Non-resident individuals (NRIs) have also been allowed to apply for the niche banking licence, provided they plan to return to India.
In March this year, Worldline India launched Vabox (Voice Alert Box): merchants will now get instant audio alerts on the settlement of UPI (Unified Payments Interface) payments via QR codes in languages of their choice when customers check out. "They needn't worry whether the amount has been credited to their account," says Gulshan Pruthi, the firm's executive vice-president. The French payments giant will roll out 500,000 Vaboxes in the initial phase.
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.
These directions on enhancing security of card transactions will come into effect from March 16, 2020, as per the RBI notification.
Debit card use at POS terminals increasing at rapid clip, transactions at ATMs declining
The Union finance ministry on Thursday issued a clarification on the changes in FEMA rules which brings overseas international credit card spending under the RBI's liberalised remittance scheme (LRS). Here's how it affects you.
I kept insisting that Rs 100 notes were in short supply and there was an urgent need to augment the supply of 100 rupee notes while also rapidly bringing into circulation the proposed new Rs 500 notes. But this was easier said than done because all the note printing machines of the RBI were programmed for printing Rs 2,000 notes and required at least three weeks before the machines could print the new Rs 500 currency notes. The availability of currency paper posed another major bottleneck, and it had to be imported. It was decided to immediately start printing the Rs 500 notes. It was only when the supply of the new Rs 500 notes started improving and the process of change of cassettes at the ATMs gathered momentum that the situation began limping back to normal. A fascinating excerpt from former SBI chairman Rajnish Kumar's The Custodian of Trust: A Banker's Memoir, five years after demonetisation, November 8.
Be careful if you find your postal mails/ bank and financial statements intercepted, pilfered or tampered with.
The banks total income for the September quarter this fiscal was Rs 17,324.3 crore.
"All restrictions have been removed except on savings bank account of Rs 24,000 per week. This (removal of withdrawal limit) is also a matter of time," Economic Affairs Secretary Shaktikanta Das said.
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.
Rajya Sabha was informed that both RBI and banks have enough cash
'Some co-operative banks are dominated by politicians and were reportedly being used to launder Rs 500 and Rs 1,000 notes.'
Promising swift action on the debit card data compromise issue, Economic Affairs Secretary Shaktikanta Das on Friday said there was no need to panic over the feared security breach that affected over 32 lakh cards.
Income velocity based on currency with the public went down from 0.93 in October to 0.84 in March says a report from SBI's economic research department
A map showing availability of new currency notes in banks and ATMs in various parts of India, based on the feedback we received from our readers.
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.
Taxpayers who have not e-verified their ITRs for 2019-20 fiscal can complete the verification process by February 28, 2022, as the Income Tax department has given a one-time relaxation to assessees. As per law, an income tax return (ITR), filed electronically without a digital signature, has to be verified electronically through Aadhaar OTP, or net-banking, or code sent through demat account, pre-validated bank account and ATM within 120 days of filing the return. Alternatively, taxpayers can send a physical copy of the ITR filed to the Centralised Processing Centre (CPC) office in Bengaluru.
It's not e-retailers alone. Bankers are also celebrating initiatives like 'Big Billion Day Sale' this festive season.
Providing access to unbanked areas in the country has been high on the agenda of RBI, as almost 40 per cent of the population doesn't have a bank account.
With the first salary date after demonetisation around the corner, will India's labourers be able to take their hard-earned wages home?
A second vote will be held on Wednesday, on measures including justice and banking reforms, when a similar outcome is expected.
The 50-day deadline to deposit the old Rs 500/1,000 notes in banks comes to an end on Friday but the cash crunch and queues before ATMs are likely to continue for some more time as currency printing presses have failed to meet the huge demand for new bills.
As of June, the gross NPA of nationalised banks was 3.89 per cent and State Bank Group at 5.50 per cent.
The event reopens questions on the risks of outsourcing sensitive financial services to the country.
The facility is now available at 258 Big Bazaar and fbb stores in over 115 cities and towns across the country
'With 27 days to go, the total bank deposits has come tantalisingly close to the Rs 14 lakh crores of banned notes which was in the financial system on November 8.' 'Black money hoarders may have actually laundered their black money into white,' argues Rajeev Sharma.
The meeting will be attended by all heads and EDs of public sector banks
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.
Bandhan Bank is the first bank to be launched in eastern India post Independence.
Opposition parties are holding nation-wide protests against the currency ban on Monday as part of the Jan Aakrosh Diwas to agitate against demonetisation.
RuPay is working on how to increase offers to customers. It is also focused on technology innovation in the card payment system.
The money was allegedly diverted by an ATM servicing company in criminal conspiracy with bank officials.
The official twists and turns have raised questions on the government's credibility and its ability to pull the nation out of the demonetisation quagmire. To keep up with the new rules, the government has issued an updated FAQ on demonetisation.
Govt sets up task force to monitor circulation of fake currency; suspicious Jan Dhan accounts under scanner.
The last few months have been hard on digital wallets which had a short-lived dream run post-demonetisation.
The decision in this regard, however, is expected to be taken by the new government.
Reports from Ludhiana, Coimbatore, Moradabad, Tirupur, Indore, Surat, Delhi, Mumbai, Kolkata, Chennai and Hyderabad, suggest the impact of demonetisation is worsening.
