Are you SBI customer and have saving account with the bank? Then this news is very important for you as State Bank of India (SBI), India's largest public sector bank is all set to reduce the interest rates on deposits in retail savings accounts from November 1, 2019.
HDFC Bank Customers alert! A passbook picture of HDFC Bank, India one of the largest private sector bank, bearing a stamp of deposit insurance cover being circulated on social media which informs customers that deposits only up to ₹1 lakh is insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC). Issuing a clarification on it, the lender said the information was not new and has been inserted as per Reserve Bank of India circular issued on June 22, 2017.
Promoters of real estate group HDIL, Rakesh and Sarang Wadhawan, who are the prime accused in the PMC Bank scam, have requested the RBI and investigation agencies to sell off their assets, including a yacht, a Rolls Royce and an aircraft, to pay off the bank's dues.
A scrutiny was carried out by RBI to examine the implementation of SWIFT related operational controls in SBM Bank (Mauritius) at its Indian operations, and it was observed that it failed to comply with certain provisions, the RBI said.
Amid ongoing Punjab and Maharashtra Bank (PMC) crisis, rumours on the poor financial health of Bank of Maharashtra has been spreading on WhatsApp. Following which, BoM filed a complaint with Pune police and cyber cell against the circulation of fake news and spreading of rumours on news site and other social media platforms. Bank also issued an important message for its customers.
Reserve Bank of India on Monday enhanced the withdrawal limit for depositors of Punjab and Maharashtra Cooperative (PMC) Bank Ltd to ₹ 40,000, giving relief to its customers ahead of Diwali.
Use of mobile wallets or digital payment has been grown rapidly in the past few months. Following which, the Reserve Bank of India (RBI) is to set-up an internal ombudsman for digital payment or mobile wallet service providers, including Paytm, PhonePe, Amazon Pay and others.
The apex bank, in its monetary policy report, said the forward-looking indicators suggest that world trade is likely to slow down further this year.
The Reserve Bank of India has stepped in to provide relief to the customers. The new guidelines released by the RBI have defined the new turnaround time for such failed transactions.
The bank was put under "directions" by the Reserve Bank of India (RBI) last month due to weak financial health, wherein the central bank has capped the deposit withdrawals at Rs 25,000.
According to RBI's Monetary Policy Report, October 2019: "Taking into account the baseline assumptions, survey indicators, the reductions in the policy repo rate since February 2019, the base effects and model forecasts, real GDP growth is projected at 6.1 per cent in 2019-20 - 5.3 per cent in Q2, 6.6 per cent in Q3, 7.2 per cent in Q4 - with risks evenly balanced."
In a circular addressed to the chief executives of all co-op banks, RBI asked them to replace the existing system of email-based reporting at the branches to a web-based central system. This will make use of RBI's Central Information System for Banking Infrastructure (CISBI) which is an online portal that presently allots Basic Statistical Return (BSR) code to branches and offices of all banks.
Outstanding loans rose Rs 596.53 trillion ($8.40 billion) from a fortnight earlier to Rs 97.71 trillion as on September 27.
Moody's attributed the deceleration to an investment-led slowdown that has broadened into consumption, driven by financial stress among rural households and weak job creation.
According to government sources, 13 DCBs would be merged with the Kerala State Co-operative Bank for forming the proposed Kerala Bank.
In this financial year, SBI has cut its MCLR or minimum lending rate for the sixth time. However, the rate reduction is not applicable to repo-linked loans.
The bank's board and shareholders approved setting off accumulated losses of Rs 7,360.29 crore as of March 31, 2019, against the balance lying in share premium account and revenue reserve account of the bank as on date of set-off.
Reserve Bank of India (RBI) has ruled out any special liquidity facility for Non Banking Financial Institutions (NBFCs) saying there is enough in the system to meet their needs for borrowings and it is for the lenders to take a call on lending to the NBFCs.
The Reserve Bank of India on Monday directed all state-level bankers' committees to find out one district each on a pilot basis to expand digital payments ecosystem.
The RBI Monetary Policy Committee (MPC) reduced repo rate by 25 basis points on Friday to 5.15 per cent and decided to maintain the accommodative stance "as long as it is necessary to revive growth while ensuring that inflation remains within the target".
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