What is the full form of RBL?

What is RBL?

RBL can be expanded as Ratnakar Bank Limited. It is a private bank whose presence can be found in many parts of India. It provides the services listed below −

• Corporate Banking

• Branch and Business Banking

• Retail Assets

• Treasury and Financial Markets Operations

• Commercial Banking

The bank was started in 1943 and now there are many branches available all over India.

Here are some more details in the table below.

Aspect	Details
Number of customers	14.31 million
Number of Branches	528
Number of Business Correspondent Branches	1,206
Number of Banking Outlets	296
Number of ATMs	408
Number of states where ATMs are available	28

Note − The number of business correspondent branches is 1,206 out of which 296 are banking outlets.

History of RBL

RBL was launched in 1943 in Maharashtra as a small regional bank. At that time, it had two branches out of which one was in Sangli and the other was in Kolhapur. RBL became a Scheduled Commercial Bank in 1959.

In 1970, RBL received the license to conduct its business all over India. This license was given by the Reserve Bank of India. Mr. Vishwavir Ahuja became its MD in 2010 and transformed it into a professionally operated bank. It is also listed in NSE and BSE.

RBI gave another license to RBL to operate as an authorized dealer in 2011. SEBI gave RBL a registration certificate so that it can act as a merchant banker.

Mission of RBL

RBL has been launched with different missions as follows −

Customers at the Heart

RBL Bank always tries to understand the needs of its customers and provide the best products and services for their satisfaction. Queries are answered quickly which helps in making a strong customer base.

Employees as a Pillar

RBL has a mission to provide great career opportunities to employees. It also wants to create such a working culture and environment that employees work for the company’s values.

Community as a Cause

RBL has a mission of providing banking services at reasonable and affordable cost which will help in the promotion of financial growth. This will also help in reducing social inequalities.

Shareholder Value as the Focus

Another mission of RBL is protecting and balancing the interest of the shareholders through high corporate governance so that short and long-term goals can be met.

Products and Services of RBL

RBL provides many products and services to its customers and they are listed below −

• Savings Accounts

• Loans and Insurance

• Fixed Deposits

• Credit and Debit cards

• Investment Services

• NRI Banking

• Mobile and Internet Banking

Types of Accounts

Customers can open different types of accounts to avail the services of RBL. These accounts are as follows −

• Current Accounts

• Savings Accounts

• Doctors Accounts

• Special Institutions Accounts

Types of Fixed Deposits

Customers can go for different types of fixed deposits in RBL and these are discussed below.

Regular Fixed Deposits

Regular fixed deposits can be used by those people who have a fixed income. There is no risk in this type of deposit and customers get a good return.

Flexi Sure Fixed Deposits

This is a type of deposit that is linked directly to your current or savings account. This deposit helps customers to enjoy more liquidity and also get a good return.

Recurring Fixed Deposits

Recurring fixed deposits are also beneficial for people who have a fixed income. People can invest a small amount of money monthly rather than a large one.

Tax saving Fixed Deposit

Tax Saving fixed deposit is a flexible scheme which provides two types of benefits to the customers. One of the benefits is that they get an exemption from tax under the Section 80C. The second benefit is interactive returns.

Senior Citizen Fixed Deposit

This is a fixed deposit for senior citizens. And they get maximum returns for tern deposits. Besides regular returns, they get an additional return of 0.5% per year for all tenures.

Types of Loans Offered by RBL

RBL offers different types of loans which are discussed here

Home Loan

Customers can avail home loans up to ₹1 crore which can be paid in a tenure of 25 years.

Personal Loan

RBL provides personal loans in the range of ₹1 lakh to ₹10 lakhs. The loan can be paid in the period of 12 months to 60 months.

Education Loan

Customers can go for education loans which can go up to ₹2 crores. A wide range of educational institutions come under this loan whether in India or abroad.

Loan against Property

RBL can provide loans against property and the amount can go up to ₹1 crore. The loan can be paid back within a period of 25 years.

Business Loan

RBL offers business loans that can be in the range of ₹10 lakhs and ₹35 lakhs. The repayment period of this loan is in the range of 12 and 36 months.

Car Loan

RBL provides car loans for all types of cars Which can include hatchbacks, sedans, and premium cars.

Housing Loan

RBL provides housing loans that can go up to ₹15 crores. The loan can be paid back within a period of 30 years.

Types of Banking offered by RBL

RBL Offers different types of banking which are discussed here.

SMS Banking

Customers can use the facility of SMS banking to conduct all their transactions.

Mobile Banking

RBL offers mobile banking with the help of the MoBank 2.0 app which can be used anytime and anywhere to transfer funds, pay bills, and do a lot of other transactions.

Net Banking

RBL also offers the facility of net banking in which users have to use their credentials to log in to their accounts and do different types of transactions.

Types of Cards

RBL offers different types of credit and debit cards which can be used to pay money for shopping, movies, traveling, dining, etc.

Uses of RBL

RBL has many uses and some of them are listed below −

• Customers can deposit money in different types of accounts like fixed deposit, savings, current accounts, etc.

• RBL provides different types of loans like housing loans, education loans, etc. These loans can be paid back easily within a long tenure.

• Financial management services are also provided by the bank which includes insurance, credit cards, etc.

• Digital baking services can be used to make different types of payments like bills, house rent, travel, etc.

• Different types of fund transfer services are also provided by the bank and they include NEFT, RTGS, and IMPS.

Advantages of RBL

RBL has many advantages and some of them are listed below −

• Many banking channels are available which include bank branches, ATMs, and digital banking services

• Different types of products and services are offered by the bank like loans, savings accounts, credit and debit cards, and many more.

• RBL has performed well as it has earned a lot of profit

• The management team of the bank has a good knowledge related to banking and they help their customers to perform banking transactions

Disadvantages of RBL

RBL also has a few disadvantages and some of them are listed below −

• Its international presence is limited

• Bank charges fees for some of its services like ATM, account maintenance, etc.

• Some of the services of the bank are complicated to use

• Branch network is small

• Sometimes technical issues occur during some transactions

Conclusion

RBL (Ratnakar Bank Limited) was launched in 1943 and now it is present all over India with many branches and ATMs. It offers a lot of services like savings accounts, loans credit and debit cards, funds transfer systems like NEFT, RTGS, and IMPS, and many more. The bank is performing well and earned a lot of profits.

FAQs

FAQ 1: Can I cancel my RBL credit card?

Ans: Yes! You can cancel your RBL credit card by contacting customer care or submitting an application to the bank.

FAQ 2: What can be done if my credit card is lost

Ans: In such a case, you will have to contact customer care and inform them about the loss. You can ask customer care to block the card so that no further transaction can be done.

FAQ 3: How many types of loans are available in RBL?

Ans: Many types of loans are available and some of them are housing loans, personal loans, car loans, education loans, and many more.

FAQ 4: How many RBL ATMs are available all over India?

Ans: Currently there are 408 RBL ATMs available all over India.

FAQ 5: Does RBL allow net banking?

Ans: Yes! You can perform net banking over RBL.