The Reserve Bank of India made key announcements in its monetary policy meet held on 7th April 2021. The main agenda of the meeting was to encourage the non-bank financial institutions for example payments banks, mobile wallets, etc. Moreover, RBI has also extended the NEFT and RTGS facilities, hiked the maximum end of day balance…
Bank of Baroda completed the integration of 3,898 branches of Vijaya Bank and Dena Bank with itself. Vijaya Bank and Dena Bank were merged with Bank of Baroda on 1 April 2019 and the customers could use the old IFSC and MICR codes until intimated by the Bank. The IFSC Codes of Vijaya Bank and…
As per the latest update, the IFSC Codes of the amalgamated banks namely Oriental Bank of Commerce, United Bank of India, Syndicate Bank, Andhra Bank, Corporation Bank, and Allahabad Bank have been changed with effect from 1st April 2021. These public sector banks were consolidated in April 2019 as announced by the Finance Minister of…
The Reserve Bank of India has increased the limit for Contactless Card transactions from Rs. 2000 to Rs. 5000 starting 1st January 2021. This announcement was part of the RBI’s bi-monetary policy announcement held on December 4 2020 for the hassle-free transaction experience. The decision to increase the limit of transactions by the RBI was…
From 1st December 2020, cash withdrawals at ATMs will require an OTP for transactions happening via PNB. The Punjab National Bank (PNB) has introduced the OTP-based cash withdrawal system to minimise unauthorised or fraudulent transactions at ATMs. This system has been launched after observing the increase in the cases of unauthorised withdrawals on accounts of…
Digital means of banking are improving every day with newer features and services. Contributing to the growth of internet banking, Yes Bank has introduced ‘Yes Online’, a new and improved platform with intelligent search and quick-action link tabs to bill payment, fund transfer, bank account statement check, and other popular services. Yes Online furnishes a…
On 5th November 2020, ICICI Bank Financial Institution launched a special banking programme for millennial customers called ‘ICICI Bank MINE’. ICICI MINE is India’s first comprehensive banking platform for customers from the age of 18 years to 35 years. Features of ICICI MINE Account Any person between the age of 18 to 35 years is…
Starting from 1st November, customers in some banks now have to pay convenience fees for deposit and withdrawal of money beyond the prescribed limit. Names of banks such as ICICI, Bank of Baroda, Axis Bank, PNB, and Central Bank have emerged in the reports. Even though banks are yet to take a final call on…
On 15th October 2020, ICICI Bank added new features in its WhatsApp Banking services using which customers can create fixed deposits, pay utility bills, and access trading finance details instantly. The primary objective of launching these services on WhatsApp is to make banking even more convenient and accessible for the customers. This service is available…
After a significant increase in the number of reported banking frauds, in the first half of 2020, RBI has signed and sealed new guidelines to secure debit cards and credit cards. These guidelines will be operative from 1st October 2020. RBI has also instructed all the banks as well as card-issuing companies to disable online…
