An Insight into Personal Finance in India
Having a keen interest in Indian personal finance topics especially credit cards, education loans and having a special interest in promoting financial awareness among the people, Ankit Sharma blogs regularly at A graduate from Mumbai University, Ankit brings the never-say-die, Mumbaikar attitude to his work.
By Ankit Sharma

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Thursday, September 18
RBI pondering to launch more POS terminals equivalent to the issuance of debit cards

Reserve bank of India has asked bank to launch more number of Point of sales machine at the merchant establishment. RBI is thinking to connect the issuance of Debit cards with the establishment of POS machines.

RBI stated that under PMJDY, banks are creating millions of new savings account in turn millions of new debit card will get issued, so it is necessary to create equivalent number of new POS else it might lead...

Posted 11:37:01 AM Complete Story | Post Comment | Read Comments(0)

Tuesday, September 16
Axis bank introduced e-surveillance at the ATMs

Recently it was reported that with the purpose of enhancing the security at the ATMs the banks will opt for the e- surveillance method. Axis bank with no delay at the earliest has launched e-surveillance at the ATMs.

The Axis bank ATMs will now be monitored 24X7 by a centralized system. The executive and retail head of the bank has reported that bank is elated with the launch of this facility at the...

Posted 11:25:58 AM Complete Story | Post Comment | Read Comments(0)

Monday, September 15
Customer can make online shopping without giving credit/ debit card details

No longer the customer needs to produce credit card details or online banking password for making purchase at online retail store. It has been reported that Electronic payment and transaction processing solutions provider Euronet will now offer the customers with a digital code, through this code the customers will easily make their purchase without the need of revealing any debit or credit card details.

The customer can buy a digital code online or in the...

Posted 11:22:12 AM Complete Story | Post Comment | Read Comments(0)

Friday, September 12
RBI not in favor of banks to increase the interchange fee

Reserve bank of India informed that it is not in the favor of the banks decision to increase the interchange fees charged by the banks for ATM transactions. Interchange fee is the fee that bank charges from another in case he uses the other bank’s ATM. The first three transactions at other ATMs are free and after this, the bank can choose to pass on the cost to the consumer.

Highlighting the issues RBI stated...

Posted 11:23:27 AM Complete Story | Post Comment | Read Comments(0)

Thursday, September 11
ICICI customers can now withdraw cash without debit card

The largest private bank of the country – ICICI bank has initiated the facility of card less cash for its customers. Now the customers can easily withdraw cash without the need of card at the ATMs.

Through the customers will be able to transfer the money from their account to anyone else account in the country. These will ease the money transfer and withdrawal for the customers. Without the need of the debit...

Posted 11:30:00 AM Complete Story | Post Comment | Read Comments(1)

Wednesday, September 10
Bank worried due to rising ATM attacks

Recently the banks have reported that they are facing losses due to the increase in number of ATM frauds. Banks have observed that, their practice of appointing new guards at the ATMs went in vein.

There measures have not helped them in controlling the ATM frauds. Banks are quite worried and are looking forward to the new ways to protect the ATMs. Banks will now equip the ATM with latest centralized surveillance system, through which...

Posted 11:16:17 AM Complete Story | Post Comment | Read Comments(0)

Tuesday, September 9
SBI approached RBI to roll out contactless card

The leading lending institution of the country – State Bank of India has approached the reserve bank with the proposal to roll out a PIN free debit card. The bank wanted to launch a card through which the customers can make the transactions without entering the PIN.

Currently to use the card for any purpose the customer is required to punch the PIN, bank wanted that for the small transactions i.e. for the...

Posted 11:10:25 AM Complete Story | Post Comment | Read Comments(0)

Monday, September 8
Banking malware on the peak in the country

According to the reports India is observed as the third most affected country in terms of Online banking frauds. Due to the rapidly increasing use of internet banking the crimes involving online banking frauds are rising heavily.

According to the data of April to June 2014, it has been noticed that online malware has affected India severely. India ranks third after Japan and US. Within a period of month India posed for cybercriminal expansion with...

Posted 11:16:30 AM Complete Story | Post Comment | Read Comments(0)

Friday, September 5
New Rules of ATM transactions: RBI

The apex bank of the country – RBI has made certain amendments for the ATM transactions. From past few months it is being reported that free ATM transactions are going to be reduced to three from five. This will be applicable soon in six metro cities Mumbai, Delhi, Chennai, Kolkata, Bangalore and Hyderabad.

Every time the customer will make any transaction form non home ATM branch, he will be charged with Rs 15. ...

Posted 11:09:12 AM Complete Story | Post Comment | Read Comments(0)

Wednesday, September 3
Festival bonanza for shopaholics by Axis Bank

A leading private sector lending institution – Axis bank has unveiled its exclusive festive offers for its customers. The bank is rolling out a three day ‘Shopaholic online festival’ beginning from September 2, 2014.

The offer is exclusively for the Axis bank credit and debit card users. The bank has joined hand with different 52 renowned online merchants. With the help of these, the bank will be offering primer online offers and exclusive sale...

Posted 11:08:26 AM Complete Story | Post Comment | Read Comments(0)

Thursday, August 28
Hike in E-banking complaints

It has been observed that the complaints regarding online banking frauds is rapidly increasing. According to the banking Ombudsman in 2013-14, the major number of the complaints received were regarding ATM and debit cards.

Last Day in a conference, Krishna Mohan stated that number of complaints have increased by 4 per cent at 4,477 in the two states. The apex bank has asked the banks to monitor and keep a check on the online...

Posted 11:11:24 AM Complete Story | Post Comment | Read Comments(0)

Tuesday, August 26
Exciting festive offers by the banks

As the festive season is approaching the banks have started introducing new exclusive offers for the customers. This time the offers are not only limited to lower interest rates for retail loans, but many much offers are there. Bank will be offering online shoppers extra card points and cash back benefit etc.

The reports have stated that PNB bank and federal bank are offering lower rates on the loans where as SBI and ICICI...

Posted 11:44:44 AM Complete Story | Post Comment | Read Comments(0)

Friday, August 22
Customer can get ATM transaction details in local languages soon

With the help of LinguaNext the banks have planned to introduce the facility of getting transaction details at the ATMs in local language as well. At present we are able to receive the transaction details in English and Hindi only.

With the help of LinguaNext the banks will install the ATMs equipped with the facility to display the details in the various local languages. This will help the customers to get their details in...

Posted 11:31:02 AM Complete Story | Post Comment | Read Comments(0)

Wednesday, August 20
Easy shopping for Debit card users: ICICI bank

Making the use of plastic money more convenient for the customers the ICICI bank has introduced the EMI offers on the debit cards. This will help to convert the high value transactions in easy installments.

The bank will be offering this facility across the 9,000 stores with the help of Samsung India. The customers can avail this facility on various retail outlets, brands, for purchase of Samsung products like mobile phones, tablets and consumer...

Posted 11:39:10 AM Complete Story | Post Comment | Read Comments(0)

Tuesday, August 19
Forex Plus Card for Haj and Umrah pilgrimages – HDFC bank

The largest leading Bank in terms of Credit Card issuer – HDFC bank has unveiled a new credit card exclusively for the Haj and Umrah pilgrimages. To make the payment system easier and convenient for the pilgrims the bank has introduced this new card – ‘ Forex plus Card’.

The card offers the facility to make the transaction at the ATMs. This card can be accessed by both the HDFC customers as well...

Posted 11:43:03 AM Complete Story | Post Comment | Read Comments(0)

Thursday, August 14
Campaign organized by ICICI bank to control banking frauds

Banking Frauds are increasing rapidly. In order to control this, the second largest leading bank of the country – ICICI bank has launched workshop for the police personnel guiding them about the various possible electronic crimes related to banks.

The workshop highlighted the frauds related to credit cards, internet banking, lotteries, etc. The workshop was mainly to guide and help the policemen to understand the various banking crimes and take appropriate measures...

Posted 11:31:53 AM Complete Story | Post Comment | Read Comments(0)

Wednesday, August 13
SBI and its associate bank launching cash recycler machines

The largest leading bank of the country - State bank of India along with its associate bank has decided to launch 4300 cash recyclers. This is new innovative step that will recycle the currency notes. These cash recyclers will accept and generate notes after reprocessing them.

These new cyclers will replace the old ATMs, the bank will set up these new cash recyclers all across the country by the end of March next year....

Posted 11:22:40 AM Complete Story | Post Comment | Read Comments(1)

Tuesday, August 12
ICICI bank gained huge amount through Mobile banking facility

The leading private sector bank - ICICI bank is now also the leading bank in the list of share in mobile banking payments in the country. The bank has managed to gain over Rs 1000 crore through Mobile banking.

The GM and head of the bank reported that rapid increase in the use of mobile phones these days has lead to the increase in the use of the banking transactions made by the mobile...

Posted 11:14:51 AM Complete Story | Post Comment | Read Comments(0)

Monday, August 11
New Rupay debit card of BMB bank

Bhartiya Mahila Bank -The first women oriented bank of the country has recently launched a new debit card. In order to facilitate the customers with more advanced facilities the bank has launches this Rupay Debit card with an EMV chip facility.

The launch ceremony was held in Mumbai, the Chairman and managing director of the bank Mrs. Usha Ananthasubramanian along with the AP Hota, Managing Director and CEO, National Payments Corporation of India (NPCI),...

Posted 11:41:17 AM Complete Story | Post Comment | Read Comments(0)

Thursday, August 7
New credit card facility for students – ICICI bank

The top leading bank of the country – ICICI bank has unveiled its plan to help the students going abroad for their higher education. The bank is coming up with a new credit card – ‘ICICI bank student travel card ‘that will assist the students in making their expenses easily while studying in abroad.

This card is a very beneficial product for the students as well as the parents. The card will offer various...

Posted 11:25:52 AM Complete Story | Post Comment | Read Comments(0)

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