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Sucheta Dalal Sucheta Dalal 28 October 2014
Will RBI insist on one credit report free annually?   Dr Kirit Somaiya, Member of Parliament (MP), who inaugurated Moneylife Foundation’s Credit Helpline, narrated the story of how former Union minister Suresh Prabhu found himself marked a defaulter for no fault of his. Apparently, a...

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AK Ramdas AK Ramdas 08 October 2014
While special paper for printing currency notes may be produced in India soon, how about introducing polymer currency notes, which are not easily counterfeited?   In 2010, the foundation stone was laid in Mysore by Security Printing and Minting Corporation of India Ltd, (SPMCIL) to...

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Gurpur Gurpur 25 August 2014
What bankers get from charging for ATM use is peanuts compared to what they are losing in NPAs   On 15 August, 2014, the 68th Independence Day, our Prime Minister Narendra Modi announced a scheme called Pradhan Mantri Jan-Dhan Yojana in the cause of financial inclusion in our country...

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Moneylife Digital Team 11 June 2014
According to independent MP Rajeev Chandrasekhar,  the Modi govt should come out with a strategy to restructure and restore the health of these banks that are becoming piggybanks for politically friendly businesses  Rajeev Chandrasekhar, an independent member of the Rajya Sabha, who is...

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PJ Nayak Committee has some excellent ideas   Bank unions are furious at the suggestion that the government should reduce its holding in nationalised banks to below 50%. The All India Bank Employees Union (AIBEA) has threatened a series of protests and announced a strike against the...

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Bank depositors suffer from poor service and problems of getting TDS certificates on time, whereas a tiny part of the population enjoys tax-free dividends and capital gains from stocks. Here is a suggestion to make it fairer for bank depositors   The bank depositors are the pillars of...

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Using non-CTS cheques will further delay clearance and hence consumers should avoid accepting non-CTS cheques from other party. If you are paying with non-CTS cheques it can take four days or more to clear. Your bank should give you CTS cheques to comply with the RBI order The Reserve...

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Moneylife Digital Team 07 May 2014
Minors above 10 years can now open and operate independently savings bank account and use other facilities like ATM, cheque books and internet banking The Reserve Bank of India (RBI) on Tuesday issued guidelines allowing minors above 10 years to operate bank accounts independently in...

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Nidhi Bothra  and   Debolina Banerjee 05 May 2014
Dishonour of any post dated cheque issued as an advance payment by any purchaser cannot be considered in discharge of legally enforceable debt or any other liability and thus would not amount to an offence, the Supreme Court has ruled In the world of lending, banks/ financial...

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RBI implemented CTS in 2014 for faster clearing of cheques. But, there still are technical or operational issues in bank system leading to delay in cheque clearing. It means loss of savings account interest. Can RBI ask banks at fault to compensate for the delay by paying the interest?

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Moneylife Digital Team 30 April 2014
Top management of banks are pressuring their employees to sell insurance, stocks and mutual funds by hook or by crook. No wonder, departing deputy governor of RBI has suggested banning banks from selling third-party products From the point of view of retail savers, banks are a place...

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Yogesh Sapkale Yogesh Sapkale 30 April 2014
UK-based Michael Mason-Mahon, who is helping bank customers to resolve their grievances, says he has been shocked and disgusted by the behaviour of HSBC towards their customers in India. Here are the excerpts from his interview to Moneylife UK-based Michael Mason-Mahon is small private...

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If RBI means what it says, ‘happy days are here again’ for bank customers! During his first bi-monthly monetary policy statement, Dr Raghuram Rajan, governor of Reserve Bank of India (RBI) made a far reaching and impact creating statement. If implemented in true letter and spirit, this...

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Moneylife Digital Team 19 March 2014
While 29th March is a Saturday, 30th March is Sunday and 31st March is the last year of financial year and is a public holiday (Gudi Padwa) in some parts of the country Bank branches across the country will remain open for full day between 29th to 31st March to facilitate tax...

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Sucheta Dalal Sucheta Dalal 19 March 2014
More murky details about the ex-CMD of UBI The goings-on at United Bank of India (UBI) have been quickly suppressed after Archana Bhargava suddenly opted for voluntary retirement from the post of chairman & managing director (CMD). The mainstream media has also allowed the story to die.

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It is rightly said that anyone borrowing a few lakhs has to worry but it is the bank that has to worry when it has lent crores! This is the concluding part of a two part series Corporate debt restructuring arrives   The boom having come to an abrupt end, the focus shifted to...

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Sucheta Dalal Sucheta Dalal 04 March 2014
SEBI is hell bent on making the corporate governance norms more and more tough. Its silence about United Bank of India saga shows how bogus its avowed stance is On 13th February, the Securities & Exchange Board of India (SEBI) revised its corporate governance code, for the third time,...

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Sucheta Dalal Sucheta Dalal 26 February 2014
Archana Bhargava, became the chairperson of UBI despite a patchy record but why did she suddenly leave UBI? Was she keen to report exaggerated bad loans and sanction dubious ones that alerted the RBI to act? The sudden exit of Archana Bhargava, Chairman & Managing Director of United Bank...

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Moneylife Digital Team 19 February 2014
SEBI exempts the GoI from an open offer to increase 14.26% stake in Vijaya Bank through conversion of perpetual non-cumulative preference shares worth Rs1,200 crore Market regulator, Securities and Exchange Board of India (SEBI) in its order dated 17 February 2014, exempted the...

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R Ramanathan 19 February 2014
Indian Overseas Bank published an ad with a header “Performing Consistently, Growing Exponentially” while releasing its December quarter results. Only growth the Bank has shown in past five quarters is in bad loans The slowdown observed in the manufacturing and service sectors has...

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