The vertical will be based out of Bengaluru.
Delays in returning money for disputed transactions have also come under RBI's scanner.
The Garhwal region collectively has deposits worth Rs 2,100 crore and advances worth Rs 1,000 crore.
A task force will speed up the recalibration of 200,000 ATMs so these can dispense the new Rs 2,000 notes.
Ban on high-value currency sends advertising industry into a tailspin.
The Direct Benefit Transfer for LPG scheme was rolled out in 291 districts from June 1, 2013 in six phases to do away with the practice of selling the fuel at below cost rates.
But what do banks gain by opening their apps for all? The answer -- rival bank's customers under their fold.
The government would be ironing out issues related to the controversial 'bail-in' clause in the earlier Bill, explore hiking the deposit insurance cover of customers, and decide whether the resolution framework should apply to public sector banks.
While for the consumers, there is some gain and some pain, for India Inc, it's all about compliance, consolidation and parity
It is likely he will rope in an international ATM manufacturer as a strategic partner with equity stake.
High interest rate, policy uncertainty in the year of elections, along with risk aversion led to slow takeoff in credit demand on the corporate front.
The comments come about a week after PSU bank employee unions went to a four-day relay strike to press for early revision of wages.
At other bank ATMs, the customers of these banks will be charged beyond three transactions.
RLDA is a statutory authority established by the ministry of railways for generating non-fare revenue from railway land.
The unidentified hackers had executed money transfers on two separate occasions - August 11 and August 13 - which raises the question of why pro-active measures were not taken on the first night itself
An RBI official said the supply of currency was adequate in the states facing a crunch at ATMs but the logistic issues led to the present situation
Union Bank of India, Canara Bank, Andhra Bank, Saraswat Co-operative Bank and YES Bank have come together to allow inter-bank fund transfers through debit cards.
Currently, the fee is Rs 15 per financial transaction. This has been recommended to be revised to Rs 16.50, plus service tax (12%), taking the amount to Rs 18.48.
A white-label ATM is similar to a normal bank ATM but is not owned by a bank, instead by a private ATM service provider.
The ministry of railways is set to invite bids for content on demand and rail radio services, to be provided for travellers in April, says Shine Jacob.Shine Jacob in New Delhi
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.
'If supply of cash is not sufficient from the RBI, it may create difficulty for both banks and people.'
A representative of the Confederation of ATM Industry said ATM players were not consulted about the move and they received the news via media platforms.
The number of cyber crimes in India could touch 3,00,000 in 2015
The S&P BSE Sensex has rallied about 28 per cent in 2014, after formation of a stable government at the Centre.
Banks are pushing into credit cards and personal loans, using blanket advertising, cold call campaigns and even sending employees to malls to lure customers.
Even as State Bank of India, the country's largest lender, has decided to charge its customers for more than five transactions through automated teller machines (ATMs), private sectors banks continue to be on a wait-and-watch mode.
The Reserve Bank of India has told banks not to levy penal charges for non-maintenance of minimum balances in any inoperative account.
Apart from streamlining loan processing, most public sector banks charge lower interest rate, an aspect which seems to be game changer.
Bankers and executives involved in ATM operations said challenges abounded in this segment.
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.
Rapid strides in digital payments notwithstanding, the Indian economy will likely remain cash-dependent for many years to come, at least that's what the automated teller machine makers and cash logistics companies are betting on. After growing at over 20 per cent for most of 2020, currency in circulation growth fell to 8.5 per cent as of October 29 this year, shows data from the Reserve Bank of India (RBI). The reason for the steep rise in currency last year was the uncertainties related to the Coronavirus (Covid-19) pandemic, where people preferred to hoard cash to meet exigencies.
An analysis for the first eight months of CY18 shows that the value of RuPay and UPI transactions constitute 65.2 per cent of all transactions done through debit and credit cards, in value terms, across retail outlets by the end of August.
The RBI fell short of pumping Rs 150 billion into the economy at the beginning of 2018-2019.
The GSAT-31 is a 'high power' communication satellite going to serve and replace some of the satellites that are going to expire soon.
In the second of a four-part series, Business Standard checks out the currency press in Dewas to find target-based allowances have increased the monthly salary of employees from Rs 10,000 to Rs 30,000, at a time when notes are being printed 24x7.
The humble Rs 100 bill had several takers on an otherwise normal weekday evening across the country on Tuesday night, even as police had to be deployed outside ATMs to control the crowd waiting eagerly to get their hands on the banknote.
Defence PRO said that the forces have managed to restore normalcy in the areas they were deployed and have been continuously working to aid the civil administration.
BoB now has over 9,500 branches, 13,400 ATMs, 85,000 employees to serve 12 crore customers.
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