Free withdrawals over: Pay Rs 20 for more than 3 ATM uses at SBI, HDFC Bank, Axis Bank

November 10, 2014

hdfc bankNew Delhi, Nov 10: Banking consumers will have to pay more if they are prolific with ATM transactions as State Bank of India (SBI) and its private sector peers HDFC Bank and Axis Bank have capped the free usage in six metros at three.

The capping and additional fees on excess usage come following a recent circular by the Reserve Bank of India allowing banks to limit the number of free ATM transactions to five - three in the largest six cities and two elsewhere - a month.

Under the new norms, which have been accepted by the RBI, a customer can make three free ATM transactions in the six largest cities at own-bank machines and two elsewhere.

The new limits and rates by SBI, HDFC Bank and Axis Bank will be applicable to transactions done in Mumbai, New Delhi, Chennai, Kolkata, Bangalore and Hyderabad.

SBI, which had reported a loss of nearly Rs. 400 crore by way of paying other banks as interbank ATM usage in FY14, was first to cap free ATM transactions at three and impose fees of Rs 20 per subsequent transaction. Since November 1, the new norms are effective at India's largest lender, SBI.

However, the bank has allowed more free ATM transactions to those who avoid visiting its branches, and unlimited transactions for those with large balances.

The second and the third largest private sector players - HDFC Bank and Axis Bank, respectively - have also followed suit and said effective December 1, they will also be charging Rs 20 per transaction above five a month.

While HDFC Bank will charge Rs 20 for cash withdrawals and Rs. 8.5 (excluding taxes) for balance enquiry, mini statement, etc., Axis Bank will also charge Rs 20 and taxes for financial transactions and Rs 9.5 for non-financial ones.

At third-party ATMs, HDFC Bank and Axis Bank will charge for more than three transactions, down from the earlier five free transactions, the banks said in separate customer notifications.

Axis Bank, which with a little over 12,000 ATMs, however, is offering 10 free transactions for its Prime Plus savings account and Prime salary account holders.

But both these account holders need to have a minimum opening balance of Rs. 1 lakh and they can have first five free transactions at non-home bank ATMs.

SBI has been from November 1 charging for more than own-ATM withdrawals a month at accounts having less than Rs. 25,000 in monthly balance. For accounts with over Rs 25,000 and above in balance, however, there is no limit at its own ATM network. But, their access to third-party ATMs is capped at three a month.

Those who exceed the limit will pay Rs 5 per transaction at its ATMs and Rs 20 at machines belonging to other banks. The bank is charging Rs. 8 for each non-financial transaction above the cap.

The lender has also raised the number of free usage on its home network from five to nine, if a customer does not visit a branch during the month.

For those who maintain average balances of over Rs 1 lakh, SBI is providing unlimited access to all ATMs. However, those with less than Rs 25,000 balances are charged above five transactions on its ATMs and three at third-party machines.

As per latest data from the RBI, at the end of June quarter there were 1,66,894 ATMs in the country and with 44,929 machines, SBI is way ahead of its nearest rival Axis Bank by more than three times or over 27 per cent of the market.

SBI has 12.59 crore cardholders and accounts for 31 per cent of the 40.9 crore debit cards in the country and its cardholders are responsible for over 41 per cent of all ATM transactions.

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News Network
March 13,2020

Bengaluru, Mar 13: In the wake of fresh cases of Covid-19 reported in Karnataka, Infosys Foundation chairperson Sudha Murty has urged the Karnataka government to take steps to shut malls and theatres, saying the coronavirus multiplies in air-conditioned areas.

In a letter to the government, she said preventive measures should be taken to control the spread of coronovirus before it gets worse.

Murty, who also leads the State government-constituted Karnataka Tourism Task Force, said she has discussed the current situation with Chairman and Executive Director of Narayana Health, Devi Prasad Shetty.

She suggested closure of all schools and colleges with immediate effect, malls, theatres and “all air-conditioned areas where the virus multiplies”, and allow only essential services like pharmacy, grocery and petrol bunks.

“It is not scientifically proven that the virus dies in high temperature,” she said pointing to spread of the virus -- despite heat -- in peak summer in Australia and Singapore, which have “summer all 12 months”.

“I request you to vacate one government hospital with at least 500 - 700 beds for this purpose (to deal with coronavirus cases), which requires oxygen lines and pipes,” she said.

“Infosys Foundation, the philanthropic and CSR arm of software major Infosys, would do the civil work and Devi Shetty has agreed to share resources like medical equipment,” she added.

“We would like to work with the government proactively so that we can prevent this as early as possible,” Sudha Murty said.

The total number of confirmed coronavirus positive cases in Karnataka is five, including the 76-year old man from Kalaburagi who died on Tuesday night.

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News Network
May 30,2020

May 30: Patients undergoing surgery after contracting the novel coronavirus are at an increased risk of postoperative death, according to a new study published in The Lancet journal which may lead to better treatment guidelines for COVID-19.

In the study, the scientists, including those from the University of Birmingham in the UK, examined data from 1,128 patients from 235 hospitals from a total of 24 countries.

Among COVID-19 patients who underwent surgery, they said the death rates approach those of the sickest patients admitted to intensive care after contracting the virus.

The scientists noted that SARS-CoV-2 infected patients who undergo surgery, experience substantially worse postoperative outcomes than would be expected for similar patients who do not have the infection.

According to the study, the 30-day mortality among these patients was nearly 24 per cent.

The researchers noted that mortality was disproportionately high across all subgroups, including those who underwent elective surgery (18.9 per cent), and emergency surgery (25.6 per cent).

Those who underwent minor surgery, such as appendicectomy or hernia repair (16.3 per cent), and major surgery such as hip surgery or for colon cancer also had higher mortality rates (26.9 per cent), the study said.

According to the study, the mortality rates were higher in men versus women, and in patients aged 70 years or over versus those aged under 70 years.

The scientists said in addition to age and sex, risk factors for postoperative death also included having severe pre-existing medical problems, undergoing cancer surgery, undergoing major procedures, and undergoing emergency surgery.

"We would normally expect mortality for patients having minor or elective surgery to be under 1 per cent, but our study suggests that in SARS-CoV-2 patients these mortality rates are much higher in both minor surgery (16.3%) and elective surgery (18.9%)," said study co-author Aneel Bhangu from the University of Birmingham.

Bhangu said these mortality rates are greater than those reported for even the highest-risk patients before the pandemic.

Citing an example from the 2019 UK National Emergency Laparotomy Audit report, he said the 30-day mortality was 16.9 per cent in the highest-risk patients.

Based on an earlier study across 58 countries, Bhangu said the 30-day mortality was 14.9 per cent in patients undergoing high-risk emergency surgery.

"We recommend that thresholds for surgery during the SARS-CoV-2 pandemic should be raised compared to normal practice," he said.

"For example, men aged 70 years and over undergoing emergency surgery are at particularly high risk of mortality, so these patients may benefit from their procedures being postponed," Bhangu added.

The study also noted that patients undergoing surgery are a vulnerable group at risk of SARS-CoV-2 exposure in hospital.

It noted that the patients may also be particularly susceptible to subsequent pulmonary complications, due to inflammatory and immunosuppressive responses to surgery and mechanical ventilation.

The scientists found that overall in the 30 days following surgery 51 per cent of patients developed a pneumonia, acute respiratory distress syndrome, or required unexpected ventilation.

Nearly 82 per cent of the patients who died had experienced pulmonary complications, the researchers said.

"Worldwide an estimated 28.4 million elective operations were cancelled due to disruption caused by COVID-19," said co-author Dmitri Nepogodiev from the University of Birmingham.

"Our data suggests that it was the right decision to postpone operations at a time when patients were at risk of being infected with SARS-CoV-2 in hospital," Nepogodiev said.

According to the researchers, there's now an urgent need for investment by governments and health providers in to measures which ensure that as surgery restarts patient safety is prioritised.

They said this includes the provision of adequate personal protective equipment (PPE), establishment of pathways for rapid preoperative SARS-CoV-2 testing, and consideration of the role of dedicated 'cold' surgical centres.

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Agencies
July 19,2020

New Delhi, Jul 19: Indian equities will be driven by a host of factors like corporate earnings, coronavirus cases trend and geo-political developments this week, according to analysts.

Market participants will also keenly watch the progress of monsoon, with experts saying that the farm sector revival will play a key role in lifting the coronavirus-hit economy.

"With no major event, the ongoing earnings season and global cues will continue to dictate the market trend. Besides, the progress of monsoon will also be closely watched," Ajit Mishra, VP - Research, Religare Broking, said.

Globally, the rising coronavirus infections and geo-political tensions have created uncertainty on the economic recovery front.

With India's COVID-19 cases fast approaching the 11 lakh mark, the third-highest behind the US and Brazil, and the death toll nearing 27,000, participants are expected to tread cautiously going forward.

At global level, confirmed COVID-19 cases have crossed 1.4 crore and deaths totalled about 6 lakh.

Markets globally will closely follow developments on the trade and political level between the US and China, according to analysts.

"We would continue witnessing stock-specific action as the earnings season unfold. Though the near-term momentum looks positive, we would advise traders to be cautious, given flaring US-China trade relations, persistent rise in virus cases and implementation of fresh lockdowns in parts of the country," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

HDFC Bank will remain in focus on Monday after having announced its June quarter earnings on Saturday.

The lender reported 19.6 per cent rise in its standalone net profit at Rs 6,658.62 crore for April-June 2020; while its income rose to Rs 34,453.28 crore during the quarter.

Other major companies to announce their quarterly results this week are Axis Bank, Bajaj Finance, Hindustan Unilever Limited, Bajaj Auto and ITC.

"Going ahead market participants will closely track the development related to covid vaccine, the rising infection of coronavirus, development on economic activities, corporate earnings and US-China relationship," said Sumeet Bagadia, Executive Director, Choice Broking.

On weekly basis, the Sensex gathered 425.81 points or 1.16 per cent, and the Nifty gained 133.65 points or 1.24 per cent.

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