Banking News

டி டி எஸ் சர்டிஃபிகேட் வழங்குவதில் த

வங்கிகள் வாடிக்கையாளர்களுக்கு கொடுக்கும் வட்டி வருடத்திற்கு ரூ. 10,000/- த்தை விட அதிகமாக இருந்...
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Interest on savings and term deposits

Interest on savings and term deposits was payable at quarterly or longer rests. RBI has now permitted banks to pay interest on savings or term deposits at intervals shorter than quarterly intervals. Most banks were paying savings accou...
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White-label ATMs - Cash handling

RBI has permitted non-bank agencies to operate ATMs. These are called white-label ATMs. However, there has to be a sponsor bank responsible for the quantity and quality of the notes in the ATM. RBI has withdrawn its instructions that the white-l...
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Security for card transactions

In 2011 RBI mandated certain security features for card transactions to prevent fraud. Cards that have been used abroad had to comply with the EMV norms, a standard adopted by major payment processing companies such as Visa and Master Card. Transacti...
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SMS Alerts Charges

Banks are charging customers for sending SMS alerts.  RBI instructions also require that use of cards through any channel require an SMS intimation to the customer's registered mobile number to prevent fraud. However, banks levy a uniform s...
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Distribution of notes and coins

RBI encourages banks to use business correspondents/ cash in transit (CIT) entities for distribution of bank notes and coins. This is to ensure that coins and notes reach the user from the bank branch...
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Care in handling cheques or prepaid instruments for companies or co-op banks

Banks sometimes agree to honour drafts of cooperative banks or prepaid instruments such as dividend warrants/ interest warrants issued by companies. If a bank agrees to honour 'at par' multi-city cheques issued by a co-operative bank, this ...
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Unless you have been away in Mars for a few years, you know that Microsoft has discontinued support for the Windows XP operating system. It has been some years now since Windows 7 came on the scene, followed by Windows 8. But Windows XP was...
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Penal Charges for non-maintenance of minimum balance

RBI has directed banks not to levy penal charges for non-maintenance of minimum balance in inoperative accounts. 

RBI had already clarified that no penalty should be levied for non-operation/ activation of  Basic Savings ...
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Accounts in the name of minors

Banks had always allowed minors to operate accounts but the age at which this was allowed had differed from bank to bank. Some banks wanted minors to be able to sign 'uniformally'. Since signature verification was the key in identification until...
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Prepayment penalty on floating rate term loans

RBI has now instructed banks not to charge foreclosure charges/ prepayment penalties on all floating rate term loans to individual borrowers. This was a long standing customer demand. As in most other industries, in banking too new customers often be...
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Inoperative Accounts

Bank's have historically understood Inoperative Accounts as those where there have been no operations for some time. Some banks have an additional category called a Dormant Account. 

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