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A Bengaluru-based entrepreneur named Parameswaran Krishna Iyer initiated a significant policy change after witnessing his tribal employees repeatedly losing substantial portions of their earnings due to bank penalties.
The Indian government disclosed to the Lok Sabha that public sector banks collected nearly ₹2,900 crore in penalties for failing to maintain minimum balances in savings accounts during 2024–25.
Services such as cash deposits, withdrawals, cheque clearances, and administrative work are expected to be hit
Bank strike is expected to disrupt services from January 25-27 due to a planned nationwide strike on January 27, preceded by a Sunday and Republic Day.
The unions decided to protest to press for the implementation of a five-day work week.
One such aspirational product in banking is metal credit cards, which are often perceived as being reserved for a select few, only for the ultra-rich.
CSB Bank reported a 16% increase in Q2 profit, reaching ₹160 crore.
Cheques above ₹5 lakh require Positive Pay mandatorily as per RBI rules, while it is highly recommended for amounts above ₹50,000.
The case, registered on July 21, 2010, pertains to allegations that Surendran and others availed foreign bill purchase credit worth ₹1.5 crore from the Bank of India, Ludhiana, using forged documents.
RBI Governor clarifies bank's autonomy to set the minimum balance requirement for savings accounts.
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