Banking sector this week: RCom gets debt relief; customers hope to get A/c portability, relief from digital frauds – Money Perception

The banking industry in the last week witnessed talk about the possibility of the rollout of bank account portability, and grappled with a high-profile NPA issue once again: this time of Anil Ambani-owned Reliance Communications.


– The Reserve Bank of India deputy Governor S.S. Mundra reiterated the possibility to implement the idea of a bank account portability that allows customers to switch from one bank to the other without changing the bank account number and other details.

– On one of the most discussed loan account was Reliance Communications, the large telecom operator owned by Anil Ambani, which owes debt worth Rs 47,332 crore to 22 leaders. In an urgent meeting on Friday, top banks agreed to grant 7 months to RCom to get out of the debt trap.

– Amid warning banks on their performance, the RBI initiated a prompt corrective action (PCA) on Dena Bank after IDBI and UCO Bank, which will not have restrictions on lending and expansion on account of high bad loans and negative ROAs (return on assets).

– In other news, SBI has started charging basic savings account customers and wallet users for their ATM transaction usage.

– Soon, you will be saved from paying for unauthorised online transactions where the customer is not at fault. RBI plans to come out with guidelines on digital frauds.

– One of country’s most successful entrepreneurs in the banking sector Uday Kotak, while outlining his perspective on the Indian banking sector, said it was unsustainable in the current form