Tata Consultancy Services TCS) said it has bagged a Rs 85-crore three-year deal for implementing smart card-based Financial Inclusion Solution (FIS) for Indian Bank.
'One by one we are seeing these private banks taking people's money and mismanaging it.' 'In the last 30 years, 30 private banks have collapsed.' 'Nationalise all banks so that people's money is safe.'
Earning money is important, no doubt, and everyone knows it. What escapes many a soul is that what you do with that hard earned money is equally, if not more, important.
It all started with a city-based IT solutions company setting out to build a technology platform for agricultural cooperative societies that would enable provision of banking services in rural areas at just two percent extra cost compared with urban bank branches.
Each postman has undergone a three-tier training process, after which they were evaluated by the National Institute of Banking and Finance and given certificates.
The Reserve Bank of India (RBI) has decided to give new banking licences to create more capacity and competition in the Indian banking space but the right size is yet to be determined. "The right size of a bank remains a debate for the industry," said Deputy Governor Subir Gokarn.
As many as 13 RRBs have finished implementing Finacle CBS solution for their operations.
Eko helps anyone who owns a cellphone to do banking transactions in just a few seconds.
'These firms do not contravene provisions of Chartered Accountants Act, 1949, which bar members of the countries not allowing Indians to practice accountancy in their jurisdiction to become chartered accountants in India,' said the committee, headed by Anurag Agarwal, a joint secretary in the ministry of corporate affairs, and such Indian audit firms cannot be equated with multi-national corporations.
A three-judge bench headed by Chief Justice S H Kapadia held that the transfer of debts between banks is legal and the Banking Services Regulation Act allows this activity.
Customers will not be able to conduct transactions in banks for 4 days in a row as they will be closed from Thursday in many states.
With the green cover gone, the bald roads to Puri are now reigned by lorries laden with electric poles, ambulances, fire service vehicles and cranes, signalling the rebuilding effort is in the works.
More than 127 million new bank accounts have been opened.
Unbanked customers can expect easier access to banking.
The Department of Posts has decided to hire a professional agency to prepare a roadmap for its proposed banking initiative.
BoB now has over 9,500 branches, 13,400 ATMs, 85,000 employees to serve 12 crore customers.
Fraudulent emails exhorting people to deposit cash for reward are on the rise.
The government plans to expand mobile banking services to benefit the common man.
Banking laws for NRIs allow for the following deposit schemes, or simply put, accounts with authorized dealers -- banks and financial institutions authorized by Reserve Bank of India to deal in foreign exchange -- to be maintained in Indian rupees and in foreign currency.
One of every four people in the 27-37-year age group, the most prolific in using digital banking apps, reported a fraud in the past year
Infosys said it is in discussion with over 10 institutions globally for deploying the solution
Australian bank ANZ is set to enter the Indian market following the Reserve Bank of India's in-principal approval for a banking licence.
The key features of the product include a dedicated priority service platform, superior foreign exchange rates on inward remittances and lower service charges on banking services, a release said.
Swiss private bankers are likely to reduce their exposure to wealthy Indian clients as they cut down their discreet banking services in countries like Germany, France and the United States, analysts say.
Biometric accounts are designed especially for the illiterate people who can operate their account using the thumb impression. Since such accounts will be operated through thumb impression of the account holder or the survivor or the legal heir as the case may be account operation will become easy.
"Subject to synergy, subject to reasonable similarity in culture, they (public sector banks) in the next 5-10 years really need to look at consolidation and merger," finance secretary Ashok Chawla said after launching the mobile banking service of Vijaya Bank in New Delhi.
RBI wonders if banks are doing enough to push the service.
In spite of the high decibel financial inclusion drive being carried out for the past three years, a Crisil study has revealed stark disparities in the spread of banking services, saying the top six cities are home to an astonishing 11 per cent of bank branches.
Through ICICIACTIVE, Dish TV viewers would get information about various types of ICICI Bank accounts and deposits. Dish subscribers can access information on different products, EMI on loans, eligibility criteria, documentation, time required for processing a request, ATM/branch details.
The RBI 'assured people' that enough cash in small denominations is also available at banks.
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.
The move will help BNP Paribas expand its operations in India.
Union Finance Minister Pranab Mukherjee while presenting the Budget 2009-10 in Lok Sabha on Monday announced that a sub-committee of State level Bankers Committee (SLBC) would identify and formulate an action plan for providing banking facilities in under-banked/unbanked areas in the next three years.
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.
With the Swiss government showing eagerness to help India trace suspected black money hoarders, banks based in Switzerland appear to be losing traction among the wealthy Indian clients and could not get much business commitments during the just-ended WEF summit.
The New York branch in midtown Manhattan plans to offer a suite of banking services, including working capital, acquisition finance, trade service and treasury solutions to corporates, and savings products to qualified individuals, subject to guidelines.
The central bank will come out with fresh set of guidelines for companies applying for on-tap bank licence
The market, which has been hit by global meltdown, would stabilise within a period of 16-18 months and by July-August 2010 the volume should rise, IMBS chairman and executive director of Indian Bank A Subramanian told reporters. Despite the global meltdown and southward movement of share broking business across the country, he was hopeful that with an improving market IMBS would surpass Rs 5,000 crore (Rs 50 billion) business in the next two years.
Under this service, SBI will give services in person or through remote mode.
The Paytm Payments Bank will be headquartered in Noida and kick off its services from east and north to begin with
