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

RBI relaxes...

RESERVE BANK OF INDIA FINDS ITS NEW WAY TO IMPROVE BANKING IN INDIA

Reserve Bank of India the controller of the banks in India is now thinking to relax its restriction on the other commercial banks. This seems to be a good and healthy sign of the development of banking sector in India and hope to get more foreign exchange investments in banking sector.

Banks in India(including foreign banks)need not wait for Apex bank of the nation to approve its new branch opening nor wait for its license to open a new ATM.This is the on going discussion in the minds of central bank of India.



A larger part of the finance department is with the view that both Indian banks and foreign banks must be treated equally. so that its easy the for sub continent to meet its unmet ends in the field of banking.


We should give equal rights to foreign banks and instead of waiting for other nations to do the same.so that we easy attract more investors so that purpose of banking to attract investments and to lend loans happens very easily.

Same time, I hope RBI will vest its power to control the commercial banks so that it can easily control the banks if RBI finds commercial banks to be out of their way. Most attractive feature of this is it can easily liquidate money so that it will help RBI to handle the financial crunch.

RBI circle says that liberalization of banks is has been suggested by various panels including the very resent RAGHURAM RANJAN panel. RBI also speaks that, this is not a way to address the present financial crunch.

Another information form the side RBI is that, this is a way to have healthy growth and good competition. RBI can have the right to impose restriction for some reasons and this must be an exception and not a norm.

This relaxations may find an improvement in banking sector. Like those banks which have a lot of branches in south can concentrate its improvement the other part of the nation.

A notable point is that this relaxations may not have much impact now because most of the banks now are facing a major financial problem. This will have a great use after the time of recession, it will also prevent banks form falling into deep recession, as we saw that those banks which have a lot of branches didn't fall in the trouble of recession as compared to those branches which had less number of branches.

This is one way to have a good banking facility in rural areas. This relaxation has paved many ways of development and seems to have a good sign in banking sector. Might be its one good step taking by the central bank improve banking and also to have investments and to make the basic purpose banking easy. I feel this step will take banking facility as well as banking sector to have a good growth.

12:22 PM | 0 comments | Read More