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SBI waives charge on IMPS fund transfer of up to Rs 1,000

SBI waives charge on IMPS fund transfer of up to Rs 1,000

Country’s largest bank SBI has waived charges for fund transfer of up to Rs 1,000 through its IMPS (Immediate Payment Service) to promote small transactions. State Bank of India had…

Customers should report fraud in 3 days to avoid losses: RBI

Customers should report fraud in 3 days to avoid losses: RBI

Customers will not suffer any loss if unauthorised electronic banking transactions are reported within three days and the amount involved will be credited in the accounts concerned within 10-days, the…

Banking services turn costlier post GST

Banking services turn costlier post GST

The newly implemented Goods and Services Tax (GST) has not just impacted various business industries, but also affected the financial transactions costs. Banking services including ATM withdrawals, cash deposits, demand…

Credit card bill payment exempt from cash dealing limit

Credit card bill payment exempt from cash dealing limit

Restrictions on cash dealings of Rs 2 lakh or more will not apply to credit card bill payments, business correspondents appointed by banks and issuers of prepaid instruments, the revenue…

New CEO for Syndicate Bank

New CEO for Syndicate Bank

Melwyn Rego, former chairman of the Bank of India, has been appointed as Managing Director and Chief Executive Officer of the Manipal-based Syndicate Bank. Rego assumed charge on July 1,…

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…