The State Consumer Disputes Redressal Commission has directed Bank of India to compensate a senior citizen for losses incurred due to unauthorized ATM transactions, citing deficiency in service and failure to adhere to security protocols.
Abusive language, threats, harassment, excessive or anonymous calls, public humiliation, and misleading representations are explicitly prohibited.
'The government's decision to keep interest rates unchanged on small savings schemes will certainly constrain banks' ability to cut deposit rates further.'
In order to optimise branch efficiency, public sector banks (PSBs) are reworking their strategies to streamline operations and reduce cost amid changing customer behaviour. The strategies include closing or merging low traffic branches and reducing their size in smaller centres.
The next generation GST reforms would 'absolutely' set an economy open and transparent with further reduction in compliance burden and benefiting small businesses, Union Finance Minister Nirmala Sitharaman said on Tuesday.
Privately, many bankers admit their immediate goal is not growth but slowing the erosion of Casa deposits, reveals Tamal Bandyopadhyay.
The Reserve Bank of India on Friday decided to keep the policy rate unchanged for the 11th time in a row but sharply lowered the GDP growth forecast to 6.6 per cent for the current fiscal, as against earlier projection of 7.2 per cent. The Reserve Bank of India (RBI) maintained the status quo on interest rate despite July-September quarter GDP growth falling to 7-quarter low of 5.4 per cent, as against its own projection of 7 per cent.
Commercial banks in India reported a sixth consecutive year of rise in their net profits in 2023-24 while bad loans continued to fall, according to the Reserve Bank of India's (RBI's) annual publication "Trends and Progress of Banking in India", released on Thursday. "Banks' profitability rose for the sixth consecutive year in 2023-24 and continued to rise in H1:2024-25 with the return on assets (RoA) at 1.4 per cent and return on equity (RoE) at 14.6 per cent," the report said.
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
Claims to regain business lost to private courier operators.
Every banker loves the four-letter word Casa as it plays an important role in lowering the cost of deposits. Every bank wants to increase its Casa, as a higher portion of Casa in the overall deposit liability brings down its cost of money, points out Tamal Bandyopadhyay.
The Reserve Bank of India (RBI) has sought details about lenders' exposures to the Adani Group, banking sources said, a day after the conglomerate withdrew the Rs 20,000-crore follow on public offer (FPO) of its flagship firm Adani Enterprises amid the steep fall in its stock prices. On Wednesday, Swiss lender Credit Suisse stopped accepting bonds by Adani group companies as collaterals for margin lending. The going has been tough for the diversified conglomerate over the past week ever since US-based short seller Hindenburg Research levelled a slew of allegations about the group's operations, calling it the biggest corporate con ever.
Your promise to protect bankers for their commercial decisions is a huge confidence booster, but how does one define a commercial decision? Are our investigative agencies well equipped to dissect lending decisions of bankers?
Remittances growth is muted due to "structural" reasons which will hamper consumption demand locally, a report said on Thursday. "...the muted external remittances growth is more of a structural issue than transitory," India Ratings and Research said in its note. India has been the largest recipient of remittances from its diaspora spread all across the world and received over $70 billion inflows last year. The agency argued that flows had started to moderate even before the COVID-19 pandemic outbreak, pointing out that as a percentage of gross disposable income, the share of remittances fell to 2.5 per cent in FY19 as against 3.5 per cent in FY10.
The payments industry is at a crossroads with the banking regulator on two pressing issues, neither of which seems headed towards an amicable solution. Depending upon which side accommodates the other, customers in India will have to choose between convenience and ironclad safety. In the end, the Reserve Bank of India (RBI), which regulates both banks and all payments services providers, will prevail. But the question is: will it do so by bending a little or by sticking to its firm stand? The two issues - one concerning payment facilitators storing customers' card details and the other about auto-renewal of payments - appear similar but aren't.
There can be as many as six co-applicants in a joint loan.
Shareholders had already approved his appointment in 2015 for a period of five years subject to RBI approval
Leaving behind the luxe life and dapper suits of foreign banks, Puri and his team at the upstart venture shared fizz drinks, wore a footwear brand popular among the middle class, shared a rat-infested space in a yet-to-be gentrified work space to plan and execute it.
Banks can collapse, markets can be rigged, investment instruments can become worthless overnight, auditors can fail to blow the whistle, board directors can be asleep, and regulators can be incompetent, notes T N Ninan.
CEOs have complained that high interest rates have blocked their investment decisions. At the same time, customers are also deferring their purchases for new consumer durables, cars, and homes.
'RBI was focusing on public sector banks perhaps thinking that private sector banks are managed efficiently while PSU banks are not.' 'Now, RBI has to focus on private sector banks too.'
Simple tips to prepare for bank interviews from M B Sivaramakrishnan, a HR professional and author of the book Guide to Bank Interviews.
Banks stuck with miles purchased from Kingfisher Airlines, halt fresh buys
The 17-lender consortium led by State Bank of India has also put the Flying Models, Funliner, Fly Kingfisher and Flying Bird Device on the block.
Tinesh Bhasin explores the limitations of rights granted to homebuyers under the Insolvency and Bankruptcy Code.
The bank remains on high alert to intervene if markets freeze.
At the same time, banking sources close to the development said the central bank could raise its growth target from 5-6 per cent to 6.5 per cent to accommodate the impact of an improving monsoon and the growth impetus provided through various fiscal and monetary stimulus packages earlier in the year. The cautious outlook on interest rates is primarily to accommodate rising inflationary expectations in the economy.
Bank FD rates are expected to go down in the near future. Lock in now if you want stability as well as returns
Cap on bank withdrawals to be reviewed after Dec 30, says finance secy.
The Aprilia SR150 is a great buy and could be a perfect bet for the Piaggio Group which needs to mark its prominence outside the superbike segment and classy Vespa scooters
Invest in stocks of export-oriented and capital-intensive companies, says Devangshu Datta.
This was among the few times that TCS had to deploy rapid application development mode, which means changes in the application happen on-the-go.
he hike in service tax rate from 12.5 per cent to 14 per cent will increase the costs of buying
'Aamir Khan, Shah Rukh Khan and Salman Khan now act in only about one film each year, and made money through advertisements and television.' 'This meant that many people, even if they had the money to spend on a movie and wanted to go, often had nothing available for them to watch.'
Over the past few months, macro parameters have improved.
Heineken could call a shareholder meeting to vote on his ouster from a company his father built into a family empire
Franchising is one way to give your entrepreneurial self a chance. The challenge is huge, but the rules are simple. Grab the opportunity.
A day after applying for a bank licence, Aditya Birla Group chairman Kumar Mangalam Birla on Wednesday said the new bank licence norms announced by the Reserve Bank are not discriminatory towards large corporate houses.
He said it may take up to 3 weeks for all the 2 lakh cash vending ATMs to operate normally as each one has to be calibrated individually to dispense new sized notes of Rs 2000 and Rs 500 besides lower denomination currency of Rs 100.
RBI on Monday conducted an unprecedented level of liquidity infusion to the tune of Rs 3.3 lakh crore, in which banks bid for as much as Rs 4.5 lakh crore. The central bank said it would conduct a liquidity infusion auction of Rs 1 lakh crore on Tuesday as well, to help banks tide over the liquidity crisis.
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