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.
As on June 16, currency in circulation was Rs 15.29 lakh cr, or 86.2% of pre-note ban level
There is enough cash available with banks and all arrangements have been made to reach the currency notes all over the country, RBI said.
During a three-hour long virtual meeting with CEOs of large public and private sector banks along with heads of NBFCs, the prime minister assured them that the government is ready to take all steps to support the financial sector.
Bengaluru resident Krishnan H tells us about a State Bank of India ATM counter where most of the machines are dysfunctional.
The comments come about a week after PSU bank employee unions went to a four-day relay strike to press for early revision of wages.
'One by one we are seeing these private banks taking people's money and mismanaging it.' 'In the last 30 years, 30 private banks have collapsed.' 'Nationalise all banks so that people's money is safe.'
ICICI Bank's new offer is for those with savings in fixed deposits but no immediate liquidity
Do you save more money if you use bank portals for online shopping?
Going by the strict criteria set, only Maharashtra, Tamil Nadu, Gujarat, Karnataka, Uttar Pradesh, Andhra Pradesh, Madhya Pradesh, and Haryana qualify for such extra borrowing, as of now.
Few right moves and you can improve your credit score real fast
'We can't have the best of both worlds -- large, efficient, world class government-owned banks, doing social banking and making profits. 'Why not set them free from the shackles of such obligations and run them as business units?' says Tamal Bandyopadhyay.
SBI's Bhattacharya is ranked second on the list, while ICICI's Kochhar is 5th and Axis's Sharma is 19th in the Fortune list
Government's financial inclusion mission is well intentioned, but it may be putting a severe strain on the banking sector.
At ATMs, as a step to avoid getting Rs 2,000 notes, people are withdrawing Rs 1,900 in Rs 100 notes and then putting another request for the balance Rs 600, so that they remain within the limit of Rs 2,500 per day of withdrawal.
The state-owned carrier Indian has finally made its way into the e-ticketing club.
It is ranked 7th on the list of world's top-10 consumer finance firms
Your nearest grocery shop might soon become a one-stop shop for depositing and withdrawing money.
The new regulations leave registration capital requirements for wholly foreign-owned banks unchanged
There is a dearth of talent in the Indian banking industry. A testimony to this is the two new CEOs in the private sector -- Sandeep Bakhshi in ICICI Bank Ltd and Amitabh Chaudhry in AXIS Bank Ltd -- have come from the insurance sector, says Tamal Bandyopadhyay.
Air India had last year faced about two-month-long strike by its pilots.
Delivering a public speech hours after the RBI launched a rescue act for Yes Bank on March 6, Governor Shaktikanta Das reiterated the RBI's affirmation to do whatever was needed to combat the coronavirus impact. On that day, India had only one confirmed COVID-19 infection, the World Health Organisation was five days off from declaring it as a pandemic and the financially debilitating lockdowns were not even on the horizon. Das' promise on efforts to mitigate COVID-19 impact appeared as a footnote in news reports from the event.
After the recent attack on debit cards exposed the gaps in their security systems, banks are getting serious about data privacy.
Customers using e-commerce websites are young and techno-savvy.
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Banking as we know it will stand on its head in the next 10 years.
Top ten banks of the world includes 4 from the USA, 4 from China and one each from the UK and Australia
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
The Arun Jaitley-led finance ministry reiterated banks should act tough on wilful defaulters.
Rediff.com's A Ganesh Nadar takes a tour of banks in a Chennai suburb and finds that nothing has changed in one month since demonetisation.
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SBI will hold 30 per cent in RIL joint venture
He said it may take up to 3 weeks for all the 2 lakh cash vending ATMs to operate normally as each one has to be calibrated individually to dispense new sized notes of Rs 2000 and Rs 500 besides lower denomination currency of Rs 100.
Shine Jacob & Karan Choudhury highlight the red flags raised by the Controller General of Accounts.
Did the transaction fail? Did you receive your money on time?
But how do they compare with their competitors? Ashish Narsale has the answer.
Even as RBI allowed banks to charge ATM transactions beyond five in metros, the lenders are yet to restrict the number of free withdrawals for their own customers at home ATMs.
Rediff readers share their Cash Crisis experiences.
Success eluded them on the European and the PGA Tour but Indian golfers enjoyed a decent run in Asia, with rising talents Rashid Khan and Anirban Lahiri sharing four titles between them even as some seasoned veterans struggled in a mixed year for the sport.
Private sector banks are way behind their PSU peers when it comes to opening financial inclusion accounts under the Prime Minister's Jan Dhan Yojana
BoB's offer of a lower home loan rate to customers with credit scores of 760 and above makes it incumbent on everyone to pay heed to this all-important number.
Bankers have hailed the Prime Minister's call to end "financial untouchability" and opened millions of accounts on the inaugural day itself.
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