Credit card transactions in India have surged over 2.6 times between 2021 and 2025, reaching 570 crore volumes and Rs 23.2 lakh crore in value, with private sector banks significantly increasing their market share, according to a recent RBI report.
Credit card transactions in India have surged over 2.6 times between 2021 and 2025, driven by private sector banks, while debit card usage declines due to growing adoption of UPI and digital wallets, according to an RBI report.
Corporation Bank on Thursday announced that it has joined Cashnet, the country's largest shared ATM network.
They had also sought to be allowed to charge consumers for use of own-bank ATMs.
Life Insurance Corporation of India has tied up with UTI Bank to provide their common customers the facility to pay premium by using the private sector bank's ATMs in the country.
A software engineer earning a high salary allegedly abandoned his career to run a fake online trading racket, duping investors of nearly Rs 100 crore.
Congress leader Rahul Gandhi has accused Assam Chief Minister Himanta Biswa Sarma of corruption and land grabbing, promising action if the Congress party wins the upcoming elections in Assam. Gandhi also criticised the BJP's governance and economic policies.
But selectively, with regulatory scrutiny and special approval, points out Tamal Bandyopadhyay.
Laxman Maake, 47, tells us why he is disappointed with the ATM that he often goes to.
Moving beyond digital payments, the National Payments Corporation of India (NPCI), the operator of Unified Payments Interface, is planning to add more muscle to the country's digital infrastructure by setting up a fourth subsidiary, NPCI Tech Solutions Ltd (NTSL).
The Reserve Bank on Thursday asked banks to provide the option of Interoperable Card-less Cash Withdrawal (ICCW) at their ATMs, a move aimed at curbing frauds like skimming, card cloning and device tampering. Currently, cardless cash withdrawal through ATMs is offered by a few banks for their customers at their own ATMs (also known as on-us basis). "All banks, ATM networks and WLAOs (White Label ATM Operators) may provide the option of ICCW at their ATMs," the central bank said in a circular.
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
RBI said its policy focus had been to encourage banks to leverage on this channel.
Experts say RBI's norm on deploying a guard is loosely worded and it is discretionary for banks to have all ATMs manned.
The service will be available through its 1,000-plus ATMs spread across the country. The bank has received an approval from the Central Board of Direct Taxes for this facility in the country.
UPI has catapulted India into the forefront on the global digital payments landscape. Working hand in hand, the AePS payments system is making life easy for rural folks, notes Tamal Bandyopadhyay.
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.
Union Bank, Andhra Bank, YES Bank launch cash transfer.
The transition to UPI-based ATMs will be gradual, and consumers will not immediately switch to using standalone UPI ATMs overnight.
Police on Monday detained a close associate of cleric and Ittehad-e-Millat Council chief Tauqeer Raza Khan in connection with the recent violence in Bareilly during a protest in support of the 'I Love Muhammad' campaign, officials said.
At other bank ATMs, the customers of these banks will be charged beyond three transactions.
We had asked you, dear readers to share your good and bad ATM experiences.
Even as State Bank of India, the country's largest lender, has decided to charge its customers for more than five transactions through automated teller machines (ATMs), private sectors banks continue to be on a wait-and-watch mode.
The Reserve Bank will consider reducing the number of free ATM withdrawals, as recommended by Indian Banks' Association, in an effort to cut down on cash transactions in the economy.
In the wake of the brutal assault on a woman in an unguarded ATM in Bangalore, the Finance Ministry said it has asked all banks to strictly follow the RBI's instructions on security at these outlets and comply with instructions issued by state governments.
Indian origin Hindus living in Europe and US are mulling opening overseas chapters of Prayagraj-based 'Ram Naam Bank' in their countries. On the occasion of Ram Navami on Sunday, the idea of opening a Ram Naam Bank was discussed among the devotees in Sweden.
Bankers and executives involved in ATM operations said challenges abounded in this segment.
Finance Minister Nirmala Sitharaman on Tuesday asked fintech firms to focus on risk management at a time when criminals are using AI to mimic voices, clone identities and create lifelike videos to manipulate people.
While a giant, it's a nimble-footed one, and is growing at a speed that even some of its private sector peers find enviable.
Between FY18 and FY24, it doubled its balance sheet. Despite being a late entrant in some segments, it has been able to grab market share, observes Tamal Bandyopadhyay.
But what do banks gain by opening their apps for all? The answer -- rival bank's customers under their fold.
Delays in returning money for disputed transactions have also come under RBI's scanner.
Most bank customers in Delhi feel that ATMs are a more secure self-service banking channel than Net and phone banking.
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.
Interchange fee is the amount charged by ATM operators for every transaction.
The woman bank official, who was brutally attacked at an unguarded ATM kiosk in Bangalore, was discharged from the hospital on Saturday after undergoing treatment for more than a month.
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.
The number of cyberfraud cases has skyrocketed from 2,677 in 1999-2000 to 29,082 in FY24 -- more than a 10-fold increase. The RBI pegs digital payment frauds at Rs 1,457 crore in FY24, up more than five times in a year. It's not just the number of frauds. What's alarming is the growing sophistication of the fraudsters, exposing the vulnerabilities within the financial system, observes Tamal Bandyopadhyay.
Three weeks after the brutal attack on a woman bank official at an unguarded ATM kiosk in Bangalore, the assailant was still on the run even as police said they were making "all efforts" to nab him.
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.
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