In a bid to locate the customers whose deposits are lying unclaimed at the banks, RBI has issued several instructions for the lenders.

In a circular the Reserve Bank of India said, "Keeping in view public interest, it has been decided that banks should...play a more...

To meet the requirement of trained banking officials, Axis Bank and Manipal Global Education Services have launched ‘Young Bankers' Programme. It consists of 9 months campus training followed by a 3 month internship with the bank.

Rapidly growing private sector lender, YES Bank has entered in to an agreement with Buldana Urban Cooperative Credit Society. The consortium will extend door step para-banking services to the customers.

Reciprocating to the support of the people, State Bank of Hyderabad has taken up a social initiative. It has launched a scheme to provide financial aid to the underprivileged girl students in Andhra Pradesh. The bank is a subsidiary of State Bank of India.

Manappuram Finance or Manappuram Agro Farms can no longer accept deposits. The Reserve Bank of India has banned the companies from accepting deposits as they have violated rules.

The All-India Bank officers' confederation and All-India State Bank officers' federation have put forward a demand to reduce the working days during a week to 5 at the banks.

Concerns have also been raised on the long working hours for the bank officers, as the working hours are not defined.

 The General Secretary of All-India Bank officers' confederation and All-India State Bank officers' federation, Mr. G. D. Nadaf said, "In view of alternate channels available to...

The budget-2012 may bring good news for the people who prefer to invest under fixed deposit schemes. The government is considering making investment under fixed deposit scheme a lucrative option.

At present, interest earned with fixed deposits comes under taxable income. The banks want to lower the duration of lock-in period for fixed deposits upto Rs. 1 lac, which falls under tax deductions from 5 years to 3 years.

The Deputy Chief Executive Officer of Indian...

Second largest private sector lender in the country, HDFC Bank has announced hike in fixed deposit rates. In a surprising move from the bank the deposit rates have been increased by 50-100 basis points across various maturity periods.

An analyst at domestic brokerage firm, IIFL, Mr. Rajiv Mehta said, "This is really an incredible move by the bank as the system itself is close to the peak of deposit rate hikes. It appears as...

Leading public sector lender, Indian Bank has revised the Foreign Currency Non-Resident (Banks) term deposits (FCNR) (B). The revision has made in Dollars across various maturity periods.

The deposit rate for tenure of one year and more but less than 2 years has been revised from existing 2.38% to 2.35%. Deposits for a period of two years and above will now fetch 1.78% as against existing 2%.

Rates have been revised across other maturity periods as...

A committee headed by the CMD of Union Bank of India, Mr. M. V. Nair has been set up by the apex bank to review issues related to priority sector lending. The Reserve Bank of India is planning to categorize housing finance to the weaker sections under priority lending.

The Deputy Governor of Reserve Bank of India, H. R. Khan said, "We are trying to put housing finance for weaker section as a part of...

Leading public sector lender, Punjab National Bank has called out for applications for the post of management trainees in the Junior Management Grade (JMG) scale I/ probationary officers.

Candidates who took the Common Written Exam (CWE) conducted by the Institute of Banking Personnel Selection (IBPS) and scored a minimum score of 138 can apply for the post. Apart form the IBPS score, a candidate also needs to have a secured at least 60% marks in...

The lenders are working hard to make the ordinary looking savings account attractive. The banks are exploring the possibilities of introducing insurance services with the savings accounts as well as fixed deposits.

The deregulation of saving account interest rate has heated up the environment. Several banks instantaneously hiked the rates but the larger banks are a bit reluctant in doing so. They instead are working in the direction of providing add-on facilities on the savings...

Education has become a costly affair in the present time. The need for making education affordable for all is increasingly gaining priority in the Government's checklist of prime concerns. In this context, the Indian Government came up with many proposals for modifications in the existing education loan system.

While one scheme focused on granting education loans at rates as low as 4% another came up with slashing interest payment during moratorium period and still another...

The speculations about the outcome of the monetary policy review have come to an end. The Reserve Bank of India reduced the CRR by 50 basis points but kept the repo and reverse repo rate on hold.

The reduction in CRR is expected to assuage the liquidity in the system as well as mid term inflation. The move is also expected to support the growth rate of the country. The inflation rate has dipped considerably...

Repco Bank has announced that it will continue to offer the special fixed deposit scheme that it extends to the senior citizens. The bank is a Government of India enterprise. Bank took the decision considering the huge demand from the customers.

Under this scheme, the bank offers an interest rate of 11.00% to the senior citizens. A customer needs to invest a minimum of Rs. 1 lac under the scheme for tenure of 24...

Public sector lender, State Bank of Hyderabad has announced expansion plans in the Visakhapatnam zone. The bank plans to open 68 branches in the time to come.

At present, the lender has 180 branches in the region. Further addition of 68 branches will definitely increase the penetration of the bank in the zone.

The lender has been very particular about expanding in the zone. In last 20 months alone, the bank has opened 112 branches.

Finance Ministry is soon to conduct interviews for the post of Executive Director in public sector banks. There are 22 vacancies at present and around 40 candidates are eligible for the post which will be evaluated.

The vacancies have come up primarily because several officials are due to retire soon. Also, the increase in number of Executive Directors at public sector banks has ramped up the requirement.

Earlier, larger pubic sector lenders had 2 Executive Directors which...

Leading public sector lender UCO Bank and National Collateral Management Services limited (NCMSL) have entered into an agreement. NCMCL will provide collateral management and warehouse services to the bank.

The Managing Director and CEO of NCMSL, Sanjay Kaul said, "We are confident that this arrangement will result in substantial new business across India, and especially in West Bengal. This new arrangement with UCO Bank will provide an opportunity to field functionaries to extend finance against...

New appointment has been made at Royal Bank of Scotland, a well known name in the banking space. Mr. Madan Menon has been appointed as the International Banking Head of Asia Pacific region.

In a statement the bank said, "Menon will lead the International Banking division of the newly refocused wholesale businesses of RBS in the region. He will remain based in Singapore, where he was previously the Country Executive of RBS Singapore in addition...

The SKOCH Financial Inclusion Award 2012 has been awarded to Corporation Bank, a well known public sector lender. Bank's efforts at Belgaum and Tumkur districts in Karnataka bagged it the award.

The bank took up the Financial Inclusion programme for the self-help groups in the districts. Under the programme the bank plans to form around 80,000 form SHGs/JLGs (joint liability groups). As of now, the bank has already opened 22,300 bank accounts.

The Financial Inclusion Plan...