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Moneylife Digital Team 03 February 2012
Government-owned IDBI Bank Ltd has launched India’s first online retail G-Sec portal. The portal provides an opportunity for retail investors to buy and sell government securities (G-Secs). G-Secs are bonds issued by Central and state governments. The portal became operational on 17 January...

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Moneylife Digital team 03 February 2012
If you are an account-holder of HDFC Bank, be prepared to pay Rs50 per quarter for a non-operational account of over a year and Rs25 for depositing cash of over Rs1 lakh. The Bank’s order came into effect from 1st January. Though there is no cash-handling fee for deposits of up to Rs1 lakh in a...

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Moneylife Digital Team 03 February 2012
The State Bank of India (SBI) has cut down the processing fee on home loans above Rs75 lakh to Rs10,000 from Rs20,000, while for loans between Rs30 lakh-Rs75 lakh, the fee has been reduced to Rs6,500 from Rs10,000 earlier, a senior SBI official said. The new fee structure became applicable...

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The RBI has allowed other private sector banks to handle government business but a few more steps are required to ensure a level playing field for all players for healthy growth of banking in India The Reserve Bank of India (RBI) has just issued a notification whereby private sector banks are...

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Will RBI look at some of these banking practices? There is a variety of anti-consumer banking practices that the Reserve Bank of India (RBI) must address. For instance, banks gleefully charge BPLR (benchmark prime lending rate)-linked interest rate to their borrowers, every time the RBI hikes...

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Moneylife Digital Team 19 January 2012
RBI has allowed cooperative and primary urban cooperative banks to fix interest rates on various non-resident deposit schemes. Extending the ambit of its recent decision to deregulate deposit rates, RBI said, “Banks are free to determine their interest rates on both savings deposits and term...

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Moneylife Digital Team 19 January 2012
RBI barred non-banking financial company Money Masters Leasing & Finance (MMLF) from accepting public deposits as well as from selling, creating a charge or mortgage or dealing in any manner with property and assets for six months for violation of directions on deposit acceptance. “It was...

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Moneylife Digital Team 19 January 2012
RBI deregulated interest rate on savings accounts in all state and Central cooperative banks, a move that will fetch better returns for depositors. RBI said the state and Central cooperative banks are free to determine their savings bank interest rate subject to two conditions: each bank will...

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Moneylife Digital Team 10 January 2012
Here is a real-life story of legal heirs of a deceased, who successfully managed to claim a matured fixed deposit along with compound interest after 15 years What happens when someone, in absence of a nominee, dies before the fixed deposit is matured? Most of the times, the legal heirs are...

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The Reserve Bank of India has recently deregulated interest rates on NRE rupee deposits which are beneficial to NRIs who wish to deposit their surplus funds with banks in India. There are, however, some caveats that NRIs should remember before investing in bank deposits in India  The Indian...

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Moneylife Digital Team 23 December 2011
The RBI says that the competition in this space, which was non-existent earlier, could rise as banks with lower CASA ratio could rush to gain such deposits by raising rates The Reserve Bank of India (RBI), in its Financial Stability Report (FSR) for December 2011, warns that competition among...

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While the BCSBI has already laid down standards for the service quality, it has now to go a step further to standardise the systems and procedures that have a direct bearing on the customers to improve the quality of service by harnessing technology to the maximum extent  It goes to the credit...

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Moneylife Digital Team 14 November 2011
Currently around 68% of flats in Mumbai cost more than Rs1 crore while 95,000 flats have remained unsold which may take three years get absorbed. While the bad debts are increasing there are new funding avenues opening for realtors  The growing concern over bad loans, in addition to Moody’s...

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SH Subramanian 14 November 2011
For banks- both nationalised and private, you are just a number. Be ready to dump them and move on – if you can afford to Often there's a valid question as to whether the banks- both nationalised and private -care about their customers. The answer is very simple; it cares to ensure that it...

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Moneylife Digital Team 12 September 2011
Account holders complain banks do not give TDS certificates on time, tax deducted not credited to tax credit account  The Reserve Bank of India recently announced that banks must issue duly completed tax deduction at source (TDS) certificates for account holders and dispatch it to their...

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Moneylife Digital Team 08 September 2011
Insurance on deposits and prompt delivery of TDS certificates are two issues the committee has overlooked Several cooperative banks are saddled with bad debt. These banks usually have a lot of political influence. Poor supervision and low accountability has led to a series of failures among...

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Moneylife Digital Team 06 September 2011
The banking regulator today announced 10 points that banks must work on to improve services for customers The Reserve Bank of India (RBI) today announced that banks must issue certificates for tax deduction at source (TDS) duly completed, for account holders, and dispatch to their mailing...

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The Damodaran committee report is full of homilies and general statements rather than action points suited to the Indian ground reality After 13 months of deliberations and so much of drama over its release, the report of the Damodaran committee on customer services in banks has turned out...

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Moneylife Digital Team 22 August 2011
A study by FICCI, IBA and BCG highlights that the banking industry is growing in the right direction, but it lags behind global benchmarks in areas like staff deployment and that there is a need for a major overhaul of debt management Highlights of a banking industry study by FICCI, IBA and...

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What senior citizens expect is personalised service and understanding of their needs with a humane touch. But the report does not contain any specific suggestion to meet several special requirements of the elderly—the Committee has only made a few generalised statements The report on banking...

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