Tag Archives: Indian Banks

UID to be officially valid document for opening of Bank accounts

UID Registration Verification

First time in India Unique Identification Number (UID) will help the people to get their banking services easy. UID is the numbers which are issued by the Unique Identification Authority to all the residents of India. It is a  Biometric identification system under which there will be all the details of the person like finger prints, person photograph etc. According ...

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PayPal Bank withdrawals get suspended again for India

PayPal Notice 28072010

Looks like the speculation of PayPal getting banned again for transfer of money to Indian was right. According to the mail we received late night PayPal clearly says that from From July 29, 2010 onwards, you will only be able to request for a cheque withdrawal of funds from your PayPal account. The email was sent by PayPal Asia Team ...

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RBI working on Cheque Truncation System

CTS Logo

To reduce and control the misuse, tampering and alterations of the cheque,  Cheque Truncation System (CTS) is being introduced. These are image-based processing of cheques & will lead down certain features in the printing of cheque. There will be certain standardization of the cheques being used across the world which will also increase the speedy clearing of the cheques especially outstation cheques.  According ...

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Are the HDFC’s Imperia Gold Card Customers in advantageous position?

HDFC Debit Card

While going through newspapers and online news last day I got stuck with the news stating – HDFC Bank raises limit for ATM withdrawal – further stating – “The ATM withdrawal and shopping limits, respectively, for the Imperia Gold card is now Rs1 lakh and Rs1.25 lakh, up from Rs50, 000 per day; Easy Shop Regular International/Maestro/NRO cards Rs25, 000 ...

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RBI : Teaser rates are cause of concern

House Loans

Indian banks might be just doing what  US banks dad and that turned out into massive number of customers who were not able to play back the loan. Teaser rates  is what concerns the RBI. In short teaser rates are interest rates which are very compared to real rate but they are given for 1st year and then slowly increased ...

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Daily Interest for Savings Bank Accounts [ WEF April 2010 ]

RBI Notice

Yes you heard it right and Thanks to RBI who changed it all from this financial year bringing joy to the Savings Bank account. Bottom line the interest will be given to you based on your daily balance. Many of us do not know that Banks used to calculate interest based on the lowest balance of your month or specifically ...

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Branchless Banking to all Villages by 2015

RBI has planned to reach to all the corners of India and give them the chance of branch-less banking. Even after 40 years of nationalization of banks over 50 per cent of the population is deprived of the banking services. The RBI deputy manager Mr KC Chakraborty today declared that by 2015 all the villages will be having access to ...

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Purpose Code introduced for PayPal Indian Banks Transfer

Looks the problem which was going on in between PayPal and RBI has found a solution now. According to recent post on PayPal Blog,Farhad Irani has  declared and also introduced “Purpose Code”  which will be required when any body wants to make transfer of money from PayPal to Indian Bank account.  Our speculation was pretty much right about RBI fine tuning things. ...

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List of Nationalised Banks in India

Here is handy list of nationalized banks in India. Nationalised banks in India are from 1955 and had always reached rural areas faster than any private banking sector.  Allahabad Bank  Andhra Bank  BankofBaroda  Bankoflndia  Bank of Maharashtra  Canara Bank  Central Bank of India  Corporation Bank  Dena Bank  Indian Bank  Indian Overseas Bank  OrientaI Bank of Commerce  Punjab and Sind Bank ...

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Is ATM only a machine ? A short glance of it’s different services

Those days are gone when Automated Teller Machine (ATM)  used to be known as just a cash dispensation machine. Now the use of ATM’s has widened by offering multitude transactions like utility bill payments, cash deposit, mobile recharge, fund transfer, E-ticketing, Credit Card payment, Fees payment of various institution & trusts  etc. Leading insurance companies like LIC, SBI Life Insurance ...

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