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RBI Fines Top Banks For Failing KYC Norms

If you haven’t complied with KYC requirements attached to your bank account, your bank may have just suffered the consequences. In a serious move, the Reserve Bank of India (RBI) has cracked the whip on some of the top banks…

Indian rupee achieves all-time low against the US dollar

On Wednesday, June 26, 2013, the Indian rupee has hit an all-time low against the US dollar and it is now at 60 per dollar. By Wednesday afternoon, the Indian rupee was trading at 60.62 to the dollar, compared to…

Banks advised to assign reasons to reject educational loans

The Indian Parliament on November 22, 2012, informed that all banks have been asked to assign reasons for rejecting educational loan applications. The banks have been advised that the rejection of loans has to be done with the approval of…

Rs. 200 crore loan for Kingfisher rejected by lenders

The loan request of Rs. 200 crore from Kingfisher has been rejected by the SBI-led lenders. On September 27, 2012 the lenders consortium had asked the SBI capitals to plan a new revival plan for the financially struggling airline in…

Central Bank of India slashes interest rates on loans

Government owned Central Bank of India has announced that a reduction of up to 2 % in the interest rates across the retail loan categories. This also includes home loans, vehicle loans and other retail advances like the personal loans…

SBI launches online application service for youth

Country‚Äôs largest financer State Bank Of India Card has on August 28, 2012 launched an online application service which aims to acquire about 3,000 customers through its initiative in the next four months. With the new service the bank aims…

Jet Airways launches co-branded credit card along with ICICI Bank

Indian carrier Jet Airways which is the second largest private airline announced the launch of its co-branded credit card with ICICI Bank. Jet had earlier announced the tie up earlier with HDFC Bank for its flying miles programme. Now the…

Public sector banks resume operations after strike

The operations of the public sector banks resumed on August 24, 2012 after a two day strike which was called by the unions. The normal banking operations resumed which included the millions of piled up cheques. The unions of the…

Now ATM machines to also accept deposits

The Indian government on August 18, 2012 said that the banks have been asked to upgrade their ATMs to double up as cash collecting machines. This will help to mobilise the Rs. 11 lakh crores lying as cash with people….

Card usage and penetration of ATMs low in India

The Reserve Bank of India (RBI) on August 3, 2012 said that the penetration of ATMs (automated teller machines) is still very low compared to the other emerging markets. The RBI added that the penetration is low despite the fact…