Urban cooperative banks have been asked by RBI

Urban cooperative banks have been asked by RBI to explore faster methods of collection of dollar denominated cheques and to pay interest at savings bank rate for the period of delay between receiving payment in their account and ultimate credit to the account holder.( BS 190109)

National Insurance Company in association with Bank of Baroda

National Insurance Company in association with Bank of Baroda has launched the Baroda Health Mediclaim Insurance scheme exclusively for account holders of Bank of Baroda. The scheme provides for reimbursement of hospitalization expenses of policy holders and their family members. It is extended to the account holder, the spouse and two dependent children under 25 years of age and can be claimed under a single policy. ( BL170109)

Standard Chartered Bank has decided to wind up

Standard Chartered Bank has decided to wind up the consumer finance business of its wholly owned subsidiary due to rising defaults. Consumer finance business was carried out by Standard Chartered Investments and Loans India Ltd., under the brand name ‘Prime Credit’. It has an unsecured personal loan portfolio of around Rs 200 crores. ( Bl 180109)

National Housing Bank, a subsidiary of RBI

National Housing Bank, a subsidiary of RBI has entered the retail sector with launch of two deposit schemes—NHB Sunidhi deposit scheme and NHB Suvriddhi (tax savings) term deposit scheme.
Interest rate on Sunidhi scheme is 9.25 percent for 12/24 months and 9 percent for 36/60 months, while interest on Suvriddhi is 8.75 percent compounded quarterly. The minimum deposit under Suvriddhi scheme is Rs 10,000/ and maximum of Rs 1 lac with lock-in period of 60 months as it is a tax savings scheme.( source BL 160109)

Private sector banks want RBI

Private sector banks want RBI to increase the deposit insurance coverage from Rs 1 lac to allow for a level playing field between public and private banks. (source BL 170109)

Personal accident insurance product introduced by State Bank

Personal accident insurance product introduced by State Bank of Travancore-SBT UNI Suraksha-is now available at all 719 branches of the bank. It is offered in association with United India Insurance Company for benefit of SBT account holders. It has an insurance cover of Rs 5 lacs at a subsidized yearly premium of Rs 50/-. All savings bank account holders including non-residents in the age group of 10 to 79 years of age are eligible to join the scheme. (source BL 180109)

Applications supported by blocked accounts ASBA

Applications supported by blocked accounts ASBA for subscribing to IPOs have been started by few more banks like PNB, YES Bank, CITI Bank, Bank of India, HSBC, State Bank of Hyderabad.
( source BL 060109)