'We went from zero to about 10 million users in three months. Paytm came out with the wallet play and we came out with the UPI play.'
PNB officials entered into a criminal conspiracy with 19 accused companies, the FIR alleges.
The country's largest bank, which has about 25 per cent market share, has also decided to do away with the charges on fund transfer through mobile phones using the IMPS from August 1.
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.
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.
Total scam in collusion with middlemen is estimated at over Rs 700 crore. Probe is on in 10 more cases.
RBI wants periodic revision of the pensions for its retired employees.
Despite the demonetisation of 2016 and the rise in digital transactions that followed, the economy's dependence on cash has remained as high as ever. So when the Reserve Bank of India (RBI) introduced a pilot project of its version of digital cash - called the central bank digital currency (CBDC) - on December 1, many questions were asked. Can the CBDC replace physical cash, even partially? Can it match cash in terms of convenience? Are CBDC transactions truly anonymous?
CBI and Enforcement Directorate are probing the huge remittances to Hong Kong from the bank.
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
The rising COVID-19 infections across the country are a matter of concern, but it may not impact the ongoing economic revival as one does not foresee lockdowns, Reserve Bank Governor Shaktikanta Das said on Thursday. The economic revival will continue "unabated", Das said, asserting that there is no need for a downward revision of RBI's 10.5 per cent GDP growth forecast for FY22. Speaking at Times Network's India Economic Conclave, Das said, "We have 'insurance' to protect economic revival like a fast-paced vaccination drive, greater ability among people to follow COVID protocols", and one does not see lockdowns as well.
Some private banks offer easier platform to transfer money abroad, like ICICI's Money2World.
The crackdown on black money has manifested itself in a doubling in outward remittances as black money attempts to leave India.
Unified Payments Interface launched to simplify mobile banking.
A senior finance ministry source said making the use of debit cards and e-wallets compulsory across the board is legally untenable, but banks have been asked to insist their account holders use these instruments
Yes Bank users can now make over Rs 2 lakh payments towards loans, credit cards via other bank accounts.
The amounts were transferred from HDFC Bank to BoB.
The Supreme Court-appointed Special Investigations Team on black money has also proposed that holding more than Rs 15 lakh in cash be made illegal for individuals and for companies, report Tinesh Bhasin and Sanjay Kumar Singh.
'If you want it to grow well and serve the true needs of the economy, it needs a lot of freedom and flexibility, which comes in terms of the reform objective set by the regulator.'
The banks used for the fraud include ING Vysya Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, Dhanlaxmi Bank, YES Bank and DCB Bank.
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.
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.
Watal panel had suggested an independent payments regulator be set up.
The cap of Rs 10,000 on daily withdrawal has also been removed.
He endorsed transparency and financial stability in addition to issues related to inclusive growth and development, write Puran Singh and Nupur Pavan Bang.
To a lay observer, therefore, India today presents two conflicting realities.
Britain's Cairn Energy has secured a French court order to seize 20 Indian govt properties to recover arbitration award, it is learnt.
'India cannot allow Beijing's policy of stabilising and destabilising the border at will to perpetuate its own ends.' A riveting excerpt from Manish Tiwari's 10 Flashpoints; 20 Years National Security Situations That Impacted India.
With real estate valuations falling and other deals coming unstuck, the current management's improved target faces significant challenges.
But it is disappointing to note that Sitharaman's third Union Budget continues to promote a few problematic ideas, observes A K Bhattacharya.
'We are very watchful about inflation and growth. But the main challenge is economic revival and growth.'
'The 5.7% growth in the April-June period is an aberration because of GST.' 'Business activity in the last 15 days of the quarter was minimal or zero.'
'The slide in growth has arisen primarily because we have an NBFC crisis on top of a banking crisis,' points out T T Ram Mohan.
'Rightly or wrongly, 1962 got ascribed to Krishna Menon and him alone. That's unfair.' 'Certainly, he was one of the guilty men, but he was not the only guilty man. Mistakes were made all around.'
Is the curated and limited data put out by the central government sufficient enough to pass a judgement on the trend in GST collections, particularly that of the Centre?
The fact that the US recovery needs an elaborate defence suggests that things are far from certain.
India's credit and banking are neither too big nor too small.
Finance minister tries to put house in order before reforms are unveiled in February.
In fact, since 2013, China has become the largest market for robots.
The government has provided a long-term vision.
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