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Employees of <keyword id="6354731" type="CITY" weightage="80" keywordseo="State-Bank-Of-India">State Bank of India</keyword>'s associate banks, including State Bank of Mysore, State Bank of Patiala, State Bank of Travancore and <keyword id="143585" type="COMPANY" weightage="80" keywordseo="State-Bank-of-Hyderabad">State Bank of Hyderabad</keyword> went on a one-day <keyword id="6358138" type="UNKNOWN" weightage="60" keywordseo="Strike">strike</keyword> on Thursday. They are protesting against the decision to merge these banks with the SBI permanently. <br /> The employees demanded filling up of vacancies, increasing the number of staff in the <keyword id="157757" type="UNKNOWN" weightage="80" keywordseo="housing-loan">Housing loan</keyword> section and extending the compassionate ground appointments to associate banks, a PTI report said. <br />
		 
	
		The SBI associate banks employees also warned the management that they would go for a nationwide strike on June 24 if their demands are not fulfilled. They want the management to find a solution soon.    <br />
		 
	
		Recently, talks were held in Delhi over the matter, but failed to reach a conclusion. This prompted the unions to call for the strike. <br /> The <keyword id="6452174" type="ORGANIZATION" weightage="80" keywordseo="All-India-Bank-Employees-Association">All India Bank Employees Association</keyword> claimed that 50,000 employees participated in the strike today. <br />
	(Image: Indiatimes) 
<br />

SBI's associate banks employees on strike today

<br />
<a href="http://www.businessinsider.in/DoYou-Need-Aadhaar-Card-Govt-Says-Yes-Supreme-Court-Says-No/articleshow/22981267.cms">Controversy</a> is still raging over the mandatory use of <keyword id="144117" type="ORGANIZATION" weightage="100" keywordseo="AADHAAR">Aadhaar</keyword>, but an expert <keyword id="2006823" type="UNKNOWN" weightage="100" keywordseo="Committee-on-financial-inclusion">committee on financial inclusion</keyword> has already recommended that the <keyword id="6354335" type="CITY" weightage="100" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> should leverage the <keyword id="2006820" type="UNKNOWN" weightage="100" keywordseo="Aadhaar-network">Aadhaar network</keyword> to ensure that every Indian has a <keyword id="2006817" type="UNKNOWN" weightage="100" keywordseo="Free-bank-account">free bank account</keyword> by January 2016. The recommendation has come from the Committee on Comprehensive <keyword id="2006821" type="UNKNOWN" weightage="100" keywordseo="Financial-Services-for-Small-Business">Financial Services for Small Business</keyword> and Low-Income Households, which is headed by <keyword id="311391" type="PERSON" weightage="100" keywordseo="Nachiket-Mor">Nachiket Mor</keyword>, an <keyword id="2006825" type="UNKNOWN" weightage="100" keywordseo="RBI-board-member">RBI board member</keyword> and former <keyword id="6653" type="CITY" weightage="100" keywordseo="ICICI-bank">ICICI Bank</keyword> executive.<br />
<br /> <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword> set up the committee last September and it has now sought comments from the public on the <keyword id="1180163" type="UNKNOWN" weightage="100" keywordseo="draft-recommendations">draft recommendations</keyword> on or before January 24, 2014. Other key members of the panel include former <keyword id="44473" type="CITY" weightage="80" keywordseo="Citigroup">Citigroup</keyword> CEO <keyword id="25396" type="PERSON" weightage="100" keywordseo="Vikram-Pandit">Vikram Pandit</keyword> and <keyword id="2006826" type="UNKNOWN" weightage="100" keywordseo="Axis-Bank-CMD">Axis Bank CMD</keyword> <keyword id="6356453" type="PERSON" weightage="100" keywordseo="Shikha-Sharma">Shikha Sharma</keyword>.<br />
<br /> According to the report, every Indian resident over 18 years of age should be automatically issued a “universal <keyword id="2006829" type="UNKNOWN" weightage="100" keywordseo="Electronic-bank-account">electronic bank account</keyword> at the time of receiving his/her <keyword id="485058" type="UNKNOWN" weightage="100" keywordseo="Aadhaar-number">Aadhaar number</keyword>.” One can choose his/her <keyword id="2006832" type="COMPANY" weightage="100" keywordseo="Preferred-bank">preferred bank</keyword> from the empanelled ones and need not pay any fee for opening an account. However, the bank can levy <keyword id="162862" type="UNKNOWN" weightage="100" keywordseo="transaction-charges">transaction charges</keyword>, the committee says. It also recommends setting up of a ‘unified’ redressal agency under the <keyword id="47209" type="ORGANIZATION" weightage="100" keywordseo="Finance-Ministry">finance ministry</keyword> to deal with <keyword id="786199" type="UNKNOWN" weightage="100" keywordseo="customer-complaints">customer complaints</keyword>.<br />
<br /> About 90% of small businesses have no links to a <keyword id="154831" type="ORGANIZATION" weightage="100" keywordseo="financial-institution">financial institution</keyword> and 60% of Indians do not have bank accounts, the report states. “Aadhaar is the key piece of infrastructure to enable a customer to be identified and authenticated so that repudiation and fraud risks are minimised and therefore, should become the universal basis for authentication,” it adds.<br />
<br /> The panel has also suggested that a special type of <keyword id="6368751" type="PERSON" weightage="100" keywordseo="Banks">banks</keyword> should be introduced to provide payment services and deposit products to small businesses and low-income households. Such banks could be categorised as <keyword id="2006841" type="UNKNOWN" weightage="100" keywordseo="Payments-banks">payments banks</keyword> and “they will be restricted to holding a <keyword id="2006842" type="UNKNOWN" weightage="100" keywordseo="Maximum-balance">maximum balance</keyword> of Rs 50,000 per customer,” the report says. Even <keyword id="2006844" type="UNKNOWN" weightage="100" keywordseo="Existing-lenders">existing lenders</keyword> can set up these payments banks as <keyword id="4128451" type="UNKNOWN" weightage="100" keywordseo="subsidiaries">subsidiaries</keyword>. The report also recommends setting up another category of wholesale banks that will provide funds to other banks and financial institutions that directly lend to low-income households.<br />
<br /> On the face of it, the recommendations to introduce a multi-layered <keyword id="6354778" type="ORGANIZATION" weightage="100" keywordseo="Banking">banking</keyword> system make sound sense as these ‘proposed’ entities will be serving the <keyword id="2006855" type="UNKNOWN" weightage="100" keywordseo="Financially-weak">financially weak</keyword> segment of the country and overall, the inclusion plan for 2013-2016 looks good.<br />
<br />
Except for the Aadhaar part.<br />
<br /> But before we go ahead, let us have a look at Aadhaar and what all it offers. Launched by the <keyword id="86474" type="ORGANIZATION" weightage="100" keywordseo="Unique-Identification-Authority-of-India">Unique Identification Authority of India</keyword> (<keyword id="6355252" type="CITY" weightage="100" keywordseo="UIDAI">UIDAI</keyword>), the <keyword id="804646" type="UNKNOWN" weightage="100" keywordseo="Aadhaar-scheme">Aadhaar scheme</keyword> was initially introduced to ‘promote inclusion and benefits of the <keyword id="1389586" type="UNKNOWN" weightage="100" keywordseo="marginalised-sections">marginalised sections</keyword> of the society that has no <keyword id="2006861" type="UNKNOWN" weightage="100" keywordseo="Formal-identity-proof">formal identity proof</keyword>.’ Even today, Aadhaar-enabled services are essentially linked to various <keyword id="580043" type="UNKNOWN" weightage="100" keywordseo="government-welfare-schemes">government welfare schemes</keyword> – so that its beneficiaries can access the same in a hassle-free manner.<br />
<br /> However, the ‘<keyword id="2006816" type="UNKNOWN" weightage="100" keywordseo="Banking-for-all">banking for all</keyword>’ initiative in its ‘suggested’ format cannot be a marginalised movement, aimed to serve only the under-banked/unbanked regions or the weaker section or those below the <keyword id="141042" type="ORGANIZATION" weightage="100" keywordseo="poverty-line">poverty line</keyword>. It has to have a <keyword id="2006866" type="UNKNOWN" weightage="100" keywordseo="Unified-structure">unified structure</keyword> across the country – involving every Indian citizen. In other words, it will be much like the ‘<keyword id="49358" type="UNKNOWN" weightage="100" keywordseo="voter-card">voter card</keyword>’ mechanism we have in place right now. At the age of 18, an Indian is entitled to get a voter card irrespective of the <keyword id="2006868" type="UNKNOWN" weightage="100" keywordseo="Financial-divides">financial divides</keyword>. Going forward, if the central bank intends to follow the same principle and wants to bring the entire population of the country under its <keyword id="2006870" type="UNKNOWN" weightage="100" keywordseo="Inclusion-umbrella">inclusion umbrella</keyword> (after all, one cannot leave one section of the citizens out of a <keyword id="2006871" type="UNKNOWN" weightage="100" keywordseo="Mass-initiative">mass initiative</keyword> just because they are financially more stable), opening an account at the stipulated age should become mandatory and that means a mandatory <keyword id="1953676" type="UNKNOWN" weightage="100" keywordseo="Aadhaar-validation">Aadhaar validation</keyword>.<br />
<br /> And that brings us back to the basic question – what is the legal status of Aadhaar in India? Is it just a <keyword id="107911" type="ORGANIZATION" weightage="100" keywordseo="Financial-inclusion">financial inclusion</keyword> tool for the economically weak or do the government agencies intend to turn it into an ‘all-inclusive’ tool required for every social and <keyword id="672932" type="ORGANIZATION" weightage="100" keywordseo="economic-activity">economic activity</keyword> – right from <keyword id="427269" type="UNKNOWN" weightage="100" keywordseo="Marriage-registration">marriage registration</keyword> to <keyword id="854003" type="UNKNOWN" weightage="100" keywordseo="land-registration">land registration</keyword>, from banking to <keyword id="6368952" type="ORGANIZATION" weightage="100" keywordseo="shopping">shopping</keyword> and more?<br />
<br /> The RBI has already asked banks to ensure <keyword id="1953683" type="UNKNOWN" weightage="100" keywordseo="Aadhaar-authentication">Aadhaar authentication</keyword> for <a href="http://www.businessinsider.in/Now-RBI-Wants-Aadhaar-Validation-For-Card-based-Transactions/articleshow/26473660.cms">card transactions</a> at merchant locations. “All new card present infrastructure has to be enabled for both <keyword id="1953693" type="UNKNOWN" weightage="100" keywordseo="EMV-chip-and-PIN">EMV chip and PIN</keyword> and Aadhaar (<keyword id="1953679" type="UNKNOWN" weightage="100" keywordseo="Biometric-validation">biometric validation</keyword>) acceptance,” the central bank stated in a notification on November 26 last year.<br />
<br /> Although the <keyword id="6354977" type="ORGANIZATION" weightage="80" keywordseo="Supreme-Court">Supreme Court</keyword> has ruled that the <keyword id="6356006" type="UNKNOWN" weightage="100" keywordseo="Aadhaar-card">Aadhaar Card</keyword> is not mandatory to get <keyword id="1739662" type="UNKNOWN" weightage="100" keywordseo="government-benefits">government benefits</keyword> and services, and the <keyword id="1878758" type="UNKNOWN" weightage="100" keywordseo="National-Identity-Authority-of-India-Bill">National Identity Authority of India Bill</keyword> is yet to get Parliamentary nod, Aadhaar seems to be enjoying a more hallowed status and getting its teeth deep into every key financial transaction one can think of. That might not be quite desirable at this stage as divulging <keyword id="441301" type="UNKNOWN" weightage="100" keywordseo="biometric-data">biometric data</keyword> (required for Aadhaar Card) is still considered voluntary and <keyword id="2006881" type="UNKNOWN" weightage="100" keywordseo="Secure-storage">secure storage</keyword> of the same cannot be guaranteed even now.<br />
<br /> The rest of the recommendations by the committee dwell on the structure and requirements of the <keyword id="2006882" type="UNKNOWN" weightage="100" keywordseo="Proposed-banks">proposed banks</keyword>, <keyword id="6597293" type="UNKNOWN" weightage="100" keywordseo="priority-sector-lending">priority sector lending</keyword> and deposits, and classification of non-banking financial companies (NBFCs).<br />
<br /> Interestingly, the payment banks will be required to meet the standard <keyword id="35038" type="ORGANIZATION" weightage="80" keywordseo="crr">CRR</keyword> terms and must also deposit the balance proceeds in approved <keyword id="838337" type="UNKNOWN" weightage="100" keywordseo="SLR-securities">SLR securities</keyword> with duration of no more than three months. As they won’t be permitted to assume any kind of <keyword id="854662" type="UNKNOWN" weightage="100" keywordseo="Credit-risk">credit risk</keyword>, which literally rules out any risk of default, the <keyword id="2006891" type="UNKNOWN" weightage="100" keywordseo="Minimum-entry-capital">minimum entry capital</keyword> for them will be Rs 50 crore instead of the Rs 500 crore required for full-service commercial banks in the country. Also, the wholesale banks cannot accept deposits bigger than Rs 5 crore from a single depositor.<br />
<br /> The RBI had launched a three-year financial <keyword id="2006853" type="UNKNOWN" weightage="100" keywordseo="Inclusion-programme">inclusion programme</keyword> in April 2010, which prompted banks to open outlets in 200,000 villages. The current recommendations seek to deepen such access and experts even feel that the new banking licences, to be announced soon, can be categorised accordingly. But both the government and the RBI should ensure that the programme becomes ‘inclusive’ in the true sense of the term and validation issues should not throw a spanner in the works.

Aadhaar Gaining More
Teeth, To Play Key Role In ‘Banking For All’

<em><sup>(Image source- Reuters)</sup></em><br /><br /><ul><li><strong>The members of nine bank unions are all set to stage a <keyword id="6358138" type="PERSON" weightage="20" keywordseo="Strike">strike</keyword> on 26 December as part of a nationwide protest against the Indian government’s decision to merge <keyword id="6368859" type="COMPANY" weightage="20" keywordseo="vijaya-bank">Vijaya Bank</keyword> and <keyword id="6359442" type="COMPANY" weightage="20" keywordseo="dena-bank">Dena Bank</keyword> with the <keyword id="6358007" type="DOMAIN" weightage="20" keywordseo="bank-of-baroda">Bank of Baroda</keyword>. <br /></strong></li><li><strong>As a result, banking services at a number of public-sector banks will be affected, which includes ATM operations and cheque clearances.<br /></strong></li><li><strong>The strike has been called by the United Forum of Bank Unions (UFBU) and will involve the participation of around 1 million bank employees.<br /></strong></li><li><strong>It comes in addition to a strike coordinated by the <keyword id="723485" type="ORGANIZATION" weightage="20" keywordseo="All-India-Bank-Officers-Confederation">All India Bank Officers' Confederation</keyword> (AIBOC), which falls under the UFBU, in the last few days in pursuit of higher <keyword id="6356975" type="UNKNOWN" weightage="20" keywordseo="wages">wages</keyword> for bank employees.</strong><br /></li></ul>The members of nine bank unions are all set to stage a strike on 26 December as part of a nationwide protest against the Indian government’s decision to <a href="https://www.businessinsider.in/indias-government-is-merging-three-state-owned-lenders-to-create-one-of-the-countrys-largest-banks/articleshow/65853052.cms">merge three state-owned lenders</a> - Bank of Baroda, Vijaya Bank and Dena Bank. <br /><br />As a result, banking services at a number of public-sector banks will be affected including ATM operations and cheque clearances. Despite the participation of the employees of some private banks, the operations of private banks are expected to continue as normal.<br /><br />The strike has been called by the United Forum of Bank Unions (UFBU), an umbrella organisation for India’s nine major bank unions, and will involve the participation of around 1 million bank employees. It comes in addition to a strike coordinated by the All India Bank Officers' Confederation (AIBOC), which falls under the UFBU, in the last few days in pursuit of higher wages for bank employees. <br /><br />The government decided to merge the mammoth Bank of Baroda with the smaller regional players Dena Bank and Vijaya Bank in September 2018. <br /><br />While the reasons for the move were manifold, it was mostly aimed at creating a larger bank with a strong capital buffers and helping Dena Bank, which has a non-performing ratio of over 11%, improve its balance sheet and be taken off the central bank’s Prompt Corrective Action watchlist. The merged entity will become the third-largest bank in India and have nearly 9,500 branches.<br /><br />While the decision has been welcomed in some circles, it has largely been opposed by the employees of these banks. This is mostly due to the fact that the <keyword id="42411" type="PERSON" weightage="20" keywordseo="Merger">merger</keyword> is expected to result in a number of job cuts, especially since overlapping departments will be trimmed down to size, and the closure of branches that are in close proximity to one another. It could also provide further room for private banks to muscle in on the market share of public-sector banks. <br /><br />Separately, the Indian Banks Association (IBA), an industry lobby, has been engaged in negotiations with unions since November last year over a possible wage revision. A lack of progress led to <a href="https://www.businessinsider.in/nearly-1-million-bank-employees-in-india-are-set-to-go-on-strike-this-week/articleshow/64366473.cms">a nationwide strike</a> by employees at the end of May 2018. <br /><br />The IBA upped its revision proposal from 2% to <a href="https://www.business-standard.com/article/economy-policy/indian-banks-association-offers-6-wage-hike-unions-reject-the-offer-118073100058_1.html">6%</a> at the end of July, but this was rejected as employees were expecting a raise along the lines of the 15% hike received in February 2015 during the last wage revision discussions. The IBA subsequently hiked its offer to 8%, which was <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-unions-reject-ibas-8-wage-hike-offer/articleshow/66891829.cms">rejected by unions</a> on 1 December. <br /><br />The nationwide strike by the bank unions is expected to lead to a higher wage offer, although the IBA won’t have much space to maneuver since public-sector banks are burdened with a lion’s share of the country’s bad loans. A higher wage hike proposal could offset the discomfort caused by the merger of the three public-sector lenders, which is expected to be completed early next year following the approval of the <a href="https://www.thehindubusinessline.com/money-and-banking/finmins-alternative-mechanism-gives-nod-for-bob-dena-vijaya-bank-merger/article25798898.ece">scheme of amalgamation</a> last week. <br /><br /><br />SEE ALSO:<br /><br /><a href="https://www.businessinsider.in/indias-government-is-merging-three-state-owned-lenders-to-create-one-of-the-countrys-largest-banks/articleshow/65853052.cms">India’s government is merging three state-owned lenders to create one of the country’s largest banks</a><br /><br /><a href="https://www.businessinsider.in/nearly-1-million-bank-employees-in-india-are-set-to-go-on-strike-this-week/articleshow/64366473.cms">Nearly 1 million bank employees in India are set to go on strike this week</a><br />

A number of unions in India are protesting against the government’s decision to merge three state-owned banks

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="https://monzo.com/press/">Monzo</a></span></p><p class="caption">App-only bank Monzo.</p></div><p></p></div></div>LONDON - The founder and chairman of <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> challenger bank Metro Bank has dismissed the boom in digital-only banks in Britain as "all hype."</p><p>Vernon Hill <a href="http://uk.businessinsider.com/metro-bank-chairman-vernon-hill-on-brexit-and-growth-plans-2016-12">told Business Insider in an interview:</a> "That's all hype. There has never been an online-only bank that has succeeded in America or Britain. Maybe there's one coming, but we haven't seen one yet.</p><p>"Look at it this way, we passed 6 years, we just started making money, and our market cap is £2.6 billion. We've created a total growth machine. These people are selling you 'solutions', not banking."</p><p>Britain has seen a surge in new banks since the financial crisis, including Metro Bank which started in 2010. The last 18-months has seen a boom in digital, app-only lenders. They include <a href="http://uk.businessinsider.com/atom-bank-ceo-mark-mullen-on-digital-mortgages-and-plans-for-2017-2016-12">Atom</a>, <a href="http://uk.businessinsider.com/app-only-starling-bank-gets-fca-licence-and-plans-january-2017-launch-2016-7">Starling</a>, <a href="http://uk.businessinsider.com/monzo-interim-48-million-funding-round-2016-10">Monzo</a>, <a href="http://uk.businessinsider.com/tandem-raise-valuation-ebay-pierre-omidyar-2016-5">Tandem</a>, and <a href="http://uk.businessinsider.com/tide-bank-launch-funding-brexit-perfect-scenario-2016-7">Tide</a>. These startups, <a href="http://uk.businessinsider.com/neobank-banking-app-make-money-fintech-monzo-revolut-loot-atom-tandem-2016-11">collectively dubbed "neobanks,"</a> have attracted hundreds of millions of pounds in investment between them.</p><p>Investors and entrepreneurs believe that they can tap into a generation shift to mobile and a more long-term shift in the entire population towards online services.</p><p>But Hill says: "I agree [there's a shift to mobile] but you have to remember, what's our number one job in life? To acquire new customers. We've got to get you to switch banks. The store is the way we do that and the store is the public face.</p><p>"No mobile-only bank can deliver anything I can't deliver in the next minute and a half. What they're offering you is a tool, not a solution. The customer wants the best of every channel and my job is to deliver them the best of every channel."</p><p><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><p class="source"><span>Metro Bank</span></p><p class="caption">Metro Bank founder and chairman Vernon Hill with his dog Duffy.</p></div><p></p></div></div>Hill <a href="http://uk.businessinsider.com/metro-bank-chairman-vernon-hill-on-brexit-and-growth-plans-2016-12">told Business Insider in an interview this week</a> that expanding Metro's branch network across the UK is crucial to growth plans at the business, targeting 100 stores by 2020.</p><p>But he added: "We want to have the best of every delivery channel, we want to have the channels united together with the stores and deliver a unified experience."</p><p>Metro Bank has partnered with peer-to-peer lending platform Zopa to offer loans and recently <a href="http://uk.businessinsider.com/deloitte-setl-blockchain-card-metro-bank-2016-11">announced a project with Deloitte and startup SETL to develop a contactless card that uses blockchain technology.</a> Hill says the bank is open to more partnerships like these to extend its digital capabilities.</p><p>"We have a big advantage in banking in Britain," he says. "British banks have IT systems that are one step above a quill. We have the only modern IT bank system in Britain. Whatever new fintech idea comes along, it's relatively easy for us to get it up and running."</p><p class="tagline"><div id="categorypromo"><p><h2><span>Learn more:</span></h2><ul><li><a href="http://read.bi/pay1">Credit Card Industry and Market</a></li><li><a href="http://read.bi/pay2">Mobile Payment Technologies</a></li><li><a href="http://read.bi/pay3">Mobile Payments Industry</a></li><li><a href="http://read.bi/pay4">Mobile Payment Market, Trends and Adoption</a></li><li><a href="http://read.bi/pay5">Credit Card Processing Industry</a></li><li><a href="http://read.bi/pay6">List of Credit Card Processing Companies</a></li><li><a href="http://read.bi/pay7">List of Credit Card Processing Networks</a></li><li><a href="http://read.bi/pay8">List of Payment Gateway Providers</a></li><li><a href="http://read.bi/pay9">M-Commerce: Mobile Shopping Trends</a></li><li><a href="http://read.bi/pay10">E-Commerce Payment Technologies and Trends</a></li></ul></p></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/martin-shkreli-twitter-students-recreate-daraprim-drug-2016-12">Martin Shkreli goes on a raging tweetstorm in response to high school students recreating his $750 drug for $2</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="dxcWMwODE6FE8iQECd1zMjLLo9Zq2px_" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The founder of Metro Bank thinks app-only banks are 'all hype'

<br /> <keyword id="107284" type="ORGANIZATION" weightage="100" keywordseo="housing-board">Housing Board</keyword>, India’s apex financial institution for housing, wants home-ownership costs in India to fall. For this purpose, it is holding talks with state governments, in a bid to convince them to cut stamp duties and registration fees.<br /><br /> "We have engaged with some state governments on how they could reduce stamp duty for affordable housing," <keyword id="2940929" type="PERSON" weightage="100" keywordseo="Sriram-Kalyanaraman">Sriram Kalyanaraman</keyword>, MD of the <keyword id="152130" type="COMPANY" weightage="100" keywordseo="National-Housing-Bank">National Housing Bank</keyword> (NHB), told <a href="http://economictimes.indiatimes.com/wealth/real-estate/if-housing-board-has-its-way-stamp-duty-registration-fees-on-house-may-fall-to-5-6/articleshow/58451019.cms">ET</a>. "If they accept it, stamp duties and registration charges should come down significantly. Such a reduction will bring down their margin money and provide relief to many Indians, for whom owning a 'home' is still an aspiration." <br /><br /> Also read: <a href="http://www.businessinsider.in/thelife/real-estate/indians-pay-too-much-interest-on-home-loans-reveals-study/articleshow/57936834.cms">Indians pay too much interest on home loans, reveals study</a><br /><br /> If the NHB successfully convinces state governments, stamp duties and registration fees might come down to 5-6% of the basic cost of the property. As of now, these rates go up to 12.5% in some states. This would also help the government in achieving its "<a href="http://www.businessinsider.in/markets/budget2016/infrastructure/real-estate/Housing-for-All-Budget-2016-expectations/articleshow/50901695.cms">Housing for All</a> by 2022" objective, started two years ago.<br /><br /> Also read: <a href="http://www.businessinsider.in/PM-Modis-Housing-For-All-to-remain-adistant-dream/articleshow/46745016.cms">PM Modi’s ‘Housing For All’ to remain a distant dream?</a><br /><br /> In order to achieve the pre-set target, 29.5 million additional homes need to be built by 2022. <br /><br /> As per Kalyanaraman, states can make up for their losses from reduced rates by the increases revenues from increased housing. <br /><br /> "Alternative sources of revenue from the housing sector need to be looked at," said Soumya Kanti Ghosh, the chief economic adviser at the <a href="http://www.businessinsider.in/small-business/finance/are-you-a-sbi-card-user-get-ready-to-pay-rs-100-on-small-payments-via-cheque/articleshow/58243746.cms">State Bank of India</a>. "To compensate the proposed reductions (stamp duty and registration charges), state governments could explore imposing <a href="http://www.businessinsider.in/markets/budget2017/your-money/Budget-2017-here-are-vat-rates-of-india-china-uk-germany-and-brazil-find-out-which-country-has-the-highest-rate/articleshow/56759073.cms">value-added tax</a> on luxury items, and on goods such as liquor. Such reductions will not only give shelters millions but also create jobs." <br /><br />

Housing board might talk states into slashing stamp duty & registration fees on houses

<br /> Cautioning the consumers against online frauds, the Reserve Bank of India has issued a latest warning against a <keyword id="6379723" type="UNKNOWN" weightage="20" keywordseo="mobile-application">mobile application</keyword> that claims to be the apex bank’s app.<br />
	<br /> “It has come to the notice of the Reserve Bank of India that an app (application) is doing rounds on WhatsApp purportedly to facilitate checking of balance in customers' bank accounts. The application has an <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> logo with the title '<keyword id="2816300" type="UNKNOWN" weightage="20" keywordseo="All-Bank-Balance-Enquiry-No">All Bank Balance Enquiry No</keyword>' and has listed several banks with either a mobile number or call centre number,” RBI issued a statement on its website.<br />
	<br />
	It added, “The Reserve Bank wishes to clarify that it has not developed any such application. Members of public are, therefore, advised to use the application, if at all, at their own risk.”<br />
	<br />
	It is not the first time that fraudulent communications in the name of RBI have been made. “The Reserve Bank issues regular warnings to the public that the fraudsters send attractive offers to gullible public through letters, e-mails, mobile phones, SMSs and other such means. To lend credence to such offers, the communication is often sent on or from letterheads or websites that appear to be like that of some public authorities like the Reserve Bank of India,” said a senior official at RBI requesting anonymity.<br />
	<br />
	He further added that the offers are supposedly signed by senior officials of the bank. “The names of the officials is in the public domain so they are used in such mails but their signatures are fake. The offer document would contain contact details of a so-called RBI officer working in some department in the Reserve Bank or public authorities”.<br />
	<br />
	The apex bank has received several such complaints of wherein people have deposited some funds under a scheme, which is run in the name of RBI.

You are
probably a victim of online fraud if you have used this app <b></b>

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Yuri Gripas</span></p></div><p></p></div></div>All eyes are on the Bank of England following the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>'s vote to leave the European Union.</p><p>The central bank issued a statement at 7:00 a.m., here it is:</p><p>"The Bank of England is monitoring developments closely.  It has undertaken extensive contingency planning and is working closely with HM Treasury, other domestic authorities and overseas central banks."</p><p>"The Bank of England will take all necessary steps to meet its responsibilities for monetary and financial stability."</p><p>Markets are going crazy.</p><p>The pound is dropping like a stone, off more than 10% against the dollar at $1.3416. Meanwhile Japan's Nikkei dived as much as 8.3% to 14,890.56 points, the lowest since February.</p><p>The UK's FTSE 100 opens at 8 a.m, and it's expected to be a bloodbath. The FTSE 100 will open down 8.7% according to estimates from Bloomberg News.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/goldman-sachs-flags-emails-with-these-phrases-2016-6">These are the phrases that will get your email flagged at Goldman Sachs</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="JmMWw3NDE67SsX7jdg192zCLe6Blqs_t" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

BANK OF ENGLAND: 'ALL NECESSARY STEPS'

Mumbai, Mar 18 () Yes Bank on Wednesday said it has resumed operations, and all its banking services are available for its customers now.<p> "Our banking services are now operational. You can now experience the full suite of our services. Thank you for your patience and co-operation. #YESforYOU @RBI @FinMinIndia," the lender tweeted.</p><p> The Reserve Bank of India (RBI) had put restriction on the lender on March 5, under which the bank's customers were allowed to withdraw up to Rs 50,000 till April 3.</p> The government notified the Yes Bank reconstruction scheme last week.  HV  HRS

Yes Bank resumes operations; all banking services available for customers now

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>All of Britain's investment and corporate banks are under investigation.</p><p>The Financial Conduct Authority confirmed in a statement that <a href="http://www.fca.org.uk/news/fca-to-investigate-competition-in-investment-and-corporate-banking-services-following-review-of-wholesale-markets">it will probe the lenders to find out whether there is enough competition and quality services in the industry</a>.</p><p>It said that its decision to investigate the banks followed a <span style="line-height: 1.5em;">wholesale sector review. This involved  the FCA meeting with around "70 organisations and individuals, through a combination of round-tables and one-to-one meetings and received 40 written responses."</span></p><p>This means Britain's biggest banks could face fines if the FCA finds any lender to have conducted price fixing or formed market monopolies.</p><p><span style="line-height: 1.5em;">"We have chosen this particular area because the benefits of effective competition in the market could be significant. The <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> is a global hub for investment banking, and this sector plays a crucial role in our economy, helping companies raise capital for investment, expansion and funding ongoing operations," said Christopher Woolard, director of strategy and competition, <a href="http://www.fca.org.uk/news/fca-to-investigate-competition-in-investment-and-corporate-banking-services-following-review-of-wholesale-markets">at the FCA in a statement</a>.</span></p><p>"What was clear from the discussions we had with stakeholders and firms was that there are unanswered questions about potential conflicts of interest and value for money in this market. This will form part of our wider work in the wholesale markets, alongside the Fair and Effective Markets Review."</p><p>The move could be a boon for <a href="http://www.businessinsider.com/aldermore-ipo-and-results-2014-2015-2#ixzz3SBUQ3kDR">Britain's challenger banks</a> which are mopping up disillusioned customers.</p><p>While the FCA's investigation covers the investment and corporate banking side of the business, retail customers are becoming fed up with the deluge of scandals and probes into their lenders.</p><p>Philip Monks, the boss of one of the UK's youngest banks Aldermore, told us this week that <a href="http://www.businessinsider.com/aldermore-ipo-and-results-2014-2015-2">"there is a general malaise in the incumbent banking world but we have no legacy issues, which has helped more customers get on board."</a></p><p>Last year, 1.16 million people switched bank accounts, say<span> the Payments Council. </span><span style="line-height: 1.5em;">This is a 12% rise from 2013.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/eighth-grader-invents-braille-printer-2015-1">A 13-Year-Old Made A Revolutionary Invention Out Of Legos And Now Intel Is Investing In His Company</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5oanB2cjrl7OZQZKJ15oB_-fMpAdPXBF" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

All of Britain's investment banks are under investigation

New Delhi, Mar 16 () Yes Bank customers will be able to access full banking services from Wednesday evening, as the moratorium will be lifted earlier.<p> The RBI had on March 5 put a moratorium on Yes Bank restricting withdrawals to Rs 50,000 per depositor till April 3. However, the government in a notification on Saturday said the moratorium will be lifted by 18:00 hrs on March 18.</p><p> "We will resume full banking services from Wed, Mar 18, 2020, 18:00 hrs. Visit any of our 1,132 branches from Mar 19, 2020, post commencement of banking hrs to experience our suite of services," Yes Bank said in a tweet.</p><p> "You will also be able to access all our digital services &amp; platforms @RBI @FinMinIndia," it said.</p><p> The government on Saturday notified the reconstruction plan for cash-strapped Yes Bank and said the moratorium will be lifted by  18:00 hrs on March 18, much earlier than the earlier date of April 3.</p><p> "The order of moratorium on the reconstructed bank issued by the government...shall cease to have effect on the third working day at 18:00 hours from the date of commencement of this scheme," the notification said.</p><p> The lender has posted a net loss of Rs 18,654 crore for third quarter ended December 31 due to huge provisioning for bad loans.</p><p> It had posted a profit of Rs 1,001.8 crore during December quarter of 2018-19.</p><p> "You will be able to use your YES BANK cards and accounts across wallets like Paytm, Amazon Pay and Freecharge among others from March 18, 2020, 18:00 hours," the bank said in an FAQ on its website.</p><p> Besides, the customers have been allowed for inward RTGS/NEFT/IMPS based transaction services to pay for their Yes Bank credit card bills and loan EMIs from any bank accounts including Yes Bank accounts.</p><p> "Outward NEFT/IMPS/RTGS will resume from March 18, 2020, 18:00 hours. The limits for transactions across digital channels will continue to remain what they were prior to the imposition of the moratorium. However, from March 19, 2020 post commencement of banking hours, transactions at branches will not have any limits," it said.</p><p> Among others, customers will be able to pay towards their utility bills and use the UPI platform, Google Pay and PhonePe, Paytm, Amazon Pay, Freecharge.</p><p> "You can withdraw your Yes Bank FDs (fixed deposits) and RDs (recurring deposits) after the moratorium is revoked from March 18, 2020, 18:00 hours. Standard charges will apply on the same.  You will be also able to access all services available through digital channel/platforms (Net Banking/ Mobile Banking etc)," it added.</p><p> Customers can also initiate "stop a payment" service, Yes Bank said.</p><p> The other service that remains inactive now is cheque clearing because clearing activities are suspended as per the directive. Customers who use forex card can also not use such services.</p> "Your cheques already issued will not be honoured till the clearing activities are restarted or further directive from regulator," it added.  KPM  KPM ANUANU

Customers can access all banking services from Wed evening: Yes Bank

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Kyodo</span></p><p class="caption">Shawbrook is taking off.</p></div><p></p></div></div>Challenger bank Shawbrook <a href="http://www.investegate.co.uk/shawbrook-group-plc--shaw-/rns/interim-management-statement---q3-2015/201511050700066252E/">put out an upbeat third quarter trading statement on Thursday</a>.</p><p>Here are the highlights:</p><ul><li>Underlying profit before taxation up 68% to £54.5 million ($83.8 million) in the 9 months to September 30;</li><li>Organic loan originations up 27% in the 9 months to September 30 to £1.21 billion ($1.86 billion);</li><li>Net loans &amp; advances to customers increased by 23% to £2.86 billion ($4.4 billion) in the same period;</li><li>Commercial mortgages increased by 23% to £441 million ($678.4 million) in the same period;</li><li>Consumer loans up by 36% in the third quarter to £64 million ($98.4 million);</li><li>Asset finance increased by 36% to £126 million ($193.8 million) in the third quarter.</li></ul><p>So pretty much everything is growing at a double-digit clip. The key, according to interim CEO and CFO Tom Wood, is "growing demand for lending from <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> SMEs" - small and medium enterprises.</p><p>Lending to small businesses by the big banks fell off a cliff in the years following the recession, as shown by the below chart from LendIt Europe conference in London earlier this year.<div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Oscar Williams-Grut/Business Insider</span></p></div><p></p></div></div>Shawbrook is one of a number of so-called "challenger" banks that has sprung up since then aiming to address this market imbalance and offer more choice to customers. Shawbrook was founded in 2011 and <a href="http://uk.businessinsider.com/challenger-bank-shawbrook-ipo-is-launching-a-725-million-ipo-today-2015-4">listed in April this year</a>.</p><p>Shawbrook said in its statement Thursday it has seen particular growth in commercial mortgages in the wake of May's election, as well as asset financing. The company also recently moved into the short-term property finance market.</p><p>But Shawbrook is increasingly moving into consumer loans and savings products alongside business products, as the 36% rise in consumer loans shows. Wood says:</p><p style="padding-left: 30px;">The full roll out of personal lending and savings offerings and a number of further attractive product and market adjacencies will reinforce future growth and we remain confident in our continued ability to deliver our near and medium term targets.</p><p>This is a much tougher market to crack than small business lending. <a href="http://uk.businessinsider.com/cmas-provisional-report-retail-banking-2015-10">A recent competition report into the sector found the big problem was not enough consumers switching</a>, which meant banks didn't have enough of an incentive to improve their consumer business.</p><p>As previously announced, Santander's Executive Director and Head of UK BankingSteve Pateman will join as CEO on January 1.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/everyday-phrases-smart-people-say-incorrectly-statute-2015-10">Everyday phrases that even smart people say incorrectly</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="44Z3ZoeDrznjy0zyuh6chLpAhZsFsPBY" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

You Searched For "Banking for all" and got 11 results

SBI's associate banks employees on strike today

BI India Bureau

Aadhaar Gaining More Teeth, To Play Key Role In ‘Banking For All’

Sanghamitra Mandal

A number of unions in India are protesting against the government’s decision to merge three state-owned banks

Dilsher Dhillon

The founder of Metro Bank thinks app-only banks are 'all hype'

Oscar Williams-Grut

Housing board might talk states into slashing stamp duty & registration fees on houses

BI India Bureau

You are probably a victim of online fraud if you have used this app

Purba Das

BANK OF ENGLAND: 'ALL NECESSARY STEPS'

Ben Moshinsky

Yes Bank resumes operations; all banking services available for customers now

PTI

All of Britain's investment banks are under investigation

Lianna Brinded

Customers can access all banking services from Wed evening: Yes Bank

PTI

Challenger bank Shawbrook is rocketing thanks to all the small businesses big banks ignore

Oscar Williams-Grut

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