Real time gross settlement has turned out to be a bane for banks as they are losing interest in remittances business and their golden goose -- float money -- is being killed.
The unions are opposing the government's move to take away the public debt management from the Reserve Bank and curtail its powers on the monetary policy.
While players in the financial ecosystem are opening up to the idea of receivables funding for the sector, this market needs a regulator, which a Parliament panel feels only RBI can provide.
Watal panel had suggested an independent payments regulator be set up.
The financial fraud, one of the biggest in the state as per records, was being investigated by the different departments of Himachal Pradesh for the past over four years.
The government has also announced a slew of measures to ease cash flow for the rural sector.
The bank can declare a withdrawal by you as illegal and deny any remedy in case a problem arises.
Official sources say that the finance ministry is aware of the possible spike in smuggling activity and has already asked intelligence agencies to tighten their vigilance and come down on the unofficial entry of gold into India.
Banks have also been asked to keep records of all disbursals and drawers will have to submit a list person to whom payments will be made out of the funds
The repo rate, at which the central bank lends to the system, will come down to 5.75 per cent after the cut.
Cryptocurrency exchanges face issues with their current bank accounts.
SBI to e-auction over 300 properties on March 14.
Every customer, on opening a Payments Bank account, will get a cashback of Rs 250 as soon they bring deposits of Rs 25,000 in their bank account. The account will have zero balance requirement and every online transaction (such as IMPS, NEFT, RTGS) will be free of charge.
Fund transfer through Facebook is meant for tech-savvy customers.
Over 4 mn bank accounts could be dormant, suspects tax department.
RBI data on Dec 2014 showed 1.05 million PoS machines in the country.
'We feel EMI holidays should pick up now.' How travel companies are trying to win customers after demonetisation.
The concept of gold as an asset capable of getting anytime money is evaporating.
The Unified Payment Interface could propel banking into a new era
While brick-and-mortar retailers have been the most vocal in their protests, e-tailers do not seem to be in a hurry.
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.
Some private banks offer easier platform to transfer money abroad, like ICICI's Money2World.
Authorities on Saturday continued to dig up currency to the tune of lakhs of rupees, including in new notes, across the country.
The amounts were transferred from HDFC Bank to BoB.
The cap of Rs 10,000 on daily withdrawal has also been removed.
An FIR has been registered against Shivraj and his parents for allegedly duping a Mumbai businessman and his wife of Rs 13 crore (Rs 130 million) while he was out on bail.
India Post may be keen to apply for payment bank licence.
Tamal Bandyopadhyay details HDFC Bank's digital journey.
The official twists and turns have raised questions on the government's credibility and its ability to pull the nation out of the demonetisation quagmire. To keep up with the new rules, the government has issued an updated FAQ on demonetisation.
A mobile wallet may offer discounts but allows transactions of limited amounts. And, while a bank app or internet account allows larger transactions, it might be less convenient
In an online chat with readers, Investment Advisor Harsh Roongta answered their queries on the ban on Rs 500 and Rs 1000 notes.
There will be higher charges for bank account-holders.
Rejecting the Election Commission's suggestions on transparency and accountability in poll funding, the Congress party has expressed its inability to issue receipts to all persons or companies making donations to it for elections as it "neither practical nor possible".
Not declaring the black money under the scheme now, but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution.
Sanjeev Nayar offers some ideas on how Indians can help in improving the lives of those living in border areas and in the process help the Indian Army.
He endorsed transparency and financial stability in addition to issues related to inclusive growth and development, write Puran Singh and Nupur Pavan Bang.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances