Tamil Nadu-based Lakshmi Vilas Bank (LVB) with pre-independence lineage on Friday lost its identity after its merger with the Indian subsidiary of Singapore's DBS Bank. The debt-ridden 94-year old old bank's fate was sealed with Union Cabinet headed by Prime Minister Narendra Modi approving Scheme of Amalagamation on Wednesday.
Amid increasing popularity of virtual currencies in various parts of the world, the Reserve Bank of India (RBI) on Monday said it is open to exploring the possibility of a digital version of fiat currency. Host of private digital currencies, virtual currencies and cryptocurrencies have gained popularity in recent years, though Indian authorities continue to remain sceptical about them. "In India, the regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks. "Nevertheless, the RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it," the RBI said in its booklet on 'Payment Systems in India -- Journey in the Second Decade of the Millennium'.
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The government has also announced a slew of measures to ease cash flow for the rural sector.
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A day after the RBI put in public domain a draft scheme of merger of Lakshmi Vilas Bank (LVB) with subsidiary of Singapore-based DBS, public sector banks' officer union AIBOC on Wednesday said the amalgamation is not in the national interest and demanded the consolidation with any PSB. The proposed amalgamation of the cash-strapped LVB with DBS Bank India seems to be a ploy to provide entry of foreign banks into the country in a big way, All India Bank Officers' Confederation (AIBOC) president Sunil Kumar said. The Indian banking sector provides huge opportunity for growth, so the foreign banks have been looking at inorganic route to expand their presence for long, he said.
Currently, the bank charges Rs 50 as cash processing fee.
Corporation Bank on Thursday announced that it has joined Cashnet, the country's largest shared ATM network.
While a wallet is convenient, payments bank offers interest on deposits and ATM facility.
Cheque payments will be safer; the limit for contactless card transactions hiked.
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Apart from Gujarat, Shah claimed that co-operative movement is still active in many other states, such as Maharashtra, Karnataka and Rajasthan.
Lifting of deposit withdrawal moratorium on March 18 could open flood gates and will require a calibrated approach along with active support and signaling from the RBI, government and investor banks.
This will allow the bank's customers to access funds from virtually any city or town in the country. The NFS is India's largest domestic network with over 30,000 ATMs across the country and Standard Chartered's customers will now have wider coverage of ATMs available to them.
The government on Tuesday extended the deadline for filing income tax and GST returns, raised the threshold of default that could trigger insolvency of a company, and waived charges on cash withdrawals from ATMs of other banks as a precursor to a broader stimulus package for the economy distressed by the coronavirus outbreak.
Some banks are disbursing only Rs 5,000 per person while those having better cash availability are offering Rs 10,000 or Rs 12,000 per withdrawal
Branch networks will give preference to pensioners and labourers for withdrawing money.
The correlation between withdrawal of deposits and the Covid death rate is stark, reveals Tamal Bandyopadhyay.
In Round 1, 62 per cent strongly supported the continuation of the lockdown and 24 per cent expressed some support.
'I pack my water, biscuits, books and tent, and take my place in the queues.' 'Every time I get close, cash runs out.' 'Deserted shops, my dry bank, the empty ATMs -- this entire gigantic shitstorm is now more real and easier to process,' says Mitali Saran.
The Assam government has taken the initiative to pay workers their wages electronically and has asked banks to open branches adjacent to tea gardens and install ATMs in estates.
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The WB CM visited three banks and several ATMs at Sarat Bose Road, Bhawanipore and Chowringhee and spoke to the people there. "These are all common people. Let the government nab the real culprits," Banerjee said.
The vehicle was carrying cash in new currency notes for wage payment to employees of a tea garden.
Modi noted that Brazil too has a population comparable to Uttar Pradesh but it witnessed thousands of deaths due to the virus. In Uttar Pradesh, the deaths due to COVID-19 are reported to be nearly 800, he pointed out.
In an interview to Republic Bharat, Prime Minister Narendra Modi spoke of the BJP's prospects in the polls, emergence of an Opposition front, dynastic politics and several other issues.
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'The reason is that you may not enter the branch but you want to see it near you as it establishes trust.'
The Health and Family Welfare department had issued a detailed order on Sunday, notifying the lockdown in the whole of Delhi, stipulating various restrictions.
March 28 is a holiday on account of Ram Navami.
The staff of public sector banks had gone on a nationwide strike for two days beginning February 10 after discussions with the IBA failed.
The earliest ones included whistles shaped like birds, toy monkeys that could slide down a string and small carts made from materials found in nature such as sticks, clay and rocks. While there might be no disputing India's rich toy-making tradition, the industry is languishing for lack of investment and technology, and also owing to competition from cheap imports. And though it has been listed among 24 key sectors under the government's Atmanirbhar Bharat Abhiyaan, the question remains: will this push help place it in the global game? Currently, 80-odd per cent of the toys sold in India are imported - nearly 60 per cent of them from China.
'I have exited at least six WhatsApp groups because I am tired of your bhakts who impose their views on your behalf.' 'Why can't I have a healthy discussion about my nation's future without being called deshdrohi?' asks Divya Nair.
He said it may take up to 3 weeks for all the 2 lakh cash vending ATMs to operate normally as each one has to be calibrated individually to dispense new sized notes of Rs 2000 and Rs 500 besides lower denomination currency of Rs 100.
'Overall, compared to the previous episode, we are in a better shape because the vaccine is already out there and vaccination drives are proceeding'
The Karnataka government on Wednesday decided to conduct an inquiry into the violence in parts of the city on Tuesday night, in which at least three people were killed and scores of others were injured, through a district magistrate.
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The two entities' combined distribution network would comprise 4,182 banking outlets and 476 ATMs across 34 states and Union territories of India, with more than 31,000 employees serving about 15 million customers across the country.
The hoarding of cash accentuated from the very start of 2020, when the coronavirus pandemic started taking hold the world over, and fear of the pandemic prodded people to remain liquid for emergency use.
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