Rediff readers share their Cash Crisis experiences.
The sub-prime loss-hit Citigroup is on a cost-cutting exercise in its Indian operations. CitiFinancial, its consumer finance unit, which is also reeling under the burden of rising bad loans, is considering closing about 100 of its 450 branches in India.
Currently the currency in stock is about Rs 2 lakh crore and the reserves are adequate to meet any unusual spurt in demand
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.
According to the Reserve Bank of India, the currency in circulation reduced by Rs 360,700 crore to Rs 1,426,900 crore during the week under review.
The government has been taking steps to promote cashless or digital transactions to take India towards a less-cash economy
Take this quiz to test your finance gyaan.
Readers tell us how they are managing without cash since November 8.
As on June 16, currency in circulation was Rs 15.29 lakh cr, or 86.2% of pre-note ban level
Work fetches money and that is what keeps us going. But how about money fetching more money? We plan to give you what you need to get started.
Already the largest foreign bank in India, Standard Chartered has sought the Reserve Bank of India's permission to open 100 rural branches, which are in addition to its annual plan of 40 new branches and 300 ATMs this year, which it has submitted to RBI for approval. The bank, which now has 83 branches in 33 cities in the country, has announced that it is investing $250 million to take its total capital base in India to $1.9 billion.
Cash withdrawal limits likely to continue
As a volunteer you'll need to meet people and educate them about the benefits of going cashless by going digital.
SBI introduced this products three months after the Reserve Bank issued guidelines allowing minors over 10 years to operate bank savings accounts independently and use facilities such as automated teller machines and cheque books.
As the government attempts to find a truce with a united opposition, which has disrupted both the Houses of Parliament since the beginning of the Winter Session, Prime Minister Narendra Modi is likely to participate in the discussion on demonetisation in Rajya Sabha.
Jaitley said the Rs 500 and Rs 1,000 notes returned to currency chests of the RBI amounted to Rs 12.44 lakh crore
A task force led by Nandan Nilekani on Thursday suggested that 10 lakh business correspondents be appointed to ensure that social sector schemes' benefit reach the intended beneficiaries in about six lakh villages.
The Reserve Bank of India has allowed withdrawal of cash from point-of-sale terminals, where customers swipe their credit or debit cards to pay for purchases. Noting that the use of debit cards has been steadily increasing, an RBI circular today said withdrawal of cash up to Rs 1,000 per day through debit cards issued in India was now being permitted. At present, customers are only allowed to withdraw cash at ATMs.
Under KV Kamath's leadership, ICICI Bank's revenues grew multi-fold.
'We have already sanctioned loans worth over Rs 3,000 crore to around 120,000 customers.'
'I have exited at least six WhatsApp groups because I am tired of your bhakts who impose their views on your behalf.' 'Why can't I have a healthy discussion about my nation's future without being called deshdrohi?' asks Divya Nair.
"Your money will be given to those select 15-20 industrialists," Rahul alleged.
The economy of Jammu and Kashmir is largely based on agriculture and tourism. The state produced 19.56 lakh MT of fresh fruits in 2018-19.
Maharashtra Chief Minister Uddhav Thackeray announced a statewide curfew for 15 days from 8 am on April 14 to contain the rapid spread of the coronavirus in its second wave. With Section 144 being imposed across the state, Thackeray essential services have been exempted from the restrictions. The curfew will be in place till 7 am on May 1.
Ruling out a cut in lending rates, bankers said the status quo policy stance of the Reserve Bank will be followed by them, at least in the near-term.
As people wait in long queues outside banks, they appear happy that the ban on Rs 500 and Rs 1,000 notes will unearth black money and root out corruption.
In what could be the biggest cash heist in the national capital, the driver of a cash transit van allegedly fled with around Rs 22.5 crore from southeast Delhi's Govindpuri area on Thursday.
Receiving Ganga water by post could be a reality soon as the government endeavours to tap the e-commerce platform to bring the holy water at the doorsteps.
UIDAI will have to assail concerns over authentication and connectivity that have emerged in the Jharkhand pilot projects.
What should investors do post-demonetisation?
The move was taken to ensure smooth traffic flow and mitigate currency hardships.
Multiple levels of integrations with the bank servers are required for enabling transactions.
Experts tell Tinesh Bhasin how to pick one to save money as well as some troubles later
'The whole country supports the government. The exceptions are only two -- those who thrived on black money and those who are inimical to Indian interests,' argues Major General Mrinal Suman.
MasterCard International is likely to offer a stake to State Bank of India, which generates a quantum business for the global credit card major in the country.
Dhanteras is considered auspicious for investment and buying gold.
Electronic transactions are rising fast, so are cases of payment failure and delayed settlement. One needs to be proactive.
Here's a recap of the events from the past 24 hours.
India is keen to expand its banking system to help support its economic growth, which is the second fastest after China among Asia's large countries. Unlike China, its financial system is still small relative to the economy and its banks are dwarfed by many of their international peers, in spite of their vast potential market in India and overseas.
