The Reserve Bank of India (RBI) has hiked the SLR ( Statutory Liquidity Ratio) by 1% from 24% to 25%, while other key ratios have been kept unchanged. The move is aimed to keep a check on the inflation rate as it will suck up Rs 30,000 from the banking system. After the RBIs move banks are unlikely to increase rates in auto, home and education loans in the near term. But the RBI has raised the requirement for banks to keep the money aside while lending to this sector from 0.40 per cent to one per cent. This is a move to have provision for the NPAs in this sector. Continue reading RBI Tries To Contain Inflation By Increasing SLR By 1%
Tag Archives: Indian Banks
Banking News: Now ATMs To Clear Your Cheques
New Delhi: Indian Banks are considering CTM (cheque truncating machines) that would facilitate instant encashing your cheques at ATMs. This technology is already being widely used making real-time cheque verification and clearance possible. Currently there are about 48000 ATMs in India, pointing to the level of comfort and efficiency this system would give to both customers and banks. Continue reading Banking News: Now ATMs To Clear Your Cheques
Indian Banks decide to block all your credit cards if you default on one!
Customers with multiple credit cards will not be allowed to use any of them if they default on any one of them. Credit card companies have revised their terms and condition to implement this. This move has been initiated by ICICI Bank, which has already informed its customers about the upcoming change from 5th October 2009.Now the bank is authorized to block credit card on any other account of ICICI Bank after one defaults in any one of its multiple cards. Banks would not provide any additional notice for this action. Continue reading Indian Banks decide to block all your credit cards if you default on one!