Banks shall not charge fees for transactions settled on IMPS and UPI in excess of rates charged for NEFT for transactions above Rs 1,000, the order said.
These suggestions were made by Finance Minister Pranab Mukherjee in his address at a meeting with chief executives of the public sector banks, which among others, was also attended by RBI Deputy Governor K C Chakrabarty.
Three individuals have been arrested in Shivamogga, Karnataka, in connection with a nationwide cyber fraud operation involving over Rs 82 crore and 352 registered complaints.
The main differences between NEFT and RTGS are the time taken for transfer of funds and in the way it operates.
The Reserve Bank of India is looking at either removing or relaxing limits on the quantum of electronic fund transfer and electronic clearing system transactions to facilitate introduction of T+1 settlement system in the capital market.
As the government moves to revamp India's securities legislation, unifying three different laws into the Securities Markets Code (SMC), regulatory experts and market insiders have raised concerns on potential funding challenges for the stock market regulator.
Five individuals, including an electronic repair shop owner and a DJ operator, have been arrested for allegedly defrauding a 78-year-old Delhi resident of over Rs 2.19 crore through a sophisticated cyber fraud involving impersonation of law enforcement officials and a 'digital arrest'.
It is a nation-wide system, which helps individuals, firms and corporate to electronically transfer funds.
With winter holidays approaching, some Indian travellers will venture abroad. Many will be underprepared for medical and other travel-related risks. Trip disruptions, missed connections, and steep medical costs in developed countries can leave travellers exposed if they underestimate the coverage they need.
The Defence Research and Development Organisation (DRDO) has transferred seven technologies developed under the Technology Development Fund (TDF) scheme to the armed forces, enhancing indigenous defense capabilities.
In a business friendly move, the Reserve Bank of India on Friday said that Real Time Gross Settlement System (RTGS), used for large value transactions, will be made available round-the-clock from December. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month.
This Budget positions India's taxation ideology as not merely a revenue source but as a strategic catalyst for growth, inclusion and long-term confidence.
Under the proposed mechanism, the finance ministry has said banks will notify customers when someone tries to deposit money in their accounts, a government official said.
The Enforcement Directorate (ED) has approached the Calcutta High Court, seeking a CBI investigation into the role of West Bengal Chief Minister Mamata Banerjee, senior police officials and others for allegedly obstructing its raids in Kolkata against political consultancy firm I-PAC and its director in connection with an alleged coal scam.
After a gap of more than three years, the central government has agreed to resume the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) works in West Bengal with immediate effect, but subject to mandatory adherence to stringent conditions. These include a prohibition on any work valued at more than 20 lakh, compulsory 100 per cent electronic know-your-customer (eKYC) verification of all workers, and mandatory pre-estimation field visits for all works before they are undertaken.
Avoid donating without checking the receipt proforma showing the political party's ECI registration number and PAN.
The decision, the Reserve Bank of India said, "is expected to revolutionise the retail payments system of the country".
Debtor alleges evidence from OCI Ltd shows funds were "round-tripped" to Byju Raveendran despite his earlier sworn statements -- claims Byju's founders strongly reject.
As deposit growth lags credit expansion, Indian banks face shrinking low-cost Casa inflows, rising funding costs, and structural shifts driven by UPI, e-Kuber, and digital savings trends, points out Tamal Bandyopadhyay.
The Supreme Court has directed the CBI to conduct a pan-India investigation into digital arrest scams and questioned the RBI about its lack of AI usage in detecting and freezing accounts used by cybercriminals.
Private sector lender ICICI Bank on Monday launched a facility which allows account-holders to transfer funds through Twitter.
The Reserve Bank on Wednesday announced the increase of the UPI Lite wallet limit to Rs 5,000 and per-transaction limit to Rs 1,000, in order to encourage wider adoption of the popular instant payment system through mobile phones. A limit of Rs 500 per transaction and an overall limit of Rs 2,000 per UPI Lite wallet, is presently applicable, with the facility of auto-replenishment. Unveiling the October bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das also said the per-transaction limit in UPI123Pay will be enhanced to Rs 10,000 from the current Rs 5,000.
'The Bhashini Mission has delivered a working technology at large scale, which is as good as or better than the one with MNC tech giants.'
The apex court also postponed the date of hearing to July 19, 2011, from the previously scheduled hearing on February 5.
The popular National Electronic Funds Transfer (NEFT) system for online transfer of funds will remain unavailable for 14 hours from Saturday mid-night till Sunday afternoon due technical upgrade, the Reserve Bank of India said on Monday. National Electronic Funds Transfer (NEFT) is a nation-wide centralised payment system owned and operated by the Reserve Bank of India (RBI). It is available round the clock availability on all days of the year.
Currently, most banks charge a maximum fee of Rs 5 per transfer of funds up to Rs 100,000 from one account to another through National Electronic Funds Transfer system.
The Indian government has introduced a bill in the Lok Sabha to ban online games played with money, aiming to curb addiction, money laundering, and financial fraud. The bill also targets advertisements and financial transactions related to such games.
Major credit issuers, including the largest - HDFC Bank - have integrated their systems with the Bharat Bill Payment Systems (BBPS) for receiving credit card repayments via third-party applications.
The sons of Hizb-ul-Mujahideen chief Syed Salahuddin, Syed Ahmad Shakeel and Syed Shahid Yusuf, have challenged a rule in the Delhi Prison Rules that bars those accused of offences against the state, terrorist activities, and other heinous crimes from using telephonic and electronic communication facilities. The two prisoners, currently lodged in different Delhi jails, are seeking restoration of their phone call facilities, alleging that the restrictions are arbitrary and unreasonable. The Delhi High Court has posted the matter for further hearing on May 22.
Any industrial policy is only as good as how it is applied and the other reforms that support it. This was as true 40 years ago as it is now, points out Debashis Basu.
'Self-declaration from the customer in case of no change in KYC information or change only in the address details may be obtained.'
Understanding these seemingly difficult terms will help you navigate the complex world of personal banking with ease.
'The larger and more opaque this shadow economy becomes, especially online, the greater the risk to India's national security.'
Banks have started charging customers for payment of credit card bills through cheque and so paying online makes more sense.
The RTGS for high-value transactions will remain unavailable for 14 hours from midnight of Saturday due technical upgrade to further improve the disaster recovery time of the system, the RBI said in a statement. The popular National Electronic Funds Transfer or NEFT for fund transfers of up to Rs 2 lakh will continue to be operational as usual during this period.
According to the official, investigations so far have revealed he had transferred funds to the dreaded global terrorist group, also called Islamic State, three times.
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