Outstation Cheque Collection – RBI Circular

RBI in it’s Circular dated 8th Oct,’08 has issued norms for Charges for Outstation cheque collection. RBI has mandated that banks must follow the following guidelines for Charges: – Up to Rs. 10,000                     – not exceeding Rs. 50 per instrument – Rs. 10,000 to Rs. 1,00,000      – not exceeding Rs. 100 per instrument – Rs.1,00,001 ...

Service Charges for Electronic Payments

On 8th Oct’08, RBI mandated that Banks must NOT charge for any Inward RTGS/NEFT/ECS transactions (i.e., for receiving funds). For Outward transactions, i.e., sending the funds, the Maximum Charges have been specified as below: (i)  RTGS  – Rs. 1 to 5 lakh             – not exceeding Rs. 25 per transaction – Rs. 5 lakh and above   ...

Refund of Wrong Debits in ATM

At some point of time or other, most of us would have had a bad experience at the ATM when the amount we key-in does not come but is debited from the A/c. In most cases, the reversal happens in the next few days and we anxiously wait for the reversal after following up with ...

What is the Indian FM doing?

What is the Finance Minister of India trying to do? If you ask me I will say – He is preparing for Elections rather than try to save the fundamentals of the economy. He is bullying the banks to cut interest rates; trying to paint a bright picture to hide the gloomy reality of Indian ...