In a bid to check fraud, the Reserve Bank on Friday decided to permit all banks to introduce card-less cash withdrawal through ATMs.
Changes in regulations and the imminent enforcement of some long-standing regulations are pushing up the cost for banks apart from the general cost inflation.
Delays in returning money for disputed transactions have also come under RBI's scanner.
In response to the panic triggered by Trump's trade policies, the RBI net sold approximately $43 billion in the second half of FY25 to curb volatility, as the rupee plunged to a low of 87.95 per dollar in February this year.
Private sector lender Bandhan Bank on Friday said its founder, managing director and CEO Chandra Shekhar Ghosh has tendered his resignation. Ghosh would retire from the services of the bank as MD and CEO upon completion of his current tenure on July 9, 2024, the bank said in a regulatory filing. "After leading the bank for almost a decade, including three consecutive tenures as MD & CEO, I feel that the time has now come for me to assume a larger strategic role at Bandhan group level," Ghosh said in a letter addressed to the board.
Before inserting your card, always check for any signs of tampering on the ATM machine, warns Aditya Shankar.
The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM network of Yes Bank
'There are tall personalities who have utilised Mumbai and Maharashtra for their career growth, but they never thought it is their responsibility to learn Marathi.'
SBI has announced an investment of Rs 7,250 crore in Yes Bank through the acquisition of 725 crore shares at Rs 10 each.
The Reserve Bank of India on Friday directed banks to reimburse customers for amounts wrongfully debited from their accounts in failed ATM transactions within seven days of an account holder's complaint or else pay a Rs 100 per day compensation.
Extensive use of such cards is making it easier for hackers to withdraw large amounts of money before detection.
The number of cyber crimes in India could touch 3,00,000 in 2015
179 million debit cards were issued during December 2016 to June 2018. A mere 2,000 ATMs were opened in the same period.
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 accounts were hacked during April and May, police said, adding that the Axis Bank had contacted Mumbai police and informed that they had set up a committee to probe the matter.
By 2017, research provided by NCR Corporation, an ATM maker, suggests that the installed base of these machines in India will reach 400,000 machines, from about 100,000 in the third quarter of 2012.
Refusal to share his mPIN cost the businessman his life.
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.
The facility has been branded 'Indicash'. Last month, TCPS secured a licence from the Reserve Bank of India to launch white-label ATM operations, under the central bank's scheme 'B'.
About 70 per cent of ATMs in India are running on outdated operating systems, which makes it easier for fraudsters to crack them
'The absence of cyber security framework for ATMs is like a dream come true for hackers.'
The bank can declare a withdrawal by you as illegal and deny any remedy in case a problem arises.
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.
RBI had earlier permitted minors to open fixed and savings deposit bank account with mothers as guardian.
ATM deployment is set to gain scale with the Anil Ambani group's Reliance Capital and a few technology firms joining hands with partner banks to launch co-branded (known as partial white-label) ATMs.
Annoyed people in queues in front of ATMs and banks said chasing their own money has now become a new way of life
With about 2,000 qualified engineers to service ATMs across the country, it is an uphill task to modify 220,000 machines.
Using credit or debit cards abroad can prove costly.
In the first phase, ATMs would be installed in popular trains and later on depending upon the success of the facility it would be extended to other trains. Beside ATMs in trains and platforms, railways are planning to install about 6,000 automatic ticket vending machines across the country, beginning with Mumbai and Bangalore.
Close to 29 per cent of all complaints received from customers is related to ATM, debit card and credit card payments
Mumbai resident Sumesh Pillai tells us how he panicked when the ATM didn't dispense cash and what happened later.
About 200,000 ATMs can dispense the new series of Rs 500 notes
The Central Bureau of Investigation (CBI) conducted searches at seven locations across India in connection with a Rs 350 crore crypto ponzi scam. The accused, operating seven modules in different cities, allegedly lured investors with promises of high returns on cryptocurrency investments. The CBI seized digital virtual assets totaling USD 38,414 in cryptocurrency wallets, cash amounting to Rs 34.2 lakh, and digital evidence, including mobile phones, laptops, tablets, hard disks, and memory cards. The agency registered the case under the Indian Penal Code and the Information Technology Act.
So what if your bank has imposed/will impose a transaction fee of Rs 20 for using ATMs after your fifth visit in a month? You can still remain within your free transaction limits and avoid being charged at all. Wondering how it is to be done? Read on.
Sources at the bank told Business Standard that talks were on with 2-3 vendors and the final decision is expected in the next 2-3 weeks.
As part of its 'go-green' initiative, HDFC Bank has started sending PIN, unique code number, for debit card holders through SMS instead of the practice of sending it by post.
'Oh, this is printed material which is sent to everyone along with the ATM card,' the bank manager told me. 'It won't work because the system has changed.' A Ganesh Nadar encounters the Indian banking system.
