When you withdraw cash from ATM please check whether notes are original or counterfeit as banks don’t take responsibility of any such thing easily and you will be in lose.
In one of such incidence DNA staffer with drew Rs 5,000 from his bank ATM placed on the bank premises in RT Nagar. He received the cash in different denominations - four 1,000-rupee notes and ten 100-rupee notes. He took the money and deposited in his wife’s account at the Shivajinagar branch of a nationalized bank within 20 minutes.
But the cashier of that bank rejected one Rs1,000 note after checking the wad on a note sorting machine. The note bore No. 6CH 686744 and had the signature of RBI governor YV Reddy.
The cashier said she considered the note as fake as the watermark digits did not glow and the vertical watermark showed two red glows on its security thread instead of all glowing green as on a genuine one. The left margin on the note, too, was a couple of millimetres narrower.
He immediately took the fake note back to the bank owning the ATM, but the manager quickly queried, “How do I know you got this note from our ATM?” When he produced the withdrawal slip the manager called his senior who advised him to note a complaint and take a photocopy of the note. The manager checked the note on the machine, and agreed it was an “odd note” and noted a complaint, and told that management of the ATM was outsourced and the agency can not be contacted.
A series of telephone calls were made from various bank officials, including the top corporate communication official in Mumbai. From the outsourced agency an explanation like “We will inquire into it”; “Millions of notes are fed into the machines and it is not possible to record the serial number of every note”; “This occurrence is very, very rare”; “It may not be a fake note as RBI keeps changing designs and it could be one of the old designs” were given.
Finally, by the end of the day the agency sent a genuine note to the bank manager and took away the fake note.
You can no longer blindly trust your bank ATM as a DNA staffer learnt to his utter shock when a machine presented him with a counterfeit 1,000-rupee note. The ATM belonged to a large reputed private bank that has its presence in 780 Indian towns and cities
Tuesday, June 29, 2010
Friday, June 18, 2010
Banks to offer credit cards to no-frills account holders soon
Soon no-frills accountholders will also be able to own credit cards as the Reserve Bank of India (RBI), will be instructing banks to extend a special credit card facility to all ‘deserving’ no-frills account holders as by the end of this month lenders will be submitting their new financial inclusion plans.
KC Chakrabarty, deputy governor of RBI said, charges will also be levied on non-maintenance of no-frills accounts. He told, “We have asked banks to offer at least four facilities along with the no-frills accounts. The products include a savings product, an overdraft facility and a credit facility.”
Chakrabarty informed that banks will be instructed to offer credit card to every deserving account holder with no-frills account. Speaking on sidelines of a banking summit organized by Skoch Consultancy in Mumbai he told Financial Chronicle, “For those who do not deserve, banks have been asked to educate them and make people deserving to use a credit card.”
During financial crises most of the banks started shrinking their credit card segments because of rising non-performing assets, whereas during 2006-08 many banks had expanded their credit card segment.
Moreover there will be minimum demand for credit cards as the no-frills account holder income is low. Therefore, a credit card to a no-frills account holder is a bold step from the regulator.
M Narendra, executive director of Bank of India, said, “The credit limit on such cards will be low compared with other cards.”
According to banking regulator most probably scheduled commercial banks will be covering 4 lakh out of the 6 lakh unbanked villages over the next five years. He added, “Regional rural banks will reach out to around one lakh villages.”
S Sridhar, CMD of Central Bank of, said, “The financial inclusion program for banks will be viable only after the fourth year”.
KC Chakrabarty, deputy governor of RBI said, charges will also be levied on non-maintenance of no-frills accounts. He told, “We have asked banks to offer at least four facilities along with the no-frills accounts. The products include a savings product, an overdraft facility and a credit facility.”
Chakrabarty informed that banks will be instructed to offer credit card to every deserving account holder with no-frills account. Speaking on sidelines of a banking summit organized by Skoch Consultancy in Mumbai he told Financial Chronicle, “For those who do not deserve, banks have been asked to educate them and make people deserving to use a credit card.”
During financial crises most of the banks started shrinking their credit card segments because of rising non-performing assets, whereas during 2006-08 many banks had expanded their credit card segment.
Moreover there will be minimum demand for credit cards as the no-frills account holder income is low. Therefore, a credit card to a no-frills account holder is a bold step from the regulator.
M Narendra, executive director of Bank of India, said, “The credit limit on such cards will be low compared with other cards.”
According to banking regulator most probably scheduled commercial banks will be covering 4 lakh out of the 6 lakh unbanked villages over the next five years. He added, “Regional rural banks will reach out to around one lakh villages.”
S Sridhar, CMD of Central Bank of, said, “The financial inclusion program for banks will be viable only after the fourth year”.
Banks to offer credit cards to no-frills account holders soon
Soon no-frills accountholders will also be able to own credit cards as the Reserve Bank of India (RBI), will be instructing banks to extend a special credit card facility to all ‘deserving’ no-frills account holders as by the end of this month lenders will be submitting their new financial inclusion plans.
KC Chakrabarty, deputy governor of RBI said, charges will also be levied on non-maintenance of no-frills accounts. He told, “We have asked banks to offer at least four facilities along with the no-frills accounts. The products include a savings product, an overdraft facility and a credit facility.”
Chakrabarty informed that banks will be instructed to offer credit card to every deserving account holder with no-frills account. Speaking on sidelines of a banking summit organized by Skoch Consultancy in Mumbai he told Financial Chronicle, “For those who do not deserve, banks have been asked to educate them and make people deserving to use a credit card.”
During financial crises most of the banks started shrinking their credit card segments because of rising non-performing assets, whereas during 2006-08 many banks had expanded their credit card segment.
Moreover there will be minimum demand for credit cards as the no-frills account holder income is low. Therefore, a credit card to a no-frills account holder is a bold step from the regulator.
M Narendra, executive director of Bank of India, said, “The credit limit on such cards will be low compared with other cards.”
According to banking regulator most probably scheduled commercial banks will be covering 4 lakh out of the 6 lakh unbanked villages over the next five years. He added, “Regional rural banks will reach out to around one lakh villages.”
S Sridhar, CMD of Central Bank of, said, “The financial inclusion program for banks will be viable only after the fourth year”.
KC Chakrabarty, deputy governor of RBI said, charges will also be levied on non-maintenance of no-frills accounts. He told, “We have asked banks to offer at least four facilities along with the no-frills accounts. The products include a savings product, an overdraft facility and a credit facility.”
Chakrabarty informed that banks will be instructed to offer credit card to every deserving account holder with no-frills account. Speaking on sidelines of a banking summit organized by Skoch Consultancy in Mumbai he told Financial Chronicle, “For those who do not deserve, banks have been asked to educate them and make people deserving to use a credit card.”
During financial crises most of the banks started shrinking their credit card segments because of rising non-performing assets, whereas during 2006-08 many banks had expanded their credit card segment.
Moreover there will be minimum demand for credit cards as the no-frills account holder income is low. Therefore, a credit card to a no-frills account holder is a bold step from the regulator.
M Narendra, executive director of Bank of India, said, “The credit limit on such cards will be low compared with other cards.”
According to banking regulator most probably scheduled commercial banks will be covering 4 lakh out of the 6 lakh unbanked villages over the next five years. He added, “Regional rural banks will reach out to around one lakh villages.”
S Sridhar, CMD of Central Bank of, said, “The financial inclusion program for banks will be viable only after the fourth year”.
Wednesday, June 16, 2010
NABARD to set up rural credit bureaus to popularize Kisan Credit Cards
The National Bank for Agriculture and Rural Development (NABARD) and the Reserve Bank of India (RBI) in 1998-99 started Kisan Credit Cards scheme. The scheme was started in order to provide adequate and timely support from the banking system to the farmers for their short-term credit needs during cultivation of crops. The credit limit is based on agriculture income.
A bank official told to popularize Kisan Credit Cards NABARD is planning to open rural credit bureaus in the districts.
NABARD managing director K.G. Karmakar while addressing a seminar on 'Financial Inclusion for the Common Indian', organized by the Bengal Chamber of Commerce and Industry (BCCI) said, “Once implemented, this will go a long way in improving the financial position of India's 480 million marginal farmers.”
Karmakar added in the current fiscal NABARD has set a target of disbursing of Rs.3,75,000 crore credit which is up from Rs.3,25,00 last year.
He also said that there is greater need of involvement of non-governmental organizations to make possible for providing benefits of financial inclusion to the masses.
A bank official told to popularize Kisan Credit Cards NABARD is planning to open rural credit bureaus in the districts.
NABARD managing director K.G. Karmakar while addressing a seminar on 'Financial Inclusion for the Common Indian', organized by the Bengal Chamber of Commerce and Industry (BCCI) said, “Once implemented, this will go a long way in improving the financial position of India's 480 million marginal farmers.”
Karmakar added in the current fiscal NABARD has set a target of disbursing of Rs.3,75,000 crore credit which is up from Rs.3,25,00 last year.
He also said that there is greater need of involvement of non-governmental organizations to make possible for providing benefits of financial inclusion to the masses.
Friday, June 11, 2010
SBI Card awarded most trusted credit card brand for the third consecutive year
Reader’s Digest Asia Trusted Brands Survey has awarded the SBI Card as the most trusted brand in the credit card category for the third consecutive year.
The award was received by Abhay Kumar Singh, CEO, SBI Cards & Payment Services Pvt. LTD. During the award ceremony he said, “We have consistently invested in new technologies and introduced new service offerings to make life simple for our customers. We are delighted that our customers have voted us as the most trusted credit card brand for the third year in a row.”
Over the past decade SBI Card has been focusing on customers-centric initiatives and has been offering related products. In one such move, recently SBI Card had organized 250 service camps which helped it to proactively reach out to 2,10,000 customers in 31 cities in India. SBI Card is the only credit card company in India to offer customers the ease of 13 different modes of payment. Last year, SBI Card received several Indian and Asian awards including the most trusted brand in credit card category in the Reader’s Digest Asia Trusted Brands 2009 Survey, a consumer choice award from CNBC Awaaz and ‘Asia’s Best Mature Captive Services Delivery’ award from the Shared Services Outsourcing Network (SSON).
Reader's Digest Asia Trusted Brands Survey was started in 1999 and from the past eleven years it is being conducted annually. Synovate on behalf of Reader's Digest conducts survey in eight Asian markets. The survey reflects Asian consumer’s choice of most trusted and favorite brands among the thousands available in the market.
The award was received by Abhay Kumar Singh, CEO, SBI Cards & Payment Services Pvt. LTD. During the award ceremony he said, “We have consistently invested in new technologies and introduced new service offerings to make life simple for our customers. We are delighted that our customers have voted us as the most trusted credit card brand for the third year in a row.”
Over the past decade SBI Card has been focusing on customers-centric initiatives and has been offering related products. In one such move, recently SBI Card had organized 250 service camps which helped it to proactively reach out to 2,10,000 customers in 31 cities in India. SBI Card is the only credit card company in India to offer customers the ease of 13 different modes of payment. Last year, SBI Card received several Indian and Asian awards including the most trusted brand in credit card category in the Reader’s Digest Asia Trusted Brands 2009 Survey, a consumer choice award from CNBC Awaaz and ‘Asia’s Best Mature Captive Services Delivery’ award from the Shared Services Outsourcing Network (SSON).
Reader's Digest Asia Trusted Brands Survey was started in 1999 and from the past eleven years it is being conducted annually. Synovate on behalf of Reader's Digest conducts survey in eight Asian markets. The survey reflects Asian consumer’s choice of most trusted and favorite brands among the thousands available in the market.
Friday, June 4, 2010
ICICI card holders can avail discounts on bookings through Yatra.com
ICICI Bank debit and credit card holders can avail special 30 per cent discount on hotel bookings and travel if they do bookings through Yatra.com using their cards.
According to company press release the Platinum and Titanium credit card holders and avail a discount of 30 per cent with a ceiling of Rs 1,250 on hotel and holiday bookings.
While, the Gold and Silver credit and debit card holders can avail discount of 15% with a ceiling of Rs 750.
The release added, the customers who book ticket for international flights can also avail a 10% discount, subject to a maximum ceiling of Rs 750 whereas on domestic air travel ticket customer can avail discount of 15% with Rs 250 ceiling.
The customers who book a train ticket through portal can also avail discount voucher worth Rs 250.
However Yatra.com offers room-booking facility in over 2,500 domestic hotels across 250 destinations in India. The portal also has a tie-up with major international consolidators for over 90,000 hotels across the world.
According to company press release the Platinum and Titanium credit card holders and avail a discount of 30 per cent with a ceiling of Rs 1,250 on hotel and holiday bookings.
While, the Gold and Silver credit and debit card holders can avail discount of 15% with a ceiling of Rs 750.
The release added, the customers who book ticket for international flights can also avail a 10% discount, subject to a maximum ceiling of Rs 750 whereas on domestic air travel ticket customer can avail discount of 15% with Rs 250 ceiling.
The customers who book a train ticket through portal can also avail discount voucher worth Rs 250.
However Yatra.com offers room-booking facility in over 2,500 domestic hotels across 250 destinations in India. The portal also has a tie-up with major international consolidators for over 90,000 hotels across the world.
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