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Friday, October 17, 2014

Cap of 3 free ATM transactionsmay apply in cities near metros

If you are staying in a city abutting one of the six metros then you may not get to enjoy the convenience of five free transactions a month at other bank ATMs in the city of your residence.

Reason: banks are planning to consider cities lying on the outskirts of the six metros as part of the metros and rationalise the number of free transactions (from five to three per month) with effect from November 1.

In August, the RBI had identified six metros — Mumbai, New Delhi, Chennai, Kolkata, Bangalore and Hyderabad — for the purpose of rationalisation of the number of free transactions for savings bank account customers at other banks’ ATMs.

The central bank also said that at other locations — other than the six metro centres mentioned above — the present facility of five free transactions for savings bank account customers will remain unchanged.

This reduction will, however, not apply to small / no frills / Basic Savings Bank Deposit account holders, who will continue to enjoy five free transactions.

With the RBI asking banks to determine the jurisdiction of the six metros, bankers are of the view that since cities on the periphery of the metros have also seen proliferation of ATMs such areas too should be included within the jurisdiction of metros.

Uniformity in application

According to a senior State Bank of India official, banks are jointly drawing up jurisdiction of the six metros to ensure that there is uniformity in the applicability of free transactions at other bank ATMs.

What this could mean is that for the purpose of rationalising the number of free ATM transactions Thane and Navi Mumbai will be considered as coming under the jurisdiction of the Greater Mumbai urban agglomeration (metro).

Similarly, Gurgaon, Ghaziabad, Noida and Faridabad will be considered as coming under the Delhi urban agglomeration; and Howrah, North and South Paraganas under the Kolkata urban agglomeration.

According to National Payments Corporation of India (NPCI) data, as at September-end 2014, the number of ATMs in the country stood at 1,80,494. Of these, about 97 per cent belonged to direct member banks of the Corporation’s National Financial Switch. 

Source : The Hindu
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Axis Bank cuts base rate by 10 bps to 10.15%

Axis Bank, India’s third largest private sector bank, has cut its base rate to 10.15 per cent from 10.25 per cent per annum.

The move comes against the backdrop of ample liquidity in the banking system and tepid credit growth.

The new base rate is effective from October 15. Base rate is the minimum lending rate below which banks cannot lend.

The bank said the cost of funds has eased due to more liquidity and this has helped to reduce interest rates.

Following the reduction, the effective rate applicable to loans linked to this rate will be reduced by 10 basis points, the bank said in a statement. One basis point is one hundredth of a percentage point.

However, peer private banks ICICI Bank and HDFC Bank, continue to have the lowest base rate of 10 per cent.

Amid comfortable liquidity and low credit demand in the market, several banks, including the country’s largest lender State Bank of India, have been reducing their bulk and retail term deposit rates in select maturity buckets.

Axis Bank shares closed marginally weaker at Rs393.90 a share on the BSE on Thursday.

Source : The Hindu
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Jan Dhan accounts cross 6 crore mark

The number of bank accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) have crossed the 6 crore mark, Financial Services Secretary GS Sandhu has said.

The total savings deposits in these accounts stood at about Rs. 4,500 crore till date, Sandhu said at TIEcon Delhi 2014 event in the capital here on Friday.

Source : The Hindu
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Andhra Bank opens account for AP cyclone relief donations

The Andhra Pradesh Government has opened an exclusive account with Andhra Bank for collecting donations for providing relief to those affected by cyclone Hudhud in Visakhapatnam, Vizianagaram and Srikakulam districts.

The account is CM Relief Funds (AP Cyclone Relief) bearing the number 110310100029039 in Andhra Bank’s AP Secretariat branch. The IFSC code is ANDB 000 1103. For foreign remittances the Swift code is ANDBINBB.

``The donations will be accepted in all branches of Andhra Bank in the form of cash/ cheques without any charges,’’ G Ravi Kumar, General Manager, Andhra Bank, said in a release. The remittances could also be made through RTGS/ NEFT.

Source : The Hindu
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Lakshmi Vilas Bank Q2 net profit up at Rs. 31.5 cr

Lakshmi Vilas Bank reported an over four-fold rise in net profit to Rs. 31.50 crore for the second quarter ended September 2014-15 on account of a decline in bad assets and lower provisioning.

The private sector lender’s net profit was Rs. 5.85 crore during July-September of the last fiscal.

The total earnings of the bank in Q2 2014-15 rose to Rs. 617.84 crore, up from Rs. 536.76 crore in the year-ago period, Lakshmi Vilas said in a filing to the BSE.

Provisions and contingencies were trimmed to Rs. 50.89 crore in the second quarter 2014-15 over Rs. 74.63 crore in the previous fiscal.

Net non-performing assets (NPAs) or bad loans came down to 2.78 per cent in Q2, from 3.77 per cent a year ago. Gross NPAs reduced to 3.72 per cent from 5.22 per cent.

Lakshmi Vilas Bank
shares were trading at Rs. 76.35 apiece on the BSE, up 1.33 per cent from the previous close.

Source : The Hindu
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