Various credit card companies are encouraging current customers for revolving their credit and promoting usage of card by reducing rate of interest and going in for co-branding of credit cards. Earlier, HSBC has reduced the annual rate of interest on its credit cards by 600 basis points to 31.2 per cent-33.6 per cent. SBI cards [...]

State Bank of Travancore has revised the rate of interest on Non Resident Ordinary (NRO) term deposit schemes and rationalized term buckets, w.e.f February 27, 2012. The bank has decided to consolidate term buckets of 46-90 days and 91-179 days into one bucket of 46-179 days. Similarly, term buckets of 3-5 year, 5-8 years and [...]

ICICI Bank has opened a new branch at Bharat Diamond Bourse, a diamond hub at Bandra Kurla Complex, Mumbai.As said By Mrs. Chanda Kochhar, Managing Director & Chief Executive Officer, “Bharat Diamond Bourse will offer infrastructure facilities for promoting export of gems and jewelry. ICICI Bank will give necessary support and banking services in order [...]

To press for their demands for regulating working hours, pay parity with the officers of State Bank, stopping the cross mergers of various regional rural banks and five-day working week, the All-India Bank Officers’ Association (AIBOA) has declared for an all-India bank strike on February 28, 2012. The association’s step of calling strike is coinciding [...]

If you give more importance to the electronic money over cold cash then you can effectively use your mobile phones for doing big transactions. In its notification, the Reserve Bank of India (RBI) has removed Rs 50,000 transaction limit per customer per day on mobile banking transactions. But, banks can set their own pre-transaction limits [...]

While various lending institutions have shown their interest towards diverting their basic banking facilities from the traditional branch model to the automated electronic route, it is necessary to pave more attention in terms of efficiency, stated in the annual report on the banking ombudsman released by the Reserve Bank of India (RBI). It is also [...]

HDFC Bank has entered into a partnership with Movida India Pvt Ltd. for offering mobile payment services to customers for enabling them to make payments through mobile phones by using their debit or credit card. Movida India offers technology that allows the use of mobile handsets to make electronic payments. As stated by Mr. Rahul [...]

To boost the retail lending and drive the home loan portfolio, Vijaya Bank has started a special campaign by curtailing rate of interest on housing loans by 0.25 per cent and 50 per cent concession on processing charges from February 1 to April 30, 2012. The minimum interest rate which will be offered to the [...]

The Reserve Bank of India (RBI) will soon issue banknotes of Rs 1,000 denomination with inset letter ‘R’. As stated in the statement issued by the bank, “The RBI will shortly issue Rs 1,000 denomination banknotes with inset letter ‘R’ in the Mahatma Gandhi series, which will bear the signature of D Subbarao, Governor, RBI, [...]

The Central Bank of India has signed an agreement with Tata Housing for offering a special home loan product, which is exclusively designed for pensioners. As said by Mr. R Sangapure, General Manager, Central Bank of India, “We have inked an agreement with Tata Housing for our newly developed housing loan product that will be [...]