Prime Minister Narendra Modi on Friday underlined the need for converting fintech initiatives into fintech revolution to provide a low-cost and reliable payment system to the masses. Speaking at the InFinity Forum, he said technology is bringing a big shift in finance, and mobile payment last year exceeded ATM withdrawals. Fully digital banks without any physical branch offices are already a reality and may become commonplace in less than a decade, he said.
The RBI has created a stunted business model by which payment banks are supposed to shoulder the noble objective of financial inclusion without being able to make much money.
'There are some high-frequency indicators where uptick is visible and some where it is not'
The rate of cash withdrawals over deposits was almost double in Uttar Pradesh, Andhra Pradesh and Telangana, according to the latest analysis submitted by the RBI to the finance ministry.
If you miss the July 31 deadline, there is a late filing fee of up to Rs 10,000. Also, you cannot file returns beyond March 31, 2019.
'It is human nature to get angry and annoyed when you are inconvenienced.' 'But we were able to enroll a few of our customers as 'bank mitras', who with my staff made sure that the queues were orderly and coupons were given to all the customers who wanted to withdraw or deposit money.'
Demonetisation and Agniveer reveal the two mindsets India has become. In both these government schemes, one sees a desire to play the country like an orchestra anchored by conductor/conductors, argues Shyam G Menon.
Closing banks and restricting the flow of capital can build pressure for a solution as finances get squeezed.
The triple lockdown in force from Monday would last for a week.
The machine, installed on the premises of National Institute for the Orthopedically Handicapped, works on the basis of fingerprint identification system and has customised keypads to make money transactions easier.
IBA has commissioned a study to evaluate the pros and cons of keeping banks shut on Saturdays.
'They are not tom-tomming what a great thing the Supreme Court decision is.' 'If they say it was a great thing, the public will react because people suffered and are still suffering.'
For people at the bottom of the pyramid, which I would rather address as mass market or emerging class; the primary challenge in accessing banking services are not just affordability but applicability and accessibility of services.
While several banks and ATMs are providing cash far below the allowed limit every now and then due to cash shortage, the damage caused by the cyclone has dealt a further blow with movement of cash vehicles coming to a grinding halt, resulting in empty ATMs.
The Reserve Bank of India (RBI) on Wednesday proposed to make interoperability mandatory for digital payments firms. It also allowed users to withdraw cash from e-wallets and fintech companies to process RTGS and NEFT transactions. The RBI expressed dissatisfaction over prepaid payment instruments' (PPIs') failure to migrate towards full-KYC (know your customer) PPIs, and therefore interoperability, even two years after guidelines were issued.
Private lender Kotak Mahindra Bank Ltd said on Thursday its board had approved the acquisition of local rival ING Vysya Bank Ltd, in which Dutch lender ING Groep NV owns about 43 per cent, in an all-stock deal.
Fraudulent emails exhorting people to deposit cash for reward are on the rise.
Unless RBI temporarily relaxes the norms on recognising of bad loans, the pressure on this front could rise in the December quarter.
A year ago, Greece's bankers thought they were on the cusp of a new era.
On government's last week's announcement of revamping of PSU banks, Fitch Ratings said the move is "credit positive, but risks remain".
For online fraud, approach cyber cell and file a complaint.
'Fear is also a great impetus to push people in the right direction.' 'So, everyone who has touched black money is scared and I'm very happy about it.'
Banks are pushing into credit cards and personal loans, using blanket advertising, cold call campaigns and even sending employees to malls to lure customers.
'With technology advancing rapidly, the need for branches is declining.'
Fifty per cent of bank restructured assets were in infrastructure, steel, power and telecom sectors.
Twenty years after the burning of a train in Godhra killed 59 'karsevaks' and triggered one of India's worst post-Partition riots, the poll-scape reflects the yawning gulf between the two communities.
Most adult Indians should have access to bank deposits, credit and remittance facilities as well as insurance and mutual fund products in the next decade, and technology will play a big role in this transformation, says Tamal Bandyopadhyay.
With the Swiss government showing eagerness to help India trace suspected black money hoarders, banks based in Switzerland appear to be losing traction among the wealthy Indian clients and could not get much business commitments during the just-ended WEF summit.
Billionaire Mukesh Ambani's Reliance Industries Ltd climbed two spots to No. 53 on Forbes' latest Global 2000 list of public companies worldwide. Forbes Global 2000 ranks the largest companies in the world using four metrics: sales, profits, assets and market value, Forbes said releasing the 2022 ranking of the world's top 2,000 companies. Reliance is the top-ranked Indian firm on the list, followed by State Bank of India at No. 105, HDFC Bank at No. 153 and ICICI Bank at No. 204.
Daryan and Daryll Warner, sons of former FIFA Vice President Jack Warner, and their associates deposited more than $600,000 in cash at bank branches in New York, Miami and Las Vegas in the second half of 2011, according to a 2012 complaint in US District Court in New York that was unsealed on Wednesday.
The scam-ridden Congress government in Chhattisgarh has become a model of misrule and people have decided to root it out in the upcoming assembly elections, he said.
Discussions are on in government about how to make the process simpler for the poor and more cost-effective for telecom operators, says Subhomoy Bhattacharjee.
Despite the demonetisation of 2016 and the rise in digital transactions that followed, the economy's dependence on cash has remained as high as ever. So when the Reserve Bank of India (RBI) introduced a pilot project of its version of digital cash - called the central bank digital currency (CBDC) - on December 1, many questions were asked. Can the CBDC replace physical cash, even partially? Can it match cash in terms of convenience? Are CBDC transactions truly anonymous?
The Kolkata-based firm already has a presence in 22 states with over 2,000 branches and 5.9 million borrowers.
There is enough cash available with banks and all arrangements have been made to reach the currency notes all over the country, RBI said.
FinMin plans tougher targets for bad loans, Casa and others in performance-linked pay for senior management.
Authorities in Nuh district Sunday razed some illegal structures including a hotel from where stones were allegedly pelted on a religious procession last week, even as a mahapanchayat was held in support of four men arrested over arson at a mosque and the death of its junior imam.
The sale will be quicker if an Indian private bank buys it; it will take longer for regulatory clearances if a foreign bank or an NBFC buys it, points out Tamal Bandyopadhyay.
Non-resident individuals (NRIs) have also been allowed to apply for the niche banking licence, provided they plan to return to India.
