17Nov 2020 by Asmeet No Comments

RBI puts 1-month moratorium on Lakshmi Vilas Bank. Cash withdrawal limit of Rs 25,000, to be merged with DBS Bank

Banking and Finance
RBI puts 1-month moratorium on Lakshmi Vilas Bank. Cash withdrawal limit of Rs 25,000, to be merged with DBS Bank This is 3rd Bank to be put inder moratorium by RBI in 2020 after PMC Bank and Yes Bank. RBI proposes a full merger with DBS Bank India. Shareholders wiped out (Shares go to 0) All depositors will be paid in full, after the moratorium. All FDs will be reset to DBS rates after the merger.
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03Nov 2020 by Asmeet No Comments

No change in PSU banks charges for deposits and withdrawals in near future: Finance Ministry

Banking and Finance
Finance Ministry: PSU banks will not increase charges for deposits and withdrawals in the near future The Ministry of Finance released an official statement with “the factual position”. Finance ministry said "No service charge is applicable on the 60.04 crore Basic Savings Bank Deposit accounts, including 41.13 crore Jan Dhan accounts opened by the poor and unbanked segments of society, for the free services prescribed by RBI”.   The statement mentions "Regular Savings accounts, Current Accounts, Cash credit accounts & Overdraft accounts: In this regard, while the charges have not been increased, Bank of Baroda had made certain changes w.e.f. 1st November, 2020, with regard to the number of free cash deposits and withdrawals per month. The number of free cash deposits and withdrawals, have been reduced from 5 each per…
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