With the lockdown being eased gradually, providing more and more digital solutions, for service delivery and procurement of new policies, is what the corporation is focussing on.
The country's largest bank, which has about 25 per cent market share, has also decided to do away with the charges on fund transfer through mobile phones using the IMPS from August 1.
Under the proposed mechanism, the finance ministry has said banks will notify customers when someone tries to deposit money in their accounts, a government official said.
The race to get a New Umbrella Entity (NUE) licence for digital payments may get crowded. As many as six consortiums are said to be in the fray to apply for an NUE licence, which would create a for-profit National Payments Corporation of India (NPCI)-like body for retail payments. A consortium led by Financial Software and Systems (FSS), a leading provider of payment products and payment processor, is in talks and may file an application to the RBI for an NUE license, said sources aware of the development. The other constituents of this group include Indian Bank, Central Bank of India, India Post Payments Bank, National Bank for Agriculture and Rural Development (Nabard), and a few small finance banks.
Will work full day on other Saturdays; bank branches to be shut on 2nd, 4th Saturday from next month
EPFO has a subscriber base of around 6 crore (Rs 60 million).
FinMin's project will enable tax man to track electronic transactions like RTGS or NEFT.
Sagar Thakkar bought Virat Kohli's Audi R8 from a Delhi car dealer.
Are Indian citizens mindful of their responsibility?
Private sector lender ICICI Bank on Monday launched a facility which allows account-holders to transfer funds through Twitter.
While Bihar and J&K have the least proportion of bank account holders using debit cards at PoS machines, Telangana's record is the highest.
Priyadarshini Maji evaluates the impact that payment banks are likely to have on your financial life.
In an otherwise agriculture- and public health-focused Union Budget 2018-19, artificial intelligence, machine learning, blockchain technology, internet of things -- jargons that found little or no mention in the previous Budgets -- managed to make their presence felt.
'The no-rate cut policy and preference to wait for the Budget and clarity on the fiscal front demonstrate RBI Governor Shaktikanta Das is maturing in his new role,' notes Tamal Bandyopadhyay.
CBI and Enforcement Directorate are probing the huge remittances to Hong Kong from the bank.
As unified payments interface gets popular, cash transactions will come down as most small payments will be routed through this.
Some private banks offer easier platform to transfer money abroad, like ICICI's Money2World.
From farmers to cement, steel, logistics, transportation and automobiles, the back-end is struggling to get going due to the liquidity crisis.
Only Rs 3,000 cr has been disbursed. Over 80% of these transfers were for cooking gas subsidy.
Taxi booking, shopping and transfer of money will be easy.
'There has been a marked increase in four types of cases.' 'One is fraud related to online deliveries, online shopping and online groceries and liquor.' 'Second fake news, third hate speech and fourth sextortion.'
The government on Tuesday night announced that Rs 500 and Rs 1,000 will be no longer legal tender after November 8, midnight. Here are the details you need know
Assuming that demonetisation had not happened, the value of notes in circulation this year could have increased to Rs 19.3 lakh crore. But what we have, instead, by the end of August is a 20 per cent lower figure for currency notes in circulation, says A K Bhattacharya.
Unified Payments Interface launched to simplify mobile banking.
The Supreme Court-appointed Special Investigations Team on black money has also proposed that holding more than Rs 15 lakh in cash be made illegal for individuals and for companies, report Tinesh Bhasin and Sanjay Kumar Singh.
The cap of Rs 10,000 on daily withdrawal has also been removed.
Banks have started charging customers for payment of credit card bills through cheque and so paying online makes more sense.
KPH Dream Cricket Pvt Ltd, the owners and promoter of the IPL franchise Kings XI Punjab, has filed a criminal complaint against its title sponsor, NVD Solar Ltd and its officials, for "cheating and duping" them of around Rs 14 crore which they were supposed to pay it as per the contract.
Watal panel had suggested an independent payments regulator be set up.
The concept of gold as an asset capable of getting anytime money is evaporating.
According to the Reserve Bank of India's data, cash still accounts for 90 per cent of all monetary transactions in India.
'It is common knowledge that cash is anonymous.' 'When demonetisation was implemented, one of the intended objectives was to put identity on the cash holdings in the economy.' 'With the return of Rs 15.28 lakh crore in the formal banking system, the almost entire cash holding of the economy now has an address.' 'It is no more anonymous,' says Arun Jaitley.
Fund transfer through Facebook is meant for tech-savvy customers.
Here's the full text of Prime Minister Narendra Modi's address to the nation where he announced the demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight on November 8-9.
The official twists and turns have raised questions on the government's credibility and its ability to pull the nation out of the demonetisation quagmire. To keep up with the new rules, the government has issued an updated FAQ on demonetisation.
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