Reserve Bank of India (RBI) Governor Sanjay Malhotra stated that recent regulatory measures to address foreign exchange market volatility, such as capping banks' net open positions, are temporary and aligned with current market conditions, not signalling any structural shift in policy.
The RBI will introduce a new mechanism from October 4 for clearance of cheques within hours of being presented to banks, reducing the current time period of up to two working days. Cheques will be scanned, presented, and passed in a few hours and on a continuous basis during business hours.
Global financial services giant Citigroup Inc on Tuesday sold its 100 per cent subsidiary Citi Technology Services Ltd to Wipro for $127 million. CTS is an India-based captive provider of information technology services and solutions to Citi entities worldwide.
Their only surviving immediate family member, son Adiryan (14), was not in the vehicle with them.
The cheque truncation system, which is currently operational at the major clearing houses of the country, has stabilised well and it has made large efficiency gains: RBI
It might impose some fee for such cheques after March and how to do so was being discussed.
If your chequebook is not compliant with RBI's cheque truncation system (CTS), implemented from October 1, it may be invalid from January 1, 2013.
Clearing the confusion over honouring cheques with corrections, the Reserve Bank of India said this will be applicable only for cheques cleared under the image-based cheque truncation system (CTS).
Cognizant, an IT service provider,plans to start operations in Hungary and Philippines. The company is also considering expanding to Europe.
The allegations of DDT evasion is connected to some transactions the Indian entity has made while buying shares of the company from the Mauritius and US companies of Cognizant.
Medsynaptic, a teleradiology company, was born in 2004 when two doctors decided to turn into entrepreneurs with an investment of just Rs 1 lakh (Rs 100,000).
Six buildings have also come up on the land under the slum rehabilitation scheme, it said.
When Rahul Dravid snapped up Salman Butt in first slip off the bowling of Anil Kumble, it provided the 50th instance for 'c Dravid b Kumble' entry to appear in a Test scorecard.
Debutants Gujarat Titans capped a fairytale season by beating inaugural champions Rajasthan Royals by seven wickets to win the IPL title in their first season in Ahmedabad on Sunday.
Will work full day on other Saturdays; bank branches to be shut on 2nd, 4th Saturday from next month
The payments industry is at a crossroads with the banking regulator on two pressing issues, neither of which seems headed towards an amicable solution. Depending upon which side accommodates the other, customers in India will have to choose between convenience and ironclad safety. In the end, the Reserve Bank of India (RBI), which regulates both banks and all payments services providers, will prevail. But the question is: will it do so by bending a little or by sticking to its firm stand? The two issues - one concerning payment facilitators storing customers' card details and the other about auto-renewal of payments - appear similar but aren't.
Rajneesh Gupta presents a complete statistical IPL dossier.
Rajneesh Gupta presents us all the numbers that matter in T20 World Cup 2021.
The Reserve Bank of India (RBI) said directions have been issued in the wake of a rise in the number of cheque-related fraud cases.
Rajneesh Gupta presents all the important numbers of IPL 2020.
Around 55 per cent of land in the 36 operational special economic zones (SEZs) in Tamil Nadu is lying vacant owing to various reasons, including the recent economic slowdown.
Analysts are of the opinion that 55 may emerge as the new age to retire for techies in India
Heard of poshitis, text neck? See what you can do to alter your habits and lead a healthy life.
Barra says GM is working on putting out the right products here because it will be difficult to make a mark globally without India.
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