A savings account comes in handy for keeping savings intact, money that can be used for footing everyday needs and act as an emergency fund. However, banks have placed limitations on the number and volume of transactions made on the account by charging a fee. As these charges vary across banks and types of accounts, […]
HDFC Bank plans to open about 500 new branches in this financial year, about 60% of which will come up in semi-urban and rural areas. The bank opened 506 branches in the last financial year, increasing the number of its branches to 4,520 at the end of March 2016. Of the 506 branches opened, 256 branches […]
Andhra Bank has received RBI’s approval to launch Bharat Bill Payment Service. The service, which is expected to be operational by September, will allow the bank’s customers to make all utility bill payments. Andhra Bank has launched a series of IT initiatives to provide convenient banking experience to its customers. It plans to launch User […]
We Indian have a unique fascination with cash and this is evidenced even in the advertisements of online shopping format — cash on delivery format. However, though cash is still the favoured format of carrying out transactions across the country, Indians(especially the new generation) are driving the shift towards the use of plastic currency i.e. […]
Subsequent to the government’s suggestion for the State Bank of India to initiate a merger with its associate banks, the government has now made a similar suggestion to UCO Bank, Indian Overseas Bank and Bank of India. The main reason for this suggestion is the poor performance of these banks. The three banks – UCO […]
Manappuram Finance, a leading gold loan NBFC (non-banking financial company) headquartered in Kerala, has voiced intentions of introducing a co-branded credit card in order to provide gold loans to customers who do not have a bank account. The key benefit for Manappuram Finance through introduction of these co-branded credit cards is the expected expansion on […]
Reserve Bank of India (RBI) has licensed 26 banks and 7 non-banking companies to operate as Bharat Bill Payment Operating Units (BBPOUs). RBI had received 80 applications from banks and 62 applications from non-banking entities for the BBPOU license. The 26 banks include State Bank of India, HDFC Bank, Axis Bank, Bank of Baroda, Kotak […]
In a period of continued price rise, saving up for months and years to buy a car is indeed a tough task. In this situation a car loan is one borrowing instrument that scores high with the average middle class Indian as cars are nothing short of a necessity. This rising demand has led to […]
Driven by sales of four premium models, Vitara Brezza, Ciaz, Baleno and S-Cross, Maruti Suzuki India (MSI) registered a sales growth of 16.2% and garnered over 48% market share in April 2016. These four premium models have been the primary growth drivers, contributing more than 25% share of its domestic sales of 1,00,709 units in […]
The Reserve Bank of India (RBI) released draft guidelines for granting on-tap universal banking licences to individuals and entities on May 5. The proposed licensing policy will be a departure from the current policy under which RBI periodically opens window for granting banking licenses. Under Raghuram Rajan’s tenure, RBI has already issued banking licenses to 2 universal […]
