BANKING CUSTOMERS
BoB loan book grows 8% in Q1; IndusInd's net advances up 16%
The bank's CASA ratio fell to 36.7% at the end of June 2024 from 39.9% a year ago, disclosures made by the bank showed. Retail deposits and deposits from small business customers amounted to ₹1.74 lakh crore as of June 2024, up from ₹1.69 lakh crore in March 2024, the bank said.
New credit card rules: HDFC Bank, Axis Bank, other banks customers cannot make credit card bill payments using PhonePe, Paytm
Credit card bill payment rules: As of July 1, customers with credit cards from major banks like HDFC Bank and Axis Bank will no longer be able to settle their credit card bills using third-party applications such as PhonePe, Amazon Pay, and Paytm.
RBI tells banks to find ways to bridge the gap between credit and deposit growth
The meeting addressed various banking challenges including credit-deposit ratio, cybersecurity, and digital frauds. Governor Das emphasized the need for robust cybersecurity controls and customer awareness initiatives to curb digital frauds.
RBI Governor urges banks to step up efforts against ‘mule accounts’ & intensify customer awareness initiatives
RBI Governor Das emphasized the importance of managing third-party risks, enhancing compliance culture, and strengthening resilience in banks during a recent meeting with banking executives.
Citibank credit cards migration to Axis Bank to be completed on July 15; credit cards migrated, new benefits, 9 important FAQs
Citibank credit cards migration to Axis Bank: According to the Axis Bank website, here is a look at the Citibank credit cards that will be migrated, the new terms and conditions, fees and charges, rewards, and other important migration details.
Allahabad Bank to pay customer Rs 46,000 lost in unauthorised debits from account; RBI rules on customer liability for unauthorised transactions
How to report unauthorized transaction in savings account: As per the guidelines set by the Reserve Bank of India (RBI), customers will bear limited responsibility in case unauthorized electronic transactions result in deductions from their accounts or cards. Let's take a closer look at the RBI regulations.
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RBI imposes Rs 1.45 cr penalty on Central Bank of India
The Reserve Bank on Friday said it has imposed a penalty of Rs 1.45 crore on the Central Bank of India for non-compliance with certain directions related to 'loans and advances' and 'customer protection'. The RBI had conducted a statutory inspection for Supervisory Evaluation (ISE 2022) of the Central Bank of India with reference to its financial position as of March 31, 2022.
Unauthorised transaction due to third party breach: Bank customer has zero liability, says HC
The Bombay High Court ruled that customers have zero liability for unauthorized transactions caused by third-party breaches, directing Bank of Baroda to refund Rs 76 lakh to Pharma Search Ayurveda Private Limited. The court cited a 2017 RBI circular and the bank’s Consumer Protection Policy, highlighting that the deficiency lay not with the bank or the customer. The petitioners reported the fraud immediately, but the bank ombudsman initially rejected their claim. The court found no negligence by the petitioners and ordered the refund within six weeks.
SBI online settlement of claims: Settlement of claims of FD, savings accounts of deceased SBI customer
State Bank of India customers can claim for settlement pertaining to deposit accounts of deceased online with very few branch visits.
Realty Co Total Environment has raised Rs 1600 crore from top lenders
Total Environment has paid off approximately ₹2,070 crore of debt raised from top-tier financial institutions, driven by robust residential sales.
Fino Payments Bank eyes tripling digital banking revenue share by FY25
Fino Payments Bank sees an opportunity in the digital banking space after Paytm Payments Bank's exit. To capitalise on this, they're ramping up their digital offerings, aiming to grow their digital revenue share from 5-6% in FY24 to 15% this fiscal year. Since December, Fino has deployed around 14,000 QR codes which reported 300,000 transactions valued at Rs 33 crore.
Now autofill your UPI Lite wallet: You will soon get option to have auto debit mandate to maintain UPI Lite balance
UPI Lite: The Reserve Bank of India announced that now UPI Lite wallet is to be integrated with the e-mandate framework. This will help in auto-replenishment of the UPI Lite balance. If the balance in UPI Lite balance goes below a threshold amount, funds will be automatically added. Read here to know more about this feature of UPI Lite.
Re-KYC update of bank account: How to update KYC of bank account online in HDFC Bank, SBI, Canara Bank, ICICI Bank
How to update KYC details: Re-KYC is a procedure that allows banks and other financial organisations to stay up to date on a customer's most recent contact data and personal details. Here is how you can update your KYC details online for these top banks.
RBI penalties up 88% in 3 yrs; KYC, AML top list
The number of penalties imposed by the Reserve Bank of India on financial institutions grew 88% in the past three years with Know Your Customer (KYC) and Anti Money Laundering (AML) topping the list of non-compliances. The central bank collected ₹78.6 crore over the three years after imposing penalties on 261 occasions in 2023 alone, according to RBI reports compiled by Signzy, a fintech firm that manages regulatory compliance for institutions.
CBIC starts electronic disbursal of duty drawback to exporter's bank accounts via PFMS
CBIC introduces electronic disbursement of duty drawback amounts to exporters' bank accounts via PFMS platform, enhancing transparency, efficiency, and global trade facilitation standards.
FD rates up to 8%: These 3 banks special fixed deposits with higher interest rates will end on June 30
Many banks offer special fixed deposits with higher interest rates. However, these special fixed deposits are offered for a limited period of time. Individuals who wish for a better return should make sure to invest in special deposits before the deadline.
IBA chief explains what bank frauds really are, stresses on critical 'golden hour'
As per the RBI's recent annual report, fraud cases surged to 36,075 in FY24, marking a significant rise from 13,564 reported in the previous fiscal year. The report highlighted that a majority of these frauds, in terms of volume, were related to digital payments, including card and internet transactions.
HDFC Bank debit, credit cards will not be working on these two days: Check details
HDFC Bank has notified customers via email and SMS that all HDFC Bank debit, credit, and prepaid card transactions would be temporarily unavailable during an update period.
Now, a 'Bank Clinic' to guide you on complaints
The Bank Clinic is an initiative by the All India Bank Employees' Association (AIBEA) to help customers address their grievances amid rapid expansion in technology and a series of Reserve Bank of India (RBI) guidelines on retail banking. A customer can fill out the details of her/his complaint, create a ticket, and receive a reply in five working days on the remedies available and information on what the RBI guidelines prescribe on that matter.
Online banking, a lengthier long-distance relationship
The banks (and other companies) were getting you to do their jobs for them and charging you for this, in both time and money. There was no discussion around this, no negotiation, nothing. This was the first of many digital fait accomplis of which you would shortly become the victim.
Will this bank continue to offer 9.2% interest on fixed deposit post-merger? Know what changes for FD investors
Interest rates on small finance bank FDs had gone up and small finance banks (SFBs) were offering 9% to 9.5%. Earlier, Fincare Small Finance Bank used to offer 9.21% to senior citizens on FDs maturing in 750 days. Now Fincare SFB merged with AU Small Finance Bank, effective from April 1. Now, customers should be aware of what will happen to the FDs they had opened in Fincare SFB before the merger? Will they be eligible for the deposit insurance protection of up to Rs 5 lakh, including principal and interest? Will the IFSC codes change after the merger?
IDFC First Bank to raise Rs 3,200 cr via preferential issue to LIC, others
IDFC First Bank will allot around 39.68 crore shares to some of India's biggest institutional investors, including LIC, HDFC Life, ABSL Insurance, Bajaj Allianz Life, ICICI Lombard, and SBI General Insurance.
How to block a debit card: 4 ways to block, hotlist PNB debit card
How to block a debit card: Punjab National Bank (PNB) customers can follow any of the following processes to block or hotlist their card. Note that debit cards, once hotlisted, cannot be de-hotlisted.
Rs 91 lakh penalty on YES Bank for wrongly levying non-maintenance of minimum balance charges: Is your bank charging the same?
Minimum balance negative in savings bank account: RBI has imposed a penalty of Rs 91 lakh on YES Bank for not complying with the master directions on customer service in banks. One of the reason was levying charges on savings bank account having insufficient or zero balance. Has your bank done the same too?
Trouble with bank and can't find resolution? File a complaint against bank with RBI Ombudsman; who are eligible, when, where to file
RBI Ombudsman: Facing any issue with your bank? First try to solve it by filing a complaint, etc. If it is still not solved you may approach the Reserve Bank of India (RBI) and file a complaint under the 'Banking Ombudsman Scheme'. Read here to know who can file such a complaint and when will such a complaint not be considered.
RBI imposes penalty on Yes Bank and ICICI Bank
The penalty is imposed on Yes Bank because it levied charges on customers for non-maintenance minimum balance in certain savings accounts with insufficient or zero balance, which is in violation of RBI's guidelines, while ICICI Bank sanctioned term loan/ loans to certain entities in lieu of or to substitute budgetary resources envisaged for certain projects.
HDFC Bank net banking, mobile banking, UPI will be down during this time
HDFC Bank has informed its customers that net banking, mobile banking will not be working on May 25 for a certain period of time. HDFC Bank customers were informed about scheduled maintenance work being done due to which below services would have been impacted
Debit card decline charge: SBI, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, PNB, BoI
When customers try to take out cash or use their debit cards, but don't have enough money in their account, they get charged a fee. This fee is charged even though the bank doesn't incur any costs for a declined transaction.
Airtel Payments Bank's annual net profit rises 60% to Rs 35 crore
Airtel Payments Bank records 60% surge in annual net profit to Rs 35 crore, with revenue up 42% to Rs 1,836 crore. Monthly transacting users reach 80.4 million.
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