BANK CUSTOMER
Don't attach bank accounts in customs violation cases in mechanical manner: CBIC to field offices
The CBIC directed customs officials to meticulously assess cases before attaching bank accounts for customs violations. Attaching accounts should be well-documented and not routine. Investigations and adjudications must be expedited to ensure quick recovery of owed taxes and penalties. This measure protects revenue interests and requires careful consideration of each case’s specifics.
Custom duty reduction impact: How gold prices may perform in near future
Government has slashed customs duties on gold and silver by 6 percent. The basic customs duty has been reduced to 5 percent from 10 percent, and the Agriculture Infrastructure and Development Cess lowered to 1 percent from 5 percent. This decision will effectively bring down the overall taxes on gold and silver in the country to 9 percent from an earlier 18.5 percent inclusive of GST.
How hyper-personalised services are shaping the financial sector
Banks have advanced significantly, focusing on hyper-personalisation to enhance customer satisfaction. They utilised AI, data analytics, and real-time personalisation to understand and predict customer needs.
New bank money transfer rules from November 1, 2024: All you should know
With a focus on banking services and payment systems, the Reserve Bank of India (RBI) recently released a new framework on Domestic Money Transfer (DMT) for regulated enterprises. This framework includes tougher Know Your Customer (KYC) record criteria.
Kunal Shah's Cred looks to help customers track bank accounts
Kunal Shah-led Cred is unveiling a new service called Cred Money to help customers manage their bank accounts. With Cred Money, users can track usage over multiple bank accounts and understand their spending patterns. They can also use Cred's in-built UPI offering to make payments. Shah told ET that Cred will work with RBI-licensed account aggregators to offer the services on Cred Money.
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Budget 2024: Realty, banks, defence among 9 sectors that appear short term losers. Here's why
As the dust around the Union Budget 2024 settles down, potential losers in the market as a result of announcements or rather lack of it, are coming to the fore.
Disappointed with Budget? Hunt for stocks in these 10 sectors
Aimed at the trinity of fiscal prudence, investment, and growth momentum, the Union Budget saw the introduction of employment incentives and a simplified income tax regime, which should boost consumption.
Changing customer behaviour forces India's banks to recalibrate strategies
Banks are having to respond to the changing landscape by employing various strategies to maintain and grow their deposit bases, even as customers increasingly shift their funds towards investment avenues.
Kotak Mahindra Bank bets on deeper ties with customers
Kotak Mahindra Bank addresses the impact of RBI embargo on margins and unsecured loan business. Plans for branch expansion and deposit mobilization initiatives are in progress. Current accounts and savings share decreases while average deposits see an increase.
Kotak Mahindra Bank increases customer base, customer assets by 20% YoY
Kotak Mahindra Bank's first-quarter FY25 financial report shows a remarkable performance, with a PAT of Rs 6,250 crore, an 81% increase YoY, largely due to divesting its stake in Kotak General Insurance. Excluding this gain, PAT stands at Rs 3,520 crore. NII rose to Rs 6,842 crore, NIM at 5.02%, and fees income up by 23% YoY. Customer base, assets, and deposits all showed significant growth, with improved asset quality.
Kotak Bank hopes to offset digital curbs with brick and mortar push
Kotak Mahindra Bank is shifting focus to physical branch expansion following ban on digital onboarding, unveiling new distribution structure to integrate branches, digital channels and voice services. Strategy aims to mitigate impact of RBI ban on credit card issuance and online customer onboarding. Analysts cautious on loan growth, but optimistic for future revival.
Banking on GenAI: The artificially intelligent future of finance
Top Indian banks like SBI, HDFC, and Axis are adopting GenAI for better services. Data shows that the BFSI sector's IT spending was a whopping $13.2 billion in 2024. Similarly, fintech startups like Setu, AdvaRisk, Velocity, and Gnani.ai are assisting banks with AI-led innovations like fraud detection and data analysis.
Axis Bank completes migration of Citibank customers to its systems
Axis Bank faced glitches after migrating Citibank customers to its systems, with many unable to access accounts or log into the Axis app. Axis acknowledged "teething issues" and increased call center staff to address them. Despite problems, 97% of users successfully onboarded, with over a million transactions completed.
Kotak Mahindra Bank announces new distribution structure to enhance customer experience
Kotak Mahindra Bank unveiled a new Distribution structure to integrate its physical branches, digital platforms, and voice channels, enhancing customer experience and operational efficiency. Pranav Mishra, with 30 years of experience, was appointed Head of Distribution. This strategic move aims to deliver seamless, omni-channel banking across all Group products and services.
What happens when your bank isn't really a bank and your money disappears?
The long-standing promise of bank insurance faces a crisis as online-only lenders with millions in deposits face turmoil, freezing customer accounts and leaving many in the dark about their money's fate. The complex web of blame, bankruptcy, and missing funds has left depositors struggling to recoup their life savings.
BoB loan book grows 8% in Q1; IndusInd's net advances up 16%
The bank's CASA ratio fell to 36.7% at the end of June 2024 from 39.9% a year ago, disclosures made by the bank showed. Retail deposits and deposits from small business customers amounted to ₹1.74 lakh crore as of June 2024, up from ₹1.69 lakh crore in March 2024, the bank said.
New credit card rules: HDFC Bank, Axis Bank, other banks customers cannot make credit card bill payments using PhonePe, Paytm
Credit card bill payment rules: As of July 1, customers with credit cards from major banks like HDFC Bank and Axis Bank will no longer be able to settle their credit card bills using third-party applications such as PhonePe, Amazon Pay, and Paytm.
RBI tells banks to find ways to bridge the gap between credit and deposit growth
The meeting addressed various banking challenges including credit-deposit ratio, cybersecurity, and digital frauds. Governor Das emphasized the need for robust cybersecurity controls and customer awareness initiatives to curb digital frauds.
RBI Governor urges banks to step up efforts against ‘mule accounts’ & intensify customer awareness initiatives
RBI Governor Das emphasized the importance of managing third-party risks, enhancing compliance culture, and strengthening resilience in banks during a recent meeting with banking executives.
Citibank credit cards migration to Axis Bank to be completed on July 15; credit cards migrated, new benefits, 9 important FAQs
Citibank credit cards migration to Axis Bank: According to the Axis Bank website, here is a look at the Citibank credit cards that will be migrated, the new terms and conditions, fees and charges, rewards, and other important migration details.
Allahabad Bank to pay customer Rs 46,000 lost in unauthorised debits from account; RBI rules on customer liability for unauthorised transactions
How to report unauthorized transaction in savings account: As per the guidelines set by the Reserve Bank of India (RBI), customers will bear limited responsibility in case unauthorized electronic transactions result in deductions from their accounts or cards. Let's take a closer look at the RBI regulations.
Fino Payments Bank eyes tripling digital banking revenue share by FY25
Fino Payments Bank sees an opportunity in the digital banking space after Paytm Payments Bank's exit. To capitalise on this, they're ramping up their digital offerings, aiming to grow their digital revenue share from 5-6% in FY24 to 15% this fiscal year. Since December, Fino has deployed around 14,000 QR codes which reported 300,000 transactions valued at Rs 33 crore.
Re-KYC update of bank account: How to update KYC of bank account online in HDFC Bank, SBI, Canara Bank, ICICI Bank
How to update KYC details: Re-KYC is a procedure that allows banks and other financial organisations to stay up to date on a customer's most recent contact data and personal details. Here is how you can update your KYC details online for these top banks.
IBA chief explains what bank frauds really are, stresses on critical 'golden hour'
As per the RBI's recent annual report, fraud cases surged to 36,075 in FY24, marking a significant rise from 13,564 reported in the previous fiscal year. The report highlighted that a majority of these frauds, in terms of volume, were related to digital payments, including card and internet transactions.
Now, a 'Bank Clinic' to guide you on complaints
The Bank Clinic is an initiative by the All India Bank Employees' Association (AIBEA) to help customers address their grievances amid rapid expansion in technology and a series of Reserve Bank of India (RBI) guidelines on retail banking. A customer can fill out the details of her/his complaint, create a ticket, and receive a reply in five working days on the remedies available and information on what the RBI guidelines prescribe on that matter.
Rs 91 lakh penalty on YES Bank for wrongly levying non-maintenance of minimum balance charges: Is your bank charging the same?
Minimum balance negative in savings bank account: RBI has imposed a penalty of Rs 91 lakh on YES Bank for not complying with the master directions on customer service in banks. One of the reason was levying charges on savings bank account having insufficient or zero balance. Has your bank done the same too?
RBI imposes penalty on Yes Bank and ICICI Bank
The penalty is imposed on Yes Bank because it levied charges on customers for non-maintenance minimum balance in certain savings accounts with insufficient or zero balance, which is in violation of RBI's guidelines, while ICICI Bank sanctioned term loan/ loans to certain entities in lieu of or to substitute budgetary resources envisaged for certain projects.
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