Private sector lender Axis Bank has requested regulator Reserve Bank of India for some modifications in the conditions it has laid regarding its deal with Enam securities.

Although the bank had received approval from the regulator in this regard, there were certain conditions mentioned by the apex bank on which Axis Bank needs some relaxation. This is because, unless relaxations are offered, it is likely that the tax burden on the bank is going to...

Credit card transactions are seeing a rise amongst customer segments again since February.

Data released by Reserve Bank of India says credit card transactions have increased to Rs 7880 crore in May 2011 as compared to Rs 6212 crore in February.

"Banks typically deactivate cards that are inactive for some time. Also, banks are not very aggressive to offer credit cards to all and sundry. Banks mostly prefer to offer credit card service to existing customers...

A recent study by global consultants, McKinsey & Company has revealed that as much as 7% of the total accountholders in India who actually use net banking facilities for banking transactions. The study has also indicated a 15% decline in branch banking transactions by customers.

"Use of the Internet for banking has seen a massive rise in the 2010-11 survey, taking the overall number of bank consumers who use the Net to close 7% of the...

Private sector lender South Indian Bank and TimesofMoney have entered into a deal so as to offer remittance facility to the NRI customers of the bank. TimesofMoney is amongst India's leading online payment service providers.

As a result of this deal, NRIs from as many as 22 countries will be able to send funds to any bank in India.

Speaking on this partnership, Dr VA Joseph MD & CEO, South Indian Bank said, "We have partnered...

The crime branch of Pune police has been finally able to nab the culprits who had recently taken away an ATM machine in Chikhali.

The culprits had taken away the ATM set by lender United Bank of India containing Rs 7.6 lakh in it.

The robbery had taken place on 4th of July this year.

Police have arrested 3 people in this regard. The accused have been identified as Samir Khan, Kailas Dubri and Milind Sonawane from...

Public sector lender UCO Bank is harboring ambitious plans to increase its ATM count in the country. The bank aims to take its network to 3000 ATMs by 2013.

The present ATM count of the bank stands at 681, informed a top bank official. By the end of this fiscal, it aims it ATM count to reach 1500.

It has also come up with a scheme called 'total freedom' in a bid to increase the share...

The police force of Himachal Pradesh has been able to nab a gang of ATM hackers while the gang was operating to hack an ATM in Hamirpur. The three member gang has been known to be operating interstate too.

"Three members of the gang, Shekar, 30, from Delhi, Puran Singh, 32, and Hetam , 28, both from Shimla have been caught by the police. The gang comprises 5 to 6 people, while 2 are from Shimla...

Global customer acceptance for mobile money transactions would require another four years or so, said a report by KPMG.

A survey by the global consultant of nearly 1000 executives from different sectors showed that 83% of them expected mobile money to gain acceptance in four coming years.

However, KPMG's personal view says that the system would catch up faster than the time anticipated in the report.

"We believe that exploding smartphone growth and myriad opportunities will grow mobile...

Public sector lender State Bank of India may not be having all its cards falling at right places. Earlier regulator Reserve Bank of India had a thought mismatch with it regarding the teaser home loan scheme. Even after persistent efforts by former SBI chief, O P Bhatt to continue it, the scheme had to be done away with ultimately.

Now it happens to be the proposed joint venture (JV) of the bank with Airtel which...

Public sector lender Union Bank of India has joined hands with ElectraCard Services to set up an electronic payment facility.

The payment facility is known as ElectraEcomm.

ElectraCard Services specializes in electronic payment software solutions.

ElectraEcomm would be a payment solution working real time which would support all major debit as well as credit cards from all global networks and in multiple currencies.

Union Bank has also implemented another solution from the same provider called ElectraSecure which offers...

Private sector lender HDFC Bank has introduced its first ultra premium credit card for the extra high net worth customer base.

The card has been coined as INFINIA and is a 'no limits' card.

However issuance of the card is restricted to only 5000 selected people.

Mr Pralay Mondal, Country Head, Retail Assets and Credit Cards, HDFC Bank, said: "We want to see an INFINIA in the wallet of every jet-setter in India. We derive this...

By the year 2015, it is expected that almost half of the total ATMs in the country will be the outsourced by lenders.

The easy installation, better maintainance and most importantly - reduced costs have made the outsourcing model look all the more lucrative to banks.

It is expected that in the upcoming 4-5 years time, the number of outsourced ATMs would tip to 90,000 from the present count of 20,000.

"Many banks want to double their ATM...

The largest lender of the country, State Bank of India is planning to add more ATMs to its kitty in order to increase its presence even further.

The bank which presently has a network of 25,444 ATMs in collaboration with its five associate banks accounts for 32% of the total ATM count linked to National Financial Switch.

The plan to increase ATM count has been set for the upcoming three years time.

The SBI group including its...

The largest lender of the country, State Bank of India has introduced a debit cum transit card for travellers of Bangalore metro. The card has been designed in collaboration with Bangalore Metro Rail Corporation Limited (BMRCL).

The transit card can also be used for ATM transactions, in point of sale terminals (POS) as well as in green channel counters, said SBI.

The card has a facility called e-purse. This stores in rupee value for transit through...

Credit Information Bureau of India (CIBIL), the first credit information providing agency of India will now be offering company credit information report (CCIR) for individual companies.

So far CIBIL was only into providing credit information of loan applicants to banks and lenders so that they could judge the credit worthiness of the prospective borrower.

The CCIR will be available for a fee of Rs 2500. Payment process is facilitated both online as well as through demand drafts.

The...

Savings accounts have not had the name in being a high return earning investment option for the investor. Being amongst the very few rates in the country which are still regulated by Reserve Bank of India, these accounts earn the depositor an interest of only 4%.

Thus many a times, people who have huge amount of money parked in savings account feel that their funds are blocked that is they are not earning returns.

So is...

In yet another ATM theft case in Pune, the thieves have this time done away with the entire ATM machine itself rather than taking away cash from it. Increasing alert being generated by banks against theft cases from aTMs has also alarmed thieves.

They have been well acquainted about the CCTV cameras fitted in the ATMs. So in order to avoid their identities getting revealed through the inbuilt cameras in the ATM, the thieves this time...

Private sector lender Laxmi Vilas Bank has come up with a new debit card for its customers. The bank has launched a Visa debit gold cards to cater to its premier customer segment. The bank has also recently issued a classic debit card.

"We expect at least a-third of our card holders to opt for the Visa Debit Gold Card," said Mr Somasundaram, Chief Executive of the bank.

The transaction limit in the card is...

Public sector lender Indian Overseas Bank will be giving out smart cards to people in the village of Vellalur in Thiruvananthapuram district of Kerala.

As part of its financial inclusion plan, the CMD of the bank, Mr M Narendra would himself be giving out the cards.

Business correspondents (BCs) have been appointed in these remote areas with smart card reading machines which would be providing funds to people.

BCs would be aiding card holders in cash deposit...

Reserve Bank of India has got a new deputy governor in Mr Harun Rashid Khan.

The four deputy governors of RBI thus are Mr Khan, Dr K.C. Chakrabarty, Dr Subir Gokarn and Mr Anand Sinha.

Following the superannuation of Ms Shyamala Gopinath on June 20, a seat of deputy governor had fallen vacant. Rashid's appointment thus fills the vacant position.

Khan in his new post will be handling portfolios like Central Security Cell, Department of External Investments and...