS Group, with interest in real estate, cinemas, jewellery, retail and hospitality, has launched a fixed deposit (FD) scheme which promises to pay an annualised yield of a maximum of 15.07% over three years. The minimum investment is Rs20,000; the interest is compounded monthly and payable...

Read More



Moneylife Digital Team 22 April 2013
HDFC Bank will begin charging its customers for its InstaAlert SMS service, under which the Bank provides real-time alerts on account activities. Customers will be charged Rs15 per quarter for salary or savings accounts, while the charge would be Rs25 per quarter for current account...

Read More



MDT/PTI 25 January 2013
From 1st April, banks would offer differential interest rates for only on term deposits of Rs1 crore and more and may refuse premature withdrawal of the deposit Mumbai: The Reserve Bank of India (RBI) has tightened norms for differential interest rates asking banks to offer them only on...

Read More



MDT/PTI 18 January 2013
State-owned Canara Bank has raised fixed deposit rates by up to 1% on select maturities. The new rates come into effect from Friday   New Delhi: State-owned Canara Bank on Thursday raised fixed deposit rates by up to 1% on select maturities, reports PTI.   However, the interest...

Read More



Vivek Sharma Vivek Sharma 07 January 2013
Per branch complaints are high, ATM/Debit card complaints are rising and only 1% of the complaints to the ombudsman disposed off with an award The RBI Banking Ombudsman Report 2011-12 is out. The report brings with it details of functioning of the banking ombudsman scheme in India and...

Read More

Free Helpline
Legal Credit
Feedback