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.
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.
'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.
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.
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'.
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.
In Round 1, 62 per cent strongly supported the continuation of the lockdown and 24 per cent expressed some support.
A day after the Patna high court slammed the Bihar government for its poor handling of the second wave of the pandemic and sought to know whether it was enforcing lockdown or not, the administration on Tuesday announced imposition of lockdown from May 5 to May 15.
Unlike any other national asset, which is typically sold to the highest bidder, the profile of the bidder is the most important criterion for a licence to bank, and even for acquiring more than 5 per cent stake, explains Tamal Bandyopadhyay.
Cheque payments will be safer; the limit for contactless card transactions hiked.
"After my discussion with Craig Barret, the CEO of Intel said they have finalised on India, said IT minister Dayanidhi Maran.
A Reserve Bank panel has decided against the inclusion of any other national leader's image on banknotes saying that no other personality could better represent the ethos of India than Mahatma Gandhi.
The Health and Family Welfare department had issued a detailed order on Sunday, notifying the lockdown in the whole of Delhi, stipulating various restrictions.
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.
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.
Now that you have already downloaded mobile wallets and all set to go cashless/digital with your payments to the local grocer, cabbie, maid, etc, here's what you must watch out for, says Tripti Rai.
India's leading banks are seizing opportunities in an emerging low-carbon economy.
In a set of FAQs on applicability of Goods and Services Tax on banking, insurance and stock brokers sectors, the revenue department has clarified that transactions relating to securitisation, derivatives, future and forward contracts are exempt.
Tamal Bandyopadhyay details HDFC Bank's digital journey.
Organisations value employees who go beyond their boundaries and step up to the occasion when the need arises.
'I expect normalcy to return in one or two days,' says Tuticorin's new Collector Sandeep Nandur.
He claimed that Bharatiya Janata Party people were alerted beforehand about the demonetisation. "How can one explain the BJP people in West Bengal depositing crores in high-denomination notes just before PM's announcement on November 8?" Rahul asked. "BJP workers were seen holding up bundles of the new Rs 2000 notes, as seen from images on the Internet, before Modi announced this decision," he told reporters in suburban Bandra.
Euronet Worldwide, a leading electronic payments provider, has signed a multiyear ATM outsourcing agreement with a large multi-national bank in Mumbai, for its existing nationwide network of 245 ATMs.
Axis Bank recently informed the Reserve Bank of India that it had experienced a cyber attack, while the State Bank of India said it was re-issuing over 600,000 debit cards because of a potential security breach.
In an interview with K Rajani Kanth, NCR Corporation's managing director (India, Nepal and Sri Lanka) Pradeep Sen outlines the company's road map for India, including its plans to scale up its research and development efforts, manufacturing capacity expansion and taking the partner-ecosystem route to penetrate the petroleum and general retail segment.
The correlation between withdrawal of deposits and the Covid death rate is stark, reveals Tamal Bandyopadhyay.
In the fifth of a six-part series on the impact of demonetisation, Avishek Rakshit senses a storm brewing over the 850-odd tea gardens in the north eastern state, which have a weekly and fortnightly payment cycle.
Taking a dig at Narendra Modi's demonetisation move, Uttar Pradesh Chief Minister Akhilesh Yadav termed cashless economy as a "bigger dream" than 'achche din' and said the note ban will be an issue in the upcoming assembly elections in the state.
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.
This is the fifth increase in withdrawal limit since the bank was placed under its direct control with an administrator on September 23. Since then as many as nine depositors have lost their lives including a 74-year-old man from Thane on Monday.
'RuPay' is developed by National Payments Corporation of India.
Love it or hate it, you simply cannot ignore apna #Indianisms, can you?
The re-invention that PSU banks have undergone recently is a great story.
When Hitesh Harisinghani and Jahnavi Patel hit the streets of Mumbai after Modi's demonitisation announcement, here's what they found.
In all the time he has spent in bank and ATM queues, these are the 10 arguments that were being thrown at him constantly by those supporting the demonetisation, says Syed Firdaus Ashraf.
