Citigroup isn’t the only foreign bank struggling in India, a closer look at the country’s banking ecosystem reveals.
Consumers can buy the products at over 40,000 merchants and stores in more than 1,500 cities having point-of-sale (PoS) machines totalling over 4.5 lakh. SBI launched debit card EMI on PoS loans for consumer durables. State Bank of India on…
Depending upon the variant of the card, the daily cash withdrawal limit ranges from ₹20,000 to ₹1 lakh. SBI also allows free transactions to its customers at ATMs for 8-10 times in a month.
SBI Chairman, Rajnish Kumar said through the Yono platform, one can withdraw cash at the automated teller machines. In the next five years, there will be a limited need to have any plastic cards in your pocket.
More government-owned banks have announced linking their lending and deposit rates to the Reserve Bank of India’s (RBI’s) repo for facilitating faster transmission after the State Bank of India did so in May.
State Bank of India on Friday announced waiving charges on IMPS, NEFT and RTGS transactions through internet and mobile banking after the Reserve Bank of India decided to do so in a bid to move the country towards a less-cash economy.
The RBI has said it has no power to ask banks to share information on customers with third parties, including investigative agencies of the government, even if it is in the interests of the bank.
Once India’s biggest private carrier, Jet Airways stopped flying in April after running out of cash. With no more investors in hand, lenders to Jet Airways have decided to file for bankruptcy.
Chief Executive Officer Vinay Dube also resigned, a day after grounded carrier Jet Airways’ Deputy Chief Executive and CFO Amit Agarwal stepped down citing personal reasons.
SBI reports net profit of Rs 838 crore in Q4 FY19, NPAs decline State Bank of India (SBI) on Friday reported standalone net profit at Rs 838 crore for the March quarter of the financial year 2018-19. The government-owned lender…