Lifting of deposit withdrawal moratorium on March 18 could open flood gates and will require a calibrated approach along with active support and signaling from the RBI, government and investor banks.
Banking services across the country were hit on Wednesday by the day-long strike by 10 central trade unions and 14 bank unions, but workers of largest lender SBI and a few other banks stayed off the agitation.
Tamil Nadu-based Lakshmi Vilas Bank (LVB) with pre-independence lineage on Friday lost its identity after its merger with the Indian subsidiary of Singapore's DBS Bank. The debt-ridden 94-year old old bank's fate was sealed with Union Cabinet headed by Prime Minister Narendra Modi approving Scheme of Amalagamation on Wednesday.
Reports from Ludhiana, Coimbatore, Moradabad, Tirupur, Indore, Surat, Delhi, Mumbai, Kolkata, Chennai and Hyderabad, suggest the impact of demonetisation is worsening.
Banking operations including cheque clearance across the country got affected on Monday as bankers under the aegis of the United Forum of Bank Unions have gone on a nationwide strike to protest against the proposed privatisation of two state-owned lenders.
BoB now has over 9,500 branches, 13,400 ATMs, 85,000 employees to serve 12 crore customers.
The hoarding of cash accentuated from the very start of 2020, when the coronavirus pandemic started taking hold the world over, and fear of the pandemic prodded people to remain liquid for emergency use.
'Nobody will wait now. Everyone will come to deposit their old notes. The confidence is shaken.'
The Reserve Bank on Wednesday said the amalgamation of Lakshmi Vilas Bank with DBS Bank India will come into force from November 27 and the moratorium imposed on the crisis-ridden lender will be removed on that day. The RBI issued the statement within hours of the Cabinet clearing the Scheme of Amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL).
Receiving Ganga water by post could be a reality soon as the government endeavours to tap the e-commerce platform to bring the holy water at the doorsteps.
As on June 16, currency in circulation was Rs 15.29 lakh cr, or 86.2% of pre-note ban level
To stop repeat money exchangers thronging banks with invalid currency notes, banks have started applying indelible ink mark on the right hand index finger of customers in the select metro cities.
Six Indian women have made it to Asia's most powerful women list released by Forbes.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
Currently the currency in stock is about Rs 2 lakh crore and the reserves are adequate to meet any unusual spurt in demand
The Supreme Court on Friday dubbed as a "serious issue" the long queues outside banks and post offices and expressed its reservation on the Centre's plea seeking a direction that no other court in the country should entertain petitions challenging the November 8 notification demonetising Rs 1,000 and Rs 500 currency notes.
GST will now apply to mutual funds, loan instalments and credit card dues.
'Today may be the last day for depositing old notes, but tomorrow all the worries of the banks will not go away.' 'As long as there is cash shortage, banks will not be able to function normally.' 'Nobody knows when the shortage will be over.'
In the same quarter a year before, most of them had reported a dismal performance.
Sensex plunges 322.39 points to over 1-month closing low of 27,797.01; Nifty tumbles 97.55 points to 8,340.70.
After the recent attack on debit cards exposed the gaps in their security systems, banks are getting serious about data privacy.
In refusing to accept its failure, the government has sowed the seeds of further damage: by keeping India short of cash; reducing the headroom for responses to seasonal spikes in cash demand; and increasing the chances that groups will panic at temporary cash shortages, says Mihir Sharma.
Ruling out a cut in lending rates, bankers said the status quo policy stance of the Reserve Bank will be followed by them, at least in the near-term.
The branch is likely to be inaugurated on Saturday by Prime Minister Narendra Modi, who is on a three-day visit to China
If you use customised cards that suit your lifestyle needs, you could also end up availing of a variety of deals, rewards, and discounts.
The preference for digital banking now cuts across all customer segments.
Rediff readers share their Cash Crisis experiences.
The second fortnight of September saw Rs 3 lakh crore of time deposits, something unique, followed by liquidation of Rs 1.2 lakh crpre of these right after.
The Central Bureau of Investigation has arrested an Reserve Bank of India official and a JDS leader K C Veerendra, who is also a casino owner, in connection with separate cases relating to alleged illegal conversion of currency post-demonetisation.
25,600 cases of banking fraud totalling Rs 1.79 billion were reported up to December 2017. 'There is an inherent legacy when it comes to insuring crime.' 'Generally, most banks are uncomfortable in sharing data about employee fraud.'
Taxi booking, shopping and transfer of money will be easy.
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
As of June, the gross NPA of nationalised banks was 3.89 per cent and State Bank Group at 5.50 per cent.
Some banks might charge you a nominal amount of Rs 100-150 for issuing the card.
Finance Minister Arun Jaitley witll spearhead the campaign with BJP President Amit Shah as its chief strategist.
Launching a scathing attack on Prime Minister Narendra Modi, Opposition parties on Wednesday alleged that selective leak of information on demonetisation of 500 and 1000 rupee notes to 'friends of BJP' and demanded making public the names of those who had bought gold and foreign exchange of over Rs 1 crore since April.
'There are a lot of positive things these reforms are bringing about and it is only a matter of some quarters before the growth rate picks up momentum.' 'Until then we need to be a little bit patient.'
The fund industry may have embraced machines and robots, but managing money still needs the human touch
'We have the political will to take this to the very end.' 'But what eventually happens depends on the effectiveness, honesty and missionary zeal of the officialdom in the frontline of the battle against corruption,' says S Muralidharan.
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