Category Archives: Banking

SBI likely to move from a system of average monthly balance to an average quarterly balance

The State Bank of India (SBI) is likely to make changes to its rules for maintaining minimum balance in savings accounts and slash the penalties for going under the limit, officials familiar with the matter said on Thursday.

The officials said that the country’s largest lender is likely to move from a system of average monthly balance to an average quarterly balance.

“The charges for non-maintenance of minimum balance will be reduced by two-thirds of the current penalty,” said an official, who asked not to be named.

Currently, the monthly average balance (MAB) for SBI savings accounts in urban and metro centres is ₹3,000, in semi urban centres ₹2000, and ₹1,000 in rural centres.

The monthly penalty for nonadherence is between ₹30 and ₹50 in urban and metro centres, and ₹20 to ₹40 in semi-urban and rural areas.

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ATM operators demand an increase in interbank charges

The automated teller machine (ATM) industry wants the central bank to increase the interchange fee for ATM transactions because of the increased costs of running the channel, impact of demonetisation and a fall in transaction volumes.

Interchange fee is the fee that banks pay to each other for the use of their ATMs by other banks’ customers.

The representation is being led by the National Payments Corp. of India (NPCI), which has held discussions with public sector banks and private sector lenders separately, two people close to the development said on the condition of anonymity.

The demand for raising the rate is being led by Continue reading

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LETS AIRTEL CONDUCT E­-KYC WITH RIDERS TILL JANUARY 10-UIDAI

NEW DELHI: The Aadhaar-issuing body UIDAI on Thursday allowed Bharti Airtel to conduct eKYC verification for its telecom subscribers till January 10 with stiff riders but maintained its ‘suspension’ order on Airtel Payments Bank.

Airtel, the India’s largest telecom company with 282 million subscribers, got the temporary reprieve with conditions after ₹138 crore Direct Benefit Transfer (DBT) was repaid into 55.63 lakh original accounts of its Continue reading

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Ready to extend deadline to link Aadhaar with services: Centre to SC

NEW DELHI: The central government told the Supreme Court on Monday that it was willing to extend up to March 31 next year the deadline to link Aadhaar with various schemes and services, including bank accounts and phone numbers.

The current deadlines for linking of bank accounts and mobile phone numbers with Aadhaar,  are December 31 this year and February 6, 2018 respectively.

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Huge hike in borrowing limit for central govt employees

NEW DELHI: In a move set to give a boost to the housing sector, the government has revised the House Building Advance rules for central government employees, increasing by over three times the amount they can borrow from Continue reading

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RBI and IRDAI object to new bankruptcy bill

NEW DELHI: The Reserve Bank of India and the country’s top insurance regulator, Insurance Regulatory and Development Authority, have objected to a draft law on bankruptcy in financial institutions, saying some of its provisions undermine their authority.

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EPFO allows pvt. banks to transact pension fund

NEW DELHI: India’s retirement fund body EPFO allowed private banks to transact Provident Fund payments, a move that is aimed to help millions of salaried people at a time when it has reduced the interest rate from last year. Earlier, India’s largest public sector bank, SBI, was the sole channel for payments for pension. On Wednesday, the EPFO signed pacts with ICICI Bank, HDFC Bank,
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You might get opportunity to deposit banned notes

New Delhi : The Supreme Court asked the Centre and the Reserve Bank of India (RBI) on Tuesday to come up with a policy to offer a window to people who could not deposit their demonetised notes for legitimate reasons before last year’s December 30 deadline.

“What if someone is ill and could not deposit the money. If someone has a genuine reason, you cannot deny him the opportunity to deposit the money. You cannot be allowed to deprive a person of his money,” a bench headed by Chief Justice JS Khehar told solicitor general Ranjit Kumar. Continue reading

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PM Modi GST and Demonitisation discussion at an event of Charted Accountants

NEWDELHI:

Prime Minister Narendra Modi on Saturday said the government has identified over 3 lakh companies for indulging in dubious transactions after last year’s demonetisation drive.

An additional 37,000 plus shell companies involved in converting black money into white have also been traced, he said.

Hailing the note ban as a move against black money and corruption, he said data mining process to scan the record of money deposited after demonetisation was under way and promised action against defaulters with out thinking about its political implication. “Initial probe has put three lakh companies under scanner,” Modi said at an event of chartered accountants.

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