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.
Priyadarshini Maji evaluates the impact that payment banks are likely to have on your financial life.
The career bureaucrat-turned-central banker walked into the 19th floor corner room of the Reserve Bank on December 12, 2018. Since February 2019, the Das-led RBI has cut the repo rate by a whopping 135 basis points to support the sagging growth, including an unprecedented 35 bps reduction in August. As he completes one year at the helm, woes in the NBFC sector, overall health of the banking sector and steeply falling economic growth are among the major challenges that needs to be tackled sooner than later.
RBI data on Dec 2014 showed 1.05 million PoS machines in the country.
Inoperative accounts are those accounts where contributions are not made for more than 36 months. The Employees Provident Fund Organisation has stopped crediting interest in these inoperative accounts.
'We feel EMI holidays should pick up now.' How travel companies are trying to win customers after demonetisation.
In January, the Employees' Provident Fund Organisation had asked the field staff to ensure the collection of data in respect of member joining on or after March 1, on a monthly basis and in respect of existing members by June 30, 2013.
'There has been a marked increase in four types of cases.' 'One is fraud related to online deliveries, online shopping and online groceries and liquor.' 'Second fake news, third hate speech and fourth sextortion.'
Other private banks also planning to employ bots soon
The Unified Payment Interface could propel banking into a new era
Some private banks offer easier platform to transfer money abroad, like ICICI's Money2World.
Assuming that demonetisation had not happened, the value of notes in circulation this year could have increased to Rs 19.3 lakh crore. But what we have, instead, by the end of August is a 20 per cent lower figure for currency notes in circulation, says A K Bhattacharya.
Digital services work best when the seller designs a system where default options are designed to help the buyer, says Debashis Basu.
The interface allows you to add multiple banks and transfer money, even between payment wallets, for a fraction of existing costs
It is suggested that you get your SIM locked with which the wallet account is mapped.
If you are have an account with State Bank of India, HDFC Bank or Axis Bank you will have to pay higher charges for using ATM more than five times a month.
The cap of Rs 10,000 on daily withdrawal has also been removed.
India Post may be keen to apply for payment bank licence.
Tamal Bandyopadhyay details HDFC Bank's digital journey.
The banking, financial services and insurance sector was the most targeted by scamsters, says Indeevar Krishna, head, operations and customer service, Max Life Insurance
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.
A mobile wallet may offer discounts but allows transactions of limited amounts. And, while a bank app or internet account allows larger transactions, it might be less convenient
Readers tell us how they are managing without cash since November 8.
In an online chat with readers, Investment Advisor Harsh Roongta answered their queries on the ban on Rs 500 and Rs 1000 notes.
Money saved is money earned, and cutting down your expenses could well be the single-most important step towards an organised financial life. Naval Goel shows you how to keep your finances organised.
Rejecting the Election Commission's suggestions on transparency and accountability in poll funding, the Congress party has expressed its inability to issue receipts to all persons or companies making donations to it for elections as it "neither practical nor possible".
Watal panel had suggested an independent payments regulator be set up.
According to the Reserve Bank of India's data, cash still accounts for 90 per cent of all monetary transactions in India.
Lawyer turned entrepreneur Parama Ghosh shares her story.
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