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.
'We are not getting any clear guidance on what to do. Initially, we were asked to move to the bunker...when we packed our bags and reached there, our university head asked to go back to our hostel room. So we came back. Movement is very risky these time'
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.
Report holds Hitachi responsible for debit card data theft. When the data theft came to light, Hitachi had denied that its systems were compromised.
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.
Debit card use at POS terminals increasing at rapid clip, transactions at ATMs declining
The demonetisation camp remains devided, while some feel the exercise is a total flop, others feel the government should be given some more time
Bharti Airtel aims to leverage its 180 million plus digital service customers and its wide presence in rural areas to grow its payment bank business. "We are well placed as we can leverage the 180 million plus customers we have across our digital assets. "We offer a plethora of services such as lucrative interest rates, gift cards, FASTag, telecom recharges, payments and debit cards. "Our large merchant base of more than eight million allows us to drive both engagement and monetisation.
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?
Investment advisor Anil Rego will answer your queries on the ban on Rs 500 and Rs 1000 notes and what you should be doing.
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.
'Our positivity rate is in single digit now with nearly 44,000 tests. Perhaps, Mumbai is the only city in India with a single digit positivity rate with high testing,' Mumbai municipal commissioner Iqbal Chahal claimed
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.
"We realised no one is going to come to help us and it is up to us now," 20-year-old Ashna Pandita told PTI over the phone as the train took them to the western city of Ukraine, about 80 km from the Poland border, where the fighting has been relatively less.
A state probe agency has been constituted within the Jammu and Kashmir police for speedy investigation and prosecution in terror-related cases as well as coordinating with central agencies, officials said on Tuesday.
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.
"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.
Director Rahul Nair's gabby comedy looks at the difficulty of dating in the digital age in a manner that's equal parts shallow and silly, notes Sukanya Verma.
Delays in returning money for disputed transactions have also come under RBI's scanner.
Providing access to unbanked areas in the country has been high on the agenda of RBI, as almost 40 per cent of the population doesn't have a bank account.
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.
'They are not tom-tomming what a great thing the Supreme Court decision is.' 'If they say it was a great thing, the public will react because people suffered and are still suffering.'
With the war in Ukraine entering its 12th day on Monday and tensions between Kyiv and Moscow showing no signs of easing, the students said there is panic in Belarus and their families in India too are concerned about their wellbeing.
Investment advisor Harsh Roongta will answer your queries on the ban on Rs 500 and Rs 1000 notes and what you should be doing.
'Sometimes we succeed, sometimes we don't.' 'But you can use the RTI to improve the future.'
The 50-day deadline to deposit the old Rs 500/1,000 notes in banks comes to an end on Friday but the cash crunch and queues before ATMs are likely to continue for some more time as currency printing presses have failed to meet the huge demand for new bills.
Adequate currency in circulation, temporary shortage to be tackled quickly, says FM
Operation Romeo is disappointing not because it is a bad or boring film, but because it did have something significant to say and chickened out, observes Deepa Gahlot.
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.
In addition to the problem of long queues at automated teller machines, there would be the problem of guiding new cardholders, especially in rural and semi-urban areas, on how to use those cards, some bankers told Business Standard.
Sandeep was nabbed from the same house where LeT commander Bashir Lashkari was killed on July 1. His arrest led to Shah being caught.
'It will cause problems for people who deal in small amounts of cash.' 'I hope it does not cause law and order problems.'
The RBI 'assured people' that enough cash in small denominations is also available at banks.
The last few months have been hard on digital wallets which had a short-lived dream run post-demonetisation.
Did your employer credit your salary this month? Are you still struggling with cash? Tell us.
Rediff readers tell us how they are beating the heat this summer.
