innovationinbanking

  RBI imposes monetary penalty of ₹ 2.00 crore (Rupees Two Crore only) on RBL Bank Limited           Reserve Bank of India, vide Press Release dt. September 27, 2021, informed to public at large that it has imposed a monetary penalty of ₹ 2.00 crore (Rupees Two Crore only) on RBL Bank Limited. RBL Bank, formerly known as Ratnakar Bank, is an Indian private sector bank headquartered in Mumbai and founded in 1943 In August 6, 1943, Ratnakar Bank was founded as a regional bank in Maharashtra with two branches in Kolhapur and Sangli founded by Babgonda Bhujgonda Patil from Sangli & Gangappa Siddappa Chougule from Kolhapur. It mainly served small and medium enterprises (SMEs) and business merchants in the Kolhapur-Sangli belt. Kolhapur-Sangli belt is famous for its sugar industries Sangli is known as the Turmeric city and the Sugar Belt of India. Sangli is the largest market place for Turmeric & grapes in Asia. Kolhpaur is famous for 'The Bhavani Mandap' is an im

  21 Bank Holidays in October 2021 – Don’t worry – Digital Channels are Open           October is coming, and physical banking activity will stop for 21 Days. The exact number of holidays for physical bank activity varies from state to state.           However, please note Digital Banking Products will continue to work. That is the beauty of India. Digital Banking Products which will function on all Days ·         RTGS ·         NEFT ·         IMPS ·         AePS ·         BBPS ·         NACH Debit ·         NACH Credit ·         UPI ·         ATM Card to Card Transfer ·         ATM Cash Withdrawals ·         ATM Cash Deposits In our country, traditions vary from place to place. The same day may have different meanings in different parts of India.  Hence, just go with the flow, wherever you are physically present on a particular day. 8 Common Holidays across India 1.     October 2 - Gandhi Jayanti (Pan India) 2.     October 3 - Sunday 3.     Octobe

  34,90,000 borrowers choose BBPS to  pay their installments              During August 2021, 34.90 lacs spread across India, preferred to pay their loan instalments via BBPS.             The exact payment channel or the preferred Loan Provider is not in public domain.             Loan Payment via BBPS is a good option as the borrowers are paying the amount to a Loan Identification Number rather than paying to a pool account.             Another benefit of Loan Payment via BBPS is that BBPS Online Payments can be made 24 * 7, 7 days a week, 365 days a week             Offline too, there is a large number of Agents where the borrowers or borrower’s representative can walk in and complete the payment process.             The BBPS payment channel is most beneficial when     Loan Recovery Agents persuade the borrower to repay the overdue amounts. Old Fashioned Way: The borrower hands over hard physical cash/cheque to the loan recovery agent. The loan recovery agent issues a