The Reserve Bank on Wednesday said the amalgamation of Lakshmi Vilas Bank with DBS Bank India will come into force from November 27 and the moratorium imposed on the crisis-ridden lender will be removed on that day. The RBI issued the statement within hours of the Cabinet clearing the Scheme of Amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL).
The guidelines listed several services including government and private offices that will be out of bounds during the period, while exempting establishments such as hospitals, ration shops, dairies, banks, insurance offices, and print and electronic media. Delivery of all essential goods including food, pharmaceuticals, medical equipment through e-commerce has also been exempted from the purview of the lockdown.
In a set of FAQs on applicability of Goods and Services Tax on banking, insurance and stock brokers sectors, the revenue department has clarified that transactions relating to securitisation, derivatives, future and forward contracts are exempt.
The veteran banker has been instrumental in building the bank from scratch and turning it into the largest private sector lender of the country.
Soon after the lifting of the 13-day moratorium at 6 pm, some customers took to social media complaining that they were not able to access certain services, including internet and mobile banking.
'I expect normalcy to return in one or two days,' says Tuticorin's new Collector Sandeep Nandur.
Now that you have already downloaded mobile wallets and all set to go cashless/digital with your payments to the local grocer, cabbie, maid, etc, here's what you must watch out for, says Tripti Rai.
He claimed that Bharatiya Janata Party people were alerted beforehand about the demonetisation. "How can one explain the BJP people in West Bengal depositing crores in high-denomination notes just before PM's announcement on November 8?" Rahul asked. "BJP workers were seen holding up bundles of the new Rs 2000 notes, as seen from images on the Internet, before Modi announced this decision," he told reporters in suburban Bandra.
Secretary of the All India Progressive Women's Association Kavita Krishnan tweeted about the incident, allegedly involving poet Bappadittya Sarkar on Thursday.
A Reserve Bank panel has decided against the inclusion of any other national leader's image on banknotes saying that no other personality could better represent the ethos of India than Mahatma Gandhi.
Tightening restrictions further in select urban areas to help prevent the spread of Covid-19, Tamil Nadu Chief Minister K Palaniswami on Friday announced a complete shutdown beginning Sunday in Chennai, Coimbatore and Madurai for four days, disallowing grocery shops as well and fully curtailing the movement of public. Also, Salem and Tirupur in western Tamil Nadu will be shut similarly, albeit for three days from April 26, and Palaniswami assured people that vegetables and fruits shall reach their doorsteps via mobile outlets.
Axis Bank recently informed the Reserve Bank of India that it had experienced a cyber attack, while the State Bank of India said it was re-issuing over 600,000 debit cards because of a potential security breach.
Defence PRO said that the forces have managed to restore normalcy in the areas they were deployed and have been continuously working to aid the civil administration.
It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
Each postman has undergone a three-tier training process, after which they were evaluated by the National Institute of Banking and Finance and given certificates.
In the fifth of a six-part series on the impact of demonetisation, Avishek Rakshit senses a storm brewing over the 850-odd tea gardens in the north eastern state, which have a weekly and fortnightly payment cycle.
Taking a dig at Narendra Modi's demonetisation move, Uttar Pradesh Chief Minister Akhilesh Yadav termed cashless economy as a "bigger dream" than 'achche din' and said the note ban will be an issue in the upcoming assembly elections in the state.
"After my discussion with Craig Barret, the CEO of Intel said they have finalised on India, said IT minister Dayanidhi Maran.
India's leading banks are seizing opportunities in an emerging low-carbon economy.
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
When Hitesh Harisinghani and Jahnavi Patel hit the streets of Mumbai after Modi's demonitisation announcement, here's what they found.
For people who have had their personal identification stolen, it could also help prevent cyber criminals from using that information to make purchases in their name.
Euronet Worldwide, a leading electronic payments provider, has signed a multiyear ATM outsourcing agreement with a large multi-national bank in Mumbai, for its existing nationwide network of 245 ATMs.
In an interview with K Rajani Kanth, NCR Corporation's managing director (India, Nepal and Sri Lanka) Pradeep Sen outlines the company's road map for India, including its plans to scale up its research and development efforts, manufacturing capacity expansion and taking the partner-ecosystem route to penetrate the petroleum and general retail segment.
Anticipating panic and rush at bank counters, the Reserve Bank of India as well as the government has set up control rooms in Mumbai and the national capital to avoid any crisis, Department of Economic Affairs Secretary Shaktikanta Das said.
In all the time he has spent in bank and ATM queues, these are the 10 arguments that were being thrown at him constantly by those supporting the demonetisation, says Syed Firdaus Ashraf.
MGNREGA scheme: A significant Rs 17,370.58 crore has been carried forward over to the next financial year as unpaid dues as demand for work continued unabated for the scheme in rural areas.
'RuPay' is developed by National Payments Corporation of India.
Love it or hate it, you simply cannot ignore apna #Indianisms, can you?
Geeta Kapoor worked in over a hundred films, including Pakeezah and Razia Sultan.
Further, 110 people have been arrested in connection with the incident at Pulakeshi Nagar in Bengaluru. Scores of persons, including around 50 policemen, were injured in the violence that erupted on Tuesday night and continued till the wee hours of Wednesday, apparently prompted by the 'communally sensitive' online post.
The cash transactions have been stopped at the branches belonging to the Jammu and Kashmir Bank and Ellaquai Dehati Bank.
The re-invention that PSU banks have undergone recently is a great story.
In the new decade, the scene will change because the banks till recently had been challenged by the fintechs, but the techfins have now entered the arena, observes Tamal Bandyopadhyay.
According to A Krishna Kumar, Managing Director, the bank will try to maintain the employee strength at current levels even as it keeps expansion programmes in mind.
KV Kamath has had a tough journey so far.
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