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.
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 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.
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.
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.
The demonetisation camp remains devided, while some feel the exercise is a total flop, others feel the government should be given some more time
A map showing availability of new currency notes in banks and ATMs in various parts of India, based on the feedback we received from our readers.
Investment advisor Anil Rego will answer your queries on the ban on Rs 500 and Rs 1000 notes and what you should be doing.
What has your experience been like? Did you have to wait hours trying to get money from an ATM or bank teller? Did the cash run out before your turn arrived? Did you need to wait hours to exchange your Rs 500/Rs 1,000 notes, only to be told you had insufficient documentation?
Debit card use at POS terminals increasing at rapid clip, transactions at ATMs declining
'Our future is in limbo. The government saved us with Operation Ganga; now, they must save our careers.'
RuPay is working on how to increase offers to customers. It is also focused on technology innovation in the card payment system.
US tech giant IBM is betting big on the India growth story and plans to open more software development centres in the country as it looks to partner with the government in its digitisation journey, its chairman and CEO Arvind Krishna said on Friday. On a visit to India, Krishna met Finance Minister Nirmala Sitharaman, Telecom Minister Ashwini Vaishnaw and Minister of State for IT Rajeev Chandrasekhar to discuss deeper collaboration including skilling and workforce development. The firm that originally designed the technology and system behind ATMs, barcodes and the US social security net, is greatly enthused with the speed at which the Indian government is willing to make decisions and where it is moving, he told a select media briefing.
As compared to Sunday, the metropolis has reported 1,666 fewer cases, but six more deaths.
'There is a healthy culture of learning.'
Friendships are not merely severed, but built over scuffles. And just about anything can stir things up -- a long-standing feud, a pointless stare, a disrupted moral stance, a fist that ricochets off a face and smacks another face in the near vicinity, observes Sreehari Nair.
"All restrictions have been removed except on savings bank account of Rs 24,000 per week. This (removal of withdrawal limit) is also a matter of time," Economic Affairs Secretary Shaktikanta Das said.
There is enough cash available with banks and all arrangements have been made to reach the currency notes all over the country, RBI said.
Adequate currency in circulation, temporary shortage to be tackled quickly, says FM
The problem is set to grow following issuance of 75 million new RuPay cards in the next six months with the launch of the Jan Dhan Yojana.
Delays in returning money for disputed transactions have also come under RBI's scanner.
Investment advisor Harsh Roongta will answer your queries on the ban on Rs 500 and Rs 1000 notes and what you should be doing.
Total payments in the economy grew 24.08 per cent to Rs117.43 trillion in value terms in June, compared to Rs94.64 trillion in May.
Providing access to unbanked areas in the country has been high on the agenda of RBI, as almost 40 per cent of the population doesn't have a bank account.
The 50-day deadline to deposit the old Rs 500/1,000 notes in banks comes to an end on Friday but the cash crunch and queues before ATMs are likely to continue for some more time as currency printing presses have failed to meet the huge demand for new bills.
Economic activity has regained momentum from late-May after the dent caused by the second wave of COVID-19, and the pandemic's impact on the overall asset quality has been less than expected, Reserve Bank Governor Shaktikanta Das said on Thursday. However, Das flagged rising data breaches and cyber-attacks as among the risks for the recovering economy, along with others like firming global commodity prices. The governor also said the second wave had a "grievous toll" on the country.
Explosive devices including battery and red wire, a .32 bore pistol, seven live cartridges, cash, PAN card, four ATM cards, pen drives, metro card, driving licenses and Aadhar cards were recovered from their possession, he said.
Yes Bank users can now make over Rs 2 lakh payments towards loans, credit cards via other bank accounts.
Sandeep was nabbed from the same house where LeT commander Bashir Lashkari was killed on July 1. His arrest led to Shah being caught.
The last few months have been hard on digital wallets which had a short-lived dream run post-demonetisation.
Rediff readers tell us how they are beating the heat this summer.
Another 8 pm prime ministerial speech. Will this one too lead to a scramble and chaos like his previous 8 pm telecasts?
The RBI 'assured people' that enough cash in small denominations is also available at banks.
'It will cause problems for people who deal in small amounts of cash.' 'I hope it does not cause law and order problems.'
Did your employer credit your salary this month? Are you still struggling with cash? Tell us.
In addition to the problem of long queues at automated teller machines, there would be the problem of guiding new cardholders, especially in rural and semi-urban areas, on how to use those cards, some bankers told Business Standard.
Rajya Sabha was informed that both RBI and banks have enough cash
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