Many sections of the society including small traders, restaurant owners, transporters started feeling the heat as the dependence on cash is very high
In the excitement over the allocation of bank licences for the private sector, a new category of licence offered by the Reserve Bank of India (RBI) last year went almost unnoticed. That was when the RBI consolidated the rules for prepaid payment instruments (PPI), popularly understood as e-wallets or gift cards. In the process, the regulator has fast-forwarded a bottom-up card usage industry in India that is completely different from the world of bank-linked credit and debit cards.
If you do not overspend, we advise you to get yourself a credit card. It will open up a whole new world of benefits.
After the income tax department indicated that the Tamilnad Mercantile Bank (TMB) did not provide the complete details of transactions worth up to Rs 3,610 crore, sources told Business Standard that this was due to a technical glitch. The bank has now submitted all the required documents in the past few days. According to the Income Tax (I-T) department, TMB had not submitted a statement of financial transactions (SFT) pertaining to cash deposits of around Rs 2,700 crore involving more than 10,000 accounts.
What can households do with the old Rs 500 and Rs 1,000 notes? How can they find Rs 100 and smaller denominations?
The government has also announced a slew of measures to ease cash flow for the rural sector.
The government has proposed to dilute the controversial Fringe Benefit Tax, exempt savings account from the 0.1 per cent banking cash transaction tax and raise income tax exemption limit for women and senior citizens.
As on June 16, currency in circulation was Rs 15.29 lakh cr, or 86.2% of pre-note ban level
'What happens in the real estate market is that once the prices go up it goes on to stay at that level.' 'It might not increase and at the same time the prices will not come down too.'
Considering 12 per cent inflation and savings bank return of 4 per cent per annum all your cash burn out in 12 years.
SBI has announced an investment of Rs 7,250 crore in Yes Bank through the acquisition of 725 crore shares at Rs 10 each.
Credit card owners can get a personal loan with little or no paperwork, and the rates are quite comparable.
Isha was the custodian of the cash at the time it was being placed in the ATM.
A committee on digitalisation headed by Andhra Pradesh Chief Minister Chandrababu Naidu had in an interim report recommended taxing cash transactions of at least Rs 50,000 to promote digital payments.
The RBI 'assured people' that enough cash in small denominations is also available at banks.
Provisional RBI data for November-December show a steady increase in card usage.
The governor of a state has to act on the recommendation of the council of ministers, the Supreme Court said on Friday while dismissing an appeal challenging the decision of the Madras high court refusing to consider a petition against the continuance of V Senthil Balaji as a minister in the Tamil Nadu government despite his arrest.
Besides the convenience that plastic money accords, it also helps the user to keep an easy track of their expenses.
Most of the lenders had informed their customers in advance about the strike call given by All India Bank Employees Association (AIBEA), All India Bank Officers' Association (AIBOA), BEFI, INBEF, INBOC and Bank Karmachari Sena Mahasangh (BKSM), and its impact on banking services.
If you fail to make the lump sum deposit before April 5, do so at least before the 5th of the next month (May). That way you will only lose out on the interest for April.
Income velocity based on currency with the public went down from 0.93 in October to 0.84 in March says a report from SBI's economic research department
Australian pacer Peter Siddle has put country before the Indian Premier League's (IPL) mega cash by withdrawing his name from the January 19 auction of the IPL.
Events proved that on every count the RBI had accurately predicted both the damage and the lack of benefit. What the RBI was hiding was the fact that Modi had ignored its concerns -- all of which turned out to be true -- and gone ahead anyway, asserts Aakar Patel.
The box had apparently been lying since February 23 after the employee of the cash replenishing agency forgot it outside the ATM, he said.
Large banks across the country might be crying foul on the recent suggestion of the Reserve Bank India (RBI) to do away with the charge on inter-bank ATM usage, but the Kolkata-based banks have largely welcomed the move.
Billionaire Gautam Adani has said the decision to withdraw a fully subscribed share sale of the flagship firm of his group was primarily because of volatility in the market. Adani Group company stocks have lost over $90 billion in value since a US short seller made damning allegations. Adani Enterprises Ltd's Rs 20,000 crore follow-on public offer managed to get investors on the last day of the share close on Tuesday.
A visit to an ATM today can help you accomplish myriad value-added transaction services like utility payments, pre-paid mobile re-charge, credit card payments, tax payments and much more.
An independent report last week said the IWF was plagued by decades of corruption orchestrated by autocratic former president Tamas Ajan.
The first of a six-part series examines how the leather workers at Dharavi are coping after five weeks of demonetisation.
PML-N supremo Nawaz Sharif is still in the race for the prime ministerial slot despite his party not securing a simple majority in the Feb 8 general elections in Pakistan, some PML-N leaders said on Monday.
The FM has levied 0.1 per cent tax will be levied on withdrawal of cash of Rs 10,000 and above from banks on a single day. So if you withdraw Rs 10,000 from the bank on a single day, you will need to pay a tax of Rs 10 on it.
The government would be ironing out issues related to the controversial 'bail-in' clause in the earlier Bill, explore hiking the deposit insurance cover of customers, and decide whether the resolution framework should apply to public sector banks.
Credit card holders in India, who pay the highest rates of interest in the world, have been ripped of Rs 6,000 crore (Rs 60 billion) as "extra charges" by banks in a span of ten years, according to a rights group.
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.
The new fee structure would come into effect from July 1.
The Reserve Bank on Friday superseded the board of the city-based Abhyudaya Cooperative Bank on concerns emanating from "poor governance" and appointed an administrator to manage the affairs of the lender. In what can be seen as a step that should allay depositors' concerns, the central bank did not put any restrictions or moratorium on deposit withdrawals because of the comfort it gets on the bank's finances, according to people in the know. "(The) action is necessitated due to certain material concerns emanating from poor governance standards observed in the bank.
Experts tell Tinesh Bhasin how to pick one to save money as well as some troubles later
The flow of money into Non-Resident Indians (NRIs) deposits witnessed a substantial increase, touching $2.14 billion in the first quarter of this financial year (Q1FY24), compared with $349 million in the same period in FY23. The outstanding NRI deposits rose by $2.5 billion, standing at $141.28 billion at the end of June 2023, up from $138.77 billion in May 2023, according to Reserve Bank of India (RBI) data. RBI released the updated data in the bulletin after almost three months.
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