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RBI widens scope of Banking Ombudsman Scheme

RBI widens scope of Banking Ombudsman Scheme

The Reserve Bank the extended the scope of Banking Ombudsman Scheme under which banks could be penalised for mis-selling third-party products like insurance and mutual funds via mobile or electronic…

Govt asks banks to deposit junked notes at RBI by July 20

Govt asks banks to deposit junked notes at RBI by July 20

The government has permitted banks and post offices to deposit junked Rs 500 and Rs 1,000 notes with the Reserve Bank by July 20. This is the second window the…

Govt makes Aadhaar mandatory for opening bank account

Govt makes Aadhaar mandatory for opening bank account

The government has made quoting of Aadhaar mandatory for opening of bank accounts as well as for any financial transaction of Rs 50,000 and above. Existing bank account holders have…

RBI directs bank branches to comply with PPO order

RBI directs bank branches to comply with PPO order

The Reserve Bank has asked bank branches to record pension payment order (PPO) number in the passbooks of pensioners to avoid any hassle in case the PPO is lost. The…

83% currency remonetised so far: RBI

83% currency remonetised so far: RBI

The Reserve Bank said nearly 83 per cent of the currency has been remonetised so far and denied there was any shortage of cash in the system. “According to our…

RBI keeps repo rate unchanged at 6.25%

RBI keeps repo rate unchanged at 6.25%

The RBI on Wednesday kept repo rate unchanged at 6.25 per cent. Consequently, the reverse repo rate under the LAF remains at 6.0 per cent, and the marginal standing facility…

SBI’s new service charges comes into effect

SBI’s new service charges comes into effect

The State Bank of India (SBI) has revised service charges on ATM withdrawals for users of its mobile app and also made revision in service charges on various banking activities…

New one rupee notes to be in circulation soon

New one rupee notes to be in circulation soon

New one rupee notes with predominantly pink-green on obverse and reverse in combination with other colours will be soon put into circulation. The notes bearing the rupee symbol have been…

RBI refuses to disclose list of loan defaulters

RBI refuses to disclose list of loan defaulters

The Reserve Bank of India (RBI) has refused to make public the list of loan defaulters with public sector banks despite an order of the Supreme Court in 2015 to…

Paytm starts payments bank; offers 4% interest, cashbacks

Paytm starts payments bank; offers 4% interest, cashbacks

Targeting 500 million customers by 2020, digital payments firm Paytm on Tuesday launched its payments bank with 4 per cent interest rate and cashbacks on deposits, zero fees on online…