For the first time, the value of card and mobile payments of Rs 10.57 trillion was more than ATM withdrawals of Rs 9.12 trillion in Q4 of fiscal 2019-20. In the months of lockdown, the gap may have widened further, but cash could be back in vogue when the situation normalises.
Calling for public cooperation to the government's efforts to stem the spread of the virus, Stalin urged people to follow due protocol like social distancing and wearing of masks.
Scheduled international passenger flights have remained suspended since March 23, 2020 in the wake of the pandemic and they will now restart from Sunday.
'The RBI is not releasing Rs 2,000 notes for the last 10 days; probably they have stopped printing it.'
The event reopens questions on the risks of outsourcing sensitive financial services to the country.
'Sometimes we succeed, sometimes we don't.' 'But you can use the RTI to improve the future.'
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.
Patients and pregnant women, people out to buy essential items, and those travelling to or from railway stations, bus stops and airports will be exempted from the night curfew that kicks in at 11 pm on Monday due to rising COVID-19 cases in Delhi, according to a DDMA order.
The RBI fell short of pumping Rs 150 billion into the economy at the beginning of 2018-2019.
In the excitement over the allocation of bank licences for the private sector, a new category of licence offered by the Reserve Bank of India (RBI) last year went almost unnoticed. That was when the RBI consolidated the rules for prepaid payment instruments (PPI), popularly understood as e-wallets or gift cards. In the process, the regulator has fast-forwarded a bottom-up card usage industry in India that is completely different from the world of bank-linked credit and debit cards.
The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM network of Yes Bank
'We have collected Rs 83,702 crore in deposits in five days.'
'Our future is in limbo. The government saved us with Operation Ganga; now, they must save our careers.'
The world's first gold vending machine unveiled at Abu Dhabi's Emirates Palace hotel, began attracting customers minutes after it was opened.
Bankers need to take a call on whether they will allow technology firms to run banks or banks themselves will turn into tech firms, says Tamal Bandyopadhyay.
Report holds Hitachi responsible for debit card data theft. When the data theft came to light, Hitachi had denied that its systems were compromised.
Friendships are not merely severed, but built over scuffles. And just about anything can stir things up -- a long-standing feud, a pointless stare, a disrupted moral stance, a fist that ricochets off a face and smacks another face in the near vicinity, observes Sreehari Nair.
As part of the modern facilities, new technology LHB design passenger coaches have been proposed in Patna and Sealdah Rajdhanis, besides equipping four popular trains with world class passenger amenities and interiors.
To manage anxious crowds, as many as 3,400 personnel of paramilitary and Delhi Police along with 200 quick reaction teams have been deployed at ATMs and banks.
'There is a healthy culture of learning.'
US tech giant IBM is betting big on the India growth story and plans to open more software development centres in the country as it looks to partner with the government in its digitisation journey, its chairman and CEO Arvind Krishna said on Friday. On a visit to India, Krishna met Finance Minister Nirmala Sitharaman, Telecom Minister Ashwini Vaishnaw and Minister of State for IT Rajeev Chandrasekhar to discuss deeper collaboration including skilling and workforce development. The firm that originally designed the technology and system behind ATMs, barcodes and the US social security net, is greatly enthused with the speed at which the Indian government is willing to make decisions and where it is moving, he told a select media briefing.
RuPay is working on how to increase offers to customers. It is also focused on technology innovation in the card payment system.
The demonetisation camp remains devided, while some feel the exercise is a total flop, others feel the government should be given some more time
A map showing availability of new currency notes in banks and ATMs in various parts of India, based on the feedback we received from our readers.
As compared to Sunday, the metropolis has reported 1,666 fewer cases, but six more deaths.
Investment advisor Anil Rego will answer your queries on the ban on Rs 500 and Rs 1000 notes and what you should be doing.
What has your experience been like? Did you have to wait hours trying to get money from an ATM or bank teller? Did the cash run out before your turn arrived? Did you need to wait hours to exchange your Rs 500/Rs 1,000 notes, only to be told you had insufficient documentation?
Debit card use at POS terminals increasing at rapid clip, transactions at ATMs declining
"All restrictions have been removed except on savings bank account of Rs 24,000 per week. This (removal of withdrawal limit) is also a matter of time," Economic Affairs Secretary Shaktikanta Das said.
There is enough cash available with banks and all arrangements have been made to reach the currency notes all over the country, RBI said.
Economic activity has regained momentum from late-May after the dent caused by the second wave of COVID-19, and the pandemic's impact on the overall asset quality has been less than expected, Reserve Bank Governor Shaktikanta Das said on Thursday. However, Das flagged rising data breaches and cyber-attacks as among the risks for the recovering economy, along with others like firming global commodity prices. The governor also said the second wave had a "grievous toll" on the country.
Total payments in the economy grew 24.08 per cent to Rs117.43 trillion in value terms in June, compared to Rs94.64 trillion in May.
Adequate currency in circulation, temporary shortage to be tackled quickly, says FM
Explosive devices including battery and red wire, a .32 bore pistol, seven live cartridges, cash, PAN card, four ATM cards, pen drives, metro card, driving licenses and Aadhar cards were recovered from their possession, he said.
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.
Delays in returning money for disputed transactions have also come under RBI's scanner.
Investment advisor Harsh Roongta will answer your queries on the ban on Rs 500 and Rs 1000 notes and what you should be doing.
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