The 16-digit randomly generated number by the Aadhaar system was supposed to be introduced by the UIDAI on March 1 and mandatorily deployed by companies using Aadhaar by June 1.
Dealers with turnover of Rs 2 crore and above covered; industry says threshold too low
Axis Bank dismisses 24 staffers, suspends 50 accounts after I-T raids
India's huge digital prowess and potential will play a huge role in enabling digital lending, says Romita Majumdar.
Many people struggle to claim or liquidate investments and insurance policies due to procedural issues.
Your nearest grocery shop might soon become a one-stop shop for depositing and withdrawing money.
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Financial Technologies (India), has made a loan of Rs 225 crore to NSEL.
Every customer, on opening a Payments Bank account, will get a cashback of Rs 250 as soon they bring deposits of Rs 25,000 in their bank account. The account will have zero balance requirement and every online transaction (such as IMPS, NEFT, RTGS) will be free of charge.
'The NIA has shared with states concerned a list of 125 suspected activists who have close links with the JMB leadership'
Priyadarshini Maji evaluates the impact that payment banks are likely to have on your financial life.
The Unique Identification Authority of India (UIDAI) has enabled a feature that would allow anyone with an Aadhaar number to open a bank account, without any paperwork.
The protocol aims to "democratise" lending, reduce costs of credit, and ensure accessibility of credit to small companies and street vendors, according to Nandan Nilekani.
The majority have stayed away from getting into cash handling.
The three state-owned fuel retailers have been "directed to stop supplies of LPG refills to households having multiple- connections for which no KYC (Know Your Customer) details have been received, with effect from June 1," a statement issued by Indian Oil Corporation, the nation's largest oil firm, said.
It has also issued cautionary letters to seven other banks.
A government report revealed that fake companies floated with fake addresses, issued fake GST invoices and generated fake e-way bills, with fake vehicle registration details without supplying any goods causing huge loss to the exchequer.
The Supreme Court on Friday dismissed a plea seeking stay on further sale of electoral bonds ahead of assembly elections.
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The penalty was levied in connection with deficiencies and lapses in the operation and maintenance of the currency chest at the Secunderabad branch of SBI, it said. Last month, the RBI had imposed a penalty of Rs 3 crore (Rs 30 million) on SBI for violating know your customer/anti-money laundering norms.
If the nominations are not in place, the heirs need to go through a lengthy process to get access to the money cautions Bindisha Sarang.
Inflation target remains 5% for January 2017.
Reserve Bank of India lens on mutual fund, insurance, gold coin sale by branch's non-sales staff
Soon, one will be able to pay utility bills at the local supermarket, while buying groceries, with the RBI allowing the setting up of payment banks.
The online world is driven by convenience, simplicity and speed.
Their return on assets and fee income could be hit as the Reserve Bank might tighten other norms.
There is some hope for these companies, with Finance Minister Arun Jaitley saying there was a need for legislative backing for private companies that were using Aadhaar. Adding that a careful reading of the judgment is required, Jaitley said this could be "temporary".
While a wallet is convenient, payments bank offers interest on deposits and ATM facility.
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.
State-owned Indian Bank on Thursday said it has suspended an official who is accused of wrong doings by an online portal in an expose.
The Sebi, which has been mandated by the Supreme Court to facilitate refund of Rs 24,000 crore (Rs 240 billion) with 15 per cent annual interest to bondholders of two Sahara group firms after ascertaining their genuineness.
The cards should be issued strictly for use in India and transactions settled in Indian rupee.
A comprehensive look at one of the most-preferred tax-saving investment option for the salaried class
Ankit Mehra, founder and CEO, GyanDhan, an education financing marketplace, tells you how to apply for an education loan in the pandemic.
'Allocate some parts of one's surplus income towards cryptocurrencies, considering the immense growth potential of this emerging asset class.'
The Home Ministry said that 'Aadhaar' is strong on ensuring unique identity, 'however, uniqueness of identity is not a necessary condition to ensure authenticity of identity or genuineness of other entries or records of Aadhaar number', sources said.
The government has also announced a slew of measures to ease cash flow for the rural sector.
The Employees' Provident Fund Organisation and the Labour Ministry are in touch with the Prime Minister's Office for the purpose, a senior official said.
Niranjan Upadhye, general manager, fraud risk management, Worldline India, tells you how to quickly spot a scam and save yourself from grief.
Railway passengers can book their tickets and do shopping using RuPay pre-paid debit cards.
'Lifestyle, peer pressure, lure of extra pocket money and many other factors are responsible why youth are taking drugs.'
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.
