Yes Bank was the top loser in the Sensex pack, crashing 8.36 per cent, followed by NTPC, M&M, Vedanta, Sun Pharma and TCS, which lost up to 4.81 per cent lower.
Digital lending apps extend small amounts at exorbitant rates. Payment delays invite messages to customer or close family members, often with sensitive information such as Aadhaar and PAN Card scans.
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.
CBI and Enforcement Directorate are probing the huge remittances to Hong Kong from the bank.
The move to allow payments through digital wallets could give a fillip to distribution and reach for these investment vehicles, say experts.
The EPFO launched one-page simplified forms for withdrawal.
Priya Nair finds out how investors of mutual funds, shares, unclaimed bank deposits, insurance policies can redeem long-forgotten investments.
Documents such as PAN card, Aadhaar card, I-T return papers, which are used for KYC, can get leaked from a number of sources. Other prominent sources are the direct sales agents and photocopy shops, say Sanjay Kumar Singh.
Each financial product is governed by a different regulator and the rules for gifting vary, points out Tinesh Bhasin.
In the next few days, use credit/debit cards wherever possible or download your bank's mobile banking app or a mobile wallet.
They can be used as collateral for loans and can be sold or traded on stock exchanges
With even kiranas now entitled to perform a few banking functions, telcos can be allowed to transfer funds - customers trust them enough to pay crores of rupees in pre-paid revenues.
'No government will forego the usage of data of this order and nor will any private concern.' 'Unless, of course, there are strong safeguards to privacy.' 'Which is why that nine-member Supreme Court bench could make or mar everybody's future,' says Devangshu Datta.
Govt looking for common ground on GST; hopes to pass it soon.
Leaving behind the luxe life and dapper suits of foreign banks, Puri and his team at the upstart venture shared fizz drinks, wore a footwear brand popular among the middle class, shared a rat-infested space in a yet-to-be gentrified work space to plan and execute it.
Some private banks offer easier platform to transfer money abroad, like ICICI's Money2World.
Here are the answers to six most relevant questions you MUST know about the New Pension Scheme.
Experts say the new security features will significantly ensure there is no 'large-scale theft of people's identity'.
Go cashless. Go clean, say I=T to people.
New software will ensure that anyone with more than one election ID has to surrender the other cards.
The coronavirus pandemic has changed how businesses look at payments. Earlier, fintech companies said when they were talking to merchants, they were not interested in digitisation.
While your insurer will help you open an e-insurance account at the time of buying a policy, existing policyholders must do so themselves
'He was asked to do the KYC again because the earlier exercise would not do as they were 'computerising.' 'Getting the records transferred to the reluctant computer would take time and so he was advised to come a few weeks later.' 'My only prayer is that post offices will survive the modernisation process with at least some customer base intact,' says Subir Roy.
If borrowers don't have access to a bank's credit facility, it could make sense to use peer-to-peer systems.
Banking stocks led by SBI, ICICI Bank, Bank of Baroda, PNB, Kotak Bank, HDFC Bank, Axis Bank, Federal Bank and Yes Bank fell as much as 2.77 per cent.
Do not trust any incoming phone calls or mails that ask you to install any file or programme, warns Niranjan Upadhye, general manager-fraud risk management, Worldline India.
The trick is to know how long you are supposed to hold which document, observes Bindisha Sarang.
Even investors with sums as low as Rs 1,000 per month can start their investment journey.
Key questions remain about the operational and financial viability of a completely paperless bank such as India Post, says Mayank Jain.
With a common account number, you can use the MF Utilities platform to invest in any fund house's scheme.
FPIs would be classified into two categories instead of three, while the requirements for issuance and subscription of offshore derivative instruments would be rationalised.
The deadline for compliance expired in December, 2005. Though new accounts are KYC-compliant, getting the old ones up to date is expected to take two or three years.
The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.
The move comes at a time when the traditional software maintenance and support works, once the bread and butter for export-driven IT services business, are slowly drying up.
Insurance regulator IRDA has issued anti-money laundering guidelines that include strict adherence of KYC norms by insurance companies.
The government said that the massive amount of political donations were earlier made in cash by individuals or corporates using 'illicit means of funding'.
The interest offered is mostly 0.5 to 1 per cent more than what other banks offer. Moreover, customer service and long-term association spanning generations are also other reasons for the popularity.
"The amount collected from the sale of electoral bonds under the first issue of the scheme is Rs 222 crore as on March 9, 2018," Minister of State for Finance P Radhakrishnan said in a written reply in Lok Sabha.
With the new facility, settling PF withdrawal claims would just take few hours.
