SBI to hike minimum balance for savings account
‘SBI merger to hurt staff, customers’
IT Department Making App to Pay Income Tax, Apply for PAN Card, and More
SIM cloned, businessman loses Rs 10 lakh to crooks
Centre pushes for fingerprint money transactions through Aadhaar Pay
Airtel Payments Bank launched, with vow to shake up old banking system
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It will hit 31 crore depositors including pensioners and students
New Delhi, March 6, 2017
State Bank of India has decided to increase manifold the minimum balance required for maintaining savings account from April 1, hitting 31 crore depositors including pensioners and students.
The monthly average balance (MAB) requirement has been increased to as high as Rs 5,000 for branches in six metros.
Savings bank account holders of SBI and its five associates (merging with it on April 1) will have to maintain the monthly balance or else they will invite a penalty ranging from Rs 20 (rural branches) to Rs 100 in (metro cities).
Read more at Business Standard >>> http://www.business-standard.com/article/finance/sbi-to-hike-minimum-balance-for-savings-account-117030600740_1.html
CHENNAI. February 28, 2017
The proposed merger of State Bank of India with its five associate banks from April 1 will throw up numerous financial and physical challenges to the industry, banks, employees and customers, said a top official of the All India Bank Employees Association (AIBEA).
“Firstly, it will affect the seniority of top officials of Associate Banks; secondly, it will result in redeployment or loss of jobs of some workmen and closure of branches and finally, the banks might lose some of their regular customers,” said C.H. Venkatachalam, AIBEA general secretary. …
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Feb 15, 2017
In step with government’s digital India drive, the Income Tax department is developing an app that will soon allow assessees to pay taxes or apply for PAN using smartphones.
The department is also working on a project to issue PAN to assessees within minutes by way of e-KYC authentication using Aadhaar, a move that will help bring more people under the tax net by making it easier for people to get Permanent Account Numbers. …
Feb 5, 2017
NEW DELHI: An east Delhi businessman was duped of Rs 10 lakh by crooks, whose modus operandi has now baffled the cops. The conmen first offered him a credit card for free and then bombarded him with phone calls. …
Jan 23, 2017
NEW DELHI: Keen to push digital payments among the poor and illiterate in rural areas of the country, the government is pushing to popularise Aadhaar Pay which ensures financial transactions by just using fingerprint.
Aadhaar Pay, which is merchant version of the already in use Aadhaar-enabled payment system (AEPS), will become an alternative for all online and card transactions which require password and PIN. …
Jan 13, 2017
New Delhi: Airtel Payments Bank (APB), a joint venture between Bharti Airtel Ltd and Kotak Mahindra Bank Ltd, said it will spend Rs.3,000 crore to develop a pan-India banking network and digital payments ecosystem.
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APB offers 7.25% interest compared to 3-4% offered by conventional banks. Besides the high interest rate, the bank also offers personal accidental insurance of Rs1 lakh with every savings account and free talktime equaling the amount deposited in the payments bank-savings account. …
Developed in collaboration with TCS, the application can be downloaded by the merchants, who will need a smartphone and a fingerprint scanner to use it.
December 12, 2016
NEW DELHI: In an attempt to give a big push to cashless transactions, the Unique Identification Authority of India (UIDAI) will shortly roll out the Android-based Aadhaar enabled Payment System (AEPS) application, said officials.
The Unique Identification Authority of India has planned to increase biometric authentication capacity through Aadhaar to 40 crore a day from 10 crore to encourage more use of the platform for realising a cashless society. The government is concurrently working on developing a common mobile phone app that can be used by shopkeepers and merchants for receiving Aadhaar-enabled payments bypassing credit and debit cards, pin and password. …
Financial discipline in usage of your credit card and repayment of loans alone will enhance your credit score
November 18, 2016
In order to avoid situations where a loan turns into a non-performing asset, bankers pay attention to the CIBIL scores before sanctioning any loans. Your CIBIL score or credit score is an important factor in determining whether your loan application will be approved. These scores are computed based on various parameters such as your credit history, payment patterns, defaults, etc. Let us see how one can maintain a good score. …
December 6, 2016
The Reserve Bank of India has allowed banks to give retail customers the option to complete card-not-present transactions worth less than Rs 2,000 without having to enter an additional factor of authentication, or the PIN code, according to a notification on its website.
A card-not-present transaction is one in which a customer does not physically present a card to a merchant. A common example is a purchase made on an e-commerce website using either a debit or a credit card. …
The RBI said the failure of banks in detection and impounding of counterfeit notes and in preventing such currencies from being recirculated will be violative of the directions and “will, therefore, attract penal action”.
October 27, 2016
Mumbai: In an effort to check fake currency circulation, especially of higher denominations, the Reserve Bank of India on Thursday asked banks to put entire banking areas under CCTV surveillance and keep all the recordings that can help identify “unscrupulous elements”. …
Credit Information Companies (CICs) directed by RBI to provide access to free full credit report, including credit score, to individuals
Sep 02, 2016 : Dtf.in
The Credit Information Companies (CICs) have been directed by the Reserve Bank of India (RBI) to provide access to free full credit report, including credit score, once a year (January-December) to individuals whose credit history is available with the companies.
According to the RBI, “Given the importance of the credit report in an individual’s financial matters, he/she is entitled to have a copy of the report upon request”. Such a report may enable consideration for applying for fresh credit facilities. Further, with a copy of the report in hand, the borrower will have an opportunity to have the errors, if any, in her/his credit history rectified.
The credit information companies should notify on their website the procedure for accessing the report, RBI said.
The four credit information companies in India are CIBIL, Equifax, Experian and Crif High Mark.
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