Banks have started charging customers for payment of credit card bills through cheque and so paying online makes more sense.
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 ATMs are fully up now and customers can withdraw up to Rs 50,000 from Yes Bank as well as from other banks' ATMs.
The RBI has set up a panel to review ATM charges, and fees levied by banks.
FinMin's project will enable tax man to track electronic transactions like RTGS or NEFT.
116 doctors treating COVID patients in Bihar have succumbed to the disease. The family of only one doctor has received compensation.
In the past year, Harsh and Heena Mandavia risked their lives and provided 23,000 meals to the poor and needy during the lockdown. What made them do it?
The Reserve Bank of India (RBI) on Friday kept the key repo rate unchanged at 4 per cent in view of rising inflation and faint signs of economic growth amid the gradual lifting of coronavirus related countrywide lockdown.
Taxi booking, shopping and transfer of money will be easy.
If Sebi and RBI remain quiet about this brazenly illegal activity, will someone in the finance ministry or the NITI Aayog take a closer look, asks Debashis Basu.
Private sector lender ICICI Bank on Monday launched a facility which allows account-holders to transfer funds through Twitter.
Unlike the race to buy airwaves by telecom companies, airports by infrastructure companies and city gas networks by energy companies, the race to develop super apps by consumer-facing companies in India has not brushed up against any regulatory issues. Officials at the ministry of electronics and information technology and at other regulators are happy they do not have to meddle in who among the Tata group, Reliance Industries Ltd, Flipkart or Paytm will manage to build an app that sweeps in customers. Unlike separate apps a customer uses on her mobile to order groceries, buy food or airline tickets or just make payments, a super app can perform all these functions.
The country's largest lender State Bank of India has seen a perceptible increase in the number transactions happening at its multiple digital channels, with the percentage moving from 60 per cent in the pre-pandemic period to 67 per cent currently, chairman Dinesh Khara said. The rise in the number of digital transactions at the bank was largely driven by pick up in e-commerce during the pandemic-induced lockdown, which restricted movement, he said.
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.
With the lockdown being eased gradually, providing more and more digital solutions, for service delivery and procurement of new policies, is what the corporation is focussing on.
The RBI said the payment systems landscape will continue to change with further innovation and entry of more players which is expected to ensure optimal cost to the customers and freer access to multiple payment system options.
The idea is to keep the RBI's information technology (IT) infrastructure in top shape to run the payments and settlement system uninterrupted 24x7, and run the full gamut of RBI functions from the secured data centres, as nearly 14,000 RBI staffers, except the senior-most management, work from home.
From liquidity, monetary policy operations to financial inclusion, know about RBI monetary policy
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.
As unified payments interface gets popular, cash transactions will come down as most small payments will be routed through this.
'This fund will enable micro-donations as a result of which a large number of people will be able to contribute with smallest of denominations,' a statement said. People can visit www.pmindia.gov.in to make contributions using credit and debit cards, UPI, net banking and RTGS or NEFT, it said.
Transmeridian has been on the radar of ONGC Videsh Ltd (the overseas investment arm of ONGC) for sometime now.
Normally, the RBI is closed for public transactions every July 1 because of its annual closing of accounts.
Gail India Ltd said on Monday it will set up LPG plants in Uzbekistan as part of its globalisation drive.\n\n
Fund transfer through Facebook is meant for tech-savvy customers.
While players in the financial ecosystem are opening up to the idea of receivables funding for the sector, this market needs a regulator, which a Parliament panel feels only RBI can provide.
The dairy company has alleged that Google India and also goDaddy.com were misusing their platforms for earning revenues through advertisements on fake B2B campaigns that duped innocent individuals seeking Amul franchise across India.
Even investors with sums as low as Rs 1,000 per month can start their investment journey.
Insurers have eased the documentation process to file claims so that they can be settled faster
In 2015-16, more than 94 per cent of income tax returns were filed online and 4.14 crore returns were processed by the Central Processing Centre.
Will work full day on other Saturdays; bank branches to be shut on 2nd, 4th Saturday from next month
EPFO has a subscriber base of around 6 crore (Rs 60 million).
The bank can declare a withdrawal by you as illegal and deny any remedy in case a problem arises.
Banks have also been asked to keep records of all disbursals and drawers will have to submit a list person to whom payments will be made out of the funds
The repo rate, at which the central bank lends to the system, will come down to 5.75 per cent after the cut.
Cryptocurrency exchanges face issues with their current bank accounts.
SBI to e-auction over 300 properties on March 14.
In an otherwise agriculture- and public health-focused Union Budget 2018-19, artificial intelligence, machine learning, blockchain technology, internet of things -- jargons that found little or no mention in the previous Budgets -- managed to make their presence felt.
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.
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