Sensex

Wednesday, March 25, 2009

DG - FW: Imp- No charges for ATM cash withdrawal from April 1, 2009

 

 

From: Amit Jain [mailto:exclusiveamit@gmail.com]
Sent: 26 March 2009 10:36
Subject: Fwd: Imp- No charges for ATM cash withdrawal from April 1, 2009

 

 

All ATM transactions (any bank) to be free from April 1, 2009 as per this RBI Circular

 

 

Date: Mar 10, 2008

Customer charges for use of ATMs for cash withdrawal and balance enquiry

RBI/2007-2008/260
DPSS No.1405 / 02.10.02 / 2007-2008

March 10, 2008

The Chairman / Chief Executive Officer
(All Scheduled commercial banks including RRBs)

Dear Sir

Customer charges for use of ATMs for cash withdrawal and balance enquiry

1. Automated Teller Machines (ATMs) have gained prominence as a delivery channel for banking transactions in India. Banks have been deploying ATMs to increase their reach. While ATMs facilitate a variety of banking transactions for customers, their main utility has been for cash withdrawal and balance enquiry. As at the end of December 2007, the number of ATMs deployed in India was 32,342. Commensurate with the branch network, larger banks have deployed more ATMs. Most banks prefer to deploy ATMs at locations where they have a large customer base or expect considerable use. To increase the usage of ATMs as a delivery channel, banks have also entered into bilateral or multilateral arrangements with other banks to have inter-bank ATM networks.

2. It is evident that the charges levied on the customers vary from bank to bank and also vary according to the ATM network that is used for the transaction. Consequently, a customer is not aware, before hand, of the charges that will be levied for a particular ATM transaction, while using an ATM of another bank. This generally discourages the customer from using the ATMs of other banks. It is, therefore, essential to ensure greater transparency.

3. International experience indicates that in countries such as UK, Germany and France, bank customers have access to all ATMs in the country, free of charge except when cash is withdrawn from white label ATMs or from ATMs managed by non-bank entities. There is also a move, internationally, to regulate the fee structure by the regulator from the public policy angle. The ideal situation is that a customer should be able to access any ATM installed in the country free of charge through an equitable cooperative initiative by banks.

4. In view of this, RBI had placed on its website an Approach paper and sought public comments. The comments received have been analysed. Based on the feed back a framework of service charges would be implemented by all banks as under:

Sr.No.

Service

Charges

(i)

For use of own ATMs for any purpose

Free (with immediate effect)

(2)

For use of other bank ATMs for balance enquiries

Free (with immediate effect)

(3)

For use of other bank ATMs for cash withdrawals

  • No bank shall increase the charges prevailing as on December 23, 2007 (i.e. the date of release of Approach Paper on RBI website)
  • Banks which are charging more than Rs.20 per transaction shall reduce the charges to a maximum of Rs.20 per transaction by March 31, 2008
  • Free - with effect from April 1, 2009.

5. For the services at (1) and (2) above, the customer will not be levied any charge under any other head and the service will be totally free.

6. For the service number (3) the charge of Rs.20/- indicated will be all inclusive and no other charges will be levied to the customers under any other head irrespective of the amount of withdrawal.

7. The service charges for the following types of cash withdrawal transactions may be determined by the banks themselves:

(a) cash withdrawal with the use of credit cards
(b) cash withdrawal in an ATM located abroad.

8. Please acknowledge the receipt of the circular. A copy of the circular issued to your branches on this subject may please be submitted to us in due course.

Yours faithfully

(Arun Pasricha)
General Manager

 

Regards

Amit Jain

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DG - FW: Sharekhan Post-Market Report dated March 25, 2009

 

 

From: The Sharekhan Research Team [mailto:marketwatch@research.sharekhan.com]
Sent: 25 March 2009 16:07
To: The Sharekhan Research Team
Subject: Sharekhan Post-Market Report dated March 25, 2009

 

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March 25, 2009

 

Index Performance

Index

Sensex

Nifty

Open

9,442.30

2,938.80

High

9,706.47

2,996.50

Low

9,430.45

2,923.30

Today's Cls

9,667.90

2,984.35

Prev Cls

9,471.04

2,938.70

Change

196.86

45.65

% Change

2.08

1.55

 

Market Indicators

Top Movers (Group A)

Company

Price 
(Rs)

%
chg

Gainers

Unitech

33.90

16.70

Welspun Gujarat

77.90

14.56

Biocon

136.45

10.04

Voltas

45.10

9.87

HDIL

83.45

8.73

Losers

Crompton Greaves

106.00

-13.22

Sintex

92.60

-5.70

Rei Agro

46.30

-3.74

EIH

88.20

-3.29

Bhushan Steel

337.20

-3.28

Market Statistics

-

BSE

NSE

Advances

1,263

622

Declines

1,219

544

Unchanged

104

57

Volume(Nos)

34.67cr

78.48cr

 Market Commentary 

Capital goods carry the day

Selling pressure saw most of the stocks slip from higher levels, bar realty stocks that held on to their gains and ended firm.

Market recovered most of the day’s losses towards the close of the session, after shedding 41 points in early trades from the day's high of 9706. Tracking weak global

 

indices, Sensex opened marginally below its previous close. The mood remained bearish and the market slipped on profit booking in index pivotals, public sector units and health care stocks. The market once again witnessed selling pressure and Sensex touched the day's low of 9430 by afternoon amid a choppy session. However, the index recovered, shrugging off weakness on substantial buying in realty and oil stocks towards the close and ended the session at 9668, up 197 points. Nifty gained by 46 points to close at 2984.

The market breadth was positive. Of the 2,586 stocks traded on the BSE, 1,263 stocks advanced, 1,219 stocks declined and 104 stocks ended unchanged. Of the 13 sectoral indices, BSE Realty (index of realty shares) flared up by 6.32% followed by BSE Oil & Gas (up 3.66%), BSE Metal (up 3.31%) and BSE Bankex (up 3%). Other indices were up 0.18-1% each.

Among Sensex stocks, JP Associates was the leading gainer and its stock price soared by 7.51% at Rs84.45. Among other stocks, Tata Power advanced 7.12% at Rs740.20, Sterlite Industries jumped 6.48% at Rs347.35, while DLF, Reliance Infrastructure, Reliance Industries, Tata Steel, Reliance Communications, HDFC Bank and ICICI Bank closed with sharp gains of 3-6%. Among laggards, National Thermal Power Corporation slipped 2.77% at Rs179.95, Bharti Airtel shed 2.05% at Rs591.05, ONGC by 2.02% at Rs763.70, Hindustan Unilever fell by 1.88% at Rs234.70 and Tata Motors lost 1.27% at Rs160. 

Over 3.66 crore Unitech shares changed hands on the BSE followed by Cals Refineries (2.62 crore shares), Crompton Greaves (1.27 crore shares), Reliance Natural Resources (1.14 crore shares) and Suzlon Energy (1.12 crore shares).

European Indices at 16:00 IST on 25-03-2009

Index

Level

Change (pts)

Change (%)

FTSE 100 Index

3909.67

-1.79

-0.05

CAC 40 Index

2877.11

2.72

0.09

DAX INDEX

4190.05

2.69

0.06

Asian Indices at close on 25-03-2009

Index

Level

Change (pts)

Change (%)

Nikkei 225

8479.99

-8.31

-0.10

Hang Seng Index

13622.11

-288.23

-2.07

Kospi Index

1229.02

7.32

0.62

Straits Times Index

1691.68

-14.66

-0.86

Jakarta Composite Index

1419.97

-16.14

-1.12

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