RBI has suggested that inward real time gross settlement, National Electronic Fund Transfer and electronic clearing service should be offered free. For outward transactions using RTGS in the range of Rs 100,000- 500,000, banks may levy charges not more then Rs 25 per transaction and Rs 50 for transactions above Rs 500,000.
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.
Market regulator asks bankers to use real time gross settlement system for IPOs.
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.
For those who find the online facility difficult, there is an electronic tutorial, and staff to assist you.
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.
Normally, the RBI is closed for public transactions every July 1 because of its annual closing of accounts.
HDFC Bank on Tuesday launched an online remittance facility for NRIs in the US, UK and Singapore.
Real time gross settlement has turned out to be a bane for banks as they are losing interest in remittances business and their golden goose -- float money -- is being killed.
'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.
Roy, who in compliance with the last order appeared before the court, was told by the apex court that he has to frequently make the payment as per the roadmap approved by the court or face further imprisonment.
The unions are opposing the government's move to take away the public debt management from the Reserve Bank and curtail its powers on the monetary policy.
One person was killed in a landslide caused by heavy rains in Vijayawada city but no other casualties have been reported from elsewhere so far, according to sources in the State Disaster Management Authority.
Watal panel had suggested an independent payments regulator be set up.
The financial fraud, one of the biggest in the state as per records, was being investigated by the different departments of Himachal Pradesh for the past over four years.
The government has also announced a slew of measures to ease cash flow for the rural sector.
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
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.
Official sources say that the finance ministry is aware of the possible spike in smuggling activity and has already asked intelligence agencies to tighten their vigilance and come down on the unofficial entry of gold into India.
SBI to e-auction over 300 properties on March 14.
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.
Fund transfer through Facebook is meant for tech-savvy customers.
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.
Over 4 mn bank accounts could be dormant, suspects tax department.
RBI data on Dec 2014 showed 1.05 million PoS machines in the country.
'We feel EMI holidays should pick up now.' How travel companies are trying to win customers after demonetisation.
The concept of gold as an asset capable of getting anytime money is evaporating.
The Unified Payment Interface could propel banking into a new era
Innovative methods like transfer of funds through the RTGS banking system and concealment of currency wads inside car bonnets were detected by Election Commission as it took steps to curb the use of black money during the just-concluded Lok Sabha polls.
While brick-and-mortar retailers have been the most vocal in their protests, e-tailers do not seem to be in a hurry.
Some private banks offer easier platform to transfer money abroad, like ICICI's Money2World.
Authorities on Saturday continued to dig up currency to the tune of lakhs of rupees, including in new notes, across the country.
The amounts were transferred from HDFC Bank to BoB.
An FIR has been registered against Shivraj and his parents for allegedly duping a Mumbai businessman and his wife of Rs 13 crore (Rs 130 million) while he was out on bail.
India Post may be keen to apply for payment bank licence.
The cap of Rs 10,000 on daily withdrawal has also been removed.
