'What the RBI is doing is trying to catch the mouse when they have to catch the tiger.'
The economic affairs secretary said that the focus is on production and supply of Rs 500 and lower denomination notes.
Banks now ride on what is defined as a "banking outlet". This is a fixed-point service unit, manned by either the bank's staff or its business correspondent (BC), where all kinds of services - acceptance of deposits, encashment of cheques, cash withdrawal or lending of money - are provided for a minimum of four hours per day, for at least five days a week. Banks are now turning to reposition the manner in which they acquire customers, report Abhijit Lele and Raghu Mohan.
The facility is now available at 258 Big Bazaar and fbb stores in over 115 cities and towns across the country
Banking operations including cheque clearance across the country got affected on Monday as bankers under the aegis of the United Forum of Bank Unions have gone on a nationwide strike to protest against the proposed privatisation of two state-owned lenders.
The money was allegedly diverted by an ATM servicing company in criminal conspiracy with bank officials.
'There was a certain difference that separated him from the rest. That's why his life is so celebrated, his loss is felt globally.'
India Post may be keen to apply for payment bank licence.
Arundhati Bhattacharya, chairman of country's largest lender State Bank of India said demonetisation of high value notes won't be a problem as the bank has done it before.
The ambiguity arose after notices were sent to lenders for non-payment of service tax under the pre-GST regime
The currency ban has changed the lives of the people facilitating this move across India.
Promising swift action on the debit card data compromise issue, Economic Affairs Secretary Shaktikanta Das on Friday said there was no need to panic over the feared security breach that affected over 32 lakh cards.
A 35-year-old Chinese man was apprehended by the Border Security Force (BSF) from along the India-Bangladesh international border in West Bengal on Thursday, with the paramilitary force saying security agencies are probing if he was working for an intelligence agency of the neighbouring country, officials said.
No untoward incident has been reported from the district over the past three days.
'The credibility of the messenger here is highly suspect. This is something which the global community is aware of'
While lenders create a hype around the services offered on digital platforms, customers think otherwise, given that frustration due to the quality of service has only increased, over the years.
The driver was arrested in the wee hours of Friday from a godown in Okhla area where he was hiding
Reports from Ludhiana, Coimbatore, Moradabad, Tirupur, Indore, Surat, Delhi, Mumbai, Kolkata, Chennai and Hyderabad, suggest the impact of demonetisation is worsening.
These include all kinds of ATM transactions. In short, you will be allowed eight free transactions, after which there would be a levy, which should suffice for most people.
The home ministry has deputed three top officials to be in touch with state governments to ensure security of banks, ATMs and cash transporting vehicles.
The decision, the Reserve Bank of India said, "is expected to revolutionise the retail payments system of the country".
Dairies, milk plants, grocery shops, chemists and petrol pumps, ATMs, e-commerce services of essential items like food and medicines will remain open, he said.
Eco affairs secretary says double counting possible; cash availability to improve in three weeks.
We sifted through the complaints that landed on our desks and dug out the issues that were most striking and uncommon when it came to debit cards.
Ajit Balakrishnan offers a New Year resolution for our policy-makers.
The tiny Central American nation of El Salvador has embarked on an interesting experiment by recognising bitcoin as legal tender. This is proving painful for many of its citizens but it's a useful "pilot" project for larger economies that are contemplating the peculiarities of this new asset class. El Salvador has a population of 6.5 million and GDP of about $27 billion.
With the arrival of new players such as Amazon Pay, Google Tez and Flipkart's PhonePe, digital money companies are now changing their business pitch.
Customers will not be able to conduct transactions in banks for 4 days in a row as they will be closed from Thursday in many states.
Maharashtra Chief Minister Uddhav Thackeray announced a statewide curfew for 15 days from 8 am on April 14 to contain the rapid spread of the coronavirus in its second wave. With Section 144 being imposed across the state, Thackeray essential services have been exempted from the restrictions. The curfew will be in place till 7 am on May 1.
The Aadhaar-enabled payment system, or AEPS, allows consumers who don't have smartphones or debit cards to perform basic banking transactions like cash deposit, cash withdrawal, intrabank or interbank fund transfer, balance enquiry and obtaining a mini statement through biometric authentication at micro-ATMs.
This was among the few times that TCS had to deploy rapid application development mode, which means changes in the application happen on-the-go.
Reports suggest this lot could fetch the cybercriminal as much as $130 million upon sale.
Microsoft will stop technical support for its most popular operating system (OS) Windows XP globally from Tuesday, bringing down curtains on the software giant's longest running OS.
Whether it's about colonising Mars or donning Net-connected apparel, 2022 is a year everyone seems to be planning for, says Nivedita Mookerji.
ICICI bank waives ATM charges.
Going to the bank and using your passbook to find out your bank balance while still available and widely used, technological innovations have brought your bank at your fingertips.
Satish Kumar, a resident of Uttam Nagar and who used to work as a vegetable vendor in Keshopur Mandi, collapsed outside an Oriental Bank of Commerce branch, on Najafgarh road, while he was standing in a queue with his friends.
All documents and data were safe as there was a Disaster Recovery Centre for every bank
In a business friendly move, the Reserve Bank of India on Friday said that Real Time Gross Settlement System (RTGS), used for large value transactions, will be made available round-the-clock from December. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month.
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