Standard Chartered Bank announced launch of ‘India Consortium Project’ to provide preventive eye care to the rural poor. Under the project the bank will open 40 vision centres across 6 states over three years. These are UP, Haryana, Uttaranchal, Tamil Nadu,Delhi and MP. It has already benefited nearly 2 million people in India through curative eye care since 2003.(BL090409)
Monday, April 27, 2009
From 1st April 2010 the balance in savings bank
From 1st April 2010 the balance in savings bank accounts will earn interest on a daily basis following RBI’s decision to implement new interest calculation methods for such accounts. At present banks calculate interest on SB accounts on the minimum balances held during the period from the tenth day to the last day of the month. This change is likely to benefit the average salaried class and pensioners. (BL220409)
RBI has done away with the requirement
RBI has done away with the requirement of prior regulatory approval for setting up offsite ATMs. It is felt that the move would allow banks to expand their ATM networks more easily and thereby their reach of banking. (BL220409)
RBI has cut the repo rate and reverse
RBI has cut the repo rate and reverse repo rates by 25 basis points. The reverse repo rate is now 3.25% and the repo rate is 4.75%. RBI has indicated that the concept of BPLR has lost its relevance as a reference rate and would review the present system to make credit pricing more transparent. (BL220409)
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