The Reserve Bank of India along with the 10 largest banks in India, have introduced a UPI (unified payment interface), a smartphone application that substantially reduces the time and cost of sending or receiving money using your cell phone. The app can be used to transfer amounts ranging from Rs. 50 to Rs. 1 lakhs […]
Federal Bank, a leading private sector lender based out of Kerala, and Philip Capital (India), a subsidiary of the Singapore-based Philips Capital group, have entered into an agreement for managing PIS (Portfolio Investment Scheme) on behalf of non-resident Indian (NRI) clients of Federal Bank. PIS is a type of investment favoured by NRIs as the […]
A recent study showed that one out of three customers is dissatisfied with his/her bank and wants to switch. Here’s why: Access and reliability Contemporary banking has transitioned to the Internet, mobile, apps and ATMs. However, some banks have not made the necessary tech investments, while others are not adept at the virtual shift. […]
In a circular issued on March 3, the Reserve Bank of India (RBI) has asked banks to pay interest to savings account holders on quarterly basis or shorter duration. Currently, only Axis Bank and Yes Bank pay interest on their savings accounts on quarterly basis. The move from half-yearly basis of interest payments to […]
Women are proving themselves in every sphere of life, be it personal or professional settings. The role of a homemaker is increasing with respect to family finances. Recognising these positive changes and the special banking needs of women, many banks have come up with specially designed savings accounts for them. However, what needs to be analysed […]
Bandhan Bank launched an international debit card in association with Visa and started banking services for NRIs. The bank’s founder, managing director and chief executive — Chandra Shekhar Ghosh – said that the bank was ready to serve the Indian diaspora. These NRI accounts will be mostly for remittances from abroad. Ghosh foresees the demand coming from NRIs […]
Indian Overseas Bank (IOB) has become the first public sector bank to implement the Finacle 10, the latest digital banking package from Infosys Finacle. By end of January 2016, the bank successfully implemented the migration of more than 3,500 branches networked by legacy software to Finacle 10. The implementation project was executed by American technology company HPE. […]
Axis Bank and fitness firm GoQii have decided to collaborate for launching wearable devices for the bank’s customers. GoQii, formed by Vishal Gondal, is one of the leading Indian fitness band makers. According to Rajiv Anand, head of retail banking, Axis Bank, the device will be the first MasterCard certified wearable device, which will allow customers to make NFC payments. […]
Savings bank accounts are the most basic financial product that are available these days. They are the primary business of banks; therefore, all public and private sector banks with retail operations offer savings bank accounts to individuals. In the past two years, the number of new savings accounts in India has increased substantially with the […]
A savings bank account is considered to be the most basic of investment instruments that an individual can possess. A savings account offers you a relatively modest return (3-6%) on the amount that you keep in the account while offering you immediate access to the money either via a debit card linked to the account […]
