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All banks will remain closed for four days later this week.
This comes as bank unions have called for a two-day strike against the bank privatisation on December 16 and 17, i.e Thursday and Friday. December 19, Sunday, will be the week off. Hence, the banks will be closed for three days across the nation. 
However, they will be closed for four days in Meghalaya amid a regional holiday on December 18, Saturday.
 

Banking services to be hit; Bank Strike this week

Amid a call for strike by bank unions, the banks will be closed for 3 days across the nation and 4 days in Meghalaya.

Banks to remains closed on 4 days

Online banking services will keep on working.

Banking services likely to be impacted this week amid a bank strike and regional holidays. Banks in some regions are likely to be shut for 4 days at the end of the week.&nbsp;
United Forum of Bank Unions has called for&nbsp;a two-day strike against the bank privatisation on December 16 and 17. Though banks are stating that services will not be impacted e. xperts expect disruption for even the banking giant SBI
Banking unions are opposing&nbsp;government's plan to privatise public sector banks by introducing the Banking Laws (Amendment) Bill 2021.&nbsp;Reportedly, the bill will bring down the minimum government holding in the PSBs from 51 per cent to 26 per cent.
Aside from the strike, banks will be closed for four days in Meghalaya amid a regional holiday on December 18, Saturday.
&nbsp;

IndusInd&nbsp;Bank shares plunged over 10% in Monday's trade to Rs 1,068.
This comes after a report, quoting whistleblowers, said a group of senior employees&nbsp;of&nbsp;IndusInd Bank's arm, Bharat Financial Inclusion (BFIL), have alerted the Reserve Bank of India (RBI) about lapses in governance and accounting norms to allegedly 'evergreen' loans running into thousands of crores since the outbreak of Covid-19.
However, the management of&nbsp;IndusInd Bank has refuted the allegations around the evergreening of loans, citing it as &lsquo;inaccurate and baseless.&rsquo;&nbsp;
The private bank mentioned, "Due to a technical glitch in May 2021, nearly 84,000 loans were disbursed without the customer consent getting recorded at the time of loan disbursement. This issue was highlighted by the field staff within two days and the technical glitch was rectified expeditiously."
Motilal&nbsp;Oswal&nbsp;in a note said that the stock could witness some pressure due to adverse media articles and the asset quality stress reported by some other MFI lenders. Nevertheless, the brokerage expects the impact to be controlled. "We maintain BUY, with unchanged target price of&nbsp;₹1,400," said Motilal Oswal.

Stock Shock: Why is IndusInd bank down 10%

IndusInd Bank has refuted the allegations around the evergreening of loans, citing it as ‘inaccurate and baseless.’ 

IndusInd Bank: Shares fall 10%

IndusInd Bank has refuted the allegations around the evergreening of loans, citing it as &lsquo;inaccurate and baseless.&rsquo;&nbsp;

IndusInd&nbsp;Bank shares plunged over 10% in Monday's trade to Rs 1,068.
This comes after a report&nbsp;said a group of senior employees&nbsp;of&nbsp;IndusInd Bank's arm, Bharat Financial Inclusion (BFIL), have alerted the Reserve Bank of India (RBI) about lapses in governance and accounting norms to allegedly 'evergreen' loans running into thousands of crores since the outbreak of Covid-19.
However, the management of&nbsp;IndusInd Bank has refuted the allegations around the evergreening of loans, citing it as &lsquo;inaccurate and baseless.&rsquo;&nbsp;
The private bank mentioned, "Due to a technical glitch in May 2021, nearly 84,000 loans were disbursed without the customer consent getting recorded at the time of loan disbursement. This issue was highlighted by the field staff within two days and the technical glitch was rectified expeditiously."
Motilal&nbsp;Oswal&nbsp;in a note said that the stock could witness some pressure due to adverse media articles and the asset quality stress reported by some other MFI lenders. Nevertheless, the brokerage expects the impact to be controlled. "We maintain BUY, with unchanged target price of&nbsp;₹1,400," said Motilal Oswal.

ICICI&nbsp;Bank shares surged almost 8% to Rs 818 in the opening session on Monday as the country's second-largest private bank reported a 30% jump in net profits for the September quarter.
Its asset quality improves significantly as the bank reported a 17 basis points decline in the net NPA&nbsp;ratio to 0.99% for the quarter gone by.&nbsp;
Brokerages remain bullish as they raised targets on ICICI&nbsp;Bank:
CLSA:&nbsp;The brokerage maintained a BUY call on the stock with a target price of Rs 1,100. CLSA&nbsp;noted that the bank has now consistently been delivering sector-best growth.
Credit Suisse:&nbsp;Rising core profitability along with lower credit costs are likely to drive return on equity higher, it said. The brokerage expects the stock to outperform with a target price of Rs 900.
Nirmal&nbsp;Bang: The brokerage has a BUY on the stock with a target price of Rs 886 ad it expects the stock to deliver a 15% return on equity.&nbsp;

ICICI Bank: Stock surges 8%; here's what brokerages are targeting at

ICICI Bank delivers a powerful second quarter; should you buy? See what brokerages have to say:

Firecracker Earnings, Diwali on Dalal Street thanks to ICICI 

Record high profit for ICICI&nbsp;Bank, Brokerages say 'table thumping moment' as the financial sector leader scripts a comeback.

Firecracker earnings for ICICI&nbsp;Bank has bought Diwali early for Dalal&nbsp;Street with the stock surging 8% and pushing the Bank Nifty to an all time high.&nbsp; Firecracker Earnings The country's second-largest private bank reported a 30% jump in net profits for the September quarter.
Its asset quality improves significantly as the bank reported a 17 basis points decline in the net NPA&nbsp;ratio to 0.99% for the quarter gone by.&nbsp;
Brokerages bet big
CLSA:&nbsp;The brokerage maintained a BUY call on the stock with a target price of Rs 1,100. CLSA&nbsp;noted that the bank has now consistently been delivering sector-best growth.
Credit Suisse:&nbsp;Rising core profitability along with lower credit costs are likely to drive return on equity higher, it said. The brokerage expects the stock to outperform with a target price of Rs 900.

 Life Certificate can submit the certificate physically at a bank or post office. For a hassle-free process one can opt for online procedures that are as follows

Life Certificate Online | Jeevan Pramaan Certificate : Government Pension: How to submit life certificate online?

The timeline for submitting the life certificate of government pensioners is between November 1 to 30. However, people aged 80 or above can submit their life certificate or 'Jeevan Praman Patra' starting this month.

How to submit life certificate for pensioners?

The timeline for submitting the life certificate of government pensioners is between November 1 to 30. However, people aged 80 or above can submit their life certificate or 'Jeevan Praman Patra' starting this month.
One can submit the certificate physically at a bank or post office. For a hassle-free process one can opt for online procedures that are as follows:
&nbsp;
1. Online submission:&nbsp;
<ul>
<li>Visit the&nbsp;Jeevan Pramaan portal</li>
<li>Download the Mobile app and register</li>
<li>Put in details like pensioner&rsquo;s Aadhaar number, mobile number, etc.</li>
<li>Your online Life certificate will be ready to download</li>
<li>Life certificate will be available to the pension disbursing agency.</li>
</ul>
2.&nbsp;Doorstep Digital Life Certificate:
<ul>
<li>Place a request&nbsp;via &lsquo;Postinfo&rsquo; mobile app or website</li>
<li>A&nbsp;Pramaan ID will be generated after the postman visit</li>
<li>Pensioner can download the Jeevan Pramaan Patra after the process</li>
<li>Post Office will charge a nominal fee of Rs 70</li>
</ul>

The timeline for submitting the life certificate of government pensioners is between November 1 to 30.

The timeline for submitting the life certificate of government pensioners is between November 1 to 30. However, people aged 80 or above can submit their life certificate or 'Jeevan Praman Patra' starting this month.
One can submit the certificate physically at a bank or post office. For a hassle-free process one can opt for online procedures that are as follows:
<h3>1. Life Certificate Online or&nbsp;Jeevan Pramaan Online submission:&nbsp;</h3>
&bull;&nbsp; Visit the&nbsp;Jeevan Pramaan portal (https://jeevanpramaan.gov.in/)
&bull;&nbsp; Download the PC/Mobile/Tablet application to register for a Life Certificate
&bull;&nbsp; Put details like pensioner&rsquo;s Aadhaar number, mobile number,&nbsp;pension account number, bank details, name of pension sanctioning authority, pension disbursing authority, etc.
&bull;&nbsp; Download digital life certificate in a PDF format.
&bull;&nbsp; Following this, life certificate will be available to the pension disbursing agency.
<h3>2.&nbsp;Doorstep Digital Life Certificate:</h3>
&bull;&nbsp; Place a request for a doorstep visit by the postman/grameen dak sevak&nbsp;via &lsquo;Postinfo&rsquo; info mobile application or the website
&bull;&nbsp; A&nbsp;Pramaan ID will be generated after showing the postman all the required documents
&bull;&nbsp; Pensioner can download the Jeevan Pramaan Patra through the link https://jeevanpramaan.gov.in/ppouser/login
&bull;&nbsp; Post Office will charge a nominal fee of Rs 70

With the&nbsp;festive season approaching, banks have started to reduce interest rates, some to the lowest in a decade. Here's a list of the top 10 banks with the lowest interest rates:

Citi&nbsp;Bank: 6.5%
Kotak&nbsp;Bank: 6.5%
Axis: 6.66%
LIC&nbsp;Housing Finance: 6.66%
SBI:&nbsp;6.70%
HDFC: 6.75%
Bank of Baroda: 6.75%
ICICI Home&nbsp;Loan: 6.75%
Bajaj Home Finance: 6.80%
Corporation Bank: 6.80%


The Big Loan Bazaar! Find the cheapest loans at these banks

With the&nbsp;festive season approaching, banks have started to reduce interest rates, some to the lowest in a decade. Here's a list of the top 10 banks with the lowest interest rates:
&nbsp;

List of top 10 banks with the lowest interest rates

Banks have started to reduce interest rates, some to the lowest in a decade

With the&nbsp;festive season approaching, banks have started to reduce interest rates, some to the lowest in a decade. The trend started with Kotak&nbsp;Mahindra&nbsp;Bank but the big boy SBI&nbsp;has beena&nbsp; disruptor slashing the rates across the board.&nbsp;Only with the launch of festive deals, borrowers can now get a home loan for any amount at a rate as low as 6.7 with a concession of 45 basis points. Processing costs have been waived and balance transfer loans are also eligible for the 6.7 percent home loan deal of the bank.&nbsp;Here's a list of the top 10 banks with the lowest interest rates:
Also read/watch:&nbsp;<a href="https://www.edtr.ai/aee2" target="_blank">SBI home loan rate cut: Cheaper rates for all loan amounts</a>
<ol>
<li>Citi&nbsp;Bank: 6.5%</li>
<li>Kotak&nbsp;Bank: 6.5%</li>
<li>Axis: 6.66%</li>
<li>LIC&nbsp;Housing Finance: 6.66%</li>
<li>SBI:&nbsp;6.70%</li>
<li>HDFC: 6.75%</li>
<li>Bank of Baroda: 6.75%</li>
<li>ICICI Home&nbsp;Loan: 6.75%</li>
<li>Bajaj Home Finance: 6.80%</li>
<li>Corporation Bank: 6.80%</li>
</ol>

Family pension for bank employees is at a paltry level, the government on Wednesday raised the same to 30 percent of the last drawn salary. 

Good news for PSU bank employees, PF and pension plans see big jump

Good news for PSU bank employees, PF and pension plans see a big jump

Government's new benefits to bank employees

More reasons to prepare for a government job as the finance ministry has announced some big benefits for the bank employees.
Admitting that family pension for bank employees is at a paltry level, the government on Wednesday raised the same to 30 percent of the last drawn salary. With this, the family pensions would rise three times.
Currently, kin of deceased public-bank employees get a maximum of Rs 9,284 per month which would rise to as high as Rs 35,000 per month,&nbsp;said Department of Financial Services Secretary Debasish Panda.
"The cap has been completely removed and a uniform slab of 30 percent at the last-drawn salary will be entitled as family pension," Panda told reporters.
The ministry has also decided to increase the employer's contribution in the&nbsp;New Pension Scheme (NPS) to 14 percent of the salary from the current 10 percent.

Currently, the family of deceased public-bank employees get a maximum of Rs 9,284 per month.

More reasons to prepare for a government job as the finance ministry has announced some big benefits for the bank employees.
Admitting that family pension for bank employees is at a paltry level, the government on Wednesday raised the same to 30 percent of the last drawn salary. With this, the family pensions would rise three times.
Currently, kin of deceased public-bank employees get a maximum of Rs 9,284 per month which would rise to as high as Rs 35,000 per month,&nbsp;said Department of Financial Services Secretary Debasish Panda.
"The cap has been completely removed and a uniform slab of 30 percent at the last-drawn salary will be entitled as family pension," Panda told reporters.
Also Watch :<a href="https://www.editorji.com/story/lic-launches-saral-pension-plan-1625208194411" target="_blank">&nbsp;LIC launches Saral pension plan</a>
The ministry has also decided to increase the employer's contribution in the&nbsp;New Pension Scheme (NPS) to 14 percent of the salary from the current 10 percent.

The country's largest bank State Bank of India has asked its customers to link their PAN with Aadhaar&nbsp;before June 30.&nbsp;Failing which, the account holders may face issues with their banking services, as notified by the bank in a Twitter post.
SBI&nbsp;also mentioned that PAN-Aadhaar linking can be done from the comfort of one's home and that there is no need to visit any bank branch for this.
So, how to link Aadhaar&nbsp;with PAN online?
- Visit www.incometaxindiaefiling.gov.in and click the link on the left pane, &lsquo;Link Aadhaar and enter the following details:&nbsp;
1. PAN
2.&nbsp;Aadhaar number
- Name as exactly specified on the Aadhaar card without any spelling mistakes.
- After entering the details click on &lsquo;Link Aadhaar&rsquo;.
- Post verification from UIDAI the linking will be confirmed.

SBI account holders must do this soon to avoid any issues with banking services

The country's largest bank State Bank of India has asked its customers to link their PAN with Aadhaar&nbsp;before June 30.&nbsp;Failing which, the account holders may face issues with their banking services, as notified by the bank in a Twitter post.
SBI&nbsp;also mentioned that PAN-Aadhaar linking can be done from the comfort of one's home and that there is no need to visit any bank branch for this.
So, how to link Aadhaar&nbsp;with PAN online?
- Visit www.incometaxindiaefiling.gov.in and click the link on the left pane, &lsquo;Link Aadhaar and enter the following details:&nbsp;
1. PAN
2.&nbsp;Aadhaar number
- Name as exactly specified on the Aadhaar card without any spelling mistakes.
- After entering the details click on &lsquo;Link Aadhaar&rsquo;.
- Post verification from UIDAI the linking will be confirmed.

The country's largest bank State Bank of India has asked its customers to link their PAN with Aadhaar&nbsp;before June 30.&nbsp;Failing which, the account holders may face issues with their banking services, as notified by the bank in a Twitter post.
SBI&nbsp;also mentioned that PAN-Aadhaar linking can be done from the comfort of one's home and that there is no need to visit any bank branch for this.
So, how to link Aadhaar&nbsp;with PAN online?
- Visit www.incometaxindiaefiling.gov.in and click the link on the left pane, &lsquo;Link Aadhaar and enter the following details:&nbsp;
1. PAN
2.&nbsp;Aadhaar number
- Name as exactly specified on the Aadhaar card without any spelling mistakes.
- After entering the details click on &lsquo;Link Aadhaar&rsquo;.
- Post verification from UIDAI the linking will be confirmed.

The central bank is firing from all fronts to reduce the impact of the surging covid&nbsp;crisis on the economy. Speaking at an unscheduled press conference on Wednesday, RBI&nbsp;Governor laid out a slew of steps for &nbsp;Covid related healthcare services and also small businesses. Here are the highlights -:&nbsp;

For Covid related healthcare services RBI will provide a liquidity window of Rs 50,000 crore.
Banks can new liquidity window for on-lending to hospitals, medicine, vaccine manufactures, importers of Covid related drugs
Banks can classify lending to health infra under priority sector lending:
Businesses that have availed restructuring last fiscal and opted for two year moratorium last year, can seek a longer moratorium and get their loans further extended
Loans up to Rs 25 crore, that have not been restructured earlier, can seek fresh restructuring up to September 2021.
Loans to MFIs will be recognised as priority sector.
RBI will give 3-year funds at repo rate (4%) to small finance banks through long-term repos for on-lending.
Banks have been allowed to use counter-cyclical provisions for making specific provisions for bad loans.


RBI's covid fight plan: Funds for healthcare, support to small biz and borrowers

The central bank is firing from all fronts to reduce the impact of the surging covid&nbsp;crisis on the economy. Speaking at an unscheduled press conference on Wednesday, RBI&nbsp;Governor laid out a slew of steps for &nbsp;Covid related healthcare services and also small businesses. Here are the highlights -:&nbsp;
<ul>
<li>For Covid related healthcare services RBI will provide a liquidity window of Rs 50,000 crore.</li>
<li>Banks can new liquidity window for on-lending to hospitals, medicine, vaccine manufactures, importers of Covid related drugs</li>
<li>Banks can classify lending to health infra under priority sector lending:</li>
<li>Businesses that have availed restructuring last fiscal and opted for two year moratorium last year, can seek a longer moratorium and get their loans further extended</li>
<li>Loans up to Rs 25 crore, that have not been restructured earlier, can seek fresh restructuring up to September 2021.</li>
<li>Loans to MFIs will be recognised as priority sector.</li>
<li>RBI will give 3-year funds at repo rate (4%) to small finance banks through long-term repos for on-lending.</li>
<li>Banks have been allowed to use counter-cyclical provisions for making specific provisions for bad loans.</li>
</ul>

<ul>
<li>RBI&nbsp;announces Rs 50,000 cr fund release for healthcare&nbsp;</li>
<li>Banks to be able to lend more to vaccine importers, producers</li>
<li>Health infrastructure can be classified as priority sector lending&nbsp;</li>
<li>Longer moratorium period announced by the RBI&nbsp;</li>
<li>Small loans upto&nbsp;Rs 25 cr can seek&nbsp;restructuring</li>
<li>Loans to Microfinance&nbsp;firms to be considered priority sector</li>
<li>Small finance banks to get access to cheaper funds</li>
</ul>

The central bank is firing from all fronts to reduce the impact of the surging covid&nbsp;crisis on the economy. Speaking at an unscheduled press conference on Wednesday, RBI&nbsp;Governor laid out a slew of steps for &nbsp;Covid related healthcare services and also small businesses. Here are the highlights -:&nbsp;
<ul>
<li>For Covid related healthcare services RBI will provide a liquidity window of Rs 50,000 crore.</li>
<li>Banks can new liquidity window for on-lending to hospitals, medicine, vaccine manufactures, importers of Covid related drugs</li>
<li>Banks can classify lending to health infra under priority sector lending:</li>
<li>Businesses that have availed restructuring last fiscal and opted for two year moratorium last year, can seek a longer moratorium and get their loans further extended</li>
<li>Loans up to Rs 25 crore, that have not been restructured earlier, can seek fresh restructuring up to September 2021.</li>
<li>Loans to MFIs will be recognised as priority sector.</li>
<li>RBI will give 3-year funds at repo rate (4%) to small finance banks through long-term repos for on-lending.</li>
<li>Banks have been allowed to use counter-cyclical provisions for making specific provisions for bad loans.</li>
</ul>

Axis bank chief Amitabh&nbsp;Chaudhary&nbsp;has warned that bad loans may rise as collection for loans could start to slow due to localised lockdowns.&nbsp;&ldquo;These are early days, but we do see an immediate business impact across segments," said Chaudhary.&nbsp;Meanwhile&nbsp;Finance Industry Development Council (FIDC) has also written to the RBI&nbsp;requesting extension of the restructuring scheme till March 31, 2022. The industry body urged the central bank to consider the recast as "the retail borrowers, including the MSMEs, as also the retail and wholesale trader industry shall be in urgent need of support from the lenders, to revive their economic activities."

Top bankers to small lenders warn of bad loans, Urge RBI to extend recast scheme

RBI to extend covid recast window?

<ul>
<li>Bankers expect collections to slow down due to localised lockdowns</li>
<li>Axis Bank: Do see an immediate business impact across segment</li>
<li>Small lenders seek extension of recast facility under Covid&nbsp;window</li>
<li>FIDC&nbsp;writes to the Reserve Bank of India as MSMEs, small retail loans struggle&nbsp;</li>
</ul>

Axis bank chief Amitabh&nbsp;Chaudhary&nbsp;has warned that bad loans may rise as collection for loans could start to slow due to localised lockdowns.&nbsp;&ldquo;These are early days, but we do see an immediate business impact across segments," said Chaudhary.&nbsp; Meanwhile&nbsp;Finance Industry Development Council (FIDC) has also written to the RBI&nbsp;requesting extension of the restructuring scheme till March 31, 2022. The industry body urged the central bank to consider the recast as "the retail borrowers, including the MSMEs, as also the retail and wholesale trader industry shall be in urgent need of support from the lenders, to revive their economic activities."

As covid cases continue to soar above the daily 3 lakh marks banks have decided to reduce branch timings from 10 am -2 pm and also cut attendance to 50%..

Covid-19: Banks asked to reduce timings to 10 am to 2 pm, services reduced

As covid&nbsp;cases continue to soar above the daily 3 lakh marks banks have decided to reduce branch timings from 10 am -2 pm and also cut attendance to 50%. Most banks are likely to provide only the four mandatory functions at branches - accepting deposits, cash withdrawals, remittance and government businesses. The&nbsp;Indian Banks&rsquo; Association stated Considering the fact that there is no nationwide lockdown this time, the State Level Bankers&rsquo; Committees (SLBC) could modify the SOPs as per the prevailing situation and needs in respective states.&rdquo;&nbsp; Last year the pandemic claimed lives of 600 bankers.

Banks asked to reduce timings to 10 am to 2 pm, services reduced

As <a href="https://www.editorji.com/covid-19" target="_blank">covid&nbsp;cases</a> continue to soar above the daily 3 lakh marks banks have decided to reduce branch timings from 10 am -2 pm and also cut attendance to 50%. Most banks are likely to provide only the four mandatory functions at branches - accepting deposits, cash withdrawals, remittance and government businesses. The&nbsp;Indian Banks&rsquo; Association stated Considering the fact that there is no nationwide lockdown this time, the State Level Bankers&rsquo; Committees (SLBC) could modify the SOPs as per the prevailing situation and needs in respective states.&rdquo;&nbsp; Last year the pandemic claimed lives of 600 bankers.
Also Read | <a href="https://www.editorji.com/story/india-logs-world-s-biggest-covid-spike-for-second-day-in-a-row-1619151206216" target="_blank">India logs world's biggest Covid spike for second day in a row</a>

Citigroup announced on Thursday it will exit 13 international consumer banking markets, including China and India, shifting its focus to wealth management and away from retail banking where it lacks scale. Citigroup will focus its global consumer banking business on four markets: Singapore, Hong Kong, London and the United Arab Emirates. The move is part of an ongoing review of the company&rsquo;s strategy by Chief Executive Officer Jane Fraser, who took over last month. The withdrawal came as Citigroup reported record quarterly profit, boosted by the flurry of blank-check companies it helped take public in the first three months of the year.

Citi to exit retail banking in India, likely to look for buyer, not shut 

Citigroup to exit China and India, and 11 other global consumer banking markets where it has no scale. Officials say they will look for buyer, nothing to change for customers

US banking giant Citigroup, decided to exit the consumer banking business in India as part of a global strategy to focus on institutional business. Citi&nbsp;will exit consumer banking in 13 countries
Citi India&rsquo;s Chief Executive Ashu Khullar has assured that there will be no immediate impact of the decision on its employees and operations in India reported PTI.&nbsp; Citi's&nbsp;total assets in India are nearly at Rs 3 lakh&nbsp;crore,&nbsp; out of which the retail biz including credit cards would be over Rs 32,000 cr as per reports in ET. However, the company has said that it has begun looking for a buyer, &nbsp;&ldquo;Citi is not closing down its consumer business here, but only exiting. We will now look for a buyer for the Indian consumer business segment and will also seek necessary regulatory approvals,&rdquo; officials told&nbsp;Moneycontrol.com.

The government has announced an infusion of Rs 14,500 crore into 4 state-owned banks to shore up their capital base.&nbsp;As per Govt notification&nbsp;Central Bank of India, Indian Overseas Bank, Bank of India and&nbsp;UCO Bank&nbsp;will receive the funds through zero-coupon bonds, an instrument that RBI&nbsp;had flagged concerns on using while calculating capital base for banks.&nbsp;
All these lenders, except Bank of India, are under the Reserve Bank of India&rsquo;s sanctions as their bad loans have been on the rise.&nbsp;In December, the government had infused Rs 5,500 crore into Punjab and Sind Bank.

$2 billion push for PSU banks, Govt infuses capital

The government has announced an infusion of Rs 14,500 crore into 4 state-owned banks to shore up their capital base but using an instrument the RBI&nbsp;may not be too happy about.&nbsp;

<ul>
<li>Govt to infuse Rs 14,500 cr into 4 PSU&nbsp;banks&nbsp;</li>
<li>Govt to infuse capital in&nbsp;Central Bank of India, Indian Overseas Bank, Bank of India and&nbsp;UCO Bank</li>
<li>Govt to infuse capital via zero-coupon bonds, RBI&nbsp;had raised concerns over this instrument</li>
<li>Govt had infused funds into&nbsp;Punjab and Sind Bank in December</li>
</ul>

The government has announced an infusion of Rs 14,500 crore into 4 state-owned banks to shore up their capital base.&nbsp; As per Govt notification&nbsp;Central Bank of India, Indian Overseas Bank, Bank of India and&nbsp;UCO Bank&nbsp;will receive the funds through zero-coupon bonds, an instrument that RBI&nbsp;had flagged concerns on using while calculating capital base for banks.&nbsp;
All these lenders, except Bank of India, are under the Reserve Bank of India&rsquo;s sanctions as their bad loans have been on the rise.&nbsp;In December, the government had infused Rs 5,500 crore into Punjab and Sind Bank.

Despite giving the banks over 20 months to prepare for the new norms for auto-debit of payments, the large scale of non-compliance has led to the RBI&nbsp;extending the timeline&nbsp;of implementation by 6 months.&nbsp;
Starting April 1, a customer's e-mandate transactions for&nbsp;bill payments and subscription renewals needed to be given approval by the customer to remain active. Auto-initiated payments for mobile phone, broadband, DTH, electricity, water and other utilities bill were likely to be impacted the most.However the banks were largely still unprepared for this which would have out the payment mechanisms at a complete standstill. Noting the gap the central bank has extended the timeline&nbsp;to September 30 but also added a warning.&nbsp;The RBI&nbsp;stated&nbsp;"Any further delay in ensuring complete adherence to the framework beyond the extended timeline will attract stringent supervisory action."
&nbsp;

RBI extends timeline to auto-debit norms  and warns banks to be prepared or face penalty

Despite giving the banks over 20 months to prepare for the new norms for auto-debit of payments, the large scale of non-compliance has led to the RBI&nbsp;extending the timeline&nbsp;of implementation by 6 months.&nbsp;

<ul>
<li>RBI extends timeline on implementing auto-debit payment norms&nbsp;</li>
<li>RBI&nbsp;extends autopay&nbsp;e-mandate norms to Sept 30 vs April 1</li>
<li>Banks largely unprepared with e-mandates from customers</li>
<li>Bill payment mechanism at risk of being at a standstill</li>
<li>RBI&nbsp;warns banks of&nbsp;supervisory action if norms not adhered to</li>
</ul>

Despite giving the banks over 20 months to prepare for the new norms for auto-debit of payments, the large scale of non-compliance has led to the RBI&nbsp;extending the timeline&nbsp;of implementation by 6 months.&nbsp;
Starting April 1, a customer's e-mandate transactions for&nbsp;bill payments and subscription renewals needed to be given approval by the customer to remain active. Auto-initiated payments for mobile phone, broadband, DTH, electricity, water and other utilities bill were likely to be impacted the most. However the banks were largely still unprepared for this which would have out the payment mechanisms at a complete standstill. Noting the gap the central bank has extended the timeline&nbsp;to September 30 but also added a warning.&nbsp; The RBI&nbsp;stated&nbsp;"Any further delay in ensuring complete adherence to the framework beyond the extended timeline will attract stringent supervisory action."
&nbsp;

It was a circular the RBI&nbsp;put out in August 2019 but its coming to impact customers from April 1. As the new month starts your standing instructions for payments towards credit cards,OTTs, subscriptions will come to a stand still and will require you to give approvals for each of them.As per RBI's&nbsp;circular&nbsp;banks will have to send a notification to customers five days before a particular auto-payment is scheduled and can go ahead with the transaction only after it is approved by the user reports Economic Times.&nbsp;Even as it is likely to cause a big disruption to automatic payments many also argue this is much needed as auto debit systems have led to many subscriptions running endlessly for customers.&nbsp;

Standing instructions at standstill? RBI norms to hit automatic payments from April 1

It was a circular the RBI&nbsp;put out in August 2019 but its coming to impact customers from April 1. As the new month starts your standing instructions for payments towards credit cards,OTTs, subscriptions will come to a stand still and will require you to give approvals for each of them. As per RBI's&nbsp;circular&nbsp;banks will have to send a notification to customers five days before a particular auto-payment is scheduled and can go ahead with the transaction only after it is approved by the user reports Economic Times.&nbsp; Even as it is likely to cause a big disruption to automatic payments many also argue this is much needed as auto debit systems have led to many subscriptions running endlessly for customers.&nbsp;

It was a circular the RBI&nbsp;put out in August 2019 but its coming to impact customers from April 1. As the new month starts your standing instructions for payments towards credit cards,OTTs, subscriptions will come to a stand still and will require you to give approvals for each of them. As per RBI's&nbsp;circular&nbsp;banks will have to send a notification to customers five days before a particular auto-payment is scheduled and can go ahead with the transaction only after it is approved by the user reports Economic Times.&nbsp; Even as it is likely to cause a big disruption to automatic payments many also argue this is much needed as auto debit systems have led to many subscriptions running endlessly for customers.&nbsp;

The Reserve Bank of India&nbsp;&nbsp;has slapped a penalty of Rs 2 crore on the State Bank of India it stated in a press release.&nbsp;RBI&nbsp;without providing any details said the action is based on deficiencies in regulatory compliance.&nbsp;The central bank also clarified that the penalty does not effect any deal entered into by the bank with its customers.

RBI slaps Rs 2 cr penalty on SBI

Reserve Bank of India imposes a Rs 2 cr fine on India's largest bank SBI. The central bank says penalty due to compliance shortfall.&nbsp;

RBI slaps Rs 2 cr penality on SBI

The Reserve Bank of India&nbsp;&nbsp;has slapped a penalty of Rs 2 crore on the State Bank of India it stated in a press release.&nbsp;
RBI&nbsp;without providing any details said the action is based on deficiencies in regulatory compliance.&nbsp;
The central bank also clarified that the penalty does not effect any deal entered into by the bank with its customers.

The Reserve Bank of India&nbsp;&nbsp;has slapped a penalty of Rs 2 crore on the State Bank of India it stated in a press release.&nbsp; RBI&nbsp;without providing any details said the action is based on deficiencies in regulatory compliance.&nbsp; The central bank also clarified that the penalty does not effect any deal entered into by the bank with its customers.

Bank Union Strike: As 1 million bank employees go on a two day strike opposing the proposed privatisation of public sector banks. 


Bank Union Strike: 2-Day bank strike, how you may be affected 

As 1 million bank employees go on a two day strike opposing the proposed privatisation of public sector banks.&nbsp; The countries largest bank SBI has assured customers that banking services will not be disturbed but here is what you should be prepared for -:
<ol>
<li>Services such as deposits and withdrawal at branches could be delayed</li>
<li>Expect delays in cheque clearances&nbsp;</li>
<li>Loan approvals due this week could be pushed back&nbsp;</li>
</ol>
Private banks continue to function smoothly and branches and ATMs&nbsp;of all banks will remain functional.&nbsp;

2-Day bank strike, how you may be affected 

As 1 million bank employees go on a two day strike opposing the proposed privatisation of public sector banks.&nbsp;
The countries largest bank SBI has assured customers that banking services will not be disturbed but here is what you should be prepared for -:
Services such as deposits and withdrawal at branches could be delayed Expect delays in cheque clearances&nbsp; Loan approvals due this week could be pushed back&nbsp; Private banks continue to function smoothly and branches and ATMs&nbsp;of all banks will remain functional.&nbsp;

As 1 million bank employees go on a two day strike opposing the proposed privatisation of public sector banks.&nbsp; The countries largest bank SBI has assured customers that banking services will not be disturbed but here is what you should be prepared for -:
<ol>
<li>Services such as deposits and withdrawal at branches could be delayed</li>
<li>Expect delays in cheque clearances&nbsp;</li>
<li>Loan approvals due this week could be pushed back&nbsp;</li>
</ol>
Private banks continue to function smoothly and branches and ATMs&nbsp;of all banks will remain functional.&nbsp;

Purchasing a home is one of the biggest financial decisions you may take in your lifetime, and if you are considering applying for a home loan, it can become even bigger. 
This is a good time to apply for a home loan as India's top lenders, State Bank of India (SBI), Kotak Mahindra Bank and HDFC have reduced the interest on home loan rates.Housing Development Finance Corporation on Wednesday reduced home loans interest rates by 5 basis points to 6.75%. The changes will be effective from 4 March, the company said in a regulatory filing. 
Last week, State Bank of India and Kotak Mahindra Bank also reduced the interest rates on home loans for 6.70% and 6.65 per cent till 31 March. The lenders are also giving 100% waiver on processing fees. The interest concession is based on the loan amount and CIBIL score of the borrower.&nbsp;
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Home loan rates cut, banks rush to give out loans before year end

Purchasing a home is one of the biggest financial decisions you may take in your lifetime, and if you are considering applying for a home loan, it can become even bigger.
This is a good time to apply for a home loan as India's top lenders, State Bank of India (SBI), Kotak Mahindra Bank and HDFC have reduced the interest on home loan rates. Housing Development Finance Corporation on Wednesday reduced home loans interest rates by 5 basis points to 6.75%. The changes will be effective from 4 March, the company said in a regulatory filing.
Last week, State Bank of India and Kotak Mahindra Bank also reduced the interest rates on home loans for 6.70% and 6.65 per cent till 31 March. The lenders are also giving 100% waiver on processing fees. The interest concession is based on the loan amount and CIBIL score of the borrower.&nbsp;
&nbsp;

Planning to buy a new house? Check out these banks for home loans 

Home loan interest rates at a new low SBI, Kotak cut home loan interest rates Latest offer by SBI, Kotak Mahindra Bank HDFC reduced the interest rates on home loans

ICICI&nbsp;Bank has added to the bandwagon increasing the cheer for home buyers as it also has cut home loan rates to 6.7% ahead of year closing.&nbsp; &nbsp; The trend started by India&rsquo;s largest lender that lowered home loan rates to 6.7% was followed swiftly by Uday Kotak backed Kotak Mahindra Bank that went even lower to 6.65%.&nbsp;Real estate lender HDFC also issued a statement that it was lowering the rates by 5 bps as well.&nbsp;&nbsp; &nbsp; All these offers however are limited to new loans before the close of this fiscal year on March 31, lenders are hoping the low rates will boost up loan books before the year ends.

The Supreme Court has directed the Reserve Bank of India (RBI) to lay down regulations within six months&nbsp;mandating the steps to be taken by banks with respect to locker facility management.&nbsp;The apex court said people are hesitant to keep their liquid assets at home as we are steadily moving towards a cashless economy. With the rising demand for such services, lockers have become an essential service provided by every banking institution, the top court said, adding that such services may be availed of by citizens as well as by foreign nationals.

SC asks RBI to frame new banks' locker facility within 6 months

SC asks RBI to frame regulations for banks' locker facility

The Supreme Court has directed the Reserve Bank of India (RBI) to lay down regulations within six months&nbsp;mandating the steps to be taken by banks with respect to locker facility management. banks "cannot leave their customers in the lurch" by claiming ignorance of the contents of their lockers, the Supreme Court said.&nbsp; The apex court said people are hesitant to keep their liquid assets at home, thus, as is evident from the rising demand for such services, lockers have become an essential service provided by every banking institution.&nbsp;Laying down strict guidelines, the court said that the rules will operate till the central bank comes up with new regulations.

The Reserve Bank has asked all lending institutions to ensure that the scheme of waiver of interest on interest for loans up to ₹2 crore for the six-month mor

RBI asks lenders to implement compound interest waiver scheme by Nov 5

The RBI has asked lenders to ensure that the&nbsp;compound interest waiver scheme is implemented by November 5, as decided by the government

RBI: lenders to implement loan relief scheme by Nov 5
RBI&nbsp;to lenders: credit amount to borrowers&nbsp;by Nov 5
&nbsp;

The Reserve Bank has asked all lending institutions to ensure that the waiver of interest on interest for loans up to ₹2 crore for the six-month moratorium period is implemented by November 5. The lending institutions have been asked to complete the exercise of crediting the amount in the accounts of borrowers by November 5. Housing loans, education loans, credit card dues, auto loans, MSME loans, consumer durable loans and consumption loans are covered under the scheme.

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