Banking: From 1st September banks are going to follow these rules and will dump the old method of working. For the customer benefit, these rules have emerged. And the list of rules contain.
Banking in India
1 Timing of the banks: Usually in India banks open at 10 am for the public, mainly public sector bank work on this time. From now own they have decided to start its operation from 9 am onwards. Ministry of Finance has advised the banks to change their working operations.
2. Kisan Credit Card: Ministry Instruction has given a clear indication that banks will issue Kisan Credit Card to farmers within 15 days.
3. Home Loan Interest Reduction: SBI top bank of India has also decided to lower its interest rates on the home loan. This is because SBI has decided to link its loan rates with Repo rate, (RLLR) Repo Linked Lending Rate through this they are changing lending rate industry.
4. Fixed Deposit Rates: From September 1st, SBI is also going to lower its rates on FD. However, they have not announced any changes in saving bank interest rates.
5. Auto and Personal Loan in 1 hour: From the long and time-consuming process of taking a loan to discourage many to avail loans from a bank. But from now on banks have decided to disburse auto and personal loans within 59 minutes.
6. Repo Linked Retail Loan: Bank of Maharashtra has decided to provide its retail rate loan on the repo rate.
7. Wallet users: From now on RBI has decided to make compulsory to provide IDs to avail service of mobile wallets.