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).
'For me, if I want to buy a house to stay, I don't care about indexation because I don't want to sell that house.' 'The only thing that matters to me as a buyer is that the home price should be within my reach.' 'Any market, when speculators and investors go out, it will benefit the middle class.'
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.
Changes in I-T rules kick in today; to help govt track taxpayers' income, reports Dilasha Seth.
The stage is set for the loading of cash into automated teller machines (ATMs) through the cassette-swap mode with an initial four-phased roll-out across 30 cities from June 1. The lockable cassette-swap will do away with the current practice of open-cash replenishment into ATMs. Cash-in-transit (CIT) firm personnel, tasked with loading cash into ATMs, will not have to touch it anymore. Cash-handling will be done by CITs at the cash centre, and the task of taking into account the amount of cash remaining from the last cassette-load will also be made simpler.
Amazon customers can now use their Rs 2,000 notes to top up their Amazon Pay balances during cash-on-delivery orders, as it offers a doorstep solution to ease the stress of exchanging such currency. Customers can deposit cash of up to Rs 50,000 per month, including notes of Rs 2,000 denomination, Amazon said. The cash load at doorstep service by Amazon Pay is helping consumers convert high-value notes for digital transactions.
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Many customers have had to deal with printouts saying 'transaction declined.' Customers using their own banks' ATMs did not, however, face similar problems. Transactions on a bank's home ATM network are processed through a different switching system, while inter-bank transactions go to NFS, the country's largest domestic network for authentication and routing payment details of various e-commerce transactions and e-government activities.
Many banks are contemplating to set up additional counters for withdrawal to meet the rush
Many PSBs are in the process of rationalisation of ATMs
Finance Minister Nirmala Sitharaman on Tuesday announced income tax relief for the middle class, a Rs 2 lakh crore outlay for job creation schemes over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled the Modi 3.0 government's first budget after the general elections.
Those earning over Rs 50 lakh a year need to disclose all jewellery and cash in their returns, says Tinesh Bhasin.
The Reserve Bank of India's (RBI's) decision to withdraw the incremental cash reserve ratio (I-CRR) is expected to benefit banks during the festival season. They are likely to increase deposit rates by up to 25 basis points (bps) in select maturity buckets. The rise in demand for funds to cover tax payments and meet quarter-end business targets could influence rate decisions by banks, according to bankers and money market executives.
The free run at automated teller machines might end soon, with banks petitioning the Reserve Bank of India to put curbs on cash withdrawals at third-party ATMs. Representatives from the Indian Banks Association, who met central bank officials late last month to make a case, said RBI had accepted most of their suggestions and these are likely to come into effect soon.
It is a classic case of extremes: The worst contraction in GDP along with the highest-ever levels of cash in the economy; and a severe dent in consumption together with strong growth in bank deposits and digital payments.
There is enough cash available with banks and all arrangements have been made to reach the currency notes all over the country, RBI said.
SBI got Rs 1.93 lakh cr in cash deposits from November 10-25.
While Barclaycard, the card arm of the Barclays group, has informed some of the credit card holders that the cash limit has been reduced to zero 'to help manage the credit situation'. The new entrant to the cards business in India has sent text messages to card holders informing them about the change. A customer care executive said that the limit has been lowered for all card holders.
Jaitley said the Rs 500 and Rs 1,000 notes returned to currency chests of the RBI amounted to Rs 12.44 lakh crore
Reports from Ludhiana, Coimbatore, Moradabad, Tirupur, Indore, Surat, Delhi, Mumbai, Kolkata, Chennai and Hyderabad, suggest the impact of demonetisation is worsening.
The Monopolies and Restrictive Trade Practices Commission passed the direction on a complaint from a credit card customer of the bank that he was wrongfully billed for a cash withdrawal of Rs 16,000, although he had never used the card in an ATM.
Surplus liquidity in the banking system as measured by absorption of excess funds by the Reserve Bank of India (RBI) fell sharply at the end of the last week due to outflows on account of advance tax payments. According to the RBI data, the net liquidity absorbed by the central bank on September 16 was at Rs 3,243.57 crore, much lower than the average of Rs 56,809.92 crore in the preceding four days of the week. The average absorption of funds by the RBI so far in September is at Rs 1.13 trillion, against the average of Rs 1.2 trillion in the previous month, the data showed.
No form or requisition slip is required for exchange of Rs 2,000 notes up to a limit of Rs 20,000 at a time as part of exercise to withdraw high-value currency notes from circulation. RBI on Friday in a surprise move announced withdrawal of Rs 2,000 currency notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks. Unlike the November 2016 shock of demonetisation, when old Rs 500 and Rs 1,000 notes were invalidated overnight, the Rs 2,000 notes will continue to be a legal tender.
Y S Sharmila's message to voters in Kadapa is brief: 'I am YSR's daughter, my brother Jagan has ruined Andhra, vote for me, vote for Congress.' A Ganesh Nadar listens in.
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.
Close to 29 per cent of all complaints received from customers is related to ATM, debit card and credit card payments
The Bharatiya Janata Party rejected this was any sort of demonetisation and instead reminded the Congress that even during the rule of Manmohan Singh, old currency notes were taken off circulation.
The Reserve Bank of India (RBI) has suggested that customers of one bank be allowed free use of ATMs of other banks, including for cash withdrawal, from April 1, 2009. The RBI move has made banks with large ATM networks cry foul.
In yet another case of international bank cards fraud, customers at a petrol pump in the city of Leicester last week found that their card details were used to withdraw money from various places across the world, including India.
Have you reached a stage where you cannot even pay minimum amount due? You need some smart help to get that debt burden off you.
Sitharaman said surcharges on individuals having taxable income of Rs 2 crore to Rs 5 crore; and Rs 5 crore and more have been raised.
Customers will not be charged for ATM withdrawals from April 1, Reserve Bank of India deputy governor V Leeladhar announced in Mumbai on Monday.
Munich-based Giesecke and Devrient supplies security features to the RBI for currency notes, and machines to bank branches across the country to detect counterfeits.
The self-employed should invest in the National Pension System, a government-backed, low-cost retirement avenue where they can choose the mix of debt and equity that is right for them.
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
Top leaders of the Bharatiya Janata Party on Friday met the Election Commissioner to lodge their protest against the Centre's announcement of the direct cash transfer scheme ahead of Gujarat elections and demanded its withdrawal. Led by party leader L K Advani and Leaders of Opposition Sushma Swaraj and Arun Jaitley, the BJP delegation questioned the timing of the announcement and demanded its withdrawal to ensure free and fair elections in Gujarat.
'Investors should restrict themselves to a few category schemes with high quality portfolios apart from overnight and liquid funds.'
A rising number of Greeks in rural areas are swapping goods and services in cashless transactions.
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