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Bank employees and unions will have to recharge themselves to a new set of objectives that would enhance the business of banks on one side and help the society on the other   May Day is usually the day to recall the assertion of their rights. For a change, the All India Bank Employees...

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The RBI has fixed Rs15 lakh as a minimum amount for FDs that cannot be withdrawn prematurely and will fetch higher interest. This is arbitrary and unfair    Last week, Reserve Bank of India (RBI) permitted banks to offer differential interest rates on deposits based on whether the...

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The entire Indian banking industry ecosystem is at the cusp of a digital revolution, which requires adoption of technology to stay ahead of competition, a CII and PricewaterhouseCoopers study said here on Tuesday.   The study titled 'Banks taking a quantum leap through digital' said...

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How banks are picking our pockets with unreasonable charges to cover up for their inefficiencies in business lending   It required a sharp prod by the governor Reserve Bank of India (RBI), Dr Raghuram Rajan, for Indian banks to cut their base lending rates by a token 15 to 25 basis...

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Moneylife Digital Team 23 February 2015
Trade unions finally managed to get a good deal -- a 15% hike in wages coupled with second and fourth Saturday off -- from bank managements after protracted negotiations   Bank unions across the country have decided to defer their 25th February strike following negotiations with the...

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Banks have no responsibility to match perfectly the account number with the beneficiary name as mentioned by the remitter. This makes the customer run from pillar to post for grievance redressal. Why is the RBI so unconcerned?    National Electronic Funds Transfer (NEFT) and Real Time...

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Moneylife Digital Team 31 January 2015
These revelations are part of a letter written by Harshavardhan Madabhushi, general secretary of Associate Banks' Officers' Association-SBH unit to the MD of SBI’s Associate Banks Department   While customers accuse bank staff of mis-selling and arm-twisting them to buy insurance...

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Prachi Narayan  and   Abhirup Ghosh 29 January 2015
The RBI guidelines on defaulters now allow banks to classify any defaulting borrower as non-cooperative and then a wilful defaulter   With sweeping regulations being made by the Reserve Bank of India (RBI) on recovery of loans and non-performing assets (NPAs), the new mantra now seems...

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Moneylife Digital Team 20 January 2015
The four-day bank strike of employees from nationalised banks has been postponed following talks between unions and IBA   The four-day strike of employees from nationalised banks scheduled to start from 21st January has been postponed. "The four-day bank strike put on hold as Indian...

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Moneylife Digital Team 19 January 2015
Any ICICI Bank savings account customer, who has a mobile number registered with the bank and has a Twitter account, can access the facilities of 'icicibankpay' to transfer money, check account balance, last three transactions and recharge prepaid mobile   ICICI Bank on Monday...

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Moneylife Digital Team 19 January 2015
The four-day strike of employees from nationalised banks will have the impact of six days as 25th is a Sunday and 26th January is national holiday   UPDATE: Bank strike postponed as IBA assures to resolve issues by February   Employees from public sector bank (PSBs) have...

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Moneylife Digital Team 08 January 2015
Despite directions from RBI, banks refuse to share details of the entity sending money through NEFT   The National Electronic Fund Transfer (NEFT), used by almost everyone to transfer money quickly, can also put the receiver in a difficult position. The main reason is, there are no...

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Moneylife Digital Team 30 December 2014
There is a growing sense of frustration among bank customers about the constant, stealthy increase in service charges. Strangely, RBI, the regulator is siding with the bank cartel. Will PM Modi and FM Jaitley pay any heed to helpless bank customers?   This weekend, Prime Minister...

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Moneylife Digital Team 19 December 2014
Researchers feel that the banking industry may encourage employees to think that cheating is okay   When a banker you trust dupes you, he is called a ‘bankster’. Moneylife is not new to such bankers. We have come across several cases where consumers have been duped by bankers selling...

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Moneylife Digital Team 08 December 2014
After exceeding the free transaction limits, ICICI Bank customers will have to pay Rs20 per financial transaction excluding service tax and Rs8.50 for every non-financial transaction   ICICI Bank Ltd, the country’s largest private sector lender, has announced a hike in its automated...

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Moneylife Digital Team 05 December 2014
When RBI increases rate, banks immediately jump to increase lending rates. However, when there is no change in RBI’s policy for the past 12 months, why banks are regularly reducing interest rates on deposits, the most important source of income for most financial consumers?   In yet...

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Moneylife Digital Team 01 December 2014
The relay strike will start on 2nd December from South Zone. On 3rd December, the strike will take place in North Zone followed by East Zone on 4th December and West zone on 5th December, the UFBU has said   United Forum of Bank Union (UFBU) and National Union of Bank Employees have...

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Moneylife Digital Team 21 November 2014
The PIL seeks to quash recent circulars by RBI regulating the number of free ATM transactions in six metros from 1st November   The Madras High Court has issued notices to Reserve Bank of India (RBI) and Indian Banks' Association (IBA) over the recent limitations on automatic teller...

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Moneylife Digital Team 21 November 2014
RBI also asked banks to ensure that the balance in savings account does not turn into negative balance mainly due to levy of charges for non-maintenance of minimum balance   The Reserve Bank of India (RBI) on Thursday asked banks to inform their customers about fall in minimum...

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Moneylife Digital Team 18 November 2014
According to a reply received under the RTI, as on 7 November 2014 a total of 7.1 crore bank accounts have been opened out of which 5.3 crore were accounts with 'Zero balance'   Around Rs5,400 crore have been deposited in over seven crore bank accounts opened under Pradhan Mantri Jan...

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