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, June 26
Customers loosing confidence in banks due to increasing card frauds

According to the records of Global fraud study it has been noticed that the Credit card frauds are on peak in India. India ranks second in terms of card fraud. Card fraud is comprised of unauthorized activity on three types of payment cards-debit, credit and prepaid.

In 2012 the card fraud was 21% which has now increased to 37% this year. User need to be careful and use their cards very cautiously. It has...

Posted 11:24:52 AM Complete Story | Post Comment | Read Comments(0)

Wednesday, June 25
Reliance life Insurance launched a new plan- Claim guarantee

Yesterday Private Insurance Company – reliance Life insurance unveiled a new plan ‘claim guarantee’. In order to settle the payment of death claim in the shortest time period company came up this initiative.

It has been reported that in this plan company will be providing the death claim within a time period of 12 days, of receipt of all required death claim documents from the nominee or claimant, provided full premium is paid by the...

Posted 11:41:04 AM Complete Story | Post Comment | Read Comments(0)

Tuesday, June 24
Andhra Bank to employ undergraduates for the ATM security

In order to get the cheap and best management of the ATMs, Andhra bank has decided to employ individuals and business persons to keep a watch at the ATMs. It has been reported that Bank is planning to keep the undergraduates and other willing individuals as the security personnel at the ATM.

After the increase of attacks and mishappenings at the ATMs, the banks were asked to increase the security and provide 24X7...

Posted 11:46:49 AM Complete Story | Post Comment | Read Comments(0)

Monday, June 23
SBI to introduce contactless payment cards in Association with Chennai Metro

Largest leading bank of the country State Bank of India has decided to come up with the contactless payment cards in combination with debit or credit cards in association with Chennai metro. Bank has asked Chennai metro to introduce this new payment, this help the travelers and the bank as well. Bank will get new customers through this.

This will be dual card which will work as a credit or debit card and it...

Posted 11:28:43 AM Complete Story | Post Comment | Read Comments(0)

Friday, June 20
Banks to charge late fee only in the next billing cycle

Good news is lined for the credit card holders, The apex bank has asked the banks that they can charge late fees from the customers only in the next billing cycle following a missed payment. At present the banks charge late fee if the payment is made after the due date.

Bank charges late fee between Rs 100 to Rs 700 depending on the outstanding amount. In case of credit cards the customers are...

Posted 11:27:14 AM Complete Story | Post Comment | Read Comments(0)

Thursday, June 19
SBI to deploy electronic security equipments at all its ATMs in Odhisa

In order to provide the best security at all the ATMs of the bank, State bank of India has decided to bring the ATMs, under a remote surveillance system by the end of this fiscal year.

In addition to the monitoring of these 24X7 running ATMs, this security system will also provide the remote locking of counters and shutting down machines during eventualities. At present bank is having total number of 1,831...

Posted 11:16:24 AM Complete Story | Post Comment | Read Comments(0)

Friday, June 13
New solution for ATM security and power efficiency innovation

Leading It company Mphasis has unvieled to come up with a new e-Surveillance and Power Efficiency Solution for the ATMs security. This new Plan “pro techt’ Will help the banks to increase and enhance the security of ATMs across the country.

There has been a rapid expansion of ATM banking in India, making it imperative for banks to address multiple issues and concerns that surface with such scalable model . Recently due to...

Posted 11:34:26 AM Complete Story | Post Comment | Read Comments(0)

Thursday, June 12
SBI launching mobile POS devices

Country’s largest leading bank State bank of India is set to come up with mobile point of sales devices across the country. SBI has signed a contract with point of sale provider Ezetap.

In coming five years SBI will deploy 500,000 terminals which will convert any mobile device into point of sale through its software and hardware. Mobile POS has the power to transform the payment. Without much difficulty and at...

Posted 11:31:08 AM Complete Story | Post Comment | Read Comments(0)

Wednesday, June 11
New Health Insurance scheme – AB Arogyadaan by Andhra Bank

In order to provide with more enhanced health and wealth services to the customers, Andhra Bank has launched a new improvised health Insurance scheme – ‘AB Arogyadaan’. This is an improved plan to take care for the entire family members of the account holders of the family.

Deputy General Manager of the bank Mr. D. Surendra Rao stated that this plan will offer lesser premium rates for a maximum coverage of medical expenses up...

Posted 11:33:00 AM Complete Story | Post Comment | Read Comments(5)

Tuesday, June 10
More services will be allowed at non-home ATMs

Good news is lined up for the ATM users. National Payments Corporation of India, along with some private and public-sector banks has decided to extend the services allowed at the non- home ATMs. The customers are allowed only to withdraw cash, enquire about the balance and get a mini statement from the non home ATMs, but soon customers will allowed to deposit cash, or order a cheque book at the non home ATMs.


Posted 11:03:05 AM Complete Story | Post Comment | Read Comments(0)

Monday, June 9
Canara bank organized a workshop for women entrepreneurs

State owned bank - Canara Bank’s department of women empowerment has planned to organize a one day workshop for the women entrepreneurs. In order to work for the social uplifment of the society and as the part of the CSR responsibility bank is organizing this workshop that will deal on presentation and preparation on Business plan.

The workshop will be held on 13-june-14 at the bank auditorium from 9:30 onwards. The workshop is...

Posted 11:48:35 AM Complete Story | Post Comment | Read Comments(0)

Friday, June 6
Enhanced Securities systems at ATMs

Good news lined for the ATM users. Now the ATM user can make ATM transactions without any fear. SBI chairman reported that ATM kiosk will be equipped with the electronic systems to keep the proper securities at the ATM kiosk.

All the ATMs will be under the electronic surveillance within coming 6 months. This will help to control the ATM frauds and attacks and provide the people with secure ATM transactions. It is to...

Posted 11:14:09 AM Complete Story | Post Comment | Read Comments(0)

Thursday, June 5
SBP planning to provide banking services in Tier II regions

State Bank of Patiala is preparing to have one branch per centre in the Tier II regions. The Managing director of the bank at the inauguration ceremony of 212th branch of the bank stated that bank is trying to establish the branches in tier II regions by the end of this fiscal year.

These branches will work as bank shops and will offer the basic banking facilities like opening savings account, accepting fixed deposits,...

Posted 11:37:25 AM Complete Story | Post Comment | Read Comments(0)

Wednesday, June 4
AXIS bank new branch in Kashmir

Last day one of the leading banks of the country AXIS bank opened a new branch in Munwarabad, Srinagar. With the opening of this branch bank is now having a network of 26 branches in state. Mr. Ghulam Muhammd Dug inaugurated the new branch, this is the 12th branch of the bank in the Kashmir valley. Mr. Shrikant Gupta circle head of the bank stated that Jammu & Kashmir provides a very resourceful...

Posted 10:59:29 AM Complete Story | Post Comment | Read Comments(0)

Tuesday, June 3
Banks planning to allow only two free transactions at non home branch ATMs

It has been reported that Banks have asked the RBI to reduce the number of transactions made from the non home branch ATMs from 5 to 2. Non home branch ATM is the ATM in which customer do not possesses an account. At present bank allows the customer to make 5 transactions free at the non home branch ATM, if the RBI approves for the bankers decision then it will be reduced to two. Further...

Posted 11:04:11 AM Complete Story | Post Comment | Read Comments(0)

Monday, June 2
Problems faced while paying education fee through credit cards

Many students are happy after the facility of paying the education fees through credit cards is provided. This facility is quite beneficial as it allows the students to pay their fee hassle free, however on the other hand it is being informed that while paying through credit card EMIs the student will not get time till the end of the course or the moratorium period to start paying back.

In case of the education loan...

Posted 11:13:17 AM Complete Story | Post Comment | Read Comments(0)

Friday, May 30
Credit card users to use card for online transaction at least once: HDFC

One of the leading banks of the country – HDFC bank recently declared that the credit users of the bank cannot avail the benefits on the card such as free insurance covers if they do not use the card for the online transaction once in a month.

Even the customer uses the card at the ATM, but in order to enjoy the benefits and keep the Personal accident cover active customer needs to use the card...

Posted 11:37:20 AM Complete Story | Post Comment | Read Comments(0)

Thursday, May 29
Banks taking no steps for making ATMs disable friendly

It has been reported the RBI has directed the banks to make the ATMs disabled friendly, but banks have paid no heed towards it. In order to make banking accessible to the disabled people RBI has asked the banks, to install Braille keypads, provide magnifying glasses, but banks have taken no action in accordance to this.

Disabled people are still facing problem, in the districts like Dhenkanal there are about 70 ATMs and none of...

Posted 11:12:49 AM Complete Story | Post Comment | Read Comments(0)

Wednesday, May 28
Pvt. Banks setting up WLAs instead of their own ATMs

It has been reported that many private banks are opting for the white Label ATMs. In order to expand their ATM network while keeping the cost low, banks are opting for WLAs instead of their own ATMs.

Catholic Syrian Bank with the aim of expanding its network has decided to go for the WLAs. The bank is having very few ATMs. The ATMs of the banks are half of the number of branches of...

Posted 11:24:23 AM Complete Story | Post Comment | Read Comments(0)

Tuesday, May 27
Three more NBFCs permitted to set WLAs

It has been reported that RBI has allowed three more companies to establish white Label ATMs in the country. Earlier only four companies were authorized to establish white label ATMs, now three more companies are permitted to set up white label ATMs.

Three companies Mumbai-based bullion trading firm RiddiSiddhi Bullions, Srei Infrastructure- Kolkata and BTI Payments will be joining the earlier four companies Tata Communications Payment Solutions, Prizm Payment Services, Muthoot Finance and Vakrangee Limited...

Posted 11:15:45 AM Complete Story | Post Comment | Read Comments(0)

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