News - Oct 2016
22nd Oct 16 SBI asks customers to use their own ATMs after the cyber attack hit 3.2 million Debit Cards
SBI advised its customers to use their own ATMs for the safe transactions and also promises to replace 6 lakh Debit Cards within ten days following a cyber breach in the country banking system which were blocked by the bank as a preventive measure. The other major banks hit by the cyber fraud are Axis Bank, HDFC and ICICI Bank.
18th Oct 16 Axis Bank cuts it benchmark MCLR by 5 base point rates
Axis Bank cuts it benchmark MCLR by 5 bps with effect from Tuesday. The bank has reduced down its rates across tenures, effectively reducing the overnight rates to 8.80 per cent while their three year lending rate is 9.35 percent. The bank announced the reduction after its peers such as ICICI, Kotak Mahindra, and Indian bank cut their lending rates following the RBI monetary policy review on October 4th, 2016.
18th Oct 16 Citibank gives special Diwali offers on personal loans
Citibank personal loan offers reduction in rates to 11.49 per cent for digital channels and online applications made at MyLoanCare. Bank offers 0.50 per cent discount on processing fee and an Amazon Gift Voucher of Rs. 250 for loans disbursed till 3rd November, 2016. Also, get a Flipkart Gift Voucher upto Rs. 2500 on applying through MyLoanCare.
17th Oct 16 SBI Chief: Sub 9 percent, marginal cost of lending rate (MCLR) will be doable soon
SBI chief Arundati Bhattacharya said that the deal with Essar group will get the debt transferred to another organization and also proposed to launch the joint venture with Brookfield Asset Management (Canadian Company) who had agreed to commit Rs. 7,000 Cr for distressed assets which will help the bank to reduce down the lending rates further. She emphasized that the bank had cut 95 bps out of total 150 bps cut in rates and also MCLR would reduce down shortly.
15th Oct 16 Axis, Kotak Mahindra Banks tests blockchain transactions
ICICI Bank has done successful execution of its first two transactions using blockchain technology, now other private sector banks gear up for the technology. Axis Bank and Kotak Mahindra Bank are conducting pilot transactions in trade settlements and cross border remittances, while HDFC is still assessing the opportunity.