A recent RBI Circular [1832/04.07.05/ 2009-10 dated 22nd February 2010] now clearly mandates that the branch/ clearing teams can return cheques which have alteration in the: * Payee Name * Amount in numbers * Amount in words Prohibiting alterations/ corrections on cheques: No changes/ corrections should be carried out on the cheques (other than for [...]
The National Electronic Funds Transfer (NEFT) system has been successfully handling significant volumes, ever since its launch in November 2005. More than 6 million transactions were processed by the system during the month of January 2010 alone. The coverage has also increased substantially with the participation of over 63,000 bank branches spread across the length [...]
The State Bank of India is planning to quadrapule its branch network not by the conventional branch network manner but by using Mobile Banking. Yes, and the idea is to reach out to all those rural areas where it would be costlier to expand via the conventional branch network way.
Well, the party is (almost) over for banks in India. Seriously, with the kind of interest calculation method being currently used for saving account holders it indeed is a party for the bank to enjoy such an enormous amount of free float at the cost of the janta. Hopefully if the banks don’t make some [...]
Barely six months since the usage of other bank ATM’s was allowed for free — the rules have now changed. Effective 15th October, 2009 customers will be allowed to withdraw a maximum of Rs. 10,000 per transaction from non Bank ATMs. What this means is, savings Account customers will be allowed 5 free cash withdrawals [...]
Although the Reserve Bank of India has allowed shops to act as ATMs, the people meant to serve as banks’ new touch points – the shopkeepers – will have to be convinced first. On July 22, the Reserve Bank of India had issued a circular permitting cash withdrawals of up to Rs 1,000 per day [...]
photo by f-r-a-n-k Currently banks charge Rs. 20 per transaction if you use an ATM of another bank. Come April 1, 2009 and you can use any ATM of any bank for any service free of cost; according to RBI. The RBI has mandated that the ATMs should have unrestricted access for customers across [...]
photo by Gaeten Lee You might be aware of the recent rumor on the street regarding ICICI Bank and how people queued up at the bank/ATM to withdraw their money.
