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Sucheta Dalal Sucheta Dalal 18 February 2014
Is the Banking Ombudsman a broken system of grievance redress? The latest report of the banking ombudsman’s office seems to confirm what many of us have suspected for over a year—that banking ombudsmen are closing cases and rejecting complaints every time there is even a whiff of another...

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Moneylife Digital Team 11 February 2014
Bank unions have warned to intensify their agitation if Indian Bank's Association-IBA and the government does not come forward to resolve their pending issues United Forum of Bank Unions (UFBU), the umbrella organisation of five employee unions and four officer unions of state-run banks...

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Moneylife Digital Team 11 February 2014
The Banking Ombudsman rejected 49% of complaints while passing awards in just 1% or 312 cases. Does this also mean, bank employees are getting away easily and without any penalty? The Banking Ombudsman (BO) handled 75,183 complaints during 2012-13, which include 4,642 complaints brought...

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Moneylife Digital Team 10 February 2014
The two-day nationwide strike by bank employees has affected clearing of cheques worth Rs7.40 lakh crores across the country on Monday. At many places, ATMs are not functioning or are dried up. The strike would continue on Tuesday as well Banking operations, including clearing of...

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Moneylife Digital Team 07 February 2014
Employees from over 47 banks are planning to go on strike on 10-11 February to protest the proposed reforms in the banking sector and immediate revision in wage settlement   Around 10 lakh bank employees and officers working in 27 public sector banks including State Bank of India (SBI)...

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R Balakrishnan R Balakrishnan 23 January 2014
If the RBI decides to make no effort to trace the bank account holders, appropriation of unclaimed deposits is unfair and improper There are news reports which states that the Reserve Bank of India (RBI) is proposing to use ‘unclaimed’ deposits from banks for public purpose. Whilst I...

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Vivek Sharma Vivek Sharma 14 January 2014
The RBI needs to come out with comprehensive guidelines on KYC to ensure that customers are not harassed by banks. At the same time customers should also be made to get involved in the ongoing KYC process at banks Know Your Customer (KYC) is a process to identify the veracity of a...

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Gurpur Gurpur 02 January 2014
Banks have benefited both in terms of garnering more deposits and lower cost of operations due to ATMs. But the benefits of such improvement in earnings of banks have not been passed on to the banks’ customers The security of banks’ customers who venture to draw cash from automated...

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Moneylife Digital Team 03 December 2013
Canara Bank has cut its interest rate on fixed deposit on maturities of 61-90 days to 7.75% from 8.75% State-run Canara Bank on Tuesday reduced its fixed deposit (FD) rates by up to 100 basis points (bps) or 1% on select maturities.   Canara Bank has cut its interest rate by 1%...

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Nagesh Kini Nagesh Kini 19 November 2013
The benefits of privilege banking remain a mere eye-wash, as privileged banking services are hardly availed, as they matter little to privileged banking customers The new private banks (or private banking) are seen to accord the special privileged/preferred/Imperia customers status to...

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Moneylife Digital Team 09 October 2013
SBI is the fourth bank after PNB, OBC and IDBI Bank to offer special interest rates on loans for buying automobiles and consumer durables such as televisions, air-conditioners and refrigerators during the festive season State Bank of India (SBI), the country's largest lender on Wednesday...

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Moneylife Digital Team 24 September 2013
'Pockets by ICICI Bank' allows customers to carry out wide range of non-financial transactions including viewing a summary as well as a mini statement of savings bank account, knowing credit card details and getting demat holding statements ICICI Bank has launched a new application that...

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Moneylife Digital Team 03 September 2013
ATM cards issued by the public sector banks are highly susceptible to fraud as they are made with inferior technology, according to the banking ombudsman of Andhra Pradesh. “The cyber crime wing of the police department has been receiving 4-5 complaints every day involving impersonation and...

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Moneylife Digital Team 02 September 2013
In a clarification, HDFC Bank told the RBI that since it could not get details from seven complainants out of 12, it could not resolve their grievances. However, one of the complainant left out by HDFC Bank spent Rs36 for over 15 days by making two visits to the Branch and 15 calls to...

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Moneylife Digital Team 30 August 2013
During the last quarter of FY13, public sector banks wrote off Rs14,549 crore as loans and recovered Rs16,464 core from assets that turned bad Public sector banks (PSB) or state-run lenders wrote off Rs14,549 crore as loans, while recovering Rs16,464 crore from assets that turned bad...

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Chaitali Dutta 30 August 2013
Canara Bank sanctioned education loan of Rs15 lakh and after the borrower completed his course, told him that it can sanction only Rs10 lakh. The borrower was made to pay interest on Rs5 lakh as the Bank termed it as overdraft A general perception is that a public sector unit (PSU) bank...

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Moneylife Digital Team 01 August 2013
Banks reeling under the liquidity crunch have started hiking interest rates for deposit Following Yes Bank, other private sector lenders, HDFC Bank and Axis Bank have increased their interest rates for deposits.   HDFC Bank said it increased its deposit rates by 100 basis points...

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RBI has warned banks that it is taking a closer look at the ‘perverse incentive structures’ that are leading to ‘widespread mis-selling’ of third party products such as insurance to account holders Intense competition and perverse incentive structures have frequently led to widespread...

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Moneylife Digital Team 09 July 2013
Concerned over rising bad loans, bankers have started publishing names and photos of guarantors of defaulted loans as well in newspapers. However, there is no clarification on the selection criteria of either the defaulter or guarantor Close on the heels of banks publishing photos of...

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Though the banks claim to be taking particular care of senior citizens, the ground reality conditions are far different   Hailing, as I do from the district of South Kanara, in Karnataka that gave birth to four of India’s oldest large public sector banks—Canara Bank, (Canara Banking)...

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