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.
The government started promoting cashless transactions but forgot that it needs infrastructure.
A Europe-like cyber security defence alliance is the need of the hour, say banking technology experts.
On Friday, the bank's offices and ATMs in Gujarat were faced with anxious customers and a spate of withdrawals as rumours of its viability spread.
Branch networks will give preference to pensioners and labourers for withdrawing money.
A senior finance ministry source said making the use of debit cards and e-wallets compulsory across the board is legally untenable, but banks have been asked to insist their account holders use these instruments
Eco affairs secretary says double counting possible; cash availability to improve in three weeks.
Promising swift action on the debit card data compromise issue, Economic Affairs Secretary Shaktikanta Das on Friday said there was no need to panic over the feared security breach that affected over 32 lakh cards.
Ajit Balakrishnan offers a New Year resolution for our policy-makers.
The sale will be quicker if an Indian private bank buys it; it will take longer for regulatory clearances if a foreign bank or an NBFC buys it, points out Tamal Bandyopadhyay.
Even the well heeled in metros find it difficult to go completely digital. Cash withdrawals from ATMs are back at the same level as they were before demonetisation
Seeking to rope in youngsters to promote cashless transactions, Modi said for every person you introduce to the BHIM app, you will get a cash back of Rs 10.
The last few months have been hard on digital wallets which had a short-lived dream run post-demonetisation.
'The RBI is not releasing Rs 2,000 notes for the last 10 days; probably they have stopped printing it.'
The money was allegedly diverted by an ATM servicing company in criminal conspiracy with bank officials.
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.
The official twists and turns have raised questions on the government's credibility and its ability to pull the nation out of the demonetisation quagmire. To keep up with the new rules, the government has issued an updated FAQ on demonetisation.
The unidentified hackers had executed money transfers on two separate occasions - August 11 and August 13 - which raises the question of why pro-active measures were not taken on the first night itself
March 28 is a holiday on account of Ram Navami.
Debit cards may have made it easy for us to forgo carrying any cash. Only, these cards have transactional hazards and are known to have let down their users on occasions.
Under the new scheme, the spouses of these men and women in uniform will also be provided with a free 'add-on ATM card' which will enable them to withdraw money and carry out financial transactions in the absence of the earning member of the family, posted far away along the border or in the Naxal-hit areas of the country.
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.
ICICI Bank on Tuesday introduced cash withdrawal facility at point of sale (PoS) terminals at merchant outlets.
Day Two after the banks reopened following the prime minister's demonitisation announcement, the scenario remained just as chaotic as Day One, reports A Ganesh Nadar/Rediff.com.
Some genius assumed that a 2,000 note could seamlessly replace 500s and 1000s in ordinary transactions. If that genius had consulted an actual chai-wallah, he might have thought twice, argues Devangshu Datta.
Payment banks may not be viable option to attain financial inclusion.
Although private banks continued to operate as usual majority of trade and industry was hit by the strike by staff of 25 nationalised banks who are demanding revision of wages and a second option for pension among other things. The Indian Banks' Association, a grouping of public sector banks, is yet to formally respond to the demands of the striking employees.
The minister also exempted components from taxes to encourage domestic manufacturing of these devices.
With the arrival of new players such as Amazon Pay, Google Tez and Flipkart's PhonePe, digital money companies are now changing their business pitch.
Cash withdrawal limits likely to continue
The active user base of mobile banking service in India is expected to increase 10 times to cross the 2.5 crore (25 million) mark by 2012, with cost of such transactions being lower than other channels like internet and ATM, a report says.
Banks now ride on what is defined as a "banking outlet". This is a fixed-point service unit, manned by either the bank's staff or its business correspondent (BC), where all kinds of services - acceptance of deposits, encashment of cheques, cash withdrawal or lending of money - are provided for a minimum of four hours per day, for at least five days a week. Banks are now turning to reposition the manner in which they acquire customers, report Abhijit Lele and Raghu Mohan.
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.
Follow these simple ways to get your banking practices right
If RBI's recommendations are finalised, it will give more teeth to the existing fair practice code
A recent KPMG survey highlights the huge potential for banks to grow their market with the rise in mobile phone subscribers in India. The most profound impact of mobile banking and payment services is that they provide the non-banking population with access to modern financial services, giving them tools to improve their living standards. Innovative m-banking services are fast arriving in the market.
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
While the acceptance of cards, mobile wallets and banking apps is increasing, only 10 per cent of transactions take place through them.
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