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.
The Aadhaar-enabled payment system, or AEPS, allows consumers who don't have smartphones or debit cards to perform basic banking transactions like cash deposit, cash withdrawal, intrabank or interbank fund transfer, balance enquiry and obtaining a mini statement through biometric authentication at micro-ATMs.
Customers will not be able to conduct transactions in banks for 4 days in a row as they will be closed from Thursday in many states.
Reports suggest this lot could fetch the cybercriminal as much as $130 million upon sale.
Unlike any other national asset, which is typically sold to the highest bidder, the profile of the bidder is the most important criterion for a licence to bank, and even for acquiring more than 5 per cent stake, explains Tamal Bandyopadhyay.
This was among the few times that TCS had to deploy rapid application development mode, which means changes in the application happen on-the-go.
Whether it's about colonising Mars or donning Net-connected apparel, 2022 is a year everyone seems to be planning for, says Nivedita Mookerji.
In a business friendly move, the Reserve Bank of India on Friday said that Real Time Gross Settlement System (RTGS), used for large value transactions, will be made available round-the-clock from December. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month.
RuPay National Common Mobility Card's offline wallet can be used to make ticket payments in transit, including in metros, cabs, etc, enabling automatic, quick, cashless payments.
ICICI bank waives ATM charges.
Microsoft will stop technical support for its most popular operating system (OS) Windows XP globally from Tuesday, bringing down curtains on the software giant's longest running OS.
Satish Kumar, a resident of Uttam Nagar and who used to work as a vegetable vendor in Keshopur Mandi, collapsed outside an Oriental Bank of Commerce branch, on Najafgarh road, while he was standing in a queue with his friends.
Going to the bank and using your passbook to find out your bank balance while still available and widely used, technological innovations have brought your bank at your fingertips.
Satish Kumar Bhat, 47 from Delhi shared some suggestions that he feels may help fight coronavirus.
All documents and data were safe as there was a Disaster Recovery Centre for every bank
The RBI has set up a panel to review ATM charges, and fees levied by banks.
Banks are in a tight spot as ministry wants them to open ATMs at all rural branches
Banks will remain open for the public even on the weekend
A day after the Patna high court slammed the Bihar government for its poor handling of the second wave of the pandemic and sought to know whether it was enforcing lockdown or not, the administration on Tuesday announced imposition of lockdown from May 5 to May 15.
A task force will speed up the recalibration of 200,000 ATMs so these can dispense the new Rs 2,000 notes.
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.
In a daring daylight heist, two unidentified armed assailants looted a cash van of around Rs 1.5 crore after allegedly killing an ATM security guard in Kamla Nagar area of North Delhi on Saturday morning.
He termed the Centre's decision to demonetise Rs 500 and Rs 1,000 notes as "surgical strike" on common man's "small savings" and not on "black marketeers".
The economy of Jammu and Kashmir is largely based on agriculture and tourism. The state produced 19.56 lakh MT of fresh fruits in 2018-19.
DBS Bank India on Monday said customers of Lakshmi Vilas Bank, which has now been merged with it, can continue to access all banking services, and interest rates on savings and fixed deposits are unchanged as of now. Lakshmi Vilas Bank (LVB) has now been amalgamated with DBS Bank India Ltd (DBIL), the wholly-owned subsidiary of DBS Group Holdings Ltd, DBS Bank India said in a statement.
Amid increasing popularity of virtual currencies in various parts of the world, the Reserve Bank of India (RBI) on Monday said it is open to exploring the possibility of a digital version of fiat currency. Host of private digital currencies, virtual currencies and cryptocurrencies have gained popularity in recent years, though Indian authorities continue to remain sceptical about them. "In India, the regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks. "Nevertheless, the RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it," the RBI said in its booklet on 'Payment Systems in India -- Journey in the Second Decade of the Millennium'.
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.
Tamil Nadu-based Lakshmi Vilas Bank (LVB) with pre-independence lineage on Friday lost its identity after its merger with the Indian subsidiary of Singapore's DBS Bank. The debt-ridden 94-year old old bank's fate was sealed with Union Cabinet headed by Prime Minister Narendra Modi approving Scheme of Amalagamation on Wednesday.
Organisations value employees who go beyond their boundaries and step up to the occasion when the need arises.
The value of transactions through debit and credit cards used at the PoS fell to Rs 64,200 cr in February
In the wake of Centre's decision to demonetise currency notes of Rs 1,000 and Rs 500, the organisers of the Pune International Marathon (PIM) have postponed the run and has been rescheduled for January 2017.
A day after the RBI put in public domain a draft scheme of merger of Lakshmi Vilas Bank (LVB) with subsidiary of Singapore-based DBS, public sector banks' officer union AIBOC on Wednesday said the amalgamation is not in the national interest and demanded the consolidation with any PSB. The proposed amalgamation of the cash-strapped LVB with DBS Bank India seems to be a ploy to provide entry of foreign banks into the country in a big way, All India Bank Officers' Confederation (AIBOC) president Sunil Kumar said. The Indian banking sector provides huge opportunity for growth, so the foreign banks have been looking at inorganic route to expand their presence for long, he said.
The correlation between withdrawal of deposits and the Covid death rate is stark, reveals Tamal Bandyopadhyay.
The government on Tuesday night announced that Rs 500 and Rs 1,000 will be no longer legal tender after November 8, midnight. Here are the details you need know
Cheque payments will be safer; the limit for contactless card transactions hiked.
What's the real reason behind ATMs running dry even in states that are not election-bound, wonders Nivedita Mookerji.
Yet another surgical strike? India's Osama bin Laden moment? A fresh demonetisation exercise? What could it possibly be?
Imran Khan shares his life lesson. You can share yours too!
The RuPay card is accepted at all ATMs (1.6 lakh plus), 95 per cent of PoS terminals (9.45 lakh plus) and most of the eCom merchants (about 10,000) in the country.
Lifting of deposit withdrawal moratorium on March 18 could open flood gates and will require a calibrated approach along with active support and signaling from the RBI, government and investor banks.
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