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New Delhi: State Bank of India (SBI) is known for making significant decisions frequently. Now, SBI has launched YONO 2.0, a major upgrade to its digital platform. This new version includes both mobile and internet banking facilities, providing relief to customers. The new YONO app will also offer easy KYC and re-KYC facilities. This will eliminate the need for repeated verification for products and services. YONO stands for "You Only Need One," meaning you can easily make changes to your KYC a ...Read More >
Mumbai: The Reserve Bank of India (RBI) on Thursday removed all restrictions on banks opening and maintaining cash credit accounts under new transaction account rules. "A cash credit account is operationally different from a current or overdraft account," the central bank said, adding banks may now offer these facilities based on customer needs without restriction. Cash credit acts as a short-term, flexible business loan for working capital. The regulator adopted the changes following industry ...Read More >
Mumbai: Public sector banks (PSBs) are in talks with the Finance Ministry to review the rule of maintaining a minimum balance in savings accounts. According to a report by Times of India, this discussion is taking place due to the declining share of CASA (Current Account Savings Account) deposits in banks' total deposits. The report states that the share of CASA deposits is shrinking, and during a recent meeting with the finance ministry, government officials raised a question: Why should custo ...Read More >
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