Monday, June 20, 2011

Public sector bank employees to observe strike on July 7

Public sector Bank employees have announced to go for a strike on July 7th. Around 10 lakh bank employees are expected participate in the strike. The banks employees are against privatization of public sector banks and their mergers, they are also demanding for a ban on outsourcing.

National President of Bank Employees Federation of Indian (BEFI), Mr. A. K. Ramesh said "The Centre is following a policy that will destroy public sector banks in the country."

Monday, June 13, 2011

Banks to solve ATM complaints within 7 days

As the volume of transactions from ATMs has increased the complaints have also increased. There are a few very common problems that the ATM users encounter like sometimes they do not receive any money from the machine but he amount gets debited from their account.

Sometimes a user receives lower amount then what he wanted but the actual amount gets debited, such a situation can baffle a person as ATMs are supposedly very reliable and most of the person does not know to get that fixed, where should thy go and what should they do to get their money back.

Such a customer just needs to go to his bank and ask them to rectify the error, in fact the Reserve Bank of India has reduced the time for a bank to resolve the matter from 12 to 7 working days and if the bank is not able to compensate the amount then the consumer is entitled t get Rs 100 per day.

The new rule is applicable from July 1; the new rule will keep banks under pressure to solve the matter as soon as possible to avoid the penalty that they have to pay the customer for every delayed day. The one thing that borrower needs to keep in mind is that he needs to lodge a complaint about this with the bank within 30 days of the date of transaction.

Monday, June 6, 2011

Corporation Bank to hire 1,200 employees

Public sector lender, Corporation bank has announced expansion plans in the country and has set a target of adding another 200 branches to its network for this fiscal year. Along with the expansion, the bank will also hire about 1,200 employees.

The Chairman and Managing Director of Corporation Bank, Mr. Ramnath Pradeep said "The process [of opening branches] is on. It [the expansion] will be across India, particularly in the northern states."

Apart from the domestic expansion the bank also has plans of opening 4-5 branches in African continent.