The Reserve Bank of India (RBI) with effect from October 22, 1997 has permitted commercial banks to decide the rates of interest payable on domestic term deposits of various maturities with the prior approval of their respective Board of Directors/Asset Liability Management Committee. The banks are now free to offer any interest rate on domestic term deposits according to their cost structure with the approval of their board.
K.Kalimuthu, General Secretary, CHQ Camp at TNagar HPO, Chennai 600017(TN), Mobile 9566330927, 8667686382,
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Showing posts with label Banking Sector News. Show all posts
Showing posts with label Banking Sector News. Show all posts
Friday, December 21, 2012
Tuesday, December 18, 2012
Deadline For New Cheque Format Extended Till March 31, 2013
Bank account holders can continue to use their old format cheques for another three months as RBI has extended the deadline for banks to issue new cheques with uniform security features till March next year.
The Reserve Bank in a notification today said, "Taking into consideration representations, it has been decided to extend the time up to March 31, 2013 for banks to ensure withdrawal of non-CTS 2010 Standard cheques and replace them with CTS-2010 Standard cheques."
The central bank, however, indicated that it might impose some kind of fees for such cheques after March 2013.
This is circular given by RBI on same.
Monday, December 3, 2012
Check your cheque status, only those in new format will be honoured from January 1
Add one more item — get a new cheque book — to your list of 'things to do' before the New Year. You may not be able to use your old cheques from next year with the implementation of the new Cheque Truncation System (CTS-2010), which will eliminate physical movement of cheques for clearing. Instead, only their electronic images, along with key information, will be captured and transmitted. It will make the clearing process more efficient, secure and quicker; but for that, you must switch to new cheques with prescribed standard features before December 31.
"Customers need not worry about the impending CTS implementation. I am sure they will not be inconvenienced due to the migration process. Some transitory period, from January 1 to March 31, could be given during which both types of cheques will be accepted. Banks are sending messages to customers now so that they comprehend the urgency and act upon it," says AC Mahajan, chairman, Banking Codes and Standards Board of India(BCSBI).
Wednesday, November 28, 2012
From January 2013 existing bank Cheque to become Trash
Come January your cheque books would become a useless piece of paper: Reason, the existing non-uniform standard of cheques would be taken over by standard uniform Cheque Truncation System (CTS-2010).As per the direction of the RBI all the banks operating in India including in J&K have been asked to disband the existing cheques and adopt the CTS-2010. The non-CTS-2010 cheques would be phased out by December 31, 2012 and the new standard cheques would come into operation from January 1, 2013.
Monday, September 24, 2012
Bank ATMs stop sucking in cash after RBI direction
Next time you go to an ATM to withdraw cash, don't worry about the banknotes getting sucked back by the machine if not collected immediately, as RBI has asked all banks to immobilise the 'cash retraction facility'.
At the same time, customers will have to be extra careful in collecting the cash dispensed by the ATM, as they cannot later claim the money from the bank, which was the case when this 'cash retraction facility' was in place at the ATMs.
Most of the banks, including HDFC Bank, Axis Bank and Canara Bank, have already removed the cash retraction facility from all their ATMs, while the withdrawal process for this facility is underway for few remaining ATMs.
Tuesday, September 18, 2012
RBI cuts CRR: Home and auto loan rates expected to come down
MUMBAI: Your home and auto loan rates are expected to ease after the Reserve Bank of India slashed cash reserve ratio by 25 basis point to 4.50% in its mid quarter review of the monetary policy on Monday. CRR is the minimum proportion of deposits that banks must hold with the central bank. The CRR reduction is expected to inject Rs 17,000 crore liquidity into the banking system.
The move is primarily aimed at managing the tight liquidity expected in the next few weeks on increased currency leakage during the upcoming festive season, and to ensure smooth flow of credit to productive sectors of the economy.
Adequate and sustained liquidity will add to the banking and business confidence. We have seen a concerted reduction in deposit rates and eventually we will see lending rates softening. This will be translated into retail rates as well,'' said Rana Kapoor managing director and chief executive officer, Yes Bank.
Tuesday, September 11, 2012
Anticipated pay scale for Bank Officers in 10th BPS
Based on trends of earlier settlements one of the popular website has published a projection. We are not reproducing the same here, just providing the link for our viewers, who are very much eager to know the quantum of hike.
Kindly remember that it is nothing but an estimated projection.
Sunday, August 19, 2012
Bank unions plan strike on August 22-23 2012
New Delhi: A section of public sector bank employees plan to go on a two-day strike on August 22-23 to protest the proposed reforms in the banking sector and outsourcing of jobs.
The United Forum of Bank Unions (UFBU) has decided to go on nation-wide strike on August 22-23, the union said in a statement.
UFBU is the umbrella organisation of five employee unions and four officer unions of state-run banks in the country.
The Chief Labour Commissioner has called the bank union on August 21 for a conciliation meeting on strike notice, the statement added.
Tuesday, August 7, 2012
State Bank of India Recruitment 2012 : Associates banks of SBI recruits 7440 vacancies - Last date 13.8.2012
State Bank of India Recruitment 2012 : Associates of banks of SBI recruits 7440 vacancies for the posts of Clerks
State Bank of India Recruitment 2012 : State Bank of India, its Central Recruitment and Promotion Department has advertised for recruitment to Clerical Cadre in Associate Banks of SBI. On-line registration of application was commenced on 30th July 2012 and it will be closed on 13th August, 2012. India’s largest public sector bank is being announced for the large number of vacancies (7440 posts) in one time. This is the very good opportunity job seekers in India, particularly for the young graduates in entire nation.
Monday, July 30, 2012
Talk with IBA did not deliver result, Banks going on strike on 22 and 23rd August
Talks with IBA regarding various issues took place on 24.07.12 but the IBA failed to provide any commitment, they only insisted about pursuing the Govt. As a result the Unions decided to go with their planned agitation and strike programme. If nothing positive comes out within next 10 days, they will go into warpath again and observe strike on 22nd and 23rd August to press their demands.
Following is the circular published in the ABOC site reproduced here for your perusal.
"As informed earlier, consequent to our strike notice and the conciliation meeting held by the Dy. CLC, there was a bipartite meeting between IBA and UFBU in Mumbai on 24-7-2012. IBA team was led by Mr. Alok Mishra, Chairman of IBA. Leaders of all our constituent unions were present in the discussions.
Saturday, July 21, 2012
Bank employees' strike on 25th and 26th July 2012 postponed
UFBU has temporarily postponed / deferred the bank employees' proposed strike on 25th and 26th July 2012.
Click here to view UFBU circular
Friday, July 6, 2012
SBI waives minimum balance criteria for Savings Bank Account
In order to attract new customers, State Bank of India (SBI) has done away with minimum balance criteria for saving banks account.
The bank will not levy any charge for breaching minimum balance criteria.
Saturday, June 30, 2012
Bank Strike on 25th and 26th July 2012
Employee unions of public sector banks have decided to call a two-day nationwide strike on July 25-26 to protest reforms in the banking sector and outsourcing of jobs, United Forum of Bank Unions convener G.D. Nadaf said. “About 10 lakh employees and officers will participate in the strike,”
Wednesday, June 27, 2012
REVISED CHARGES OF BANK AND ITS IMPACT ON CUSTOMERS
After petrol, the price hike bug has bitten the banks too, with several of them raising their charges in the recent past. "Banks have increased the service charges as the RBI has imposed several conditions on services, such as the daily interest payment and five free ATM transactions. As a result, the interest outflow of banks has increased and added to the cash flow. This has to be recovered," says K Unnikrishnan, deputy chief executive, Indian Banks' Association.
Banks have also introduced fees for services which were available for free till now. For instance, ICICI Bank had allowed inter-bank mobile payments for free, but will now charge Rs 5 per transaction. Here are some services that will be more costly.
Wednesday, June 20, 2012
CANARA BANK LATEST RECRUITMENT NOTIFICATION IN 2012
Name of the post(click below post link for more details) | No of Vacancies | Last Date(Online application registration) |
Clerk | 2000 | 1/7/2012 |
Probationary Officer (PO) | 2000 | 15/02/2012 |
Wednesday, June 6, 2012
Immediately Stop Charging Penalty on Pre-Payment on Home Loans Taken - RBI
Stop charging prepayment penalty on home loans: RBI to Banks
In a relief to borrowers, the RBI on Tuesday asked banks to immediately stop charging penalty on pre-payment of home loans taken on floating interest rates.
"It has…been decided that banks will not be permitted to charge foreclosure charges\pre-payment penalities on home loans on floating interest rate basis, with immediate effect," the Reserve Bank said in a communication to banks.
Monday, May 28, 2012
UCO BANK – Recruitment of Clerical Cadre – 2012
Detailed Advertisement for recruitment of 1000 Clerks project 2012.
UCO Bank, a leading Public Sector Bank, invites applications for Clerical posts, from Indian citizens who have taken the Common Written Examination for Clerical cadre conducted by IBPS in 2011 and have a Valid Score Card issued by IBPS.
DETAILS OF VACANCIES:
Since clerical cadre recruitment would be on State-wise basis, it will, therefore, be necessary that candidates apply for vacancies of a State from which they have appeared for the Common Written Examination and in which they have qualified.
Since clerical cadre recruitment would be on State-wise basis, it will, therefore, be necessary that candidates apply for vacancies of a State from which they have appeared for the Common Written Examination and in which they have qualified.
Particulars | Schedule Dates |
---|---|
Download of Fee Payment Challan & Payment of Application Fee | From 16.05.2012 to 02.06.2012 |
Opening date for Online Registration | 16.05.2012 |
Last Date for Online Registration | 02.06.2012 |
Eligibility criteria (viz. Age /Qualification / Experience etc.) reckoned as on | 01.08.2011 |
Wednesday, May 23, 2012
Security Tips For Safe Online Banking
1. Access your bank website only by typing the URL in the address bar of your browser.
2. Do not click on any links in any e-mail message to access the site.
2. Do not click on any links in any e-mail message to access the site.
Sunday, May 20, 2012
At last IBPS Mid scorers start breathing
It has been decided by IBPS & PSBs HR heads to make some changes IBPS recruitment to restrict multiple offers to same candidate.But so far some bank have finished their recruitment process :(
Many of the passed candidates started discussing about multiple offers to high scorers while the <160 scorers were struggling to get a single interview chance.IBPS have decided to put a check on high scorers and it has been decided to
Many of the passed candidates started discussing about multiple offers to high scorers while the <160 scorers were struggling to get a single interview chance.IBPS have decided to put a check on high scorers and it has been decided to
- Minimize joining period to 3 weeks.
- Maintaining waiting list so that if a candidate doesn't join bank can select from waiting list.
- Can conduct interviews for unfilled vacancies only waitlist is exhausted
Saturday, May 12, 2012
Current status of Khandelwal Committee Report for Banks
Government constituted a Committee on Human Resources issues of Public Sector Banks (PSBs) under the Chairmanship of Dr. A.K. Khandelwal, who has submitted its report. The Committee made 105 recommendations on matters related to Manpower and Recruitment Planning, Training, Career Planning, Performance Management, Reward Management, Succession Planning and Leadership Development, Motivation, Professionalisation of HR, Wages, Service Conditions and Welfare, etc. As 49 recommendations required further deliberations, the remaining 56 recommendations were forwarded to PSBs with the request that an HR Plan for each Bank be prepared and got approved by the respective Board of Directors.
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