Bank branches have now turned into financial supermarkets where all monetary products are available. To ensure a smooth banking experience, knowledge of some key facts is essential. They include the following: 1. KYC: The two most important KYC (Know your customer) documents are PAN card and Aadhaar card. Ensure that these two are linked to the back account. Otherwise, your account may be frozen. 2. Zero balance account: A basic savings account in which only zero balance needs to be maintained can be opened in any branch of all banks. There will be no fine if the balance falls below a limit, as in the savings bank account. However, there are several limitations in carrying out transactions. People who engage in minimum dealings every month can choose the zero balance account. 3. Advantages of SB account: Each bank stipulates a minimum balance for the savings bank account. Any number of transactions is possible with an SB account and all banking facilities will be available. 4. … [Read more...] about 10 tips for a smooth banking experience
Separate joint bank account
By Sunil Badala & Amit Ahuja The Securities and Exchange Board of India (Sebi) has introduced welcome changes for foreign portfolio investors (FPI) in its new Sebi (FPI) Regulations 2019, read with its operational guidelines. The key changes include elimination of broadbased requirement, elimination of declarations relating to opaque structures, reduction in FPI categories from three to two. An important change allows appropriately-regulated private banks, merchant banks, broker dealers and swap dealers to invest on behalf of their clients – individuals and family offices. Earlier, private banks and merchant banks were eligible to invest only their proprietary funds as FPIs and investment on behalf of their clients was not permitted. Around February, 2018, Sebi allowed such entities to invest on behalf of their clients by separately registering a collective investment vehicle, which satisfies the broadbased criteria (20 investors). These conditions were found restrictive … [Read more...] about Private banks get to invest client money as FPI: But will it meet client objectives?
HDFC net banking and mobile banking app are still inaccessible for the sixth consecutive day. HDFC Bank in a tweet acknowledged the service failure saying that there was a “technical glitch” in the system. The outage has left HDFC Bank customers frustrated for almost a week now. The Reserve Bank of India (RBI) has taken into account the HDFC Bank outage and has deployed experts on investigating the matter, ET reported. The RBI team will investigate the reasons behind the outage and accordingly give directions to HDFC Bank. The most recent update from HDFC Bank on the outage was that it is working on fixing it as soon as possible. “We apologise that the resolution of the technical glitch is taking more time than anticipated. Our experts are working round the clock. While some customers are able to transact using NetBanking and MobileBanking App, a few may still be facing intermittent issues. Needless to say this is not the experience … [Read more...] about HDFC Bank net banking, mobile app outage continues for the sixth day
Sudip Bandyopadhyay, IndiTrade Capital says there may be some good reasons why RBI decided not to cut rates this time around. "There is a lingering worry about the economy and earnings picking up," says he. Edited excerpts from an interview with ETNow:- ET Now: What are the triggers that are putting so much pressure on the overall market sentiment? Sudip Bandyopadhyay: There are few things which you have to keep in mind. One, the US-China trade deal which was assumed to have been done is not there on the table yet and there are a lot of uncertainties and that is creating a little bit of nervousness amongst the global investors. So, there is a bit of risk-off mood as far as global investors are concerned and they are definitely taking some money off the table. While European markets and US markets may not be yet showing the signs but as far as emerging markets are concerned, they are the first ones to get affected when the risk-off mood sets in. The second is a domestic factor -- … [Read more...] about Bet on YES Bank for 20-25% upside in a month: Sudip Bandyopadhyay
The Enforcement Directorate (ED) on Saturday attached properties worth Rs 34.47 crore under Prevention of Money Laundering Act (PMLA) in a case of bank loan fraud.A case has been registered against M/s Biotor Industries Limited and others and the ED has started investigation against the company and its Managing Director Rajesh M Kapadia. The investigation is being carried out on the basis of two FIRs registered by Gujarat Police and CBI. The investigation under PMLA revealed that the accused had misappropriated the funds to the tune of Rs 250 crore by preparing bogus bills and invoices during the year 2007 to 2009.The attached properties include a plot of land, plant and machinery owned by M/s KGN Enterprise Ltd. and M/s Sailani Agro-tech Industries Ltd. at a village in Gujarat’s Kheda district and residential property of KGN Enterprise owner Arif Ismail Memon at Paldi, Ahmedabad.It is also revealed that Memon was instrumental in preparing the paper transactions for transferring … [Read more...] about ED attaches assets worth Rs 34.47 crore in bank fraud case