State Consumer Disputes Redressal Commission, Maharashtra directed Bank of Baroda to pay Rs.1 lac as compensation for not informing the rejection of housing loan and reasons thereof. Jayprakash R.Kushwaha entered into an agreement for purchase of house, in a Co.Op. Housing Society for Rs.4 lakh on 12/3/2007 and gave Rs.87,000/- as Read more…
Leaders of Bank Employees’ Unions have demanded that name of the top corporate willful defaulters should be published and made public immediately. One of the AIBOC leader from Kolkata said that “The Reserve Bank of India has been steadfastly refusing to divulge the names of top corporate wilful defaulters. In the Read more…
Actual DA for Bank Employees from May 2017 will decrease by 1.40%. With the release of CPI data for the month of March 2017, we have now calculated DA for Bank Officers and workman Staff. (Read how DA for Bank Employees is calculated) See: Actual DA for May 2017 to July 2017 Have Read more…
According to media reports, 10 public sector banks have been asked by the Ministry of Finance, Government of India, to cut cost, in order to get fresh capital infusion, which was promised by the Government under Indradhanush program. The list of these banks include Uco Bank, United Bank, Allahabad Bank, Dena Read more…
Non Performing Assets – Prudential Norms Category Treated as NPA if: Term Loan Interest and/or installment of principal remain overdue for a period of more than 90 days Overdraft/ Cash Credit (OD/CC) accounts 1) The account remains out of order continuously for 90 days. 2) Drawings are allowed on DP Read more…
Bank and Customer Relationship Sl No Type of Transaction Bank Customer 1 Deposit a/c and Credit balance in CC/OD Debtor Creditor 2 Loan a/c and Debit balance in CC/OD Creditor Debtor 3 Collection of cheques, TT, MT, Standing Instructions, sale/ purchase of securities, Maintenance of currency chest Agent Principal 4 Safe custody Read more…
Nomination facility: Section 45 ZA to 45 ZF of the Banking Regulation Act, 1949 Procedures are given in Banking Companies (Nomination) Rules, 1985. Account holder can nominate any individual of his choice as nominee to receive money from the bank in case of death of the depositor. Nomination facility is Read more…
Everyone spends on movies, fuel, shopping and utility bills like telephone, electricity, broadband etc. Its better to spend through credit cards instead of cash or debit card, because credit cards offer you various benefits. The best thing is that some credit cards offer cash back on every spend. We have compared Read more…
Government has given a big pay hike for RBI Governor Urjit Patel and Deputy Governors of RBI. Basic salary of Urjit Patel, RBI Governor has been increased from Rs.90,000 per month to Rs.2,50,000 per month and that of deputy governors, it has been increased from Rs.80,000 per month to Rs.2,25,000 Read more…
Bank of Maharashtra has reported that the bank has lost Rs.25 crores due to a fraud through UPI app. The fraud took place due to a bug in UPI , which was used by a some people in Aurangabad. How the fraud took place: A few people discovered that Read more…