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Sucheta Dalal Sucheta Dalal 11 February 2021
What is the most effective solution to poor service, mis-selling and harassment by banks which are entrusted with your hard-earned savings? Simple. Bank account portability; or the ability to vote with your feet and switch to a better bank. The idea of bank account portability, which will...

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Dr Sakuntala Narasimhan Dr Sakuntala Narasimhan 03 February 2021
For the third day in a row, the coin-dispensing machine at Canara Bank (a public sector bank or PSB) had a notice stuck on it saying 'Out of order'.    Some customers made a wry face and went away. I decided to march into the manager’s cabin and ask why the machine hadn’t been...

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Moneylife Digital Team 29 January 2021
The Reserve Bank of India (RBI), while releasing a framework for strengthening grievance redress mechanism, has warned supervisory action against banks that fail to improve their redress mechanism in a time-bound manner. Last month Moneylife had written about how the RBI is winding up its...

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Maya M 21 January 2021
A personal loan is an unsecured loan for which one does not require any collateral or security or pledge. It is a hassle-free way to meet short-term or medium-term expenses such as renovating your home or temporary financial needs, without preconditions.    Since personal loans are...

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Moneylife Digital Team 08 January 2021
The Reserve Bank of India (RBI) has issued a cautionary warning regarding a fraudulent method of obtaining sensitive information using phone numbers.    The notice says that a fraud is being committed using mobile numbers similar to banks’ toll-free number. Mobile numbers resembling a...

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Sucheta Dalal Sucheta Dalal 23 December 2020
“Do you know that RBI is winding up its customer services department and also BCSBI (Banking Codes and Standards Board of India)?” asked a rather agitated former bank chairman who was instrumental in the creation of BCSBI along with the late SS Tarapore.    The dissolution of BCSBI, a...

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IANS 21 December 2020
A day after the Central Bureau of Investigation (CBI) filed a case against Hyderabad-based company Transstroy (India) Ltd for allegedly cheating a consortium of banks of Rs7,926 crore, the Canara Bank clarified that it has an exposure of Rs678.28 crore in the accused company.   In a...

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Moneylife Digital Team 20 November 2020
Credit cards have become a popular and convenient mode to make payments for goods and services. A credit card can help you to improve your credit score, if you spend wisely and make your full payment before the due date. You can also enjoy great discounts, cash-back and good deals that are...

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IANS 18 November 2020
Assuring about 20 lakh depositors of the Lakshmi Vilas Bank (LVB), now under moratorium, that there is no need to panic and all glitches in withdrawal of deposits—subject to a maximum of Rs25,000—will be sorted out, the RBI appointed Administrator TN Manoharan on Wednesday said ATM machines...

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Moneylife Digital Team 13 November 2020
Have you been mis-sold a financial product by your bank? Do you have issues related to loans or deposits? Have you been charged wrongly by the bank? Have you experienced problems while using Internet banking or mobile banking? Tired of waiting for your bank’s response? Not getting a...

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Moneylife Digital Team 13 October 2020
Several customers of State Bank of India (SBI) on Tuesday faced issues while conducting online transactions.   In a tweet, SBI says, "Intermittent connectivity issues have delayed making our core banking system available to our esteemed customers today. We hope to be able to...

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New guidelines to further secure credit and debit card payments left several cardholders in a fix on Thursday as many of them were not able to make online or contactless transactions.   The reason for such instances, industry insiders pointed out, was due to non-compliance of the...

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IANS 18 September 2020
Google has removed digital payments major Paytm's app from its Play Store for allegedly violating its gambling policies.   "Paytm Android app is temporarily unavailable on Google's Play Store for new downloads or updates. It will be back very soon," the company said in a tweet on...

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IANS 16 September 2020
To reinforce ATM security system, lending major State Bank of India (SBI) has extended its OTP-based cash withdrawal for Rs 10,000 and above throughout the day.   OTP-based cash withdrawal for Rs 10,000 can now be carried out throughout the day across all SBI ATMs in the country...

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Moneylife Digital Team 10 September 2020
In a bid to promote digital transactions, ICICI Bank reportedly plans to impose a 'Cash Transaction Charge' on customers who go to a bank branch and deposit their EMI (equated monthly installment) in cash to repay loans.    The move has caused consternation for two reasons – first, it...

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IANS 10 September 2020
The Supreme Court on Thursday asked the Centre to consider a plea for not charging interest on interest on deferred EMIs during the moratorium period and also not downgrade the credit/asset classification of the borrowers.   A bench headed by Justice Ashok Bhushan, R Subhash Reddy and...

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IANS 10 September 2020
As part of the EASE Reforms, public sector banks (PSBs) on Wednesday launched the doorstep banking service that will bring convenience of banking services to the customers at their homes through the universal touch points of the call centre, web portal or mobile app.   The new service...

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ZAFAR ABBAS (IANS) 08 September 2020
Fraudsters are now cashing on the trust and goodwill of the Indian Army and paramilitary forces to cheat people online. A web is woven around potential buyers or sellers on sites such as OLX and Quikr and people are lured by either the promise of a second-hand car in good condition or any...

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Moneylife Digital Team 09 July 2020
When it comes to ease of doing business, it is not merely the government and its bureaucracy that adds to hardship and inconvenience. Private banks, which are supposed to be tech savvy and smarter than their public sector counter-parts are no different.    Despite clear rules of the...

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Even as some of us, in states like Maharashtra, begin the fourth month in lock-down, the rest of the country seems determined to put COVID-19 behind it. This has two significant financial implications for all of us. First, several concessions offered during the lock-down have been rolled...

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