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 … Read more
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 … Read more
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 … Read more
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 … Read more