Union Bank of India, one of the most well-known public sector banks (PSBs) in the country, has officially reduced its MCLR (Marginal Cost of Funds-based Lending Rate) sometime earlier. The announcement was made by Union Bank of India after the RBI (Reserve Bank of India) kept the key policy rate absolutely unchanged as part of […]
Banking & Industry News Updates
Mergers for 10 public sector banks may be notified by the Government soon
The Central Government has already executed big-ticket banking mergers successfully including the merger of 5 associates into the State Bank of India (SBI) and also the merger of Dena Bank and Vijaya Bank into the Bank of Baroda (BoB). Mergers are perceived as a handy measure for revitalizing several banking entities and strengthening them while […]
Deposit insurance at banks to be increased to Rs. 5 lakh in major confidence booster
Have you ever imagined a situation where your trusted bank suddenly fails and all your money is gone? While this is the worst nightmare coming true for almost each and every individual on the planet, things are certainly better placed in India at the moment. Deposit insurance in case of failure of a bank was […]
Government directs Indian banks to open 15,000 new branches in FY20-21
The Indian banking sector has been in overdrive over the last few months, particularly after several repo rate cuts by the RBI (Reserve Bank of India) and a subsequent cut in lending rates across most banks. Additionally, the Government is striving to scale up the banking network in the country. The Central Government has directed […]
New facility launched by SBI for checking bank holidays, balance in savings account
SBI or State Bank of India is offering a number of facilities to its customers at present and one of them is the introduction of a helpline which will be known as SBI Quick. With this service, the customers can simply send an SMS or give a missed call to check their bank account balance, […]
