Moving beyond digital payments, the National Payments Corporation of India (NPCI), the operator of Unified Payments Interface, is planning to add more muscle to the country's digital infrastructure by setting up a fourth subsidiary, NPCI Tech Solutions Ltd (NTSL).
With 18,000 employees already, NatWest eyes 3,000 engineers in India by next year to strengthen its AI and data capabilities.
But selectively, with regulatory scrutiny and special approval, points out Tamal Bandyopadhyay.
The Reserve Bank of India on Friday permitted banks to increase charges on ATM cash withdrawals beyond the mandatory free monthly usage by Rs 2 to Rs 23 per transaction from May 1.
In a two-way tie up with two leading private sector banks, State Bank of India has forged one of the biggest alliances to share ATM networks.
More people are now comfortable using their debit cards.
In response to the panic triggered by Trump's trade policies, the RBI net sold approximately $43 billion in the second half of FY25 to curb volatility, as the rupee plunged to a low of 87.95 per dollar in February this year.
The Reserve Bank on Thursday asked banks to provide the option of Interoperable Card-less Cash Withdrawal (ICCW) at their ATMs, a move aimed at curbing frauds like skimming, card cloning and device tampering. Currently, cardless cash withdrawal through ATMs is offered by a few banks for their customers at their own ATMs (also known as on-us basis). "All banks, ATM networks and WLAOs (White Label ATM Operators) may provide the option of ICCW at their ATMs," the central bank said in a circular.
Very often we all have used Automated Teller Machines (ATMs) to withdraw money. But only a few of us think about the repercussions of an attack on a national centralised server which manages the transactions across ATMs.
In a bid to check fraud, the Reserve Bank on Friday decided to permit all banks to introduce card-less cash withdrawal through ATMs.
The transition to UPI-based ATMs will be gradual, and consumers will not immediately switch to using standalone UPI ATMs overnight.
Following are the highlights of the RBI's first monetary policy statement of 2022-23 unveiled by Governor Shaktikanta Das: Policy repo rate unchanged at 4%; marginal standing facility rate & bank rate too remain unchanged at 4.25%. Monetary stance to be accommodative with focus on withdrawal of accommodation to keep inflation within target. GDP growth projection for FY'23 slashed to 7.2% from 7.8%; growth projections based on assumption of crude oil (Indian basket) price at $100 a barrel during FY'23. Inflation forecast hiked to 5.7% for FY'23 from 4.5%.
By the end of March 2022, only 2,140 million pieces of Rs 2,000 denomination currency notes were in circulation, or 13.8 per cent of the total value of notes.
With debit cards of 5 banks compromised, time to be very cautious while transacting. If possible, avoid non-bank ATMs.
Around 2,500 engineers and 45,000 cash management employees step up efforts to complete the target of recalibrating 12,500 ATMs every day.
ICICI Bank has inked a pact with the Jammu and Kashmir Bank to share ATM network, providing the customers of both the banks access to about 2,000 ATMs in the country.
Corporation Bank on Thursday announced that it has joined Cashnet, the country's largest shared ATM network.
SBI to introduce OTP-based ATM transactions and the new feature will not require any major change in the present process to withdraw cash.
Stating that its ATM operations are making losses, nation's largest bank SBI has said it is all for charging customers for transactions.
Bankers need to take a call on whether they will allow technology firms to run banks or banks themselves will turn into tech firms, says Tamal Bandyopadhyay.
Report holds Hitachi responsible for debit card data theft. When the data theft came to light, Hitachi had denied that its systems were compromised.
As of December 2010, the bank's total outlets, including branches, stood at 5,017. Its ATM network stood at 2,516 units.
The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM network of Yes Bank
This will allow the bank's customers to access funds from virtually any city or town in the country. The NFS is India's largest domestic network with over 30,000 ATMs across the country and Standard Chartered's customers will now have wider coverage of ATMs available to them.
Rapid strides in digital payments notwithstanding, the Indian economy will likely remain cash-dependent for many years to come, at least that's what the automated teller machine makers and cash logistics companies are betting on. After growing at over 20 per cent for most of 2020, currency in circulation growth fell to 8.5 per cent as of October 29 this year, shows data from the Reserve Bank of India (RBI). The reason for the steep rise in currency last year was the uncertainties related to the Coronavirus (Covid-19) pandemic, where people preferred to hoard cash to meet exigencies.
The service will be available through its 1,000-plus ATMs spread across the country. The bank has received an approval from the Central Board of Direct Taxes for this facility in the country.
Banks with a large ATM network were crying foul over the free ATM usage after RBI, in its draft approach paper on ATMs of banks, had said the use of ATMs of own banks for any purpose and of other bank ATMs for balance enquiries should be free of cost with immediate effect.
The Reserve Bank of India (RBI) has suggested that customers of one bank be allowed free use of ATMs of other banks, including for cash withdrawal, from April 1, 2009. The RBI move has made banks with large ATM networks cry foul.
IDBI Bank, UTI Bank, Citibank and Standard Chartered Bank on Wednesday came together to launch an independent shared automatic teller machine network, covering six million cardholders in 100 cities of India.
UTI Bank and Andhra Bank have entered into an agreement for sharing ATMs in the country.
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