NEWS & ADVICE : SAVINGS ACCOUNTS
FinMin asks PSBs to formulate a bank wide portal containing details of retail segment products
By Neelima Shankar
Aug 21, 2012
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Finance Ministry has called upon public sector banks to look into the feasibility of creating a bank wide portal, which would provide information on retail segment products of all the banks at one place. The information would include details like interest rates, margin amounts, processing fees, add on facilities on various bank products such as fixed deposits, savings accounts, personal loans, home loans, car loans etc.

All public sector banks will be required to update he these details on the portal, as and when any change in them is introduced.

The ministry has suggested the formulation of the portal on the lines of travel portals such as as makemytrip, yatra, expedia and cleartrip etc. These online portals act as a common platform for customers where they can compare the fares of various airlines plus the add-ons such as hotel booking fares, pick up from airport etc.

At present, customers looking for information on loans such as car loans, home loans etc. or on bank deposits or savings accounts have to either visit the branches of various banks or visit each bank's website. Both of these are tedious tasks and take up a lot of time and effort of the customers. Even then, the customers may not be able to gather information from all the banks as there are about 26 public sector banks and 23 private sector banks.

According to a bank official, private sector and foreign banks can also join the portal later, once the proposed portal is launched, and it receives favorable response from the masses.


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