In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the RBI for transactions processed in the RTGS and NEFT systems, RBI said.
On a daily basis, an average cash logistics company transports Rs 5,000-8,000 crore worth of cash nationwide.
'We are not getting any clear guidance on what to do. Initially, we were asked to move to the bunker...when we packed our bags and reached there, our university head asked to go back to our hostel room. So we came back. Movement is very risky these time'
Banks, ATMs and quite a few markets were kept open on Sunday while 2.5 lakh sacrificial goats have been made available in the Kashmir valley to help citizens celebrate Eid-ul-Azha with traditional fervour.
I kept insisting that Rs 100 notes were in short supply and there was an urgent need to augment the supply of 100 rupee notes while also rapidly bringing into circulation the proposed new Rs 500 notes. But this was easier said than done because all the note printing machines of the RBI were programmed for printing Rs 2,000 notes and required at least three weeks before the machines could print the new Rs 500 currency notes. The availability of currency paper posed another major bottleneck, and it had to be imported. It was decided to immediately start printing the Rs 500 notes. It was only when the supply of the new Rs 500 notes started improving and the process of change of cassettes at the ATMs gathered momentum that the situation began limping back to normal. A fascinating excerpt from former SBI chairman Rajnish Kumar's The Custodian of Trust: A Banker's Memoir, five years after demonetisation, November 8.
Sleep has been a casualty for Vijay Shekhar Sharma, whose wallet company Paytm has a user base of close to 150 million and is working 20 hours a day.
The machine, installed on the premises of National Institute for the Orthopedically Handicapped, works on the basis of fingerprint identification system and has customised keypads to make money transactions easier.
"We realised no one is going to come to help us and it is up to us now," 20-year-old Ashna Pandita told PTI over the phone as the train took them to the western city of Ukraine, about 80 km from the Poland border, where the fighting has been relatively less.
Bharti Airtel aims to leverage its 180 million plus digital service customers and its wide presence in rural areas to grow its payment bank business. "We are well placed as we can leverage the 180 million plus customers we have across our digital assets. "We offer a plethora of services such as lucrative interest rates, gift cards, FASTag, telecom recharges, payments and debit cards. "Our large merchant base of more than eight million allows us to drive both engagement and monetisation.
While several banks and ATMs are providing cash far below the allowed limit every now and then due to cash shortage, the damage caused by the cyclone has dealt a further blow with movement of cash vehicles coming to a grinding halt, resulting in empty ATMs.
Scores of people in violence-hit areas of northeast Delhi have been spending their nights in the dark as power lines damaged during the riots remain unrepaired and dangle precariously outside their houses.
Director Rahul Nair's gabby comedy looks at the difficulty of dating in the digital age in a manner that's equal parts shallow and silly, notes Sukanya Verma.
Be careful if you find your postal mails/ bank and financial statements intercepted, pilfered or tampered with.
With the war in Ukraine entering its 12th day on Monday and tensions between Kyiv and Moscow showing no signs of easing, the students said there is panic in Belarus and their families in India too are concerned about their wellbeing.
A state probe agency has been constituted within the Jammu and Kashmir police for speedy investigation and prosecution in terror-related cases as well as coordinating with central agencies, officials said on Tuesday.
Constable Vijender Kumar was on duty as protests unfolded in Firozabad. He was in his riot gear when a bullet fired by rioters tore his jacket but stuck in the wallet that contained a few coins, four ATM cards and a picture of Lord Shiva.
Operation Romeo is disappointing not because it is a bad or boring film, but because it did have something significant to say and chickened out, observes Deepa Gahlot.
'Our positivity rate is in single digit now with nearly 44,000 tests. Perhaps, Mumbai is the only city in India with a single digit positivity rate with high testing,' Mumbai municipal commissioner Iqbal Chahal claimed
The sale will be quicker if an Indian private bank buys it; it will take longer for regulatory clearances if a foreign bank or an NBFC buys it, points out Tamal Bandyopadhyay.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
For the first time, the value of card and mobile payments of Rs 10.57 trillion was more than ATM withdrawals of Rs 9.12 trillion in Q4 of fiscal 2019-20. In the months of lockdown, the gap may have widened further, but cash could be back in vogue when the situation normalises.
Calling for public cooperation to the government's efforts to stem the spread of the virus, Stalin urged people to follow due protocol like social distancing and wearing of masks.
'The RBI is not releasing Rs 2,000 notes for the last 10 days; probably they have stopped printing it.'
Scheduled international passenger flights have remained suspended since March 23, 2020 in the wake of the pandemic and they will now restart from Sunday.
The event reopens questions on the risks of outsourcing sensitive financial services to the country.
The humble Rs 100 bill had several takers on an otherwise normal weekday evening across the country on Tuesday night, even as police had to be deployed outside ATMs to control the crowd waiting eagerly to get their hands on the banknote.
'Sometimes we succeed, sometimes we don't.' 'But you can use the RTI to improve the future.'
The RBI fell short of pumping Rs 150 billion into the economy at the beginning of 2018-2019.
The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM network of Yes Bank
Patients and pregnant women, people out to buy essential items, and those travelling to or from railway stations, bus stops and airports will be exempted from the night curfew that kicks in at 11 pm on Monday due to rising COVID-19 cases in Delhi, according to a DDMA order.
In the excitement over the allocation of bank licences for the private sector, a new category of licence offered by the Reserve Bank of India (RBI) last year went almost unnoticed. That was when the RBI consolidated the rules for prepaid payment instruments (PPI), popularly understood as e-wallets or gift cards. In the process, the regulator has fast-forwarded a bottom-up card usage industry in India that is completely different from the world of bank-linked credit and debit cards.
The world's first gold vending machine unveiled at Abu Dhabi's Emirates Palace hotel, began attracting customers minutes after it was opened.
'We have collected Rs 83,702 crore in deposits in five days.'
Report holds Hitachi responsible for debit card data theft. When the data theft came to light, Hitachi had denied that its systems were compromised.
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.
As part of the modern facilities, new technology LHB design passenger coaches have been proposed in Patna and Sealdah Rajdhanis, besides equipping four popular trains with world class passenger amenities and interiors.
To manage anxious crowds, as many as 3,400 personnel of paramilitary and Delhi Police along with 200 quick reaction teams have been deployed at ATMs and banks.
'Our future is in limbo. The government saved us with Operation Ganga; now, they must save our careers.'
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