Banking & Financial Services

The fraudulent transactions were carried out on August 11 and August 13 through 25 ATMs located in Canada, Hong Kong and a few in India.

Jet Airways told staff earlier this month it was running out of money, a source had told Reuters, but it has denied this and said it is confident of cutting costs and keeping its planes flying.

The RBI has raised its benchmark rate by a total of 50 basis points at its past two meetings, to 6.5 per cent, while warning about inflationary pressures. On Monday, the rupee touched an all-time low of 69.95 against the dollar on concerns about contagion from Turkey spilling over to other emerging markets.

Top banks have collected as much as Rs 5,000 crore in fiscal 2017-18 as charges for non-maintenance of minimum balance requirements. According to banking data, as many as 21 public sector banks and three major private sector lenders collected a whopping Rs 5,000 crore from customers for non-maintenance of minimum balance in their accounts in 2017-18. State Bank of India or SBI, the largest lender of the country, alone collected more than half of this penalty amount, revealed the data.

Gross bad loans as a percentage of total loans stood at 10.69 per cent from 10.91 per cent in the previous quarter and 9.97 per cent last year.

Payments banks aim to further financial inclusion by providing small savings accounts and payments/remittance services to migrant labour workforce, low-income households, small businesses, other unorganised sector entities and other users. India Post Payments Bank (IPPB) is starting its operations from August 21. India Post Payments Bank will offer savings and current accounts, mobile banking, SMS banking, missed call banking and phone banking services. Customers will also be able to pay their bills and recharge their phones and DTH accounts via India Post Payments Bank. The bank, which has 650 branches, will also offer multi-lingual customer support.

Top banks - from state-run SBI (State Bank of India) to private sector lender HDFC Bank to ICICI Bank and Axis Bank - charge a fee ranging from Rs 2.5 to Rs 25 (excluding GST) per NEFT transaction, depending on the mode of transaction - whether it is through online/mobile banking or through a bank branch - and amount of money.

Axis Bank, ICICI Bank, Hindalco Industries, SBI and Vedanta - closing with gains of between 2.5 per cent and 4 per cent - were the top gainers on the 50-scrip Nifty.

The RBI had last year transferred a surplus of Rs 30,659 crore as dividend to the government for the year ended June 30, 2017, which was less than half of what it paid in the previous year (Rs 65,876 crore).

SBI urged the customer not to share his or her personal details such as ATM card number, PIN, password, CVV (card verification value) number and card validity period with any such sender of suspicious SMS. SBI said it "will never ask you to share your personal details".

State Bank of India (SBI), tops the list in penalising its customers for not maintaining minimum account balance in FY18.

SBI, HDFC Bank, PNB and Canara Bank have recently revised the interest rates paid by them on retail fixed deposits. Top banks today pay interest rates to the tune of 3.5-7.75 per cent on fixed deposits of up to Rs 1 crore for a maturity period ranging from seven days to five years.

Net loss was Rs 940 crore ($136.72 million) for the three months to June 30, compared with a profit of Rs 343 crore a year earlier, PNB said.

Public sector banking major State Bank of India (SBI) and private sector peer HDFC Bank recently revised their FD interest rates across select maturities. Here's a comparison of interest rates offered by top banks on fixed deposits of an amount up to Rs 1 crore.

India Post offers nine types of savings schemes: savings account, recurring deposit account, time deposit account, monthly income scheme account, senior citizen savings scheme account, public provident fund or PPF account, national savings certificate, Kisan Vikas Patra (KVP) and Sukanya Samriddhi account. The post office pays interest rates in the range of 4 per cent-8.3 per cent in these savings schemes.