Banking operations were affected as the strike call given by the employees union to press for wage related issues entered the second day on Thursday.
A section of the public sector banking employees will go on two-day all-India strike from Wednesday to protest against financial sector reforms and outsourcing of jobs.
The survey also revealed that 95 per cent of the respondents use ATMs as a cash dispenser.
NPCI has launched several consumer friendly systems including one that allows users to transfer money to people over mobile phones across India.
According to A Krishna Kumar, Managing Director, the bank will try to maintain the employee strength at current levels even as it keeps expansion programmes in mind.
Sweeping reforms mooted; feedback open till Aug 27.
Greece will extend a bank holiday that has been in effect since June 29 for two more days.
Follow these simple ways to get your banking practices right
Unbanked customers can expect easier access to banking.
A recent KPMG survey highlights the huge potential for banks to grow their market with the rise in mobile phone subscribers in India. The most profound impact of mobile banking and payment services is that they provide the non-banking population with access to modern financial services, giving them tools to improve their living standards. Innovative m-banking services are fast arriving in the market.
Priyadarshini Maji evaluates the impact that payment banks are likely to have on your financial life.
Private sector lender Kotak Mahindra Bank will handle the salary account of the Indian army personnel, the bank said on Thursday. The bank has signed a memorandum of understanding (MoU) with the Indian Army for salary account. The MoU enables Kotak to offer its salary account proposition, combined with exclusive benefits for the Indian Army, to all army personnel - both active and retired, Kotak said in a release.
Public sector Corporation Bank has evolved a strategy to push its business to Rs 1 lakh crore in 30 months from the present Rs 55,000 crore (Rs 550 billion), a top bank official said on Tuesday.
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.
Bharti Airtel subscribers would soon be able to withdraw cash by using their mobile phone, without going to bank branches or any ATM. The company, which recently launched Airtel Money (AM) to allow users to transfer money, as well as pay bills, is in discussion with various banks to launch the cash withdrawal service.
The branch is likely to be inaugurated on Saturday by Prime Minister Narendra Modi, who is on a three-day visit to China
Graduates from any discipline can aspire for a lucrative job at India's fourth largest bank. Here's everything you need to know about the Federal Bank.
The preference for digital banking now cuts across all customer segments.
Other private banks also planning to employ bots soon
Employees of PSU and private banks, except State Bank of India, will go on a day-long strike on July 28 to oppose outsourcing of jobs, demand one more pension options and fresh recruitment of staff.
In a daring daylight robbery, armed men on Friday decamped with the cash van of a private bank from a posh south Delhi locality, after waylaying the vehicle and shooting its guard. Four men in a car waylaid the cash van of an agency, filling ATMs of ICICI bank, in the posh Defence Colony area. They then opened fire at the guard and fled with the vehicle, which is believed to be carrying nearly Rs five crore.
'I pack my water, biscuits, books and tent, and take my place in the queues.' 'Every time I get close, cash runs out.' 'Deserted shops, my dry bank, the empty ATMs -- this entire gigantic shitstorm is now more real and easier to process,' says Mitali Saran.
For far too long, individuals have been at the receiving end of unfair practices from various entities in the financial services industry. Now it's time to stand up and be counted!
The Reserve Bank on Wednesday said the amalgamation of Lakshmi Vilas Bank with DBS Bank India will come into force from November 27 and the moratorium imposed on the crisis-ridden lender will be removed on that day. The RBI issued the statement within hours of the Cabinet clearing the Scheme of Amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL).
Banking services across the country were hit on Wednesday by the day-long strike by 10 central trade unions and 14 bank unions, but workers of largest lender SBI and a few other banks stayed off the agitation.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
The active user base of mobile banking service in India is expected to increase 10 times to cross the 2.5 crore (25 million) mark by 2012, with cost of such transactions being lower than other channels like internet and ATM, a report says.
Every customer, on opening a Payments Bank account, will get a cashback of Rs 250 as soon they bring deposits of Rs 25,000 in their bank account. The account will have zero balance requirement and every online transaction (such as IMPS, NEFT, RTGS) will be free of charge.
In Round 1, 62 per cent strongly supported the continuation of the lockdown and 24 per cent expressed some support.
As hundreds of world's rich congregate for the World Economic Forum Annual Meeting in Davos, many of them have also scheduled meetings with Swiss bankers to devise new strategy for their hidden wealth.
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
The Reserve Bank of India (RBI) on Wednesday allowed payment system providers, prepaid card issuers, card networks and white label ATM operators access to its Centralised Payment Systems (CPS), such as real time gross settlement (RTGS) and National Electronic Fund Transfer (NEFT) systems in the first phase of its plan bring non-banks in the same platform. "Direct access for non-banks to CPS lowers the overall risk in the payments ecosystem.
UTI Bank has raised Rs 170 crore through issue of preferential equity to Life Insurance Corporation, CDC and three other investors at a price of Rs 42 per share in the last few months, P J Nayak, chairman, UTI Bank, said on Wednesday.
The Finance Ministry has asked all banks, including private sector lenders, to open branches in locations with population of more than 5,000 in the under-banked districts by September, 2012.
India recorded 50,035 cases of cyber crime in 2020, an 11.8 per cent surge in such offences over the previous year, according to the National Crime Records Bureau (NCRB) data. The Reserve Bank of India (RBI) last week once again cautioned bank customers of fraud, including those in Know-Your-Customer (KYC) cases. In fact, certain frauds have become more prevalent than others, and being aware of them is the first step towards protect yourself. Mayur Joshi, chief executive officer, Indiaforensic.com, a company engaged in the prevention, detection, and investigation of frauds says, "It is necessary to learn, to read about these scams."
Since the first Aadhaar number was issued in September 2010, more than 1.33 billion Aadhaar cards have been generated till June 2022. With the Aadhaar enrolment of adult Indians nearing 100 per cent, the main objective of the Unique Identity Authority of India (UIDAI), which was to give Unique Identification numbers (UID) to all residents of India, is almost achieved, said a senior government official. "Enrolment will now be much more update-based, because people keep updating their mobile numbers and addresses.
Expressing happiness over the growth of the banking sector in the last 10 years, Finance Minister P Chidambaram today described it as a great achievement of the United Progressive Alliance rule.
200 staffers, consisting of RBI officials and support teams, who are essential to perform critical functions, were isolated at a separate facility in a dedicated quarantined environment near all three RBI data centres.
While payments banks surely lose money, their operating ratios were looking better in 2017-18 compared to the year before. This implies that as customer volumes start picking up, the business models may perk up too, says R Jagannathan.
According to Association officials, Indian Banks' Association offered only a 11.5 per cent increase in hike compared to 17.5 per cent offered in 2011-12.
