If you want to teach your kid about money management there is no better way than giving them a practical experience. Thanks to the Reserve Bank of India, you can introduce your kids to the financial world as soon as they attain 10 years of age by opening a kid’s savings account. Last year in […]
Savings accounts are offered by scores of public sector banks, private sector banks, multinational banks, co-operative banks and regional rural banks. Many of these banks, mostly private and nationalized, offer various types of saving accounts to suit different individual needs. As banks package these accounts with attractive offerings and services, we offer you some key […]
Advik, a trainee engineer, decided to transfer Rs. 15,000 online to his sister Kayra’s account on her birthday. He added Kayra to the beneficiary list and executed the transaction. Advik was expecting a happy call from Kyra but got anxious as he did not receive any response for two days. When he called her to know the reason, he was shocked to know that Kayra never received the money
India’s largest public and private sector banks — State Bank of India and ICICI Bank, respectively — have been declared Domestic Systemically Important Banks (D-SIBs). This nomenclature essentially reflects on these two banks’ importance and the role they play in the Indian economy. It also means that if either of these two banks defaults, the […]
On 19 August, Reserve Bank of India (RBI) gave an initial nod to 11 entities to start payment banks. What are payment banks? Payment banks are basically banks with limited banking functions. They don’t work like a full-fledged bank but provide limited services, such as acceptance of deposits, payments, remittance services and internet banking. They […]
Now banks can enjoy increased flexibility in shifting or closing of urban branches as The Reserve Bank of India has waived regulatory approvals. Shifting the metropolitan, urban or semi urban branches outside the state does not require approval of RBI. However, rural and sole-urban branches, will still require prior permission. It is the duty of […]
Today, most of us have multiple savings accounts but we are unable to track each one of them due to lack of time or sheer laziness. Unfortunately banks don’t accept such excuses J So, irrespective of the reason, if ignored for two years, your savings or current account can become inoperative. This time period may vary […]
In a move to make it easier for “low risk customers” to open bank account, Reserve Bank of India (RBI) has expanded the list of documents that can be used as Officially Valid Documents (OVDs) for proof of identity and address. Over the years, the RBI has simplified the KYC requirements to make it easier […]
Kolkata-based microfinance company Bandhan Financial Services has got the Reserve Bank of India’s (RBI’s) approval for setting up a bank. Come 23 August 2015, and the company will officially launch its banking operations. Bandhan is one of the only two companies (the other being IDFC) to receive the RBI’s in- principle licence to open a […]
Making a foray into the mobile payments and shopping segment, India’s private lender HDFC Bank has launched PayZapp. Using this smartphone app, customers can carry out multiple activities, such as paying bills, transfering money, shopping and keeping a tab on their cards. HDFC has compiled a list of 15 online merchants since the launch and […]
