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MDT/PTI 11 August 2012
While there will be no limit on the number of deposits that can be made in a month, basic savings bank account holders will be allowed a maximum of four withdrawals in a month, including through ATMs Mumbai: The Reserve Bank of India (RBI) on Friday asked banks to drop the “no-frills”...

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MDT/PTI 11 August 2012
“All CBS-enabled banks are hereby advised to issue only ‘payable at par’/‘multi-city’ CTS 2010 standard cheques to all eligible customers,” the RBI said in a notification Mumbai: With a view to improving customer services and speeding up fund transfer, the Reserve Bank of India (RBI)...

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MDT/PTI 10 August 2012
The government has suggested DICGC and the RBI to adopt to risk-based deposit insurance premium structure. This will be prior to the DICGC proposal for increasing insurance coverage limit from Rs1 lakh to Rs2 lakh being approved New Delhi: The deposit insurance coverage is also...

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MDT/PTI 08 August 2012
Jet's alliance with HDFC Bank comes after the airline terminated its 12-year association for co-branded credit card with Citi in May Mumbai: HDFC Bank and Jet Airways have launched a co-branded credit card, which offers a slew of benefits and rewards to frequent flyers of the country's...

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MDT/PTI 07 August 2012
The New York State Department said for almost ten years, StanChart schemed with Iran and hid from regulators roughly 60,000 secret transactions, involving at least $250 billion, and reaping the Bank hundreds of millions of dollars in fees   New York: Standard Chartered Bank...

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MDT/PTI 06 August 2012
Banks are not able to respond quickly to the changes in monetary conditions or monetary policy signals because they carry a fixed cost over an extended period of time says the RBI    Mumbai: With banks led by the country's largest lender State Bank of India (SBI) choosing to cut...

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MDT/PTI 02 August 2012
The panel headed by NABARD Chairman Prakash Bakshi will review existing credit structure and also explore ways to strengthen cooperative credit architecture in rural areas Mumbai: The Reserve Bank of India (RBI) has constituted a committee to suggest ways to strengthen the rural...

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MDT/PTI 01 August 2012
Out of the 2,541 complaints, the banking ombudsman from Kerala examined and settled most of them, leaving a mere 5.7% remaining to be closed Thiruvananthapuram: There has been a 22% increase in complaints received by the banking ombudsman in India's southern Kerala state this year,...

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Moneylife Digital Team 21 July 2012
According to the Banking Ombudsman for New Delhi, credit card users should pay their bills first and then lodge a complaint in case of a dispute with the card provider. If the bill is pending, then the customer always runs a risk of paying much more, if the judgement goes in favour of the...

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SBI raised interest rates on NRE rupee term deposits for tenors three years and less than five years from 8.75% to 9, on deposits under Rs15 lakh category Mumbai: In its bid to meet the 25% deposit growth target, the country’s largest lender State Bank of India (SBI) has revised its...

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MDT/PTI 16 July 2012
The HDFC Bank MD and CEO said only a couple of banks have increased their pricing because they were not getting traction on the savings deposits front   Mumbai: Terming the impact of Reserve Bank of India (RBI)'s decision to deregulate savings accounts rates last year as...

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Moneylife Digital Team 13 July 2012
Tata Power customers from Mumbai can now pay their bills from anywhere, anytime at their convenience using Itz Cash Card Tata Power said it is offering one more payment facility for its customers from Mumbai through Itz Cash Card.   Tata Power customers can now make their bill...

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While genuine customers are made to run around for opening new accounts, banks continue to encourage dubious accounts knowing fully well that they are used to launder black money A bunch of tech-savvy thieves has been exploiting a design flaw in the working of automated teller machines...

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MDT/PTI 05 July 2012
Under the tie-up, people can send money through any agent location of UAE Exchange and Financial Services called Xpress Money to a registered mobile number in India   Mumbai: Private sector lender Axis Bank said it has entered into a tie-up with UAE Exchange and Financial Services to...

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MDT/PTI 05 July 2012
For salaried individuals the fee starts as low as Rs150, inclusive of taxes, which can be paid by the customer through SBI internet banking or debit card, SBI said   New Delhi: State Bank of India (SBI) launched a new service that will facilitate filing Income Tax returns online,...

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MDT/PTI 05 July 2012
SBI will not levy any charge for breaching minimum balance criteria for savings bank accounts   New Delhi: In order to attract new customers, State Bank of India (SBI) has done away with minimum balance criteria for saving bank accounts, reports PTI. The bank will not levy any...

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MDT/PTI 05 July 2012
While seven relatively small private banks have introduced customer-friendly interest rate policies, the big banks have yet to respond to it, says the RBI governor   Chennai: The Reserve Bank of India (RBI) wants larger banks to come out with customer-friendly interest rate policies...

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Even after the introduction of the base rate system there is lack of transparency in the customer-specific spread charged to a borrower over the base rate Chennai: Concerned over the lack of transparency in bank lending rates, Reserve Bank of India (RBI) Governor D Subbarao said the...

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Paul Kiel (ProPublica) 05 July 2012
Last month, the government released information on the compensation victims of the banks' foreclosure practices might receive. For homeowners, it turns out that it's crucially important just how the bank messed up. Can you put a price on the damage caused by a wrongful foreclosure?...

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According to the Banking Ombudsman for New Delhi, if the bill is pending then customer always runs a risk of paying much more if the judgement goes in favour of card provider New Delhi: Credit card users should pay their bills first and then lodge the complaint in case of a dispute with...

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