Delays in returning money for disputed transactions have also come under RBI's scanner.
Readers share their bitter-sweet experiences at the ATM.
ATMs may soon be used to buy airline tickets with technology firm NCR Corporation developing a software that enables users to make bookings by accessing flight schedules, select destinations and dates of travel.
The government is likely to introduce Quick Money Withdrawal Scheme on the lines of Any Time Money in post offices
P N Pillay, 49, shares his experience at an ATM. You can share yours too!
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The world's first publicly accessible ATM machine which can exchange digital currency - bitcoins - for any official currency has been launched in Canada by a group of young entrepreneurs.
Income velocity based on currency with the public went down from 0.93 in October to 0.84 in March says a report from SBI's economic research department
The charges would apply to savings as well as salary accounts
For those who are sceptical about using debit or credit cards, even when faced with cash crunch, Adhil Shetty, CEO of BankBazaar.com, lists out a few safe cashless options that can be exercised through mobile phones.
The government has been taking steps to promote cashless or digital transactions to take India towards a less-cash economy
Across Yes Bank branches, the busiest people were the relationship managers, trying to soothe nerves. Many were seen advising clients the situation was only temporary and that their money was safe.
Cyber crime wing has been receiving 4-5 complaints every day involving impersonation
A white-label ATM is similar to a normal bank ATM but is not owned by a bank, instead by a private ATM service provider.
According to the RBI's April 6 circular, cash loading companies, which take cash around the country, are supposed to increase their net worth to Rs 1 billion within 90 days.
The UFBU is an umbrella body of nine bank employees unions of the country and claims to have members from public, private and foreign banks. "We are on strike from today as Indian Banks' Association did not concede to the bank unions demand for the wage hike," said United Forum of Bank Unions convener C H Venkatachalam.
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.
RBI data on Dec 2014 showed 1.05 million PoS machines in the country.
Absence of comprehensive data protection and privacy laws will be barriers in the government's digitalisation drive.
'Because of the government's step, the people are now going to splurge on consumption.' 'If you ask me, would growth be 8% for 2017-2018, I would say 7.5% because of the demonetisation move would not be very significant.'
Has Vijay Shekhar Sharma given up on the bank? For now, he seems to be on a save-OCL mission. The bank will face its logical end, observes Tamal Bandopadhyay.
The people of India have 50 days, from November 10 to December 30, to deposit notes of Rs 500 and Rs 1,000 in any Bank or Post Office.
'No cash,no problem,' says Aparna Verma who has survived without cash from the time PM Modi announced the 'note ban'.
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
It is possible that this experiment might see a rise in the Union government's cost incurred on tax concessions, without any increase in the tax base or coverage, says A K Bhattacharya.
The Union finance ministry on Thursday issued a clarification on the changes in FEMA rules which brings overseas international credit card spending under the RBI's liberalised remittance scheme (LRS). Here's how it affects you.
The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM network of Yes Bank
Lens on rural transactions. Only 38% of branches of scheduled commercial banks (SCBs) are in rural areas
These directions on enhancing security of card transactions will come into effect from March 16, 2020, as per the RBI notification.
The RBI plans to increase e-smart facility.
The 'thanksgiving and feedback' programme will also gauze public mood by asking them about the problems they face.
Cruelty by the husband (or his relatives) accounted for about 40 per cent of these cases. Delhi reported the highest number of cases of crimes against women (12,552) followed by Mumbai with over 5,000 cases.
Since the first Aadhaar number was issued in September 2010, more than 1.33 billion Aadhaar cards have been generated till June 2022. With the Aadhaar enrolment of adult Indians nearing 100 per cent, the main objective of the Unique Identity Authority of India (UIDAI), which was to give Unique Identification numbers (UID) to all residents of India, is almost achieved, said a senior government official. "Enrolment will now be much more update-based, because people keep updating their mobile numbers and addresses.
In March this year, Worldline India launched Vabox (Voice Alert Box): merchants will now get instant audio alerts on the settlement of UPI (Unified Payments Interface) payments via QR codes in languages of their choice when customers check out. "They needn't worry whether the amount has been credited to their account," says Gulshan Pruthi, the firm's executive vice-president. The French payments giant will roll out 500,000 Vaboxes in the initial phase.
At Rs 30.88 lakh crore, the currency with the public is 71.84 per cent higher than the level for the fortnight ended November 4, 2016.
Its debit card holders can now withdraw cash from any ATM without charges till June 30.
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?
In the same quarter a year before, most of them had reported a dismal performance.
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