As many as 140 million customers of HDFC Bank and Axis Bank are expected to face interruption in banking services in the weekend due to the former's system upgrade and the transition of Citi India business to the latter. Both the banks have notified their customers about the interruption in services. HDFC Bank - the country's largest private sector lender with 93.2 million customers - had announced that it will undertake a system upgrade on July 13, wherein it will migrate its core banking system (CBS) to a new engineered platform to enhance customer experience.
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.
Fuel cess, TDS on large cash payouts bid to destroy truckers and get foreign players in, says an industry body.
Jannayak Janta Party, which had emerged as the kingmaker last assembly polls, was decimated this time round, while the Indian National Lok Dal also failed to create much impact, with prominent leaders of both outfits Dushyant Chautala and Abhay Singh Chautala losing their seats.
Here are a few things you should keep in mind when you're using an ATM.
Uncertainties on account of COVID-19 pandemic have increased the demand for currency notes not only in India but across the globe, official sources said, dismissing the criticism that demonetisation has failed to reduce cash in the economy. Government sources said that growth of the digital payments system post-demonetisation will ultimately curb the dependence on cash. Official data points out a jump in digital payments through different modes, including plastic cards, net banking and Unified Payments Interface (UPI).
Vimla Patil always stressed the importance of proving wrong the perception that women were women's worst enemies. And it iss a lesson I carried forward with me all through my career, learning empathy, understanding and ways to help as I went along. Sathya Saran, who succeeded Mrs Patil as Femina's editor, pays homage to the well-known journalist who passed into the ages on September 29, 2024.
Russia says cash shortage is affecting the functioning of its embassy in New Delhi.
Rapid strides in digital payments notwithstanding, the Indian economy will likely remain cash-dependent for many years to come, at least that's what the automated teller machine makers and cash logistics companies are betting on. After growing at over 20 per cent for most of 2020, currency in circulation growth fell to 8.5 per cent as of October 29 this year, shows data from the Reserve Bank of India (RBI). The reason for the steep rise in currency last year was the uncertainties related to the Coronavirus (Covid-19) pandemic, where people preferred to hoard cash to meet exigencies.
Concerned over the inconvenience caused to the public due to the non-availability of cash in ATMs, the Reserve Bank has decided to penalise banks for failure to timely replenish currency notes in such machines. The RBI will start imposing penalty on banks in case the ATMs remain out-of-cash for a total period of 10 hours in a month from October 1, 2021, onwards. "The Scheme of Penalty for non-replenishment of ATMs has been formulated to ensure that sufficient cash is available to the public through ATMs," the RBI said in a circular.
If Maratha activist Manoj Jarange Patil drops a hint of supporting or opposing a particular coalition on the eve of polling on November 20, things may change overnight.
'Forget your loss or profit in your portfolio.' 'Look at how much cash you have in hand.' 'If you don't have cash in hand, liquidate at least partially; get into about 20 per cent in cash.'
Union Minister Rajeev Chandrasekhar has sent a legal notice to Shashi Tharoor, accusing the Congress MP of making defamatory statements against him on a TV channel recently.
50-year-old Singh is believed to have been visiting his parents in Delhi and was expected to return to Mumbai. However, the actor has not been heard from since April 22.
About 200,000 ATMs can dispense the new series of Rs 500 notes
Loan on credit card is similar to personal loans, but this is pre-approved, and it comes without the need for any documentation.
WazirX lost about 45 per cent of its crypto assets to the security breach. People privy to the discussions say North Korea has been mentioned.
While the acceptance of cards, mobile wallets and banking apps is increasing, only 10 per cent of transactions take place through them.
Perhaps the most sensible thing Goldman Sachs did in an otherwise poorly-researched report on ONGC was to talk of 'corporate governance issues with cash withdrawals by promoter,' says Sunil Jain.
A picture released by the federal agency showed bundles of seized Rs 500 currency notes along with a few in the denomination of Rs 2,000 and Rs 200 stacked together on a bed.
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
Some banks are disbursing only Rs 5,000 per person while those having better cash availability are offering Rs 10,000 or Rs 12,000 per withdrawal
On Thursday, Adani Enterprises announced that it will not go ahead with acquiring Macquarie group's two road companies at an enterprise valuation of Rs 3,100 crore.
Foreign investors have pulled over Rs 6,400 crore from the Indian equity market in the first four trading sessions of the ongoing month when the Reserve Bank of India (RBI) and US Federal Reserve raised interest rates. Given the headwinds in terms of elevated crude prices, inflation, tight monetary policy among others, FPIs' flows in India are expected to remain volatile in the near term, Shrikant Chouhan, Head - Equity Research (Retail), Kotak Securities, said. Foreign Portfolio Investors (FPIs) remained net sellers for seven months to April 2022, withdrawing a massive amount of over Rs 1.65 lakh crore from equities. This was largely on the back of anticipation of a rate hike by the US Federal Reserve and due to the deteriorating geopolitical environment following Russia's invasion of Ukraine.
While several banks and ATMs are providing cash far below the allowed limit every now and then due to cash shortage, the damage caused by the cyclone has dealt a further blow with movement of cash vehicles coming to a grinding halt, resulting in empty ATMs.
Lok Sabha passed the Finance Bill, after approving more than two dozen official amendments, by voice vote, thus completing the Budgetary exercise for 2019-20 in the Lower House.
'Kamala likes south Indian food.' 'She likes a special rasam which her husband also likes, she likes coconut rice, she likes puri aloo...'
Mumbai-based Weizmann, part of a diversified group, will take to court its former partner Western Union Holdings, the American money-transfer giant, alleging that the United States-based company has imitated its trademark and logo. This, its lawyers say, constitutes a case of infringement and dilution of its intellectual-property rights.
The IMF and World Bank have stopped loans, and the FATF warned its 39 member nations to block Taliban assets.
The systematic withdrawal plan can work for you. But only if you know how to use it to your benefit.
To raise cash, you need not sell assets built over time. Instead, use them to meet immediate liquidity needs.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
'If the portfolio growth rate is higher, take this loan. If it is lower, liquidate your investments.'
The government on Wednesday approved merger of crisis-ridden Lakshmi Vilas Bank (LVB) with DBS Bank India Ltd (DBIL) and removed restrictions on withdrawal of deposits by depositors. The Union Cabinet has approved the merger of the LVB with DBS Bank India Limited, Union Minister Prakash Javadekar told reporters, adding the decision will provide comfort to 20 lakh depositors and protect the services of 4,000 employees.
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?
In the fifth of a six-part series, Business Standard visits Coimbatore, often referred to as the Manchester of South India for its promising textile industry, to assess the impact of the note ban.
Don't solely focus on tax-saving alone.
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