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Moneylife Digital Team 16 June 2012
According to the RBI data, since March 2010, the number of zero balance accounts in India has doubled to 103.2 million while banking outlets increased to 1.47 lakh The number of no-frills or zero-balance account holders more than doubled to 103.21 million in the year to 31 March 2012...

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SBI chairman said he expect the central bank to cut CRR by 1% to ease liquidity and lower interest rates New Delhi: Amid economic slowdown and contracting growth in the manufacturing sector, the country's largest lender State Bank of India (SBI) said it expects 1% cut in cash reserve...

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MDT/PTI 15 June 2012
Banks would factor in the availability of funds before deciding on reducing fixed deposit rates Mumbai: Mid-size public sector banks would wait till the mid-term policy review by the Reserve Bank of India (RBI) before taking a call on reducing interest rates on fixed deposits (FDs), top...

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MDT/PTI 14 June 2012
  The threshold limit in RTGS System transactions has been cut to Rs1 lakh from existing Rs 2 lakh until 9th June Mumbai: The Reserve Bank of India on Friday said it has cut down the threshold limit in Real Time Gross Settlement (RTGS) System transactions to Rs1 lakh from existing Rs...

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MDT/PTI 14 June 2012
  According to the NHB chairman home loan rates are likely to come down by 25-50 basis points in the current financial year, given the probability of reduction in policy rates Mumbai: Housing finance regulator National Housing Bank (NHB) has received nod from the Foreign Investment...

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MDT/PTI 14 June 2012
    Over past 10 years, the Bank's reconstruction scheme did not make much progress mainly due to non-fulfillment of commitments for contribution to revival fund by UCBs and poor track record of recovery including from Ketan Parekh New Delhi: The Reserve Bank of India has...

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MDT/PTI 14 June 2012
  RBI deputy governor Dr Chakrabarty said he do not know how much growth sacrifice is due to lack of productivity, lack of efficiency, and how much is it due to inflation Mumbai: Reserve Bank of India (RBI) deputy governor Dr KC Chakrabarty on Friday sought to stave off criticism...

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MDT/PTI 14 June 2012
Dr KC Chakraborty got an extension for three months, even as a proposal to extend his tenure by two years is pending before the Appointment Committee   New Delhi: The government has extended the tenure of Reserve Bank of India (RBI) deputy governor Dr KC Chakraborty by three months,...

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MDT/PTI 13 June 2012
RBI had given detailed instructions to these banks to deal with unclaimed deposits or inoperative accounts and had advised them to find the whereabouts of the customers or their legal heirs   Mumbai: The Reserve Bank of India on Wednesday asked cooperative and regional rural banks to...

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MDT/PTI 13 June 2012
The Finance Minister said RBI should proactively work and to see if all electronic banking transactions are possible without any charges being levied   New Delhi: Finance Minister Pranab Mukherjee asked RBI to work out a mechanism to ensure that banks charge no fee from customers for...

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MDT/PTI 13 June 2012
The Court said that offences under Section 138 of the NI Act are on high rise" and have massive effect on the economic condition of the victims   New Delhi: A man has been sentenced to six months in jail in a cheque bounce case with the court saying that such offences are on "rise"...

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MDT/PTI 13 June 2012
The RBI action led to many depositors withdrawing their funds with about Rs100 crore being withdrawn since the administrator was appointed   Thane: Stepping in to support the CKP Cooperative Bank, Maharashtra Urban Co-op Banks Federation (MUCBF) has appealed to the bank's depositors...

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G Venkatesh 12 June 2012
You may be nastily surprised that your ATM has run out of money when you really need it On 12 June 2012, we went to Oriental Bank of Commerce at HAL III Stage, Bengaluru, at 8.15am to withdraw money from the ATM. The transaction was declined. We were surprised as this was a Tuesday and...

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Moneylife Digital Team 11 June 2012
NRIs can visit any SBI branch in the Middle East to open accounts for repatriable and non-repatriable investments to commence investing in Indian stock market Mumbai: Brokerage firm Geojit BNP Paribas Financial Services signed an agreement with State Bank of India to offer portfolio...

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MDT/PTI 07 June 2012
SBI's interest rate on 7-179 days fixed deposit would come down to 7% from the existing 7.25%.   New Delhi: Ahead of the Reserve Bank of India (RBI)'s mid-quarter review of the monetary policy later this month, country's largest lender State Bank of India (SBI) on Thursday slashed fixed...

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Anil Agashe 05 June 2012
This is a story of HDFC Bank. Other banks are not any better My wife has an auto loan with HDFC Bank. We decided to part pay the loan. I called my personal banker to ask him the minimum amount I need to pay. He told me the loan department has not yet opened for work as yet and that he...

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Cora Currier (ProPublica) 05 June 2012
A suit reveals how Bank of America knew about big losses at Merrill Lynch before the companies merged but didn't tell shareholders When Bank of America announced it was buying Merrill Lynch in September 2008, bank execs told their shareholders that the merger might hurt earnings a touch....

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Moneylife Digital Team 28 May 2012
Any person having an account with Ahli United Bank would be able to wire money to a bank account holder in India using the Internet banking platform   Mumbai: India's third largest private sector lender Axis Bank on Monday said it partnered with Bahrain's Ahli United Bank for inward...

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Moneylife Digital Team 28 May 2012
As many as 926 computerised branches of public and private sector banks will accept advance income tax in Mumbai and Navi Mumbai   Mumbai: The Reserve Bank of India (RBI) and 926 branches of public and private banks will accept advance income tax in Mumbai and Navi Mumbai to avoid long...

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Moneylife Digital Team 24 May 2012
Moving a step closer to getting into banking business, the Department of Posts (DoP) has started scouting for a consultancy firm to prepare a road map for the proposed ‘Post Bank of India’ (PBI). The Department has already carried out a feasibility study for setting up the PBI and has invited...

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