Tag Archives: Bank

Axis Bank Cuts Lending Rates By Up To 0.15%

Mumbai: Country’s third largest private lender Axis Bank on Friday announced up to 0.15 per cent reduction in its lending rates, signalling a further downward trend in borrowing costs. The Ahmedabad-headquartered bank cut its overnight marginal cost of funding-based lending rate – the most competitive offering by rates – by 0.10 per cent to 8.55 per cent. The MCLRs for ... Read More »

Xiaomi Launches 20000mAh Mi Power Bank With Quick Charge 3.0 Support

Xiaomi introduced its 20000mAh Mi Power Bank late last year, which was launched in India earlier this year. The Chinese manufacturer on Friday launched an updated version of the 20000mAh Mi Power Bank which is priced at CNY 149 (roughly Rs. 1,451) and is available in White. The new power bank could be Xiaomi’s last product for the year, which ... Read More »

Axis Bank Denies Local Media Report Of Threat To Its Banking Licence

Axis Bank said it has strong systems and controls in place as per central bank rules. Mumbai: Axis Bank on Monday slammed a regional newspaper report stating authorities were preparing to revoke the bank’s licence as “false and malafide”, saying it had strong systems and controls in place as per central bank rules. Axis, India’s third-biggest private sector bank, said ... Read More »

3-Day Bank Holidays Add To People’s Cash Woes

Mumbai: As the banks remained shut for the third consecutive day on Monday and many ATMs continued to run dry, it caused further inconvenience to people, who are already reeling under a currency crunch. The banks are likely to witness a rush of people tomorrow, when the operations resume. The three-day long bank closure started from December 10, as it ... Read More »

No Regulatory Obstacles For NRIs Depositing Banned Notes: Bank Of England

London: In a relief to British Indians and NRIs, the Bank of England has said that it does not foresee any regulatory obstacles to people wanting to deposit or exchange banned Rs. 500 and Rs. 1,000 notes at the UK branches of Indian banks. The banking authority’s chief stressed the issue was a matter for the Indian government, who must ... Read More »

Suspicious Deals: Axis Bank Suspends 24 Employees, 50 Accounts

The raid was conducted at an Axis Bank branch situated in Noida Sector 51. Mumbai: In the wake of disclosure of transgressions in its network, including a case in Noida which came to light today, private sector lender Axis Bank said it has so far suspended 50 accounts and 24 employees for suspicious activities. Asserting that investigating agencies acted on ... Read More »

RBI Imposes Restrictions On Withdrawal From Certain Bank Accounts

Mumbai: Tightening the noose around people who misused banking channels to park unaccounted money, the Reserve Bank on Thursday imposed certain restrictions on withdrawal if more than Rs. 2 lakh has been deposited after November 9 in an account which has a balance of over Rs. 5 lakh. As per a RBI notification, withdrawal or transfer of funds will not ... Read More »

Paytm Offers Bank Account Money Transfer Service at 1 Percent Fee

  From the cash shortage situation that has occurred due to the demonetisation of Rs. 500 and Rs. 1,000 notes, Paytm has been attracting a lot of customers to its platform. The digital wallet industry thinks that this move from PM Narendra Modi is a ‘surgical strike on cash’, and will heavily boost the adoption of digital wallets in the ... Read More »

MobiKwik Offers Free Bank Account Money Transfer Service

Soon after Paytm’s move, MobiKwik has now announced that its users can transfer money from their mobile wallets to any bank account at a zero percent fee. Earlier, the digital wallet company used to charge 4 percent for a non-KYC compliant user and 1 percent fee for a KYC compliant user. This move comes after PM Narendra Modi announced the ... Read More »

Axis Bank Sees Reduction In Lending Rates Post-Demonetisation

Mumbai: Axis Bank expects a dip in lending rates because of the surge in deposits which lenders are experiencing in the aftermath of the government’s move to scrap Rs 500 and Rs 1,000 notes. “The deposits are into savings or current accounts which are low cost ones. An increase in them should bring down our cost of funds,” Rajiv Anand, ... Read More »