ATMs in India can give you fake notes!
Reserve Bank of India has now made it compulsory for the banks to have verification and sorting machines.
This has become a necessity as a lot of consumers are complaining that the ATM machines are giving out fake notes.
And they are being harassed by the banks if [...]
Banks told to clear local cheques by next day
Reserve Bank of India has some good news for Indian banking customers.
RBI has directed the banks to clear local cheques deposited with them on the same day or at worse the next day.
This decision was taken after receiving tons of complaints from customers related to delayed clearances [...]
No charge for using third party ATMs from April 1
There is good news for ATM users in the Indian market.
As per the RBI regulations, banks would not longer be able to charge a fee from rival bank customers who use their ATMs.
Essentially, you would now be able to use your ATM-Debit Card [...]
ICICI Bank might outsource ATM division
ICICI Bank is said to be considering hiving off its ATM division into a separate entity.
The company currently has a network of 1,416 branches along with more than 4,600 ATM outlets.
A company representative spoke about the reports in the media about these developments: “We evaluate various options [...]
HSBC to cut 6,100 U.S. Jobs
HSBC has announced that they are no longer going to write new consumer loans in the United States.
They are also going to shut down its U.S. lending unit over the next five years.
This new development would see the company cut around 6100 jobs in the US market.
HSBC has just reported [...]
Reserve Bank of India ask banks to give more information on cards to customers
Reserve Bank of India has now asked the banks operating in India to give more information to their customers on usage of debit and credit cards.
They would require to comply by this ruling by August this year.
RBI has taken this [...]
UBS announces a job cut
UBS has become the latest banking giant to announce a job cut to cut costs and enhance savings.
UBS has announced that they will slash over 2,000 jobs in its investment banking division.
The company is however unlikely to cut many jobs in their Indian operations.
UBS has posted a massive $6.9 [...]
Bank of America completes purchase of Merrill Lynch
Bank of America has announced that they have now completed their acquisition of Merrill Lynch.
The deal has now created the largest U.S. Bank.
Bank of America now has about $2.7 trillion of assets which makes it larger than both JPMorgan Chase and Citigroup.
Bank of America also gets access [...]
Merrill Lynch Vice Chairman Jeffrey Edwards leaving the company
News media company Bloomberg has reported that Merrill Lynch Vice Chairman Jeffrey Edwards will leave the bank in January.
The report cited information from an internal memo that is being circulated by the bank.
The memo has President Greg Fleming announcing that he is leaving the bank next [...]
Chanda Kochhar could become CEO of ICICI Bank next year
Chanda Kochhar could become the new CEO of ICICI Bank next year when KV Kamath retires from his current position.
Kamath would then become the non-executive chairman. He would replace N Vaghul would retire from the company.
Shikha Sharma is said to be another potential candidate though [...]
