Union Finance Minister Nirmala Sitharaman and chiefs of public sector banks (PSBs) held a meeting to discuss mobilizing deposits through special drives and strengthening customer bonds. The gathering came amid concerns that deposits are increasing slower than credit. Sitharaman recommended banks to maximize the breadth of resolution and recovery services provided by the National Company … Read more
Moody’s stated on Thursday that the Reserve Bank of India’s latest draft guidelines, which aim to improve banks’ ability to manage liquidity in the face of increased digital transactions, are credit positive. Last month, the central bank issued a set of preliminary guidelines, which suggested that banks would be compelled to allocate an additional 5% … Read more
The Reserve Bank of India (RBI) releases a list of bank holidays each month so that customers can plan their branch visits accordingly. Banks in several states will be closed on Wednesday, July 17, for Muharram. Odisha Meghalaya will observe a holiday for U Tirot Sing Day on the same date. Apart from the national … Read more
Starting on May 1, Yes Bank and ICICI Bank will modify their savings account servicing fees. In addition, both banks have made the decision to discontinue select account types. ICICI Bank: Minimum monthly average balance (MAB), cash transaction charges, ATM interchange fees, etc. are some of the different banking services that ICICI Bank will revise. … Read more
The Election Commission of India (ECI) has signed a Memorandum of Understanding (MoU) with the Indian Banks’ Association (IBA) and the Department of Posts to enhance voter outreach and awareness ahead of the upcoming General Elections to Lok Sabha 2024. This move follows ECI’s efforts to enhance electoral awareness in the country. The MoU was … Read more
As of March 31, 2023, 2,623 borrowers in India have been designated as willful defaulters, owing banks Rs 1,96,049 crore, Bhagwat Karad, Minister of State in the Finance Ministry, informed the Lok Sabha on Monday. According to Karad, Scheduled Commercial Banks (SCBs) and All India Financial Institutions (AIFIs) submit to the Central Repository of Information … Read more