ECS is an electronic mode of funds transfer from one bank account to another.
In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the RBI for transactions processed in the RTGS and NEFT systems, RBI said.
In 2023-2024, 95 scheduled commercial banks received over 10 million complaints from their customers. The process of KYC at many banks has become 'HYC' -- harass your customer, points out Tamal Bandyopadhyay.
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
The Reserve Bank of India (RBI), on Thursday issued orders restraining commercial transactions routed through intermediaries by a card network. The central bank, without naming the card network, said the intermediary with an arrangement with the network, did not have the authorisation to function under the Payment and Settlement Systems (PSS) Act. This led the regulator to suspend the arrangement till further notice.
Fund transfer through Facebook is meant for tech-savvy customers.
These facilities can only be used for transferring money within the country.
Exchange rates play an important factor in international fund transfers
The most striking features of this Budget was its focus on simplification and improving the ease of doing business in India, asserts Kaku Nakhate.
Keeping surplus money in a bank account has become perilous, alerts Harsh Roongta.
If you lack an emergency fund or it is depleted, use part of your bonus to build or replenish it.
Delhi's crime rate against women stood at 144.4 in 2022 -- the highest among all states and Union Territories.
Retirement fund body EPFO has registered 13.41 lakh net new members addition in October 2024, according to showed latest payroll data. This signifies increased employment opportunities and heightened awareness of employee benefits, bolstered by EPFO's effective outreach initiatives, a labour ministry statement said on Wednesday.
Some private banks offer easier platform to transfer money abroad, like ICICI's Money2World.
NEFT is a nation-wide system, which helps individuals, firms and corporate to electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country.
The country's largest bank, which has about 25 per cent market share, has also decided to do away with the charges on fund transfer through mobile phones using the IMPS from August 1.
To check digital frauds, the government has disconnected 70 lakh mobile numbers so far involved in cybercrime or financial frauds, Financial Services Secretary Vivek Joshi said on Tuesday. Emerging from a meeting to discuss issues related to financial cyber security and increasing digital payment fraud, Joshi, who chaired the meeting, said banks have been asked to strengthen the system and processes in this regard. More such meetings would take place, he said, adding the next meeting is scheduled in January.
Employees Provident Fund Organisation (EPFO) will migrate to a new information technology (IT) system within the next three months, Union labour minister Mansukh Mandaviya said on Wednesday. In July last year, a clutch of officers at the retirement fund body had written a letter to the Central government complaining about archaic and "collapsing" software systems. Subscribers too were facing problems due to it.
The Reserve Bank of India (RBI) on Wednesday allowed payment system providers, prepaid card issuers, card networks and white label ATM operators access to its Centralised Payment Systems (CPS), such as real time gross settlement (RTGS) and National Electronic Fund Transfer (NEFT) systems in the first phase of its plan bring non-banks in the same platform. "Direct access for non-banks to CPS lowers the overall risk in the payments ecosystem.
In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement (RTGS) system, used for large value transactions, will be made available round-the-clock in the next few days. 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.
Only Rs 3,000 cr has been disbursed. Over 80% of these transfers were for cooking gas subsidy.
...but are we chasing yesterday's dreams, asks Ajit Balakrishnan.
The Reserve Bank of India (RBI) has told banks not to charge more than Rs 5 for any cash deposit made at a non-home branch (other than the one where the customer has the account). Some banks charge as much as Rs 110 for such cash deposits.
The Central Bureau of Investigation on Monday told a special court here that former ICICI Bank CEO and MD Chanda Kochhar misappropriated the lender's funds for personal use. The probe agency, represented by special public prosecutor A Limosin, made this argument while urging the special court to take cognizance of the chargesheet filed against Chanda Kochhar, her husband Deepak Kochhar and others in a case pertaining to cheating and irregularities in sanctioning of loans to Videocon Group firms. Chanda Kochhar was MD and CEO of ICICI Bank between May 2009 and January 2019 in which capacity she was entrusted with the Bank's funds, the CBI told court.
Unified Payments Interface launched to simplify mobile banking.
Better protection for depositors and investors was one of the chief considerations in Union Finance Minister Nirmala Sitharaman introducing, on Friday, the Banking Laws (Amendment) Bill, 2024, in the Lok Sabha to amend four pieces of legislation. This amendment is also to improve audit quality in public-sector banks (PSBs), offer consistency in reporting by banks to the Reserve Bank of India (RBI), and provide for an increase in the tenure of directors in cooperative banks.
Securities and Exchange Board of India will introduce T+2 rolling settlement cycle from April 1 to reduce risks in the capital market and protect investors' interest.
He will take oath on November 11, a day after incumbent Justice DY Chandrachud demits office on attaining the age of 65.
Retirement fund body EPFO recorded a net addition of 19.94 lakh members in July this year, the labour ministry said on Monday. Union Labour Minister Mansukh Mandaviya said at a press conference that 10.52 lakh new or first-time workers subscribed to social security schemes run by Employees' Provident Fund Organisation (EPFO). The minister said almost 20 lakh net new members addition (19.94 lakh) was recorded in July this year.
Reserve Bank of India governor Shaktikanta Das on Monday said payments through UPI (unified payment interface) have grown exponentially in the past 12 months with daily transactions crossing 36 crore, which is up 50 per cent from 24 crore in February 2022. In value terms, these transactions are worth Rs 6.27 lakh crore, registering a growth of 17 per cent from Rs 5.36 lakh crore in February 2022, the governor told reporters while launching the Digital Payments Awareness Week at the RBI headquarters in Mumbai this afternoon. He also said the overall monthly digital payment transactions crossed over Rs 1,000-crore-mark each month during the past three months.
The Centre on Sunday said there are no plans to levy charges for making payments through Unified Payments Interface (UPI) while saying the service is a "digital public good with immense convenience". The ministry of finance said the concerns of service providers for cost recovery have to be met through other means. "UPI is a digital public good with immense convenience for the public & productivity gains for the economy.
Chief Justice of India DY Chandrachud has set in motion the process of appointment of his successor by recommending to the Centre the name of senior-most Supreme Court judge Justice Sanjiv Khanna.
RTGS is used to transfer large sums, the minimum amount being Rs 2 lakh. This mode is used primarily to facilitate trade and market transactions. The primary beneficiary would be the capital markets.
The swindled amount is nearly half of WazirX's total assets.
'We feel EMI holidays should pick up now.' How travel companies are trying to win customers after demonetisation.
Will work full day on other Saturdays; bank branches to be shut on 2nd, 4th Saturday from next month
Priyadarshini Maji evaluates the impact that payment banks are likely to have on your financial life.
From liquidity, monetary policy operations to financial inclusion, know about RBI monetary policy
The message is clear: The 60-year-old wise uncles need to handhold the 40-year-old entrepreneurs when, obsessed with ambition and greed for growth, they become a victim of hubris, points out Tamal Bandyopadhyay.
EPFO has a subscriber base of around 6 crore (Rs 60 million).
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