Lender have joined the race to make the most of the ensuing festive season, recently State Bank of India announced to extend its special home loan scheme where it offers a concession of 0.25% on the home loans till 31st of December.
Now it is Dena Bank which has announced to lower lending rate applicable on home loan as well as car loan segment by 0.25%, it has also slashed the processing fees by 50%.
These additional benefits will be available from 1st of October.
Since past decade the banking sector has witnessed manifold development in the customer services. Every new day a new service is being added to the growing range of service provided to facilitate the bank customers.
Moving along the National Payment Corporation of India (NPCI) is under negotiations with the telecom operators to provide services on USSD (Unstructured supplementary Service Data) message, which would allow the bank customers to make non-financial transactions like balance enquiry by dialing a specific code through their mobile.
These transactions when made through other bank’s ATM cause monetary loss to the parent bank as for each transaction the bank has make some payment to the other bank which create unnecessary monetary loss for the bank with this facility when implemented both banks as well as customer will be benefitted.
The Managing Director of NPCI Mr. A.P. Hota said "These transactions are free for the customer if it is within the five transactions a month limit. But their banks have to pay the bank that owns the ATM between Rs 5 to Rs 8 for every enquiry."
He also said "We need to leverage mobile technology and increase awareness and discourage balance enquiry at ATMs."
The wave of competition among banks has resulted in various innovative schemes that have benefitted the customers a lot. Recent development has been the introduction of a special scheme from Induslnd Bank for its corporate customers.
The FastForex scheme launched by the bank enables a customer to know the forex price on a real time basis, this facility can be availed through internet.
During past few years, the usage of ATMs for cash withdrawal has increased many folds, this has become preferred mode of withdrawing cash but on the days of strike or some natural calamity they often turn out of cash which causes a lot of discomfort to the commoners.
The Reserve Bank if India has come up with a solution to this problem. In case of strike or natural calamity banks can borrow money from Reserve Bank of India and can make the ATM operational. Bank can withdraw up to Rs. 10 crore at a time but in case or more requirement the bank can borrow more than once during working hours of the bank.
In order to avail this facility the bank needs to sign an agreement with the designated outsourcing agency and it also has to authorize RBI debit their current account accordingly. Bank will also have to submit a letter to RBI stating requirement of funds to replenish the ATMs.Induslnd Bank, a well known private sector lender has added one more facility to its gamut which can be very useful for its customers in making banking a swift and user-friendly experience. The bank has launched Mobile Banking application, christened as indusMobile.
The customers will be able to carry out various banking operation on their own through their mobile including balance enquiry, mini statement, intra-bank transfers, bill payment.
Head of Consumer banking at Induslnd Bank, Sumant Kathpalla said "IndusMobile is a comprehensive mobile banking platform that enables our customers to manage their banking needs with incredible ease. This new application will serve as a key customer touch point that complements the bank's physical branch network."
After most of the lenders have increase their lending rates considering the hike of 50 basis points in the policy rates by The Reserve Bank of India last month, Public Sector lender State Bank of Bikaner and Jaipur has also hiked its key lending rates.
The lender has increased its base rates by 50 basis points which now stand at 10.25%, the bank has also increased BPLR by 25 basis points and it now read 15.00%.
The Managing Director of the bank Mr. Shiva Kumar said "Even after this increase, the base rate of SBBJ was amongst the lowest in the public sector. Most of the public sector banks have their base rate already increased to 10.75%, which is 50 bps more that that of SBBJ."
The revised rates are effective from 10th August.
