A consumer commission in Nagpur, Maharashtra, has penalised Axis Bank for deficiency in service, ordering a refund and compensation to a customer over a failed ATM transaction from 2018.
This facility, initially, will be available at select ATMs in the major centres.
Mumbai Police have arrested two men within hours of them allegedly stealing over Rs 63 lakh from an ATM cash van in Kandivali. A significant portion of the stolen cash has been recovered.
In what is the largest ATM outsourcing deal in the country, Axis Bank has entered into an agreement with two third-party service providers to increase its ATM count to more than 9,000 within the next 18 months.
The accounts were hacked during April and May, police said, adding that the Axis Bank had contacted Mumbai police and informed that they had set up a committee to probe the matter.
Axis Bank on Wednesday said it has completed the acquisition of Citibank's retail business in India for a final cash consideration of Rs 11,603 crore. The sale excludes Citi's institutional client businesses in India. The third-largest private sector bank said the acquisition, announced first in March last year, will not necessitate any new capital requirements and stressed that the attrition numbers on customers are much better than expected.
At other bank ATMs, the customers of these banks will be charged beyond three transactions.
After private banks - HDFC Bank and Axis bank - decided to charge own customers for more than five transactions at their ATMs, public sector lender Union Bank of India has also joined the bandwagon.
Banking operations at public sector banks across the country were impacted on Tuesday as the United Forum of Bank Unions (UFBU) went on nationwide strike demanding the immediate implementation of a five-day work week.
As many as 140 million customers of HDFC Bank and Axis Bank are expected to face interruption in banking services in the weekend due to the former's system upgrade and the transition of Citi India business to the latter. Both the banks have notified their customers about the interruption in services. HDFC Bank - the country's largest private sector lender with 93.2 million customers - had announced that it will undertake a system upgrade on July 13, wherein it will migrate its core banking system (CBS) to a new engineered platform to enhance customer experience.
In a daring robbery at an ATM kiosk on Chakan-Alandi Road near Pune in the wee hours of Sunday morning, burglars stole Rs 16 lakh (Rs 1.6 million) by triggering a low intensity blast at the cash dispenser.
If you are have an account with State Bank of India, HDFC Bank or Axis Bank you will have to pay higher charges for using ATM more than five times a month.
But what do banks gain by opening their apps for all? The answer -- rival bank's customers under their fold.
Even as RBI allowed banks to charge ATM transactions beyond five in metros, the lenders are yet to restrict the number of free withdrawals for their own customers at home ATMs.
Banks that own ATMs charge an inter-change fee for providing the facility to the customers of other banks. For larger players such as SBI, ICICI, HDFC and Axis Bank, the shift would mean higher revenues as customers would tend to use the nearest ATM. Smaller banks, which already allow their account holders to access any ATM without having to pay a transaction charge, fear the bigger players, sensing an opportunity, may increase the inter-change fee over the next 6 months.
Rediff.com's A Ganesh Nadar takes a tour of banks in a Chennai suburb and finds that nothing has changed in one month since demonetisation.
Readers share their bitter-sweet experiences at the ATM.
A white-label ATM is similar to a normal bank ATM but is not owned by a bank, instead by a private ATM service provider.
The Budget for 2016-17 has announced a massive rollout of ATMs and micro-ATMs.
The charges would apply to savings as well as salary accounts
Here's how Ganesh Pillai got his card back from the ATM machine.
Days after cash and ornaments valued at over Rs 2.25 crore were found missing from an Axis Bank branch in Manipur's Churachandpur, criminals targeted another bank in Kangpokpi district and looted computers and other electronic items worth nearly Rs 1 crore, officials said on Friday.
With debit cards of 5 banks compromised, time to be very cautious while transacting. If possible, avoid non-bank ATMs.
So what if your bank has imposed/will impose a transaction fee of Rs 20 for using ATMs after your fifth visit in a month? You can still remain within your free transaction limits and avoid being charged at all. Wondering how it is to be done? Read on.
The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM network of Yes Bank
'The reason is that you may not enter the branch but you want to see it near you as it establishes trust.'
Delays in returning money for disputed transactions have also come under RBI's scanner.
High interest rate, policy uncertainty in the year of elections, along with risk aversion led to slow takeoff in credit demand on the corporate front.
To educate customers on the modus operandi of financial fraudsters and share inputs on safe banking habits, banks are now coming up with awareness campaigns aimed at preventing customers from falling into the trap of fraudsters.
Axis Bank recently informed the Reserve Bank of India that it had experienced a cyber attack, while the State Bank of India said it was re-issuing over 600,000 debit cards because of a potential security breach.
'Credit card debt comes with high interest cost and stringent penalties.' 'If you do not repay on time, the costs balloon.'
While some of the banks mentioned in the report said they have not come across any such fake apps, others have started an inquiry and also informed the CERT-In -- the national nodal agency for responding to computer security incident.
Report holds Hitachi responsible for debit card data theft. When the data theft came to light, Hitachi had denied that its systems were compromised.
Pawan Kumar Soni, a 55-year-old farmer based in Sri Ganganagar City in Rajasthan, became a victim of a cyber fraud when his 26-year-old son Harsh Vardhan opened a link from a phishing message that flashed on his mobile phone.
Branch additions for most major banks in the current financial year do not correspond to the number of the past two years.
After the recent attack on debit cards exposed the gaps in their security systems, banks are getting serious about data privacy.
Soon after the lifting of the 13-day moratorium at 6 pm, some customers took to social media complaining that they were not able to access certain services, including internet and mobile banking.
Day Two after the banks reopened following the prime minister's demonitisation announcement, the scenario remained just as chaotic as Day One, reports A Ganesh Nadar/Rediff.com.
Six Indian women have made it to Asia's most powerful women list released by Forbes.
ICICI bank waives ATM charges.
