In August, the Fed announced that it would develop a "new interbank 24x7x365 RTGS with integrated clearing functionality to support faster payments in the United States". The Fed Board asked for comments on FedNow by November. In reply to this, Google mentioned its experience of launching Google Pay -- Google's payments app which uses the UPI -- in India.
PNB officials entered into a criminal conspiracy with 19 accused companies, the FIR alleges.
Private sector lender ICICI Bank on Monday launched a facility which allows account-holders to transfer funds through Twitter.
Yes Bank users can now make over Rs 2 lakh payments towards loans, credit cards via other bank accounts.
Total scam in collusion with middlemen is estimated at over Rs 700 crore. Probe is on in 10 more cases.
CBI and Enforcement Directorate are probing the huge remittances to Hong Kong from the bank.
RBI wants periodic revision of the pensions for its retired employees.
Some private banks offer easier platform to transfer money abroad, like ICICI's Money2World.
A senior finance ministry source said making the use of debit cards and e-wallets compulsory across the board is legally untenable, but banks have been asked to insist their account holders use these instruments
The amounts were transferred from HDFC Bank to BoB.
The crackdown on black money has manifested itself in a doubling in outward remittances as black money attempts to leave India.
Unified Payments Interface launched to simplify mobile banking.
Assuming that demonetisation had not happened, the value of notes in circulation this year could have increased to Rs 19.3 lakh crore. But what we have, instead, by the end of August is a 20 per cent lower figure for currency notes in circulation, says A K Bhattacharya.
The Supreme Court-appointed Special Investigations Team on black money has also proposed that holding more than Rs 15 lakh in cash be made illegal for individuals and for companies, report Tinesh Bhasin and Sanjay Kumar Singh.
The banks used for the fraud include ING Vysya Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, Dhanlaxmi Bank, YES Bank and DCB Bank.
The cap of Rs 10,000 on daily withdrawal has also been removed.
Watal panel had suggested an independent payments regulator be set up.
Innovative methods like transfer of funds through the RTGS banking system and concealment of currency wads inside car bonnets were detected by Election Commission as it took steps to curb the use of black money during the just-concluded Lok Sabha polls.
He endorsed transparency and financial stability in addition to issues related to inclusive growth and development, write Puran Singh and Nupur Pavan Bang.
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