Indian banks have a substantial presence abroad, be it public sector banks or private banks. There are a total of 185 branches of domestic banks across the globe as per RBI, with a major presence in the UAE, UK, Singapore, and others. In addition, Indian banks also have subsidiaries abroad which offer many of the…
Chanda Kochhar has stepped down as the CEO of ICICI Bank after her request for early retirement was accepted by the Board of Directors of ICICI Bank. She has also resigned from the Board of Directors of other ICICI bank units, including ICICI Securities where she had asked for reappointment as the Chairperson. She has…
SBI, the country’s largest public sector bank has halved the daily cash withdrawal limit on ATMs from Rs. 40,000 to Rs. 20,000 owing to increasing instances of fraud and to encourage digital and cashless transactions among its customers. The withdrawal limit per card swipe is Rs 10,000 but you can swipe your card multiple times…
The Supreme Court on Wednesday i.e. September 26, 2018 said that while Aadhaar Card will continue to be mandatory for filing of income tax returns (ITR) & permitted linking of Aadhaar with PAN, but Supreme Court rules Aadhaar not mandatory to open savings bank accounts. Thus, as per the latest judgement by the Supreme Court…
2018 is the year when we part ways with traditional (well, not in every respect) and embrace the digital in everything, including banking. Not so long ago, however, we had no option but to visit the bank for any business we had including opening a savings account. But times have changed and so has the…
State Bank of India removed the limit on cash deposits on customers in branches other than the home branch. The Bank tweeted on 11th September, 2018, “Good news SBI customers! Now, the upper cap for depositing cash at a non-home branch has been updated”. A home branch is the branch where a customer has opened…
India Post Payments Bank is providing QR cards to all account holders. These cards are similar to ATM cards and can be used to withdraw money from IPPB accounts. However, these specialized cards do not have the magstripe or micro-chip for authenticating the transactions. Here, the authentication for validating a transaction is carried out through…
The Reserve Bank of India (RBI) tightened the selection and operating procedure for internal ombudsman in banks. RBI asked all the scheduled commercial banks with more than 10 branches to appoint an internal ombudsman who will review complaints and strengthen the internal grievance of banks. In a notification issued on their website, the Reserve Bank…
State Bank of Bikaner & Jaipur (SBBJ) was a major Indian bank and one of the five associate banks of State Bank of India, with which it was merged. As of 2015, SBBJ had 1,360 branches, mostly located in the state of Rajasthan, India. Recently, State Bank of India merged its associate banks into itself…
State Bank of Patiala was founded in 1917 and was an associate bank of the State Bank of India. At the time of its merger, State Bank of Patiala had a network of 1445 service outlets, including 1314 branches, in all major cities of India, but most of the branches were located in the Indian…