Banks Can Return Cheques Altered For Anything But The Date

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 [...]

Author: Austin Comments: 2 comments Date: 3 May 2010 More: Read more
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Online Money Transfer (NEFT) to become Faster

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 [...]

Author: Austin Comments: 0 comments Date: 22 Feb 2010 More: Read more
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Go Green, SMS the Money

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.

Author: Austin Comments: 4 comments Date: 21 Feb 2010 More: Read more
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Payment of Interest on Savings Bank Account on a Daily Product Basis

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 [...]

Author: Austin Comments: 2 comments Date: 20 Feb 2010 More: Read more
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Pay for withdrawals at other Bank ATMs

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 [...]

Author: Austin Comments: 0 comments Date: 17 Oct 2009 More: Read more
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Latest ATM substitute

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 [...]

Author: Austin Comments: 0 comments Date: 31 Jul 2009 More: Read more
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Use Any Bank ATM for Free

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 [...]

Author: Austin Comments: 1 comment Date: 11 Feb 2009 More: Read more
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Bank Gone Bust? Don’t Worry, Your Account Is Insured*

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.

Author: Austin Comments: 0 comments Date: 6 Oct 2008 More: Read more
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