Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

State Bank of India (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>), India's largest public sector lender, has set up a fund worth Rs 200 crore dedicated for investment in IT innovations and start-ups. 
 
The fund would be extending up to Rs 3 crore for all India-registered companies so that they can promote their business in India using IT for banking. 
 "We have created an entity to promote and ensure usage of the funds for the right purposes, the entity could have one or more technical experts on board for advisory roles. The team would provide legal and financial assistance to startups as and when required,"" <keyword id="6379603" type="PERSON" weightage="100" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword>, chairman of SBI told <a href="http://economictimes.indiatimes.com/small-biz/policy-trends/state-bank-of-india-creates-a-dedicated-rs-200-crore-fund-for-startups/articleshow/52777274.cms">ET</a>. 
 
Bhattacharya also spoke about a single window banking relationship support to be offered to start-ups by SBI. It would be provided to start-ups through its dedicated Bangalore branch; the bank has been operational for last 6 months, and has already added more than 200 clients. 
 
She added that she realises the potential that nimble financial technology companies possess regarding banking services that customers want, and that future success depended on collaboration and not only competition. 
 
Talking of the fintech sector, she said that cost of small transactions should be minimised and banking should be made smoother by removing unwanted processes that erupt the way for smooth functions. 
 
<a href="http://i.huffpost.com/gen/3640590/images/o-ARUNDHATI-BHATTACHARYA-facebook.jpg">Image source</a>

SBI creates a dedicated start-up fund of Rs 200 crore

There is a recent RBI regulation (RBI), which makes excess number of transactions at even own-bank automated teller machines (<keyword id="48577" type="TECHNOLOGY" weightage="20" keywordseo="ATM">ATM</keyword>s), chargeable. As per this new regulation, if you transact more than 5 times a month, even from your own bank’s ATM from November 1st, your bank is liable to charge you for it. The new rule doesn’t exclude other-bank ATM transactions too; the number has been reduced from three from five. This limit, however, is only applicable in six metros, Delhi, Mumbai, Kolkata, Chennai, Hyderabad and Bangalore. Money withdrawal isn’t the only restriction though; even non-financial instructions such as cheque book request, balance enquiry, and mini-statement requests are being included in this limit. Non-metro users can still enjoy five free transactions at other bank ATMs. 
 
Here is everything you need to about the RBI’s new chargeable ATM transaction rule. 
 
How much will it cost? 
Banks are either in the process of adopting the change or have already implemented it, while others have set certain conditions. For instance, from November 1st, <keyword id="6354731" type="CITY" weightage="20" keywordseo="State-Bank-Of-India">State Bank of India</keyword> has set a monthly limit on the number of free non-financial and financial ATM transactions, and has linked monthly balance to ATM charges. So, for users who have an average monthly balance of over Rs1 lakh, there is no limit on free transaction. But users with up to Rs 25,000 in their <keyword id="25450" type="UNKNOWN" weightage="20" keywordseo="savings">savings</keyword> account will get only three free transactions at other-bank ATMs in a metro city, and five free transactions at own-bank ATMs. 
 
Charges for financial transactions are Rs 5-20 and for non-financial ones, Rs 5-8. This depends on the type of account held. Basic savings bank deposit account holders will continue to enjoy free ATM services. 
 
It has also been stated that one-way inter-changeability between branch transaction and ATM transaction will be permitted. For example, if a customer does not visit their branch during a month, they will be allowed nine free transactions at their own-bank ATM, and eight free ATM transactions if they visit the branch once, and so on. 
 Some banks are exempting themselves from the rule. For instance, Canara Bank isn’t charging for transactions at own-bank ATMs, but an addition of three transactions at other-bank ATMs in the six metros is chargeable at Rs15 for each financial transaction and Rs 5 for each non-financial one. <keyword id="6355686" type="COMPANY" weightage="20" keywordseo="Service-tax">Service tax</keyword> will be applicable as well. 
 
Banks in the private banking space are poised to bring in the revised charges from December 1st. According to the HDFC bank website, from December 1st onwards, the first five transactions across all cities at own-bank ATMs for salary and savings account customers will be free. In the six metros, the first three ATM transactions at non-HDFC Bank ATMs will be free and in non-metros, the first five will be free. Anything over and above this will be chargeable. Cash withdrawal for instance, is poised to be charged at Rs 20 plus taxes per transaction and Rs 8.5 plus taxes per non-financial transaction. For some basic savings bank deposit accounts, the limit will be five at other-bank ATMs. 
 On its website, <keyword id="116152" type="UNKNOWN" weightage="20" keywordseo="Axis-Bank-Ltd-">Axis Bank Ltd.</keyword> has stated the following: “We have revised the number of free ATM transactions, which will be applicable with effect from 1 December. The transaction limits have been revised taking into account the high cost of operation and maintenance of our growing ATM network.” 
 
ATM usage patterns will denote the new limits. The bank will follow the new RBI guidelines for most of its savings accounts. Every financial transaction will be charged Rs 20 and Rs9.55 including tax for every non-financial one beyond the free limit. Some accounts like priority or defense personnel’s salary accounts, ATM transactions will continue to be free. 
 
Smaller banks continue to offer free ATM services 
Account holders of smaller banks such as Federal Bank and Yes Bank Ltd will still be able to enjoy free ATM services to own-bank ATM transactions as well as for other-bank ATM transactions. 
 
What your next steps should be 
This might be the right time to alter your ATM transaction behavior, especially given these chargeable fees. It is prudent to find out the exact details from your bank before you go down that road. 
 
Despite the fact that the RBI regulation is in place, banks still retain the right to decide if they want to charge their customers or not. According to the regulations, it is compulsory for banks to inform their customers about any changes in fees and service charges. Pay more attention to any correspondence from your bank, such as mail, SMS or email. You could even visit your bank’s website to find out details, as it is mandatory for them to publish these revised service charges. 
 
A total of 8 to 10 free transactions is sufficient enough for an individual. Your options are using mobile or Internet banking for non-financial transactions like balance inquiries or requesting mini-statements, if you want to avoid paying for using an ATM. Services such as these are free of cost on the website. Some banks even offer a free missed call service for balance inquiries. If you're planning on going shopping, why not use your debit card instead of cash? Be mindful of the fact that some retail outlets charge an additional 1-2% of the total amount if you use your debit card. 
 
Image: http://www.urbannewsdigest.in

What You Need to Know About the RBI’s New Chargeable ATM Transaction Rule

Commonly known as market cap, market capitalization is a company’s total dollar market value known by its outstanding shares of stock. To calculate the market cap, the company’s outstanding shares are multiplied by the present market price of each share. Market cap of a company is a very useful figure for the investors to decide the size of a company as against the method of knowing it from the total sales or asset figures. Since the company's size is a very crucial determinant of the different characteristics of a firm including risk that are a matter of importance for the investors, using market cap to ascertain a company’s size is a highly dependable method in the share market domain. Here is a list of 10 companies arranged in the order of their market cap. Market Cap of <keyword id="135539" type="COMPANY" weightage="20" keywordseo="top-10-companies">top 10 companies</keyword> in India <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#bdd7ee;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Sl. No </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#bdd7ee;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#bdd7ee;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Market Cap </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#bdd7ee;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">About the company </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><ol><li></li></ol></td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Reliance </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">983,140.16 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">A multinational conglomerate company based in India, Reliance Industries Ltd is headquartered in Mumbai. The firm has a broad portfolio of businesses across diverse segments including textiles, petrochemicals, retail, natural resources, energy and telecommunications. In terms of market cap, this is the largest publicly traded company in India. </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><ol><li></li></ol></td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">770,252.01 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">A multinational information technology firm in India, Tata Consultancy Services has its base in Mumbai. Operating in over 149 locations across 46 countries, this is a subsidiary of Tata Group. </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><ol><li></li></ol></td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">697,488.08 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank Ltd is a banking and financial services firm in India operating from Mumbai, Maharashtra. In terms of assets, this is the largest private sector lender in India. The bank’s distribution network has more than 5,130 branches across 2,764 cities. </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><ol><li></li></ol></td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">HUL </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">440,777.38 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">This British Dutch manufacturing firm based in Mumbai has a wide range of products including cleaning agents, beverages, consumer goods, water purifiers, foods and others. The product portfolio of the company spans across 35 brands and 20 categories. </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><ol><li></li></ol></td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">396,594.60 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Housing Development Finance Corporation is based in Mumbai. This is a major provider of finance for housing in India. The firm also provides products like general insurance, asset management, realty, deposits, and venture capital. </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><ol><li></li></ol></td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">330,964.01 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">This multinational financial and banking services is headquartered in Mumbai. Today, this is the second largest bank in India offering a wide range of financial products and services to retail and corporate customers. </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><ol><li></li></ol></td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">308,420.75 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">An Indian Private Sector Bank, Kotak Mahindra Bank is headquartered in Mumbai. This bank offers its financial services and banking products for retail as well as corporate customers in the areas of personal finance, insurance, investment banking. </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><ol><li></li></ol></td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">305,087.85 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India is a public sector bank offering a range of multinational financial and banking services in India. A government corporation statutory body, SBI is headquartered in Mumbai. SBI has one fourth share of the total deposits and loans in India. </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><ol><li></li></ol></td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">ITC </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">302,677.69 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Headquartered in Mumbai, ITC is an Indian multinational conglomerate company established in 1910. Having completed over 100 years of its founding, the firm became a public enterprise in 1954. The company specializes in a range of tobacco based products. </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;"><ol><li></li></ol></td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">296,367.29 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Indian multinational firm Infosys Limited provides a range of services including IT services, outsourcing services, and business consulting. Headquartered in Bangalore, the firm provides software development, validation, and maintenance services to firms in manufacturing, insurance, finance and other domains. </td></tr></tbody></table>

You Searched For "SBI bangalore branch" and got 3 results

SBI creates a dedicated start-up fund of Rs 200 crore

BI India Bureau

What You Need to Know About the RBI’s New Chargeable ATM Transaction Rule

Vishal Ingole

Top 10 Indian Companies By Market Cap

BI India Bureau

Popular Keywords

Buying Guides