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.
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).
The State Bank of India on Monday launched a state-of-the-art 'floating ATM,' said to be the first in the country.\n\n\n\n
In response to the panic triggered by Trump's trade policies, the RBI net sold approximately $43 billion in the second half of FY25 to curb volatility, as the rupee plunged to a low of 87.95 per dollar in February this year.
At times, banks violate all banking norms, resulting in a customer's accounts wiped clean through illegal ATM withdrawals.
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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.
Union Bank of India, Canara Bank, Andhra Bank, Saraswat Co-operative Bank and YES Bank have come together to allow inter-bank fund transfers through debit cards.
SBI has announced an investment of Rs 7,250 crore in Yes Bank through the acquisition of 725 crore shares at Rs 10 each.
The number of cyberfraud cases has skyrocketed from 2,677 in 1999-2000 to 29,082 in FY24 -- more than a 10-fold increase. The RBI pegs digital payment frauds at Rs 1,457 crore in FY24, up more than five times in a year. It's not just the number of frauds. What's alarming is the growing sophistication of the fraudsters, exposing the vulnerabilities within the financial system, observes Tamal Bandyopadhyay.
India's first floating ATM will be launched in Kochi on February 9 by the State Bank of India.
The Union Finance Ministry on Tuesday said that aggregate business of public sector banks (PSBs) has shown strong growth of 11 per cent in the first half of the financial year 2024-25 (H1FY25) to touch Rs 236 trillion. The operating and net profit were also robust. At Rs 1.5 trillion, operating profit grew by 14.4 per cent year-on-year (Y-o-Y) while the net profit saw an impressive 25.6 per cent jump at Rs 85,520 crore in the first half of FY25.
73-year-old dies in Mumbai, 75-year-old in Kerala.
Many customers have had to deal with printouts saying 'transaction declined.' Customers using their own banks' ATMs did not, however, face similar problems. Transactions on a bank's home ATM network are processed through a different switching system, while inter-bank transactions go to NFS, the country's largest domestic network for authentication and routing payment details of various e-commerce transactions and e-government activities.
Beneficiaries of kerosene, LPG and fertiliser subsidies will be able to get direct cash transfers through banks, ATMs or even mobile banking after the UIDAI's recommendations to plug leakages in the system are implemented.
In a massive push for cashless transaction, State Bank of India, the country's largest bank, plans to increase the number of its ATMs by over three times to 25,000 in the next three years.
Currently, the fee is Rs 15 per financial transaction. This has been recommended to be revised to Rs 16.50, plus service tax (12%), taking the amount to Rs 18.48.
State Bank of India is set to cross the 5,000 mark in number of ATMs installed in the country.
Tamil Nadu-based Lakshmi Vilas Bank (LVB) with pre-independence lineage on Friday lost its identity after its merger with the Indian subsidiary of Singapore's DBS Bank. The debt-ridden 94-year old old bank's fate was sealed with Union Cabinet headed by Prime Minister Narendra Modi approving Scheme of Amalagamation on Wednesday.
State Bank of India and Kingfisher Airlines on Monday launched a e-ticketing initiative for air travellers.
State Bank of India, the country's largest lender, is on an outsourcing overdrive. After outsourcing the back-office work in foreign offices, the bank has now decided to rope in external agencies to set up automated teller machines to save on capital expenditure and reduce the rollout time. It plans to initially outsource 500 ATMs to vendors, including original equipment manufacturers.
It would be done on a pilot basis to reduce capital expenditure in setting up ATMs and to improve availability of ATMs to customers, minister of state for finance P K Bansal said in written reply in Lok Sabha. As per the information available on the website of the bank, SBI has over 8,500 ATMs in India, the largest network in the country.
The ATMs are fully up now and customers can withdraw up to Rs 50,000 from Yes Bank as well as from other banks' ATMs.
With debit cards of 5 banks compromised, time to be very cautious while transacting. If possible, avoid non-bank ATMs.
About 200,000 ATMs can dispense the new series of Rs 500 notes
In a two-way tie up with two leading private sector banks, State Bank of India has forged one of the biggest alliances to share ATM networks.
'The FSIB will conduct interviews for the SBI chairman position on May 21-22 as the tenure of the current chairman Dinesh Kumar Khara is scheduled to end by August.'
People of Berhampur in south Odisha are crossing over to Andhra Pradesh in search of ATMs to withdraw money as almost all such facilities in this silk city are lying defunct since Cyclone Phailin hit the state.
The Reserve Bank on Friday superseded the board of the city-based Abhyudaya Cooperative Bank on concerns emanating from "poor governance" and appointed an administrator to manage the affairs of the lender. In what can be seen as a step that should allay depositors' concerns, the central bank did not put any restrictions or moratorium on deposit withdrawals because of the comfort it gets on the bank's finances, according to people in the know. "(The) action is necessitated due to certain material concerns emanating from poor governance standards observed in the bank.
Even as State Bank of India, the country's largest lender, has decided to charge its customers for more than five transactions through automated teller machines (ATMs), private sectors banks continue to be on a wait-and-watch mode.
By 2017, research provided by NCR Corporation, an ATM maker, suggests that the installed base of these machines in India will reach 400,000 machines, from about 100,000 in the third quarter of 2012.
Stating that its ATM operations are making losses, nation's largest bank SBI has said it is all for charging customers for transactions.
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.
Prayagraj is transforming into a massive temporary city to host the Maha Kumbh, the world's largest religious gathering, expected to draw over 40 crore pilgrims. The preparations include extensive infrastructure development, including 160,000 tents, 150,000 toilets, and a 1,250-km pipeline network. The event, starting on January 13, will culminate on February 26, bringing together millions of devotees for the holy dip at the confluence of the Ganga, Yamuna, and Saraswati rivers.
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 correlation between withdrawal of deposits and the Covid death rate is stark, reveals Tamal Bandyopadhyay.
An RBI official said the supply of currency was adequate in the states facing a crunch at ATMs but the logistic issues led to the present situation
Around 2,500 engineers and 45,000 cash management employees step up efforts to complete the target of recalibrating 12,500 ATMs every day.
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