Category: Banking
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MTNL Defaults on ₹8,659 Crore in Loans to Seven PSU Banks
MTNL Defaults on ₹8,659 Crore in Loans to Seven PSU Banks State-run telecom operator Mahanagar Telephone Nigam Ltd (MTNL) has once again failed to repay its loans—this time totalling ₹8,659 crore—to a consortium of seven public sector banks. The outstanding amount comprises ₹7,794.34 crore in principal and ₹864.75 crore in overdue interest, with defaults spanning…
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Good News: LIC Customers Can Now Reactivate Old Policies Without Paying Full Penalty
Good News for LIC Customers: Special Revival Campaign Offers Late Fee Concessions on Lapsed Policies Life Insurance Corporation of India (LIC) has launched a Special Revival Campaign for individual lapsed policies. The campaign will run from 18th August 2025 to 17th October 2025, offering policyholders a golden chance to restore their insurance cover and regain…
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Indian Overseas Bank Issues Stern Warning Over Poor Mobile Banking Registrations
Indian Overseas Bank Issues Stern Warning Over Poor Mobile Banking Registrations In a strongly worded internal communication, the Chief General Manager (CGM) of Indian Overseas Bank (IOB) has expressed deep dissatisfaction with the inconsiderably low number of registrations for the bank’s revamped mobile banking application, IOB Connect, at one of its branches. The letter, marked…
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Vacancies in Public Sector Banks
Vacancies in Public Sector Banks: Government’s Reply in Lok Sabha (Unstarred Q. No. 2441) The Government of India has shared an updated picture of manpower and vacancies across Public Sector Banks (PSBs) in a reply to Lok Sabha Unstarred Question No. 2441 answered on August 4, 2025. The reply, given by Shri Pankaj Chaudhary, Minister…
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Faster Cheque Clearing Ahead: RBI’s Continuous Settlement to Benefit Bank Customers from October 2025
Faster Cheque Clearing Ahead: RBI’s Continuous Settlement to Benefit Bank Customers from October 2025 The Reserve Bank of India (RBI) is set to make cheque processing faster and more efficient,bringing quicker access to funds for bank customers. Starting October 4, 2025,the Cheque Truncation System (CTS) will move from batch-based processing to a continuous clearing and…
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RBI Releases Framework for Responsible & Ethical AI in Financial Sector (FREE-AI)
RBI Releases Framework for Responsible & Ethical AI in Financial Sector (FREE-AI) In pursuance of the announcement made in the Statement on Developmental and Regulatory Policies released with the Monetary Policy Statement on December 06, 2024, the Reserve Bank of India (RBI) set up a committee on December 26, 2024 to develop a Framework for…
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RBI Reiterates Need for Trilingual Communication in Banking Services
RBI Reiterates Need for Trilingual Communication in Banking Services In a move to enhance customer convenience and transparency, the Reserve Bank of India (RBI) has reiterated that all communications to bank customers must be issued in Hindi, English, and the regional language of the concerned area. The directive, emphasised through RBI’s Master Circular on Customer…
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Central Bank of India Management Pushes Aggressive Field Visits to Revive RAM Portfolio; Unions Remain Silent
Central Bank of India Management Pushes Aggressive Field Visits to Revive RAM Portfolio; Unions Remain Silent Mumbai, August 2025: In an urgent move to arrest the declining Retail, Agriculture, and MSME (RAM) portfolio, the top management of Central Bank of India has instructed all branch heads to conduct mandatory field visits between 11:00 AM and…
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ICICI Bank’s New Rs. 50,000 Minimum Balance Rule: What Happens If You Don’t Maintain It
ICICI Bank’s New Rs. 50,000 Minimum Balance Rule: What Happens If You Don’t Maintain It Effective August 1, 2025, new ICICI Bank urban savings accounts must maintain a Monthly Average Balance (MAB) of Rs. 50,000. Falling short can attract penalties. (Existing accounts continue under old rules.) Key rule for urban branches: Minimum MAB = Rs.…
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Banks Free to Decide Minimum Balance Requirement, Says RBI Governor
Banks Free to Decide Minimum Balance Requirement, Says RBI Governor Reserve Bank of India (RBI) Governor Sanjay Malhotra has clarified that the central bank has not imposed any restrictions on the minimum balance requirement for savings accounts, leaving the decision entirely to individual banks. RBI Governor Sanjay Malhotra: “What kind of minimum balance is required…