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SBI advised its customers to use its own ATM network for safety of transactions. The Bank also promised to replace 6 lakh debit cards which were blocked by the bank as a preventive measure within ten days following a cyber security breach in the banking system. 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 has cut it benchmark MCLR base rate by 5 bps. The bank has reduced its rates across tenures effectively reducing the overnight rates to 8.80 per cent and three year rate to 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: Sub 9 percent MCLR Base Rate Soon
SBI chief Arundati Bhattacharya said that the bank had transferred 95 bps out of total 150 bps cut in policy rates to its customers by way of reduction in SBI MCLR base rate. Dhe said that she expects rates to fall further shortly.
15th Oct 16 ICICI Bank tests blockchain transactions
ICICI Bank has done successful execution of its first two transactions using blockchain technology. Now other private sector banks are gearing 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.