BANKS IN NEWS
In 2007-08, the 15 banking ombudsmen received around 55,000 complaints of which 49,100 i.e. 81 percent were cleared. Out of the total number of cases 36 percent complaints were rejected and 53 percent cases disposed of through mutual settlement or an award. The main reason for rejection was that complainants had approached the ombudsman before asking the bank concerned to address the grievance. Thus 40 percent of the cases rejected fell in this category, while another 16 percent cases were made without sufficient cause. (BS 230209)
Banks are looking towards micro finance as part of direct lending. Yes Bank is doing direct lending to individuals while banks like SBI and Union Bank of India are lending to self help groups. Yes Bank has 3 micro finance branches in Mumbai’s Chembur, Thane and Worli areas. It has so far covered around 2,500 borrowers and has given loans upto Rs 50,000 to be repaid in one year. (BS 230209)
SBI announced a limited period offer to disburse auto loans for which interest rates would be frozen at 10 percent for one year. The scheme applies to all auto loans disbursed upto May 31 and interest rates will revert to the applicable rate after June 1 next year. The bank would offer loans for a seven year period with interest calculated on daily outstanding balance. (BS 210209)
ICICI Bank lost more than Rs 11 crore due to over 8,000 cases of credit card frauds last year. A total of 12,959 such cases were reported during last year in which banks lost Rs 36.54 crores. No cases were reported by IDBI Bank, Canara Bank and Indian Overseas Bank related to credit card frauds last year.(BS 180209)
Standard Chartered Bank has joined National Financial Switch NFS shared ATM network which will allow its customers to access funds from over 30,000 ATMs across the country. The NFS aims to connect all banks to a common switch thus allowing sharing of ATMs by banks. (BL 210209)
SBI has been appointed as the sole booking agent for sale of Tata’s Nano car as per SBI’s spokesperson. (FE 200209)
Monday, February 23, 2009
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