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Banking: No NEFT charges for savings account holders from January 2020 RBI tells banks; Public sector banks set to start doorstep banking …

No NEFT charges for savings account holders from January 2020 RBI tells banks
Public sector banks set to start doorstep banking
RBI imposes Rs 1 crore fine on Lakshmi Vilas Bank, Rs 75 lakh on Syndicate Bank for violating norms
Bank unions defer 2-day strike; operations to be normal on September 26-27
Top Heavy: Indian banks have more officers than clerks; how the situation changed in just 15 years
More …

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No NEFT charges for savings account holders from January 2020 RBI tells banks

Timesofindia.indiatimes.com
November 08, 2019
NEW DELHI: The Reserve Bank of India (RBI) on Friday mandated banks “not to charge savings bank account customers for online transactions in the NEFT (National Electronic Funds Transfer) system with effect from January 2020. …

Public sector banks set to start doorstep banking

Timesofindia.indiatimes.com
Oct 17, 2019
NEW DELHI: State-run banks are set to implement doorstep banking for millions of consumers – including the facility to deposit and withdraw cash -making life easier for senior citizens and disabled.  …

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RBI imposes Rs 1 crore fine on Lakshmi Vilas Bank, Rs 75 lakh on Syndicate Bank for violating norms

Financialexpress.com
October 14, 2019
The Reserve Bank has imposed a monetary penalty of Rs 1 crore on Lakshmi Vilas Bank and Rs 75 lakh on Syndicate Bank for violating asset classification and fraud detection norms.
“The Reserve Bank of India (RBI) has, by an order dated October 14, 2019, imposed monetary penalty of Rs 1 crore on Lakshmi Vilas Bank Ltd for non-compliance with certain provisions of directions issued by RBI on ‘Income Recognition and Asset Classification (IRAC) norms,” RBI said in a release on Monday. …

Bank unions defer 2-day strike; operations to be normal on September 26-27

Timesofindia.indiatimes.com
23 Sep 2019
NEW DELHI: Officers’ unions of public sector banks have deferred the proposed two-day strike following an assurance from finance secretary Rajiv Kumar to look into their concerns …

Top Heavy: Indian banks have more officers than clerks; how the situation changed in just 15 years

Financialexpress.com
September 17, 2019
Banking Jobs: Indian banks have more officers than clerks and subordinates as officers account for nearly two-third of the total workforce and clerks and subordinates account for just one third. It is completely opposite of the situation 15 years ago when there were at least two subordinates, clerk or peons, for every bank officer. According to the latest official data about the manpower in the scheduled commercial banks, nearly 14 lakh people were employed in the banking sector in the country in March 2018 and 8.6 lakh or nearly two-third of them were officers. In 2003, more than 9 lakh people were employed in scheduled commercial banks and officers accounted for less than one-third of the total strength at 2.87 lakh, clerks (4.19 lakh) and subordinate staff (1.95 lakh). …

Mumbai man’s Rs 8 lakh gone in 150 card swipes in US

Timesofindia.indiatimes.com
Sep 15, 2019
MUMBAI: Fraudsters made more than 150 transactions and swindled Rs 8.16 lakh from the account of a south Mumbai businessman’s son between April and August, with the victim receiving no alerts for any of the transactions.

No bank has power to employ bouncers to recover loans, says government

Livemint.com
Jul 01, 2019
New Delhi: No bank has the power to employ bouncers for forceful recovery of loans from customers, Union Minister of State for Finance Anurag Thakur said in the Lok Sabha on Monday.
Singh also said there is a clear directive of the Reserve Bank of India (RBI) to appoint recovery agents only after proper police verification and fulfilling other relevant formalities. …

IL&FS may sue SBI, BoB, PNB, Yes & HDFC Bank over unauthorised withdrawals: Reports

The nine banks allegedly made ‘unauthorised auto-deductions from IL&FS escrow accounts” between October last year and April
Moneycontrol.com
June 10, 2019
Infrastructure Leasing & Financial Services (IL&FS) will initiate contempt proceedings against nine banks — State Bank of India (SBI), Bank of Baroda (BoB), HDFC Bank, Yes Bank, Punjab and Sind Bank, Punjab National Bank (PNB), Indian Bank and Indian Overseas Bank — for unauthorised withdrawals of about Rs 800 crore, according to a report by The Economic Times. …

PNB likely to take control of OBC, Andhra Bank and Allahabad Bank: Report

Livemint.com
21 May 2019
New Delhi: In further consolidation of the public sector banking industry, Punjab National Bank (PNB) could take control of two to three small state-run banks that could include Oriental Bank Of Commerce, Andhra Bank and Allahabad Bank, news agency Reuters reported, citing sources. …

Punjab National Bank, Union Bank, Bank of India in talks for merger: Report

Moneycontrol.com
April 30, 2019
Some public sector banks may soon receive an invitation from the government to discuss another round of mergers in the sector, a Finance Ministry official told The Economic Times. These may include Punjab National Bank (PNB), Union Bank of India (UBI) and Bank of India (BoI). …

Defaulters, beware! Your bank can now stop you from flying abroad

Financialexpress.com
November 22, 2018
According to changes made by the Ministry of Home Affairs (MHA), the CEOs of public sector banks (PSBs) can now make the request for issuance of LOCs to the ministry.
As India struggles to get back high-profile loan defaulters back to the country, the government has vested banks with authorisation to keep a check on wilful defaulters by requesting the issuance of look-out circulars (LOCs) against suspects even if FIRs against are yet to be filed, news agency PTI reported. …

Girl working on computer
Representative Image (Pixabay Image)

Latest online banking scam: How money is stolen through mobile OTP

Gadgets Now
Oct 16, 2018
The scam came to light after a Delhi-based man complained about Rs 11.5 lakh withdrawn from his account without his knowledge. The victim had an account in Central Bank of India, Ashok Hotel, New Delhi. …

RBI directs banks to put purchaser’s name on demand drafts

Timesofindia.indiatimes.com
Jul 13, 2018
MUMBAI: In a bid to curb money laundering using anonymous demand drafts (DDs), the Reserve Bank of India (RBI) has made it mandatory to incorporate the name of the purchaser on the face of the financial instrument. …

Fraudulent transaction alert for bank account holders! Here is RBI’s message you – What users must know

Financialexpress.com
June 20, 2018
The Reserve Bank of India (RBI) recently sent out an SMS to people with regard to a ‘fraudulent transaction in the bank account’. RBI in its message said that people need to inform their bank immediately when they face an illegal transaction from their bank account. The apex monetary institution also advised people to call on ‘14440’ for more details on the subject. The RBI message read, “Fraudulent transaction in your bank account? Limit your loss. Notify your bank immediately. For more details, give a missed call on 14440.” …

Indian currency
Representational Image (Pixabay Image)

Beware loan, credit card defaulters! Notice served through WhatsApp is valid, rules Court

Financialexpress.com
June 16, 2018
Have you defaulted on your loan or credit card payment and are evading the bank by not receiving their calls or changing your residence? Better mend your ways as even a notice about a litigation served by your bank or the concerned party via WhatsApp is valid, the Bombay High Court has ruled recently. …

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