The bank has asked its customers whose KYC was required to be updated by 30 June 2025 to update their KYC information.

The bank has clearly stated that if KYC is not updated by the stipulated time, the account can be frozen. For KYC update, customers will have to submit information like identity card, address proof, recent photo, PAN or Form 60, income proof and mobile number to the bank. You can complete this process through PNB One app, internet banking or registered email, post or nearest branch. Get the update done on time so that your account continues to function.

How to update KYC?

If you need to update your KYC, you can use the methods mentioned below

Visiting the bank branch – Visit your nearest PNB branch with your identity proof, address proof, recent photograph, PAN card/Form 60, income proof and mobile number (if not provided earlier) and get your KYC updated.

Through PNB ONE app – you can update KYC online from home.

Through Internet Banking (IBS) – Login to PNB Online Banking and select KYC Update option.

You can send KYC documents to your home branch – through registered email or by post .

What will happen if KYC is not updated?

If the customer does not get KYC updated by 8 August 2025, then he will not be able to do any transaction from his account. A temporary ban will be imposed on the bank account, due to which you will neither be able to deposit nor withdraw money.

How to check KYC status?

If you want to know whether your KYC is updated or not, then follow these steps-

• Login to PNB Online Banking.
• Check KYC status by going to personal settings.
• If an update is required, a message will appear on the screen.

How to do eKYC through PNB ONE app?

• Login to PNB ONE app.
• Check KYC status.
• If update is required, update KYC by following the instructions given.

What is KYC and why is it important?

KYC i.e. Know Your Customer is a banking process through which the bank verifies the identity of its customers. Its purpose is to prevent fraud, money laundering and financial crimes.

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The bank has appealed to its customers to update their KYC i.e. Know Your Customer by 10 April 2025. This process is being done as per the rules of the Reserve Bank of India (RBI). It is mandatory for account holders who have not updated their KYC by 31 March 2025. This rule is not for all account holders.

How to update KYC?

• You can update your KYC in multiple ways:
• By visiting bank branch: Visit the nearest PNB branch with Aadhar card, address proof, passport size photo, PAN card/Form 60, income proof and mobile number.
• Through PNB ONE App: Do online KYC from home by logging into the mobile app.
• Internet Banking: Visit PNB website and select KYC update option.
• Through Email or Post: You can send the required documents to your branch.

What happens if KYC is not updated?

If you do not update your KYC by April 10, then transactions will not be possible from your account. The account may be temporarily blocked, due to which you will neither be able to deposit nor withdraw money.

How to check KYC status?

• Login to PNB Internet Banking or PNB ONE App.
• Check KYC status by going to personal settings.
• If an update is required, you will see a message on the screen.

Why is KYC necessary?

KYC i.e. Know Your Customer is an important banking process through which the bank ensures that the customer is correct and genuine. Its purpose is to prevent fraud, wrong transactions and money laundering.

PNB has also advised that customers should not click on any unknown links and download unknown files. If in doubt, visit the nearest branch or visit the official website of PNB to get the correct information.

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The Reserve Bank of India has decided to start the Real Time Gross Settlement System and National Electronic Funds Transfer so that before executing the transaction, the funds remitter i.e. the person transferring the money will be able to verify the name of the receiver i.e. the beneficiary account holder. RBI has decided to start the beneficiary account name look-up facility.

UPI and IMPS have the facility of beneficiary verification

Currently, whenever money is transferred through UPI or Immediate Payment Service (IMPS), the Remitter of Funds i.e. the one who is transferring the money has the option to verify the name of the receiver or beneficiary before making the payment transaction. But this facility was not available in RTGS (Real Time Gross Settlement System) or NEFT (National Electronic Funds Transfer) system.

Verification of beneficiary will be possible in RTGS-NEFT

In his address after the Monetary Policy Committee meeting, Reserve Bank of India Governor Shaktikanta Das said, now it is proposed to start a facility similar to UPI and IMPS (Immediate Payment Service) for transferring funds through Real Time Gross Settlement System and National Electronic Funds Transfer. The RBI Governor said that, after the introduction of this facility, remitters will be able to verify the name of the account holder before transferring funds through RTGS or NEFT. This will reduce the chances of crediting funds to the wrong account and will also curb fraud.

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The Reserve Bank has told the banks that the rule of minimum balance cannot be applied on those bank accounts in which no transaction has taken place for two years. Also, accounts opened for scholarship and direct benefit transfer (DBT) will also not be deactivated. Even if there has been no transaction in them for two years. These new rules will be implemented from April 1.

RBI issued a circular

According to the report of Times of India, RBI has issued a circular in this regard. Under the new rules of RBI, banks will have to inform customers about account deactivation. RBI is making every effort to reduce the money lying idle in the banks. This circular is also a part of this effort.

Information will have to be given through SMS, letter or email.

Under the new rules, banks will have to inform customers about deactivation of their accounts through SMS, letter or email. Banks have also been told that if there is no response from the owner of an inactive account, then the guarantor will have to be contacted. A guarantor is required while opening a new account.

No fee will be charged for activating the account

As per rules, banks are not allowed to levy penal charges for non-maintenance of minimum balance in any account designated as inoperative account. No charges will be levied for activating inactive accounts. According to RBI, unclaimed deposits increased by 28 percent to Rs 42,272 crore by the end of March 2023, which was Rs 32,934 crore a year ago.

RBI will get money from accounts closed for 10 years

Any balance in deposit accounts which has not been operated for 10 years or more. Banks are required to transfer money to the Depositors and Education Awareness Fund created by RBI.

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In the order given by the Finance Minister, it was asked to ensure that all their customers nominate their successor. This will help in reducing the unclaimed money amount. This order of the Finance Minister comes after the step taken by the RBI recently when the central bank had launched a portal to identify the amount of thousands of crores of rupees lying unclaimed in the banks.

Write the name of the successor and also give the address

Sitharaman said at the Global Fintech Fest (GFF) here, ‘I want the banking system, financial ecosystem, mutual funds, share market, everyone to keep in mind that when a customer transacts money. So organizations have to think about the future and decide where they (customers) nominate their successor, give their name and address.

35,000 crores unclaimed

According to a report, there is an unclaimed amount of more than Rs 35,000 crores in the banking system. While such total money is being told to be more than one lakh crore rupees. Sitharaman also said that ‘tax haven country’ and ’round tripping’ of money are a threat to the responsible financial ecosystem. RBI had also launched the Udgam Portal (UDGAM) to safely return this money to the customers and their heirs.

The purpose of launching this portal was to find out the unclaimed money deposited in banks for a long time. Through the portal launched for the convenience of the public, it will be easy to find the unclaimed amount deposited in different banks. On the portal launched by RBI recently, SBI, PNB, Central Bank of India, Dhanlaxmi Bank Ltd, South Indian Bank Ltd, Information about unclaimed deposits is available in DBS Bank India Ltd and Citi Bank.

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How will this account work?

According to the website of Axis Bank , Infinity Savings Account will be a fixed fee based savings account. In which the customer will pay some membership fee to the bank to access the benefits associated with the account. This new account holders will not have to maintain any average monthly balance.

Apart from this, customers will not have to pay any kind of charge for using free debit cards, check books or for transactions exceeding a fixed limit or for withdrawing money and will also get a discount on domestic fees.

What will be the membership fee?

Axis Bank offers two flexible arrangements to its customers. The bank offers two types of membership to its customers, monthly and annual. This bank account customers will have to pay a monthly fee of Rs 150 or an annual fee of Rs 1650. According to the official website of Axis Bank, the monthly plan charges Rs 150 and its minimum membership period is 6 months.

After the initial 6 months the scheme continues on a cycle of 30 days. Of these, Rs 150 will be deducted every 30 days. At the same time, the customers of the bank will have to pay an annual fee of Rs 1650. It will offer benefits to customers for 360 days. After this time it will auto renew.

The amount will be auto debited from the account itself.

Let us tell you that after the completion of the annual or monthly cycle, the membership fee will be auto debited from the customer’s account. The auto renewal fee will also remain the same as it was at the time of opening the account. If customers do not maintain balance in their account continuously for 18 months then their account will be automatically closed.

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Privatization is under threat on government banks . This is to say of All India Bank Officers Confederation (AIBOC), which is the union of bank officers. Union believes that public sector banks have played an important role in removing economic discrimination in the society, yet there is a danger of privatization of public sector banks.

On the occasion of 55th Bank Nationalization Day, All India Bank Officers’ Confederation (AIBOC) said that public sector banks have played a major role in financial inclusion and attracting savings since their nationalization in 1969. Key’s. AIBOC General Secretary Rupam Roy said that the sword of privatization is hanging over public sector banks. He said that this is a fight of ideology which can be overcome only by supporting such an ideology which cares for the interests of the larger population.

Rupam Roy said that since nationalization, public sector banks have been providing funds to agriculture, MSMEs, education and infrastructure. The All India Bank Officers Confederation said that public sector banks have worked to promote economic development through their services, as well as their role in providing employment to crores of people has been a pillar.

Rupam Roy said that the government is the largest shareholder in public sector banks and the government is the biggest beneficiary of the dividends received from the profits of public sector banks. He told that in SBI there are 1900 customers per employee while in HDFC Bank this number is 530 and in Axis Bank it is 325. Before 2017, there used to be 27 public sector banks in the country. Whose number has come down to 12 after the merger. The government is pursuing the target of privatization of two national banks.

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At present, many people have more than one bank account. If you also have more than one bank account, then this is important news for you. How many bank accounts can you open in India? Please tell that there is no limit in the number of opening bank accounts. Customer can open 2, 3, 4, 5 any number of bank accounts. The Reserve Bank of India (RBI) has not fixed any limit on the number of bank accounts.

You can manage multiple savings accounts with multiple banks without any hassle. Also, if you can meet the requirement of maintaining minimum account balance, then you do not have to worry.

Minimum balance has to be maintained

Now except salary account minimum balance has to be maintained in almost every bank savings account. If you do not do this then the charge will be deducted from your bank account. If you do not maintain the minimum balance even after deducting the charge, then your bank account becomes negative.

Many types of bank accounts can be opened;

On behalf of the bank, customers are given the facility to open many types of accounts. You can open a salary account, current account, savings account or joint account as per your convenience. Most of the customers open a savings account. You also get the benefit of interest on this account. This is a basic bank account.

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SBI has re-launched its digital banking application ‘YONO for Every Indian’ on Sunday by completely revising it. Through YONO (You Only Need One), bank customers will be able to get the facility of Unified Payments Interface facilities like scan and pay, payment through contact list, money request etc.

YONO has more than 60 million registered users since its inception in 2017. In FY23, 78.60 lakh savings accounts have been opened digitally through YONO in SBI. SBI said that the modern version of the YONO app will empower customers of other banks to embark on the YONO journey, thereby encouraging them to be a part of the ever-growing SBI family.

SBI also launched Interoperable Cardless Cash Withdrawal (ICCW) facilities which will be available to customers of SBI and other banks as well. Customers can withdraw cash from any Bank’s ICCW enabled ATM using ‘UPI QR Cash’.

Transaction will be done through single use QR code on ATM screen. Apart from this, users can easily withdraw cash through the scan and pay facility available on their UPI application. The ICCW facility mitigates risks such as shoulder surfing or card cloning by eliminating the need to enter the PIN or physically carry the debit card. Customers can avail instant cash withdrawal through secure digital channels.

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Let us tell you that on Monday, RBI has imposed a fine of lakhs on 4 cooperative banks for violating different norms. These include Tamil Nadu State Apex Co-operative Bank, Bombay Mercantile Co-operative Bank, Janata Sahakari Bank and Baran Nagrik Sahakari Bank. A fine of Rs 44 lakh has been imposed on these banks.

License canceled on 24 April 2023

According to the notification issued by RBI, the cancellation of the bank’s license has become effective from the close of business on April 24, 2023. On behalf of RBI, it was said that Adoor Co-operative Urban Bank Limited was given a banking license on January 3, 1987 for banking business in India under the Banking Regulation Act. The notification of cancellation of the bank’s license has become effective from the close of business on April 24, 2023.

What will happen to depositors’ money?

Account holders of Adoor Co-operative Urban Bank will get the benefit of insurance cover on deposits up to Rs 5 lakh. This insurance is available from the Insurance and Credit Guarantee Corporation (DICGC). DICGC is a subsidiary of the Reserve Bank, which provides financial security to the customers of the Co-operative Bank.

Customers having deposits of Rs 5 lakh or less with Adoor Co-operative Urban Bank will get full claim from DICGC. But such customers who have more than Rs 5 lakh deposited in their account, they will not be able to get the full amount.

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Customer’s account should not be closed due to non-KYC

The committee constituted under the chairmanship of former RBI Deputy Governor BP Kanungo has suggested banks to take some steps in the interest of the customers. The most important recommendation given by the Kanungo Committee is that banks should not close the customer’s account if there is no KYC. The committee has recommended to make such a system, which does not require repeated KYC. Similarly, it has been said to give property papers on time to the customers taking home loans.

Recommendations made by the committee:

Bank employees should be trained to behave better with customers.
There should be a system of giving the same type of information in all ATMs.
To prevent digital fraud, special steps should be taken by the banks.
The system for registering complaints should be easy for customers who are dissatisfied with the service.
Arrangements should be made for better security of bank customers from cybercrime.

A common portal for complaints should be made.

Recommendations were also made for timely registration and disposal of complaints from the customers. Every year more than one crore bank customers make different types of complaints in the country. There should be a common portal for all of them so that there is ease in both filing and redressal of complaints. It will also be able to know whether action is being taken or not.

It was also suggested by the committee that after the death of the account holder, the claims of the heirs should be settled online. Along with this, suggestions were given to banks to show flexibility in submitting life certificates on behalf of pensioners. The report said that in case of loss of property documents, banks and financial institutions should not only be obliged to help get certified registered copies of the documents at their own cost but also pay adequate compensation.

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The committee has suggested banks to show online settlement of claims after the death of account holder’s heirs and flexibility in submission of life certificate on behalf of pensioners.

Banned due to non-compliance of KYC

The report of the committee constituted to review customer service standards in RBI-regulated financial institutions also suggested that non-updation of Know Your Customer (KYC) from time to time hampers operations of accounts. But don’t be banned.

Report released by the committee The committee 

said in its report released on Monday that there should be a time limit for returning the property documents to the borrowers after the loan account is closed and the lender should be fined for not giving this time.

In case of loss of property documents, banks and financial institutions should not only help in getting certified registered copies of the documents at their own cost, but also adequately compensate the customer, according to the RBI deputy governor’s report . .

The Reserve Bank had constituted this committee in May last year under the chairmanship of BP Kanungo, former deputy governor of RBI. The committee has given its recommendations after reviewing the complaints filed under the Internal Grievance Redressal (IGR) system of financial institutions.

These suggestions given for the pensioners

The committee has also given some suggestions for the benefit of the pensioners. Accordingly, pensioners should be able to submit their life certificate at any branch of their bank. Also, they should be allowed to deposit LCs in any month of their choice to avoid rush.

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Penalty is imposed on you by the bank if the account balance is below this limit. It varies from bank to bank and region to region. Today, in this news, we are going to tell about the minimum balance of four big banks of the country, so that you will be alerted when your account balance comes near this limit. Let’s know.

HDFC bank

Urban account holders of HDFC Bank, the largest private sector bank, are required to maintain a minimum average balance of Rs 10,000 in their savings account. At the same time, the minimum balance limit has been fixed at Rs 5,000 and Rs 2,500 for semi-urban areas and rural areas.

State Bank Of India

The country’s largest public sector bank State Bank of India (SBI) abolished the minimum balance limit in March 2020. Earlier, customers in urban areas had to maintain a minimum balance of Rs 3,000, customers in semi-urban areas Rs 2,000 and customers in rural areas Rs 1,000.

Punjab National Bank

In Punjab National Bank, customers of metro and urban areas have to maintain an average minimum balance of Rs 2,000. At the same time, this limit has been fixed at Rs 1,000 for semi-urban areas and Rs 500 for rural areas.

ICICI Bank

ICICI Bank requires an average minimum balance of Rs 10,000 for metro and urban customers, Rs 5,000 for semi-urban customers and Rs 2,000 for rural customers.

Why does the bank keep the minimum balance limit

The biggest reason for banks to keep minimum balance is the cost of banking operations. If the customer does not maintain the minimum balance, then the bank incurs losses.

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Now government banks will work for only five days in a week. According to media report, the Indian Banking Association has proposed to work for five days a week. The Finance Ministry can soon give approval on this matter. Before this, the bank unions have already agreed among themselves on this issue. This news is good news for about 8 lakh bank employees of the country.

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The new rates will be applicable from 22 May. In the mail sent to the customers, Kotak Mahindra Bank told its customers that on May 22, there will be a change in the annual charge on the debit card.

Under which it will be increased from 199 plus GST to 259 plus GST. This means that the charge will be increased by Rs 60. Kotak Mahindra Bank provides many types of savings accounts and debit cards are also given on the basis of customer’s account, limit and features.

Charges for not maintaining minimum balance

Kotak Mahindra Bank levies a charge of 6% for non-maintenance of minimum balance, which will be maximum of Rs 500 to Rs 600 depending on the product variant. Salary Account for Public Service/Salary Account of Uniformed Service/Uni Account is not included.

Transaction failure charge

Check issue and refund charges for non-financial reasons Rs.50. In non-financial reasons, the charge is recovered in many ways like incomplete sign of the drawee, not understanding the sign properly, separation of the sign, not being legally correct etc.

Charges apply to these too

1. Rs 200 is charged as bank standing instruction failure charge.
2. The check deposit and return deposit charge is Rs 200.
3. Initially, the bank provides checkbooks of 25 leaves for free, after that it charges per checkbook which is based on the number of checkbook leaves.
4. There is a charge of Rs 200 for replacement, loss and theft of the debit card.
5. 25 per transaction charge if the transaction is declined due to insufficient balance.
6. Under cardless withdrawal, one transaction will be free in a month and thereafter Rs 10 will be charged for each transaction.

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RBI gave information

RBI has given information about this by issuing a press release. According to the RBI, a penalty of Rs 13 lakh has been imposed on the Bombay Mercantile Co-operative Bank as it failed to transfer the eligible amount to the Depositor Education and Awareness Fund (DEAF) within the stipulated period and transferred the same with delay.

Penalty for non-compliance of norms

The bank has said in another release that a penalty of Rs 13 lakh has been imposed on Pune-based Janata Sahakari Bank for non-compliance of instructions on ‘interest rate on deposits’. Tamil Nadu State Apex Co-operative Bank has been fined as it failed to transfer the eligible amount to Depositor Education and Awareness Fund within the stipulated period. It also failed to report the fraud to NABARD within the prescribed time limit and reported the same with delay. Baran Nagrik Sahakari Bank, Baran, Rajasthan, has been fined Rs 2 lakh for violating certain norms.

Recently RBI has canceled the license of many banks.

Let us tell you that recently the licenses of eight co-operative banks have been canceled by the RBI in the financial year 2022-23 ending on 31 March. Reserve Bank has also imposed penalty 114 times on these banks for not following the rules. Let us tell you that banking service has expanded rapidly in rural areas through co-operative banks. But due to the irregularities coming to the fore in these banks, RBI had to take drastic steps.

Licenses of these banks were canceled

1. Mudhol Co-operative Bank
2. Milath Co-Operative Bank
3. Shree Anand Co-Operative Bank
4. Rupee Co-operative Bank
5. Deccan Urban Co-operative Bank
6. Laxmi Co-operative Bank
7. Sewa Vikas Co-operative Bank
8. Babaji Date Mahila Urban Bank

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It has been told in the report of CyberNews that the details of the system of ICICI Bank were being managed in a wrong way. Users’ data was stored in the cloud and anyone could see it. However, when CERT-IN got its information, the agency issued an alert. After this the bank rectified the error and the data was deleted.

Which details of the customers were leaked?

The research team of Cyber ​​News found that some such data of ICICI Bank was present in the cloud storage, which could be used by anyone. In this, all the sensitive information like user’s name, date of birth, home address, email ID, bank account details, credit card number, passport, PAN, bank statement and KYC details were present. Not only this, in this leaked data, resumes of some existing employees and candidates applying for the job were also uploaded.

ICICI Bank deleted data

According to ICICI Bank, the leaked data has now been removed. However, if this data is in the hands of a scammer, then its effect can be dangerous. Obviously, due to all such information, the customers of the bank may have to suffer huge losses.

It is a simple matter that banks and other financial firms are the most targeted by hackers. In such a situation, the leakage of data of ICICI Bank on such a large scale is a big negligence. This poses a threat to both the bank and its customers.

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The effect of this is that the RBI even canceled the licenses of some banks. Not only this, the central bank has also imposed heavy fines on some big banks. Co-operative banks are facing the maximum loss in the Reserve Bank’s action.

Reserve Bank also imposed penalty 114 times

The licenses of eight co-operative banks have been canceled by the RBI in the financial year 2022-23 ending on March 31. Reserve Bank has also imposed penalty 114 times on these banks for not following the rules. Let us tell you that banking service has expanded rapidly in rural areas through co-operative banks. But due to the irregularities coming to the fore in these banks, RBI had to take drastic steps.

Allegations of negligence in rules

Co-operative banks are facing interference from local leaders apart from dual regulation and weak finance. The Reserve Bank has started cracking down on co-operative banks, which are negligent in the rules. Permits of eight banks have been canceled in the last one year. Let us know which banks’ permits were canceled by RBI?

Licenses of these banks were canceled

1. Mudhol Co-operative Bank
2. Milath Co-Operative Bank
3. Shree Anand Co-Operative Bank
4. Rupee Co-operative Bank
5. Deccan Urban Co-operative Bank
6. Laxmi Co-operative Bank
7. Sewa Vikas Co-operative Bank
8. Babaji Date Mahila Urban Bank

The licenses of the banks mentioned above by the RBI were done due to insufficient capital, non-compliance with the rules of the Banking Regulation Act. Also canceled due to reasons like lack of future income possibilities. Co-operative banking sector is being monitored by RBI for the last several years. The central bank has canceled the licenses of 12 co-operative banks in the year 2021-22, 3 co-operative banks in 2020-21 and two co-operative banks in 2019-20.

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The bank has announced the launch of several new products and services for the customers on Friday. These include digitized personal loans and updated mobile banking.

Customers will get better experience

In a statement, BoM said, “In order to ease the customer experience and strengthen the digitization of the bank, the bank has started offering personal loan service to customers digitally in many areas. These regions include Pune region (Pune West, Pune City and Pune East), Bengaluru, Kolkata, Patna and Chandigarh.

According to the statement issued by the bank

, the existing customers can take a loan of up to Rs 20 lakh through digital medium without any hassle. The bank has also introduced new features for its Visa and RuPay Debit cards. Visa International Debit Card is a new generation contactless card that will work across devices in India and abroad. No additional fee will be charged for availing this facility.

Recently, the bank had increased the MCLR

Bank of Maharashtra has increased the Marginal Cost of Lending Rates ie MCLR by up to 30 basis points. Due to the increase in MCLR, the EMI of Home Loan, Car Loan had increased. Its burden will be on the current borrowers (MCLR impact on borrowers) as well as on new borrowers. As per the information shared to the exchange, Bank of Maharashtra had increased the MCLR.

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It was informed by the RBI that the registration of Pune-based Kudos Finance and Investments Limited (Kudos Finance and Investments Pvt Ltd) and Mumbai-based Credit Gate Pvt Ltd. has been cancelled. Both NBFCs were involved in regulatory lapses in lending.

The registration certificate was canceled

The statement issued by the Reserve Bank (RBI) said that after the cancellation of the Certificate of Registration (CoR), both NBFCs (NBFCs) cannot do business of Non-Banking Financial Institutions (NBFIs). The central bank said, ‘… the registration certificate of NBFC has been cancelled. The registration has been canceled due to violation of RBI guidelines on outsourcing and fair dealing activities in the work of digital loan operations through third party apps.

Had done undue harassment to the customers

According to RBI both the above mentioned NBFCs were also not following the extant rules regarding charging more interest. Along with this, undue harassment was done to the customers regarding loan recovery. In early February, the RBI imposed a fine of Rs 42.48 lakh on Krazybee Services Pvt Ltd. The matter of harassing the customers at the time of loan collection by Crazybee’s recovery agent came to the fore.

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According to this, the facility of five day week may be implemented soon for the bank employees. An agreement has been reached between the Indian Banks Association (IBA) and the United Forum of Bank Employees regarding this. But due to the increase of two holidays in a month, the working hours of the bank employees will be increased.

Will have to work 40 minutes more daily

According to the new agreement, bank employees will have to work 40 minutes more daily. Let us tell you that apart from Sunday, banks have a holiday on the second and fourth Saturdays of the month. But now in the coming time, banks will remain closed on every Saturday and Sunday. A new arrangement may start soon regarding this. Consent has been given by the association in this regard. Bank unions have been demanding five days working for a long time.

Five day week happened in LIC last year

Five day week was done in LIC before the listing in the stock market in the year 2022. After this, the demand for five day week from the bank unions intensified. S Nagarajan, General Secretary of All India Bank Officers, said that the government will have to declare all Saturdays as holidays under Section 25 of the Negotiable Instruments Act.

According to the report, the employees will need to work 40 minutes more daily from 9.45 am to 5.30 pm. A senior official also told that this proposal has been agreed to by the IBA. Bank employees say that most of the customers are using mobile banking, ATM and internet banking facilities. But still it is with some customers that they prefer to visit the branch.

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This has been told by issuing a circular from the Reserve Bank. RBI takes many major decisions from time to time keeping in view the condition of the banks. Let us tell you that now on which banks RBI has banned and why.

Will be able to withdraw only 5000 rupees from the account

Reserve Bank has imposed many restrictions on certain co-operative banks in view of their worsening economic condition. This action has been taken against 5 banks, out of which customers of 2 banks can withdraw only up to Rs 5000 from their accounts. Please tell that this ban will remain in force for the coming 6 months.

Which banks are banned?

RBI has imposed restrictions on Urvakonda Sahakari Municipal Bank, Urvakonda (Ananthapur District, Andhra Pradesh) and Shankarrao Mohite Patil Sahakari Bank, Akluj (Maharashtra) Bank, due to which withdrawal of only Rs. will be able to do.

Bank will also not be able to give loan, apart from this, these banks will not be able to renew any kind of loan or advances. The bank will also not be able to make any kind of investment. Also, both the banks will not be able to enter into any agreement or sell or transfer their property.

RBI issued circular

In the circular issued by RBI, it has been told that banks will continue banking business with restrictions till their economic conditions improve. Whereas, due to the current cash position of HCBL Sahakari Bank, Lucknow (Uttar Pradesh), Adarsh ​​Mahila Nagari Sahakari Bank Maryadit, Aurangabad (Maharashtra) and Shimsha Sahakari Bank Regular, Maddur, Mandya (Karnataka), customers of these banks may withdraw Rs. Will not be able to withdraw.

Customers will get 5 lakh

RBI said that the eligible depositors of the five co-operative banks will be entitled to receive deposit insurance claim amount up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation.

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There is no need to visit the bank branch, as per the guidelines issued by the Reserve Bank of India, all the account holders who have already submitted their valid documents and there is no change in their address, then such customers should get their KYC done. There is no need to go to the bank branch to get Know Your Customer (KYC) updated.

Details can be updated easily

RBI has told that if there is any change in the details of KYC, then the account holders will have to update their details. For this, you can update the details through an email ID, registered mobile number, ATM and other digital methods.

What to do if the details are not changed?

Apart from this, all the customers whose KYC details have not changed, then those customers will have to give a declaration letter from themselves to complete their KYC process. No need to go to the branch for this. Is.

Customers should get better facilities

The Reserve Bank of India has told banks in its guidelines that these decisions are taken keeping in mind the facilities of the customers, so that the money of the customers is safe and their details are updated, so that no one gets in trouble. Do not be Along with this, many types of cheating are being done in the name of banks across the country, to stop which a campaign is being run by the RBI.

Do not share the details

Reserve Bank has said that no call is made to any customer from any bank or RBI side of the country. Along with this, personal details are not asked from any customer. So do not share any of your information on such phone calls.

Watch Video:-

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Banking services will remain affected for 4 days

Bank union has announced bank strike on 30 and 31 January. Along with this, January 28 is the fourth Saturday, due to which banks will remain closed. On the other hand, on January 29, due to Sunday, banks will be closed, so you can finish your important work on Friday or else you can finish your work on February 1.

Why is the strike happening?

United Forum of Bank Union (UFBU) meeting was held in Mumbai in which bank unions have decided to go on strike for two days. Bank unions are going on strike to pressurize the government to meet their demands.

Giving information, CH Venkatachalam, General Secretary of All India Bank
Employees Association said that a meeting of the United Forum has been held, in which it has been decided to go on strike for 2 days. He has told that there is a demand of bank unions that the banking work should be done for 5 days. Along with this, the pension should also be updated.

There is a demand to increase the salary, along with this there is a demand of the employees that NPS should be abolished and talks should be held to increase the salary. Apart from all this, there has been a demand to start the recruitment process in all the cadres. The union has decided to go on strike regarding all these demands.

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There is no need to visit the bank branch, as per the guidelines issued by the Reserve Bank of India, all the account holders who have already submitted their valid documents and there is no change in their address, then such customers should get their KYC done. There is no need to go to the bank branch to get Know Your Customer (KYC) updated.

Details can be updated easily

RBI has told that if there is any change in the details of KYC, then the account holders will have to update their details. For this, you can update the details through an email ID, registered mobile number, ATM and other digital methods.

What to do if the details are not changed?

Apart from this, all the customers whose KYC details have not changed, then those customers will have to give a declaration letter from themselves to complete their KYC process. No need to go to the branch for this. Is.

Customers should get better facilities

The Reserve Bank of India has told banks in its guidelines that these decisions are taken keeping in mind the facilities of the customers, so that the money of the customers is safe and their details are updated, so that no one gets in trouble. Do not be Along with this, many types of cheating are being done in the name of banks across the country, to stop which a campaign is being run by the RBI.

Do not share the details

Reserve Bank has said that no call is made to any customer from any bank or RBI side of the country. Along with this, personal details are not asked from any customer. So do not share any of your information on such phone calls.

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According to the official website of the bank, the new rates have come into effect from January 3, 2023. The bank has increased the interest rates on FDs of less than 2 crores. According to the new rates, now common investors will get interest ranging from 3.25 percent to 7 percent on fixed deposits ranging from 7 days to 120 months. At the same time, senior citizens will get interest ranging from 3.75% to 7.75% on FDs of the same period.

For 8 percent interest, investment will have to be made for 30 months.
Investors will get up to 8 percent return on Yes Bank’s special FD scheme. Common investors will get 7.50 percent interest and senior citizens will get 8 percent interest on 30-month fixed deposits.

Yes Bank FD rates for general investors FDs of

7 to 14 days – 3.25% FDs of
15 to 45 days – 3.70% FDs of
46 to 90 days – 4.10% FDs of
91 to 180 days – 4.75%
181 FDs of 272 to 271 days – 5.75 per cent FDs of
272 to less than 1 year – 6 per cent FDs of 1
year to 120 months – 7 per cent

RBI has increased the repo rate

5 times in the last year Reserve Bank had increased the repo rate 5 times in the last year. With the intention of reducing inflation, the central bank increased the repo rate by another 0.35 percent to 6.25 percent in the bi-monthly monetary policy review on December 7, 2022.

Many banks have increased the rates of fixed deposits.

It is noteworthy that recently SBI, PNB, Kotak Mahindra Bank, HDFC Bank, Suryoday Small Finance Bank, Yes Bank, Jan Small Finance Bank etc. have also increased their FD rates. . This process of increasing FD rates has started after the increase in repo rates by RBI.

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Although this step can greatly benefit the customers. In fact, IDFC First Bank has announced Zero Fee Banking on December 17 on savings accounts. With this, charges have been waived on 25 commonly used banking services.

Banking services announced

include cash deposit and withdrawal at branches, third party cash transactions, demand draft, IMPS, NEFT, RTGS, check book, SMS alerts, interest certificates, insufficient balance for ATM transactions, international ATM usage etc. Are included. The bank has announced this facility on the occasion of its foundation day on 18th December.

People will get benefits

The bank said that customers maintaining an average monthly balance of Rs 10,000 as well as Rs 25,000 in AMB (Average Monthly Balance) savings account will enjoy these benefits. This will benefit all customers and especially those with low financial literacy who find it difficult to calculate fees and charges, the bank said.

IDFC FIRST Bank 25 ZERO Fee Banking Services.

1. Number of cash transactions (cumulative of deposits and withdrawals) at branches per month.

2. Value of cash transactions at branches (cumulative of deposits and withdrawals).

3. Third-party cash transaction fee at branches (cumulative of deposits and withdrawals).

4. Demand Draft/PO (Issue Fee) – At Bank Location

5. IMPS Charges per Transaction- Outward

6. NEFT Charges per Transaction – Outward (Branch)

7. RTGS Charges per Transaction – Outward (Branch)

8. Check Book Charges

9. SMS Alert Charge

10. Issue of duplicate statement

11. Passbook Charges

12. Balance Certificates (fee per certificate)

13. Interest Certificate (fee per certificate)

14. Closure of Account (from the date of opening of account)

15. ECS Return Charge

16. Stop Payment Charges

17. International ATM/POS Transaction Charges

18. Charges for insufficient balance per ATM transaction

19. Standing Instruction Charge

20. Manager Cheque/Demand Draft Cancellation/Revalidation

21. Photo Verification Fee

22. Signature Verification Fee

23. OLD RECORDS/COPY CHARGES OF PAID CHECKS

24. Address Verification Charges

25. Any delivery returned by courier for negative reasons

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RBI Governor Shaktikanta Das has given this information. Shaktikanta Das has told that if your address has changed, then you should send your new address to the bank on email or registered mobile number. It has been clearly stated by RBI that if you have KYC in one bank, then there is no need to do KYC again, you just have to share your CKYCR identifier number with the bank. If your bank asks you to do so, then you can complain to your bank.

RBI Governor Shaktikanta Das

Giving information on this subject, Reserve Bank of India Governor Shaktikanta Das has made it clear that now the customer does not need to visit the bank to get re-KYC done. You can easily re-kyc online sitting at home. If there is no change in your KYC details, then you can get reKYC done by sending an email or by sending a message to the bank from your registered mobile.

How to do kyc on change of address

For this, you can send email or message to the registered mobile number to the bank sitting at home.
– The bank will verify it by sending a letter within just 60 days
– Under CKYCR, the customer is given a CKYCR identifier number, which you share with the bank, then the other bank does not have to do KYC.
If your bank asks you to come to the bank to do KYC, then the bank can complain about it under the Banking Ombudsman and non-legal fast resolution.

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If the customers want to continue this service, then they can take its customized version, but for that they will have to inform the bank first. Yes Bank is discontinuing the balance alert service provided through SMS. The customers who are getting balance alert SMS service under any package will not get it from tomorrow, December 1. However, if the subscription time of your package is left, then you will continue to get this service till the subscription is valid.

Yes Bank issued alert

Some time ago Yes Bank had issued an alert message for its customers and this message was regarding the SMS balance alert facility of Yes Bank that the bank is going to stop this service from 1st December. It has informed all its customers about the closure of this service through e-mail and SMS. For whatever work they use the SMS service, customers will now have to adopt other methods. For example, you can use mobile banking to know the balance.

This is how you can take advantage of these services

Yes Bank said that customers can check account balance using online facilities of the bank like Yes Mobile, Yes Online, Yes Robot etc. However, customers can customize the SMS service as per their convenience. You can register for SMS service. If some changes have to be made in that service, then those can also be done.

This is how to register for service (How to Register for Yes Bank Service)

These are the steps

Step 1 : Log in online with your Yes Bank customer ID and password.

Step 2: Click on Menu at the corner of the page.

Step 3: Click on Alert on Profile Manage.

Step 4: Select the account to be modified, registered or de-registered.

Step 5: Select the type of alert.

Step 6: Once you have selected the alert, save it. Your service will be activated.

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Yes Bank said that it is discontinuing the balance alert service provided through SMS. If you are getting SMS service of balance alert under any package, then that too will stop from December 1. However, if there is time left for your subscription, you will get SMS service till then.

You can take advantage of these services from here

Yes Bank said that customers can check account balance using online facilities of the bank like Yes Mobile, Yes Online, Yes Robot etc. You can customize SMS service as per your convenience. You can register for SMS service, make changes.

Register for the service like this

these are the steps

Step 1 : Log in online with your Yes Bank customer ID and password.

Step 2: Click on Menu at the corner of the page.

Step 3 : Click on Alert on Profile Manage.

Step 4 : Select the account you want to modify, register or de-register.

Step 5 : Select the type of alert.

Step 6 : Once you have selected the alert, save it.

Yes Bank’s co-founder got bail

Rana Kapoor, the co-founder of the private sector veteran bank Yes Bank, got a big relief from the Delhi High Court on 25 November today. The Delhi High Court has granted him bail in a money laundering case of Rs 466.51 crore. This case was filed by the Central Investigation Agency ED on Rana Kapoor.

Rana Kapoor was arrested by the Central Investigation Agency in March 2020 under the Prevention of Money Laundering Act (PMLA). He is currently lodged in Taloja Jail in Navi Mumbai. The ED alleges that Rana Kapoor, his family and others extended huge loans to companies linked to their family and made profits of thousands of crores.

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Fixed Deposit (FD) is considered very reliable for investment. Most of the people prefer to invest their savings money in this because it gives guaranteed returns and there is no risk of money sinking. If you also want to get strong returns in a safe way by investing in Fixed Deposit ie (FD), then this news is for you only. Unity Small Finance Bank Limited (Unity Bank) has further increased its interest rates on FDs.

Senior citizens will be given an interest of 9 per cent per annum by the bank on FDs invested for a period of 181 and 501 days while retail investors can earn an interest of 8.50 per cent on investments made for the same period. This is the second time in the month of November that the bank has revised its interest rates.

Unity Bank has also increased its interest rates on callable and non-callable bulk deposits (deposits above Rs 2 crore). Callable Bulk Deposits offer an interest rate of up to 8% per annum while non-callable bulk deposits offer an interest rate of up to 8.10% per annum.

Savings account interest rates also increased For savings account, Unity Bank offers an interest rate of 7 per cent per annum on deposits above Rs 1 lakh and 6 per cent on deposits up to Rs 1 lakh.

RBI has increased the repo rate for the fourth time in a row It is noteworthy that in order to stop the rising inflation in the country, RBI has increased the repo rate for the fourth time in a row. Now the repo rate has reached 5.90 percent. In the MPC meeting of RBI on September 30, it has been decided that the repo rate will be increased by 0.50 percent. Now the repo rate has been increased from 5.40 percent to 5.90 percent. Earlier, after 0.40 per cent increase in May, there was an increase of 0.50-0.50 per cent in June and August.

Many banks have increased the rates of fixed deposits, recently RBL Bank, Axis Bank, DCB Bank have also increased their FD rates. This process of increasing the rates has started after the increase in the repo rates of RBI.

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He said that the net profit of 12 public sector banks collectively increased by 50 percent to Rs 25,685 crore in the September quarter of the current financial year. Net profit of all public sector banks jumped 32 per cent to Rs 40,991 crore in the first half of 2022-23.

Government’s efforts showing effect “The net profit of 12 state-owned banks increased to Rs 25,685 crore in the second quarter of the current financial year and Rs 40,991 crore in the first half,” he said. There has been an increase of 50 percent and 31.6 percent respectively on a yearly basis.

UCO Bank’s net profit increased to Rs 504 crore, the Finance Minister said that the net profit of Canara Bank has increased by 89 percent to Rs 2,525 crore in the quarter compared to the second quarter of the last financial year.

In another tweet, he said that the net profit of Kolkata-based UCO Bank also increased by 145 percent to Rs 504 crore in the September quarter of the current financial year. Bank of Baroda’s net profit rose 58.70 per cent to Rs 3,312.42 crore in the quarter under review. Of the 12 public sector banks, two Punjab National Bank (PNB) and Bank of India (BOI) saw a decline of 9 to 63 per cent in profits.

Due to higher provisioning for bad loans, the profits of these banks have come down. At the same time, the profit of 10 other banks has increased by 13 to 145 percent in the second quarter. UCO Bank’s profit has increased the highest by 145 percent, while the quarterly profit of Bank of Maharashtra has increased by 103 percent.

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After the increase in the repo rate by the RBI, the banks have also started increasing the interest rates. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. Meanwhile, Axis Bank of the private sector of the private sector has increased the rates of interest on fixed deposits ie FD.

Axis Bank has increased the interest rates for FDs below Rs 2 crore. According to the bank’s website, the new rates have come into effect from November 5, 2022. The bank has increased the interest rates by up to 115 bps on deposits with maturities ranging from 46 days to 10 years. Axis Bank is now offering interest rates ranging from 3.50% to 6.50% for general public and 3.50% to 7.25% for senior citizens on deposits maturing in 7 days to 10 years. The maximum interest rate on deposits with maturity between 3 to 10 years will now be 7.25% for senior citizens and 6.50% for general public.

Axis Bank’s new FD rates

will continue to offer 3.50% interest rate on FDs maturing in 7 days to 45 days, but on deposits maturing in 46 days to 60 days, the bank has increased the interest rate from 3.50% to 4% have make. An interest rate of 4.50% will now be offered on deposits maturing in 61 days to 3 months. Interest rate of 4.50% will now be given on deposits maturing in 3 months to 6 months. Axis Bank has increased the interest rate on deposits maturing in 6 months to 9 months from 50 bps to 5.50% and on deposits maturing in 9 months to 1 year by 75 bps to 5.75%.

RBI has increased the repo rate

for the fourth time in a row. Now the repo rate has reached 5.90 percent. In the MPC meeting of RBI on September 30, it has been decided that the repo rate will be increased by 0.50 percent for the fourth consecutive time. Now the repo rate has been increased from 5.40 percent to 5.90 percent. Earlier, after 0.40 per cent increase in May, there was an increase of 0.50-0.50 per cent in June and August.

Many banks have increased the rates of fixed deposits.

It is noteworthy that recently RBL Bank, Axis Bank, CSB Bank Ltd., Kotak Mahindra Bank, Canara Bank, Indian Overseas Bank etc. have also increased their FD rates. This process of increasing the rates has started after the increase in the repo rates by the RBI.

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According to the bank, while completing the transaction, the bank customers will have to share the OTP while withdrawing cash from the ATM, so that it is ensured that the ATM user is the right user. OTP is a system-generated four-digit number that the bank will send to the customer’s registered mobile number. This OTP will authenticate the cash withdrawal and will be valid for only one transaction.

OTP cash withdrawal started from January 1, 2020

The country’s largest lending bank SBI had started OTP-based cash withdrawal services from January 1, 2020. SBI has been creating awareness about ATM frauds through social media and other platforms from time to time. It is appealing to all its customers to avail the service.

OTP will be required in transactions of 10 thousand or above

Now this service will come in handy for SBI customers at the time of withdrawing cash from ATMs. SBI made these rules in view of the increasing fraud, cyber crime. Let us tell you that customers withdrawing Rs 10,000 or more in a single transaction from SBI ATMs will require OTP to complete the transaction.

Withdraw cash using OTP

You must have your Debit Card and Mobile Phone while withdrawing cash from SBI ATM OTP will come Enter the OTP received on your phone on the ATM screen After entering the valid OTP, the transaction will be completed

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HDFC Bank ‘s new SMS facility is registered with AI technology, with the help of which customers will no longer need to remember or type long keywords to do SMS banking. Individuals can text however they like, and the AI ​​will understand what they mean and lead you to that option.

How to use this SMS facility

• To start the new SMS facility, first of all, SMS “Register” on your registered mobile number to 7308080808.
• Enter the last 4 digits of Customer ID by giving space during SMS.
• After that, give space again and enter the last 4 digits of the account number.
• Now send it from registered mobile number to 7308080808.
• Check the applicable terms and conditions after getting a successful SMS from the bank.

SMS to 7308080808 with query for your account balance . Please call 1860-267-6161 for further assistance. SMS is available in English language only and this facility is absolutely free. If national and international roaming is available in your mobile then you can avail free SMS facility from outside the country as well.

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Amit Shah gave big information

Amit Shah also informed that there has been a lot of improvement in the banking sector than before and due to this the citizens of the country are getting the benefit of banking services. Apart from this, the bank account of 45 crore new people has also been opened due to Jan Dhan Yojana. Such 32 crore people have also got the benefit of RuPay Debit Card. Amit Shah said that all this has happened due to PM Modi’s ‘Sankalp from Sahakar Se Samridhi’.

Bank customers Good News

Amit Shah said, ‘The cooperative sector will have an important contribution in the prosperity and economic upliftment of the country. The digital transactions of crores of new accounts opened under PM Jan Dhan Yojana have also crossed one trillion dollars. These have increased by 50 times as compared to the digital transactions of the year 2017-18. With the joining of cooperative banks with DBT, more connectivity with citizens will increase and the cooperative sector will be strengthened. The Union Minister said that this bank has played a great role in saving it from the clutches of moneylenders.

Now it is cheaper to take a loan

Amit Shah said that the agriculture bank has proved itself on all those parameters which have been made by RBI and NABARD for banking. Earlier, loans were available from the bank at an interest of 12 to 15 percent, which has now come down to 10 percent. Not only this, a concession of two percent is also given to the beneficiaries who repay the loan.

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Banks will remain closed for 5 days in many states during the second week of August. Banks will remain closed on August 12, 13, 14 and 15 for Raksha Bandhan, Patriot Day and Independence Day. It also has Sundays and Saturdays.

Will be closed on this day

However, as mentioned above, if states have their own festivals and purposes, banks can remain closed during that time too. Banks in Maharashtra will remain closed on August 16 to mark the Parsi New Year (Shahenshahi). As a result, banks in Maharashtra will remain closed for five days from August 12 (Raksha Bandhan) to August 16.

Banks will remain closed on this day in August

August 1: Drupaka She-ji (banks closed in Sikkim)
August 7: First Sunday (weekly holiday)
August 8: Muharram (banks closed in J&K)
August 9: Muharram
August 11: Raksha Bandhan (holidays everywhere)
12 August: Rakshabandhan (Kanpur-Lucknow bank closed)
13 August: 2nd Saturday (weekly holiday)
14 August: Sunday (weekly holiday)
15 August: Independence Day
16 August: Parsi New Year (banks closed in Mumbai-Nagpur)
18 August: Janmashtami (holiday everywhere ) )
19 August: Janmashtami Shravan Vad-8/Krishna Jayanti
20 August: Krishna Ashtami (Hyderabad)
21 August: Sunday (weekly holiday)
27 August: Fourth Saturday (weekly holiday) 28 August: Sunday (weekly holiday)
29 August: Shrimant Sankardev Tithi (Guwahati)
August 31: Ganesh Chaturthi (banks closed in Gujarat, Maharashtra, Karnataka)

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