Based on the credit history banks may later decide to extend the amount.
While law-abiding customers are harassed for KYC and have to comply with endless paperwork even to open and close accounts, DHFL could easily open nearly 260,000 fake home-loan accounts, reveals Debashis Basu.
Rediff reader Sherfudeen Mohamed, 41 from Canada shares his inspiring story:
Vodafone Idea, the promoter of Aditya Bira Idea Payments Bank, said in a notification to the exchanges late on Friday that the board of the bank approved winding up the business, subject to approval from the Reserve Bank of India.
The customer will be liable in a limited manner if the negligence is on the part of the customer, such as where she has shared payment credentials
It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
Apart from mobile apps, 611 websites with the .in domain in the country were also found to be vulnerable, the Trend Micro survey reveals.
With Narendra Modi about to make his first Independence Day speech, there is a buzz in Delhi that Modi will make some big announcements to signal major reforms and directional shifts. But we have to wait and see if it happens, says Mohan Guruswamy.
In these times of Rs 2,000 notes and digital payment apps, Syed Firdaus Ashraf tries to book tickets for Dear Zindagi.
The Reserve Bank on Wednesday barred Mastercard Asia Pacific from onboarding new credit, debit and prepaid card customers with effect from July 22 as it failed to comply with data storage norms. The supervisory action will not impact existing customers of Mastercard, the Reserve Bank of India (RBI) said. Taking action against Mastercard, RBI said, "notwithstanding lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data".
He said digitisation was aimed at bringing in accountability and added that more cash would bring with it social evils.
Travel companies and agencies are offering early bird discounts going up to 40 per cent. Priyadarshini Maji reports
In a hard-hitting editorial, the US daily further stated that while 'many Indians have said that they are willing to tolerate some pain, their patience won't last if the cash crunch continues'.
Snapdeal said it will give its users the option to defer the delivery by a few days till new currency notes become easily available.
Key questions remain about the operational and financial viability of a completely paperless bank such as India Post, says Mayank Jain.
According to the Reserve Bank of India's data, cash still accounts for 90 per cent of all monetary transactions in India.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Vijay Shekhar Sharma, head of Paytm, says they'd achieve their 500-million user target by 2018, two years before the earlier aim.
India's forex reserves recently declined by $704 million to $354.517 billion.
The vertical will be based out of Bengaluru.
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.
The ambiguity arose after notices were sent to lenders for non-payment of service tax under the pre-GST regime
FASTag is a prepaid tag, affixed on vehicle's windscreen, that enables automatic deduction of toll charges and lets the vehicle pass through the toll plaza without stopping for the cash transaction.
It suggested reforms in the real estate sector.
Against National Democratic Alliance's 75 million target, United Progressive Alliance added 61 million in 2013-14.
Private sector banks are way behind their PSU peers when it comes to opening financial inclusion accounts under the Prime Minister's Jan Dhan Yojana
The two states account for 24% of total accounts opened under financial inclusion scheme.
Liv.Ai makes speech recognition software that allows people to transact in their native languages.
The new regulations leave registration capital requirements for wholly foreign-owned banks unchanged
Bankers have hailed the Prime Minister's call to end "financial untouchability" and opened millions of accounts on the inaugural day itself.
In a bid to gain a bigger share of the customer's wallet, banks are ramping up their cross-selling initiatives.
Officials said Gaurav Arya, who runs a hotel in the coastal state, has been asked to depose before the central probe agency at its office in the Ballard Estate area of Mumbai on August 31.
Whether it is for disaster relief or a personal cause, some online platforms help you raise funds for a fee.
The smartphones have 5.1-inch Quad HD Super AMOLED screen.
Indian-American actor Vivek Shah, 26, of West Hollywood, California, was sentenced to 7 years and 3 months in federal prison for orchestrating a multimillion-dollar extortion scheme.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
CEO Shashi Arora discusses his roadmap for Airtel Payments Bank with Karan Choudhury.
With cyber criminals becoming savvier by the day, learning how to safeguard yourself is imperative.
Readers share their good and bad ATM experiences.
