India Post may be keen to apply for payment bank licence.
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.
According to Association officials, Indian Banks' Association offered only a 11.5 per cent increase in hike compared to 17.5 per cent offered in 2011-12.
These directions on enhancing security of card transactions will come into effect from March 16, 2020, as per the RBI notification.
The rupee had lost more than 8 per cent since the first week of May, after the US Fed indicated it may start scaling back its monetary stimulus programme later this year.
The number of free transactions in a month at non-home ATMs is kept at three.
Amidst rising demand from banks that they be allowed to increase user fees and limit free ATMs, RBI Deputy Governor K C Chakrabarty said it is "ridiculous" for a bank to charge its own customers for these services.
A regional bank in Japan today started operating ATMs for cash withdrawals, deposits and balance inquiries that do not require plastic cards but instead identify account holders by scanning their hands.
The Reserve Bank on Thursday permitted banks to increase charges for cash and non-cash ATM transactions beyond free monthly permissible limit from next year. Bank customers will have to pay Rs 21 per transaction, instead of Rs 20, with effect from January 1, 2022, if they exceed the monthly limit of free transactions. "To compensate the banks for the higher interchange fee and given the general escalation in costs, they are allowed to increase the customer charges to Rs 21 per transaction. "This increase shall be effective from January 1, 2022," the RBI said in a circular.
Using ATMs to withdraw money or for other purposes like balance enquiry beyond five times in a month will attract a levy of Rs 20 per transaction from November 1.
'It is the duty and responsibility of the public officer to proceed responsibly and ascertain the true and correct facts. Execution of law without appropriate acquaintance with legal provisions and comprehensive sense of their application may result in an innocent being prosecuted,' the apex court said.
As on June 16, currency in circulation was Rs 15.29 lakh cr, or 86.2% of pre-note ban level
Welcoming the launch of the Bharatiya Mahila Bank, India Inc on Wednesday said the initiative will propel women's financial inclusion, encourage female entrepreneurs and empower women in the country.
Country's largest private sector lender ICICI Bank has announced a hike in its ATM charges for saving account holders from January 1 next year.
According to reports, public transport and banking services remain partly disrupted for the second day in some states.
March 28 is a holiday on account of Ram Navami.
Strike is total, impacts all branches of PSU and private banks. Clearing operation at RBI also hit.
Even as RBI allowed banks to charge ATM transactions beyond five in metros, the lenders are yet to restrict the number of free withdrawals for their own customers at home ATMs.
Private lenders have also been expanding their branch and automate teller machine networks aggressively.
After launching the ATM service at Thiyagaraya Nagar Head Post Office, Chidambaram said that Rs 4,909 crore had been allocated for the IT modernisation of Department of Posts in the interim budget for 2014-15.
The Budget for 2016-17 has announced a massive rollout of ATMs and micro-ATMs.
More people are now comfortable using their debit cards.
India's forex reserves recently declined by $704 million to $354.517 billion.
Wistron, which earlier pegged the losses at Rs 437 crore, later notified the Taiwan stock exchange that the total losses were around Rs 50 crore.
ICICI Bank on Monday said it sees no impact of the Greek debt crisis on the bank as it has no exposure to Europe.
Cardholders must ensure their debit cards are used in their presence.
Before inserting your card, always check for any signs of tampering on the ATM machine, warns Aditya Shankar.
According to the RBI's April 6 circular, cash loading companies, which take cash around the country, are supposed to increase their net worth to Rs 1 billion within 90 days.
According to A Krishna Kumar, Managing Director, the bank will try to maintain the employee strength at current levels even as it keeps expansion programmes in mind.
According to the survey carried out by IDC recently, India scores the highest (8.5) on the happiness quotient of its banking citizens, followed by Indonesia (8.33), New Zealand (8.27) and China (7.93).
At present, there is no cap on free transactions at own-bank ATMs, while customers can use other banks' machines up to five times a month without any extra cost.
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.
Banks asked to maintain record of cash being ferried in these vehicles all the time
PSB branches will work fulltime on the 1st and 3rd Saturday.
The poor deployment of WLATMs has tripped what the central bank sought to achieve back in 2012.
Reports suggest this lot could fetch the cybercriminal as much as $130 million upon sale.
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.
Second authentication for small value payments through credit cards can be reduced subject to conditions.
Eco affairs secretary says double counting possible; cash availability to improve in three weeks.
Here's a glimpse of all that happened around the world last month, in 14 images.
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