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About Banking in India

The World Economic Forum, in its report - The Global Competitiveness Report 2010-2011, has ranked India at # 25 in terms of soundness of banks in the country. The rankings dropped to #38 (Index value: 5.7) as per 2011-12 report.

Indian Banking Industry in June 2011

KMB said it is increasing its branch network as well as planning to open its branch in Singapore. On June 16, 2011, the RBI upped the Repo rate by 25 basis points to 7.50%. The Reverse Repo rate is upped consequently to 6.50%. Shyamala Gopinath lays down office as RBI Deputy Governor.

Starting July 1, 2011, RBI has reduced the time limit for the resolution of customer complaints related to ATM transactions by the issuing bank from 12 working days to 7 working days. Failure to re-credit to the customer account within 7 working days will make the bank compensate the customer Rs. 100 per day. However, the customer has to file the complaint within 30 days of the issue.

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