Reports from Ludhiana, Coimbatore, Moradabad, Tirupur, Indore, Surat, Delhi, Mumbai, Kolkata, Chennai and Hyderabad, suggest the impact of demonetisation is worsening.
IBA has commissioned a study to evaluate the pros and cons of keeping banks shut on Saturdays.
Bandhan Bank is the first bank to be launched in eastern India post Independence.
The RBI was not party to the decision to demonetize 500 and 1,000-rupee notes, which was taken at the highest level of India's political leadership.
Most adult Indians should have access to bank deposits, credit and remittance facilities as well as insurance and mutual fund products in the next decade, and technology will play a big role in this transformation, says Tamal Bandyopadhyay.
The State Bank of India plans to integrate many of the bank's functions with that of its seven subsidiaries, including treasury operation, ATMs and technology, in the near future for greater synergy and growth.\n\n\n\n
MasterCard International is likely to offer a stake to State Bank of India, which generates a quantum business for the global credit card major in the country.
Debit card use at POS terminals increasing at rapid clip, transactions at ATMs declining
Yes Bank users can now make over Rs 2 lakh payments towards loans, credit cards via other bank accounts.
The idea of the payment banks is to provide access to banking for people, especially in rural areas.
'The credibility of the messenger here is highly suspect. This is something which the global community is aware of'
'Sometimes we succeed, sometimes we don't.' 'But you can use the RTI to improve the future.'
On a daily basis, an average cash logistics company transports Rs 5,000-8,000 crore worth of cash nationwide.
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
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.
Six Indian women have made it to Asia's most powerful women list released by Forbes.
The decision in this regard, however, is expected to be taken by the new government.
Rajya Sabha was informed that both RBI and banks have enough cash
The humble Rs 100 bill had several takers on an otherwise normal weekday evening across the country on Tuesday night, even as police had to be deployed outside ATMs to control the crowd waiting eagerly to get their hands on the banknote.
As the 50-day deadline for completion of demonetisation process draws near, there is a growing consensus among bankers that the restrictions on withdrawal would have to continue even in the New Year so as to maintain orderly working at the banks.
Fraudulent emails exhorting people to deposit cash for reward are on the rise.
"You can download mobile applications provided by banks on your phones and I want to urge political leaders, teachers, youth to give training to people on mobile banking," Modi said.
The bank's response came to a clarification sought by stock exchange on recent reports on debit cards blocking in the wake of suspected data breach
"The e-donations can be made from any of SBI ATMs across the country. Money can be easily transferred from any account to the Mata Vaishnodevi account," Chief Manager, SBI, Chand Tickoo said.
The Kolkata-based firm already has a presence in 22 states with over 2,000 branches and 5.9 million borrowers.
The home ministry has deputed three top officials to be in touch with state governments to ensure security of banks, ATMs and cash transporting vehicles.
Godhra is one of the 14 seats which the AIMIM is contesting in the next month's elections to the 182-member Gujarat assembly.
Adequate currency in circulation, temporary shortage to be tackled quickly, says FM
SBI introduced this products three months after the Reserve Bank issued guidelines allowing minors over 10 years to operate bank savings accounts independently and use facilities such as automated teller machines and cheque books.
As on June 16, currency in circulation was Rs 15.29 lakh cr, or 86.2% of pre-note ban level
'With 27 days to go, the total bank deposits has come tantalisingly close to the Rs 14 lakh crores of banned notes which was in the financial system on November 8.' 'Black money hoarders may have actually laundered their black money into white,' argues Rajeev Sharma.
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.
The problem is set to grow following issuance of 75 million new RuPay cards in the next six months with the launch of the Jan Dhan Yojana.
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.
The move was taken to ensure smooth traffic flow and mitigate currency hardships.
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.
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.
I kept insisting that Rs 100 notes were in short supply and there was an urgent need to augment the supply of 100 rupee notes while also rapidly bringing into circulation the proposed new Rs 500 notes. But this was easier said than done because all the note printing machines of the RBI were programmed for printing Rs 2,000 notes and required at least three weeks before the machines could print the new Rs 500 currency notes. The availability of currency paper posed another major bottleneck, and it had to be imported. It was decided to immediately start printing the Rs 500 notes. It was only when the supply of the new Rs 500 notes started improving and the process of change of cassettes at the ATMs gathered momentum that the situation began limping back to normal. A fascinating excerpt from former SBI chairman Rajnish Kumar's The Custodian of Trust: A Banker's Memoir, five years after demonetisation, November 8.
Contactless card transactions can be up to three times faster than cash payments
Contactless card transactions can be up to three times faster than cash payments
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