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  • Reserve Bank Of India Removes Charges On NEFT/RTGS Bank Transactions
    The Real Time Gross Settlement System (RTGS) is meant for large-value instantaneous fund transfers while the National Electronic Funds Transfer (NEFT) System is used for fund transfers up to Rs 2 lakh.
  • RBI Cuts Rate To Lowest In 9 Years To Boost Growth, Loans May Get Cheaper
    The Reserve Bank of India's Monetary Policy Committee (MPC), led by Governor Shaktikanta Das, on Thursday unanimously lowered key lending rate or repo rate by 25 basis points or 0.25 per cent to 5.75 per cent. The six-member committee also changed the policy stance to "accommodative" from "neutral". Repo rate is the interest rate at which commercial banks borrow short-term funds from the RBI. The rate cut comes after official data last month showed the country's GDP or gross domestic product grew 5.8 per cent in the quarter ended March 31. That meant India lost its status as the fastest growing major economy to China, which clocked a growth of 6.4 per cent in the three-month period.
  • A $190 Billion Clean-Up Needed As PM Modi Looks For Growth Booster
    Just days after a landslide electoral victory, PM Modi is being forced to focus on the economy after the slowest expansion in five years.
  • DHFL Tanks After Downgrades, Raising Worries About Shadow Banking Sector: 10 Points
    Dewan Housing Finance Corporation Ltd or DHFL shares fell more than 18 per cent on Thursday, a day after credit ratings agencies ICRA and Crisil downgraded its commercial papers. The downgrade of DHFL's commercial papers to their lowest level came after the lender missed payments on bonds which were due this week. The action by the agencies, described by the mortgage lender as "extremely surprising" and "unwarranted", sparked worries of growing distress in the country's shadow banking sector. Dewan Housing Finance said it is taking steps to ensure there are no defaults on any of its obligations. On the National Stock Exchange, DHFL shares nosedived 18.3 per cent to Rs 91.30 apiece, marking their biggest intraday fall since February.
  • What To Expect From Shaktikanta Das-Led Monetary Policy Committee Today
    The Monetary Policy Committee, headed by RBI Governor Shaktikanta Das, will conclude its second bi-monthly review of the current financial year today. While many analysts expect the six-member panel to decide on a 25-basis-point cut in repo rate, some expect an even bigger reduction. Currently, the repo rate - which is the key interest rate at which the RBI lends short-term funds to commercial banks - stands at 6 per cent. Hopes of monetary easing strengthened further last month after official data showed India lost its status as the fastest growing major economy to China. Analysts say any measures to boost the economy will be watched closely. Till Tuesday, the benchmark equity index Sensex had gained 1,398.82 points, or 3.62 per cent, since the last policy review in April.
  • Before June 6 Rate Decision, Key Points To Know About RBI's Two Policy Reviews This Year
    Before the release of the RBI's June 6 statement, in which economists expect a reduction in repo rate, here's a recap of the last two bi-monthly reviews, in February and April this year.
  • Real-Time Gross Settlement (RTGS) Payments Are Now Available For 90 More Minutes
    Public sector lender State Bank of India, and its private sector peers ICICI Bank and HDFC Bank, among several other financial institutions, are members of payments systems RTGS and National Electronic Funds Transfer (NEFT). There are more than 1.1 lakh RTGS-enabled bank branches, according to the RBI website.
  • RBI Seen Cutting Rate On June 6, May Turn "Accommodative"
    Beginning a three day review on Tuesday, the Reserve Bank of India's six-member monetary policy committee (MPC) can draw comfort from subdued inflation. Running at 2.92 per cent annually in April, inflation has stayed below the medium-term target of 4 per cent for the past nine months.
  • Bank Frauds Worth An Unprecedented Rs 71,500 Crore Reported In 2018-19: RBI
    In the last 11 fiscal years, a total of 53,334 cases of fraud were reported by banks involving a massive amount of Rs 2.05 lakh crore, according to data from the central bank. A total of 4,534 and 4,093 such cases were reported in 2010-11 and 2011-12 involving Rs 3,815.76 crore and Rs 4,501.15 crore, respectively.
  • Need To Make A Fund Transfer From Your SBI Account? Here Are Your Options
    SBI online banking: From National Electronic Funds Transfer (NEFT) to Immediate Payment Service (IMPS) and Real-Time Gross Settlement (RTGS), SBI customers can remit funds using one of these payments systems. NEFT operates on a deferred net settlement basis, meaning the transactions are settled in batches as opposed to the continuous, individual settlement in RTGS, according to SBI's corporate website, sbi.co.in. In RTGS, the processing of funds transfer instructions takes place at the time they are received (real time).
  • Post Office Internet Banking Facility: How To Register, Services Offered, Key Details
    POSB account holders can also transact, open, close an RD account and fixed deposit (FD) accounts via the India Post internet banking facility.
  • RBI Allows Banks To Use Aadhaar For "Know Your Customer" (KYC) Verification: 10 Things To Know
    Banks can now accept the proof of owning an Aadhaar for Know Your Customer (KYC) verification under certain conditions. According to a statement by the Reserve Bank of India (RBI), the Aadhaar number can be used for KYC verification on consent from the customer. Updating its list of eligible KYC documents, the Reserve Bank of India noted: "Banks have been allowed to carry out Aadhaar authentication/offline-verification of an individual who voluntarily uses his Aadhaar number for identification purpose." The Aadhaar number, also known as Unique Identity Number (UID), is a 12-digit personal identification number issued by the Unique Identification Authority of India (UIDAI) under the Aadhaar programme. The central bank has specified KYC norms to be followed by banks and other regulated financial institutions, such as non-banking finance companies (NBFCs) and payment system providers.
  • Cholamandalam Investment To Raise $222 Million In Debt Funds
    First Abu Dhabi Bank, MUFG Bank Ltd, National Bank of Ras Al-Khaimah PJSC, and CTBC Bank Co also participated in the funding round
  • You Can Access These Banking Services At Designated Post Offices
    Post office scheme: India Posts, which operates a network of more than 1.5 lakh post offices across the country, provides interest rates to the tune of 4-8.7 per cent on small savings schemes. Designated post offices provide a range of deposit/investment options in the form of small savings schemes, among other financial products. Meanwhile, India Post Payments Bank (IPPB) offers savings and current accounts, money transfer and direct benefit transfer services as well as bill/utility payments.
  • Bank Exchange Traded Fund Likely By December As Government Looks To Cut Stake: Report
    Government holding in several PSU banks continues to remain at very high levels. It is as high as 75 per cent in PNB and 65 per cent in Bank of Baroda

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