BANK NEWS

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ATM Cash Withdrawal: Now Soon You Will Be Able To Withdraw Money From ATM Without Card

RBI has issued a circular on May 19, 2022, directing all banks to start the facility of withdrawing money without card soon. This facility will be available 24 hours a day. In fact, in the meeting of the MPC held on April 8, 2022, this facility was announced by the Reserve Bank. The RBI governor …

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Big Changes To Applicable From 1st May 2022 Which Will Affect Your Pocket

The month of April 2022 is ending. Tomorrow i.e. from Sunday the new month is going to start. The new month is also bringing some changes with it. There are going to be some changes from May 1, 2022, which will directly affect your pocket. 1.) Tax will be collected on Purvanchal Expressway Toll tax will be …

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Cardless Cash Withdrawal To Be Available At All Banks

Taking note of the increasing cases of frauds while withdrawing money through ATMs, the Reserve Bank has taken a major decision. Under this, the facility of cardless cash withdrawal with the help of UPI will now be available on all banks. The RBI Governor said that through this facility, the cases of frauds that occur …

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RBI Imposes Ban On This Co-Operative Bank

The Reserve Bank of India has announced to impose a number of restrictions on Shushruti Soudhaar Sahakara Bank Regularity based in Bengaluru. In a statement issued by the RBI in this regard, it has been said that the bank can no longer give loans or accept deposits without its approval. These restrictions will remain in …

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Trustee Units Of SBI, IDBI And Axis Under Siege, CCI Starts Investigation

The Competition Commission of India (CCI) is initiating an investigation into the trustee units of State Bank of India (SBI), Axis Bank and IDBI Bank. The investigation is being done following allegations of suspected collusion over fees. This is likely to spark a legal battle in the coming days. As per the rules, debt-raising companies …

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Breaking: Government Notifies Amalgamation Of PMC Bank And Unity Small Finance Bank

Breaking: Government Notifies Amalgamation Of PMC Bank And Unity Small Finance Bank

RBI Press Release (Vide Press Release ID: 2021-2022/1616) The Government of India has today (25th January 2022) sanctioned and notified the Scheme for the amalgamation of the Punjab and Maharashtra Co-operative Bank Ltd. (PMC Bank) with Unity Small Finance Bank Ltd. (USFBL). The amalgamation will come into force with effect from the date of the …

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Know These ATM Rules Before Withdrawing Money From ATM

Know These ATM Rules Before Withdrawing Money From ATM

From January 1, 2022, withdrawing money from ATM has become expensive. You will have to pay a higher price for every withdrawal transaction after the free withdrawal limit. According to the instructions issued by the Reserve Bank of India (RBI) in June 2021, customers of banks will have to pay Rs 21 for ATM withdrawals …

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IndusInd Bank Customer? Now Transfer Money From Abroad Through UPI

IndusInd Bank Customer? Now Transfer Money From Abroad Through UPI

Now it has become easier than ever to transfer money from abroad to India. IndusInd Bank has entered into an agreement with National Payments Corporation of India (NPCI), under which customers sitting abroad will be able to easily transfer their money to India through UPI. The bank has started this facility from Thailand. Explain that …

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Banks Will Be Closed For 16 Days in January 2022. Note The Dates

Banks Will Be Closed For 16 Days in January 2022. Note The Dates

Reserve Bank of India (RBI) has released the list of holidays for banks in various cities. According to which banks will remain closed in different states of the country for 16 days in January. These days customers will not be able to withdraw or deposit money in their respective bank branches. However, all the services …

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SBI Alert: Do This Work Immediately! Unless You Will Not Be Able To Do High Value Transactions

SBI Alert: Do This Work Immediately! Unless You Will Not Be Able To Do High Value Transactions

State Bank of India (SBI) has issued an alert for its customers that if they have not linked their Aadhaar card with PAN, get it done immediately. The deadline for linking Aadhaar with PAN is about to end. If you do not link your Aadhaar with PAN before the stipulated time limit, then your PAN …

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HDFC Bank Alert: These Rules Related To Card Will Change On 1st January 2022

HDFC Bank Alert: These Rules Related To Card Will Change On 1st January 2022

HDFC Bank has issued an alert for its customers. If you are also a HDFC Bank customer, then there is an important update for you. Giving information to the customers, the bank said, ‘The description of your HDFC Bank card entered on the merchant website/ app will be deleted. RBI had given orders regarding this, …

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Banking Work May Affect On These Dates, Because Employees Will Go On Strike

Banking Work May Affect On These Dates, Because Employees Will Go On Strike

Your bank’s work may be affected on 16-17 December, 2021. Actually 10 lakh bank employees will be on strike on these days. Negotiations between bank unions and the government remained fruitless. After which about 10 lakh bank employees will be on strike in protest against the privatization of public sector banks. This will affect the …

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Know About The Benefits And Rules Of SBI Gold Current Account

SBI Current Account benefits: If you have a business and do daily transactions then you need a current account. India’s largest bank is offering many great benefits (SBI Current Account benefits) on the opening of State Bank of India Current Account. There is a special account in SBI namely SBI Gold Current Account. In this, …

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RBI Alert against frauds in the name of KYC updation

Reserve Bank alerted about fake KYC [Read RBI Important information]

The Reserve Bank has now warned that some people are doing fraud in the name of KYC i.e. Know Your Customer. If you told someone any OTP or clicked on any fake link sent by them, then your account may become empty. RBI tweeted, ‘Beware of messages, calls or links for KYC updation, card details, …

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SBI Offers: 100% Off On Home Loan Processing Fees!

SBI Offers: 100% Off On Home Loan Processing Fees!

The country’s largest bank State Bank of India (SBI) has announced 100% rebate in processing fee (PF) for new home loan customers. SBI has also announced ‘Monsoon Dhamaka Offer’ with 100% discount on processing fees of home loans in the month of August. This offer will be available for new home buyers till 31 August …

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Many rules are changing from July 1, will have a direct impact on your pocket, know what is going to change

Important rules related to your life are going to change from July 1, which is going to have a direct impact on your pocket and household budget. Rules To Change From 1st July TDS will have to be paid double from July 1 The Income Tax Department has become very strict on those who do …

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bank news

Government may privatize Central Bank of India and Indian Overseas Bank: Report

The Times of India has reported that the central government may sell its stake in Central Bank of India and Indian Overseas Bank under the policy of privatization announced during the Union Budget in February 2021. As a report, NITI Aayog has recommended disinvestment of both the banks. Apart from this, there is also a …

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Customer Due Diligence for transactions in Virtual Currencies (VC)

RBI Notifications: Customer Due Diligence for transactions in Virtual Currencies (VC)

Customer Due Diligence for transactions in Virtual Currencies (VC). RBI/2021-22/45DOR. AML.REC 18 /14.01.001/2021-22 May 31, 2021 All Commercial and Co-operative Banks / Payments Banks/ Small Finance Banks /NBFCs / Payment System Providers Madam / Dear Sir, Customer Due Diligence for transactions in Virtual Currencies (VC) It has come to our attention through media reports that …

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Erstwhile Syndicate Bank cheque books valid till end of June 2021

Erstwhile Syndicate Bank cheque books valid till end of June 2021

Canara Bank said cheque books issued by erstwhile Syndicate Bank branches and their IFSC or MICR codes will be valid till the end of June 2021. Canara Bank amalgamated Syndicate Bank with itself effective April 1, 2020. The bank said in a statement “Customers can continue to use the cheque books issued by erstwhile Syndicate …

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Most Important Update for Account Holders of These Banks Which will be Applicable From 1st March 2021

Accounts of Dena Bank, Vijaya Bank, Allahabad Bank, Corporation Bank, Oriental Bank, Syndicate Bank and United Bank will be closed from 1st March, 2021. So the Cheques of these banks will be out-dated & will not be taken from 1st March, 2021 and pay-out will not be done. So please get new cheque books in these banks at the earliest. Request also to get the details of other bank mapped in Demat and trading accounts before 1st March, 2021.

NEFT & RTGS 24X7X365 by RBI

NEFT & RTGS 24X7X365 by RBI

What is NEFT? NEFT is a nation-wide payment system that allows transfer of funds from one bank account to another. Individuals, firms and corporates can transfer the money from one bank branch to any other bank account held by individual, firm or corporate in the country.

24X7 Availability: NEFT allows individuals, firms, corporate to transfer money from one bank branch account to another one anywhere in the country. Earlier, this facility could be availed only on working days between 8:00 Am and 7:00 PM. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis and the system has been operating smoothly since then. The Reserve Bank of India stated earlier in December 2019 that bank customers will be able to transfer funds through NEFT around the clock on all days including weekends and holidays from December 16, 2019.
No charges on online NEFT transactions: RBI has mandated banks to not to charge any fees on NEFT transactions done by savings account holders from January 1, 2020. According to the central bank’s press release, this move is aimed at pushing savings bank account customers to transfer money using electronic modes via NEFT.
 RTGS – Real Time Gross Settlement

RBI

Reserve Bank of India places Lakshmi Vilas Bank Ltd
under moratorium

Withdrawals from this bank have been capped at Rs. 25,000 per month till further order. If you want to withdraw more than Rs. 25,000 for purposes such as medical treatment, payment of higher education and marriage expenses, you have to take permission of the Reserve Bank of India. You May Also Like : Tax Concept is …

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Reserve Bank of India reallocates portfolios of deputy governors

Reserve Bank of India has reallocated portfolios of deputy governors, with the department of regulation entrusted to the newly-appointed M Rajeshwar Rao. Besides the department of regulation, Mr Rao will look after the departments of communication, enforcement legalities among others. Mr Rao was appointed to the post vacated by NS Vishwanathan, who stepped down three …

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