As many as 140 million customers of HDFC Bank and Axis Bank are expected to face interruption in banking services in the weekend due to the former's system upgrade and the transition of Citi India business to the latter. Both the banks have notified their customers about the interruption in services. HDFC Bank - the country's largest private sector lender with 93.2 million customers - had announced that it will undertake a system upgrade on July 13, wherein it will migrate its core banking system (CBS) to a new engineered platform to enhance customer experience.
The firm chooses UP for payments bank launch in February. Karan Choudhury reports.
Group term insurance is far more cost-effective than an individual cover.
The liquidity will move into deficit after advance tax payments and GST outflows. It will rebound in October because of government spending.
File a written complaint with the bank's grievance redressal officer and secure an acknowledgement.
An hour-long disruption could affect around 40 million UPI transactions.
India and the UK on Thursday inked a landmark free trade agreement (FTA) that will cut tariffs on British whisky, cars and an array of items, besides boosting bilateral trade by around $34 billion annually.
The private corporate sector showed improvements across various segments in the third quarter of the current financial year (Q3FY25), with the operating profit margin of listed non-financial companies increasing sequentially by 50 basis points (bps) to 16.2 per cent, according to the Reserve Bank of India (RBI) data released on Monday. Sales of listed private non-financial companies increased by 8.0 per cent during Q3FY25, compared to 5.5 per cent in the corresponding quarter a year ago. It was, however, 5.4 per cent in Q2FY25.
Fintech firm One97 Communications, which owns the Paytm brand, has received support from merchants, and it assured them of continuity of services without any disruption, the company said in a blog on Sunday. The blog post came amid the recent crisis around Paytm Payments Bank Limited (PPBL), an associate company of Paytm, which has been barred by the RBI from accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29.
'They are positioned as defensive products and can potentially give marginally higher returns than liquid funds.'
The Congress party in India has accused the government of "impropriety" in the sudden termination of KV Subramanian's position as India's executive director at the IMF, alleging it was linked to the Union Bank of India's purchase of two lakh copies of his book. The party also questioned the government's stance on Pakistan's request for a loan from the IMF.
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
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'Illegal gambling operators are systematically exploiting India's advertising and payment infrastructure, siphoning off crores of rupees from outside the country.'
Startup founders need to sit up and think about how not to take stardom for granted and how not to disappoint their fans who have stood in long queues for those precious selfies with popular entrepreneurs, notes Nivedita Mookerji.
'The only solution is for the government to allow us to charge a low controlled MDR of 25 bps on UPI P2M transactions only for merchants with more than a Rs 40 lakh turnover.'
rediffGURU T S Khurana answers readers' personal income tax queries.
'The introduction of a reasonable MDR for large merchant transactions will allow the industry to continue investing in innovation, cybersecurity, grievance redressal, and merchant support, ultimately ensuring that UPI continues to thrive.'
Reserve Bank Governor Raghuram Rajan on Friday said banking sector will see major changes in the coming years.
Ask rediffGURU and PF, MF and insurance expert Purshotam Lal your mutual fund, insurance and personal finance-related questions.
The niche banks - small finance and payments banks -have been set up to further the regulator's objective of deepening financial inclusion.
UPI topped Rs 24 trillion in value of transactions and 19 billion in volume for the first time after becoming operational in April 2016.
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
Mastercard is keen on being known not as a payments player but a technology company.
Fintech firm One97 Communications, which owns the Paytm brand, on Wednesday said its loss in the fourth quarter of the financial year 2023-24 has widened to Rs 550 crore following the ban imposed by the RBI on transactions related to its payments bank. The company had posted a loss of Rs 167.5 crore in the same period a year ago, the company said in a regulatory filing. "Our fourth quarter FY24 results were impacted by temporary disruption on account of UPI transition etc. and permanent disruption because of the PPBL embargo.
Fintech firm One97 Communications, which owns Paytm brand, on Friday said its loss has widened to Rs 840 crore in the quarter ended June 30, primarily due to continued impact of restrictions on Paytm Payments Bank Ltd. The company had posted a loss of Rs 358.4 crore in the same period a year ago, according to a regulatory filing by the company. The consolidated revenue of Paytm declined 33.48 per cent to Rs 1,639.1 crore during the reported quarter, from Rs 2,464.2 crore in the same period a year ago.
Public-sector banks, which are the largest employers in the banking space, have seen a drop in clerical staff over the years.
The government's stake in Vodafone Idea will more than double to 48.99 per cent as it is set to acquire shares worth Rs 36,950 crore in lieu of outstanding spectrum auction dues, the company said in a regulatory filing on Sunday.
The Reserve Bank of India (RBI) on Thursday paved the way for niche banking by issuing draft guidelines for setting up payment banks and small banks.
The Chhattisgarh government has decided to set up model fair-price shops (FPS) in each district and encourage owners to act as banking correspondents for providing financial services. The state has around 12,300 fair-price shops across 33 districts. The state government is, however, encouraging FPS owners to provide a host of services besides acting as a banking correspondent.
The Reserve Bank of India's (RBI's) draft guidelines on gold loans, if implemented in their current form, are expected to impact non-banking financial companies (NBFCs) and mid-tier banks in the near term, more significantly than larger banks, according to analysts.
Almost all banks that issue contactless cards provide users with a 100 per cent liability cover.
'Most tax notices arise not from wrongdoing, but from unintentional mismatch or ignorance.'
'40 percent of voters in Bihar will be excluded.'
'If you are not prudent, you may exceed your budget, and if it happens too often, you may end up in debt.'
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
'If you give your ID and password to somebody else, how can anybody blame the technology for that problem?'
The biggest risk in under-construction projects is delay and non-completion.
