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Banking Industry & It’s Top News!

by Arpita Wadhawan
Banking Industry

The banking industry is a network of financial institutions licensed by the state to supply banking services. The principal services offered relate to storing, transferring, extending credit against, or managing the risks associated with holding various forms of wealth. Banking industry forms the core of any economy irrespective of it being developed or developing. Any development in the banking industry affects the way the economy functions.

The banking industry is also affected by the daily changes in the stock markets and shares. News from the banking industry is of utmost importance for any nation. The top news from the banking industry will keep you abreast with the upward moving economy in India.

  • The RBI has directed all bank branches dealing with government business to remain open on Sunday on the last week ending March.
  • All electronic transactions, including RTGS and NEFT, will continue for the extended time on March 30 and March 31, 2019, for which RBI will issue necessary instructions.
  • Axis Bank appoints Rakesh Makhija as a non-executive chairman for 3 years.
  • As part of SBI’s digital banking platform, YONO, now customers can withdraw cash without ATM cards. This cash withdrawal service will be available across 16,500 ATM’s.
  • RBI to infuse Rs 12500 crore through open market operations on March 14, this purchase will happen through multi-security auction using the multi-price method.
  • Bank of Maharashtra to recover Rs 154 crore from auctioning assets of the Videocon Group’s arm.
  • RBI slaps Rs 2 crore penalty on PNB for violating SWIFT norms over Nirav Modi case.
  • Axis bank is eyeing big branch expansion to catch up with HDFC Bank and ICICI.
  • Post office small savings scheme: interest rates, minimum investment, and other key details. From savings to fixed deposit and recurring deposit, the post office today offers several types of investment options to the retail customer. For the current quarter, the government provides interest at the rate of 4-8.7 percent on investment or deposit held in these small savings schemes, according to India Post.

News from the banking industry helps to forecast the financial weather in the country. One can plan the policies of an organization/business for its betterment.

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