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The Largest lender of India, State Bank of India (SBI) recently announced that the penalty charges for non-maintenance of average monthly balance (AMB) for all its savings bank accounts are to be waived. At present, the customers shall have to maintain average monthly balance of ₹3000, ₹2000 and ₹1000 in metro, semi urban and rural areas respectively. The ..
The State Bank of India (SBI) has opened its Melbourne office & became the first Indian bank to have a branch in the Australian state of Victoria. The Melbourne office will assist the growing trade and investment relations between Victoria and India and is the outcome of the state’s 10-year India Strategy – our shared ..
1. What are the ancient proofs of presence of banking system? Traces of information regarding existing of banking and financial system are found in India right from Vedic era to Buddhist, Mauryan, Satavahana, Sangam, Rajpoot, Sultanate as well as Mughal periods. The most ancient are the loan deeds of Vedic era called rnapatra or rnalekhya. 2. Which financial ..
The Reserve Bank of India, in a recent announcement, has mandated the banks to link their lending rates for loans to an external benchmark. This has made it mandatory for the banks to pass on the benefits of rate cuts on the loans to the banks immediately. Significance of the RBI’s Announcement This is significant ..
The Reserve Bank of India has transferred a surplus of Rs. 1.76 lakh crores to the Indian Government. This payment, which is equal to 1.25% of the Indian GDP (in nominal rates for 2018-19) aims to provide some breathing space for the Indian government and allow it to make a higher capital expenditure on infrastructure ..
The Bengaluru-headquartered small scale bank Jana Small Finance Bank Limited has received the status of a Scheduled Bank. What are Scheduled Banks of India? The Scheduled Banks are the banks which are included in the Second Schedule of Reserve Bank of India Act, 1934. The Reserve Bank of India includes the banks in Second Schedule ..
The annual banking statistics released by the Swiss National Bank makes the following observations: The UK has retained its top position in terms of money parked by its citizens and enterprises with Swiss banks. The UK accounts for more than 26 per cent of the total foreign funds parked with Swiss banks at the end of 2018. ..
The Reserve Bank of India (RBI) has set up a committee under VG Kannan, Chief Executive Officer of the Indian Banks’ Association for giving a fillip to ATM deployment in unbanked areas. Terms of Reference for the Committee Reviewing the existing structures and patterns of costs, charges and interchange fees for ATM transactions. Reviewing the ..