hip hip hurray!!! to RBI---ATM(Any teller machine)

Here am, with an interesting hot news for you all. We all have an account and an ATM card. Those cards are provided for us to withdraw money at any time. However the purpose of these cards were not solved in full, because having an ATM card of one bank you can not withdraw money in another bank.

It was not possible because of 2 main reasons,
1. Not all the banks were interconnected with each other, that is, one banks ATM card will not be accepted by other bank.
2. The surcharges, that is, every withdrawal will of money with some other bank will be charged considerably.
To make my point more clear, if u are a account holder of KVB and if you withdraw from INDIAN BANK you will be charged Rs.20 for Rs.10


With the above two points we were literally worried to withdraw our money from banks.
you need not feel for these reasons from now. From today(1st april 09) you can walk into any bank withdraw cash without any charges.

Some banks charged as high as Rs. 57 for every single transaction, which was then reduced by Rs. 20 by Reserve Bank of India which came into immediate effect with all banks.

RBI gave guidelines to all banks to operate free ATM all over the nation from 1st april 2009. This is a great move by RBI. We need not pay extra charges to withdraw our own money.

There might be some glitches in the beginning in withdrawal but its really a good move. On 1st April which is considered to be a new year of every accountant RBI has came out with a brilliant suggestion which will really be useful.

As often some banks have refused to agree to this free withdrawal issue, but i firmly believe that Reserve bank of India wont be partial and it will implement its decision in full flow from today( 1st April 09).From now its not Automatic Teller machine, its Any teller machine.

1:08 PM | 0 comments | Read More

Lending Rates Forced to Cut For Private Sector Banks

Reducing Lending Rates - Private Sector the Sufferer
Due to high competition in the Public Sector, the Lending rates of the private sectors will be reduced sooner. The Public Sector banks have reduced their Lending Rates by 75 Basis points. This has been altered by giving personal loans, Home loans etc. by the public sector Banks to the needy.

This has become an important measure for the Reserve Bank Who, should get recollected when they do a move in this Regard.

Alike the Public Sector Banks the Private Sector Banks should also be shown some interest in reducing their Lending rates.

Mr. P. Chidambaram, Finance Minister has given an added opinion about this Situation as not to blame the Private sector banks. The Private sector Banks has its own reasons for this level of cutting the lending rates, but he did not comment on those regard.

The Fast improvement in the Public sector Banks by slashing the Lending rates to 75 basic points made the Private sector Banks to blame. The Changes made in this Public Sector Banks will have an adverse effect over the Private sector Banks, by bringing down the lending rates. He also assures that this revolution in the Public Sector Banks will happen sooner or later.

Being the Fastest Growing Economy, When we take a look at the top 20 Banks in India, all the top 20 Banks are only the Private Sector Banks and not the Public Sector Banks. By just reducing the lending rates does not fetch up a good output for the Banks. But by making the Private Sector Banks to reduce the lending Rates may result in the good output as they were already at the top 20 among the people's Minds in India.

Though the Recession made a drastic change in the U.S Economy, It does not made any change in our Country. Our Finance Minister Said "Our Banks are 100% Safe".

It is not just a saying by the Lips, he mean What he says. The flow of foreign capital into India has slowed down will eventually reverse and rupee will find its true level as India remains the most attractive investment destination among the world.

12:17 PM | 0 comments | Read More