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The penalty was levied in connection with deficiencies and lapses in the operation and maintenance of the currency chest at the Secunderabad branch of SBI, it said. Last month, the RBI had imposed a penalty of Rs 3 crore (Rs 30 million) on SBI for violating know your customer/anti-money laundering norms.
Ankit Mehra, founder and CEO, GyanDhan, an education financing marketplace, tells you how to apply for an education loan in the pandemic.
'Allocate some parts of one's surplus income towards cryptocurrencies, considering the immense growth potential of this emerging asset class.'
Reserve Bank of India lens on mutual fund, insurance, gold coin sale by branch's non-sales staff
Soon, one will be able to pay utility bills at the local supermarket, while buying groceries, with the RBI allowing the setting up of payment banks.
There is some hope for these companies, with Finance Minister Arun Jaitley saying there was a need for legislative backing for private companies that were using Aadhaar. Adding that a careful reading of the judgment is required, Jaitley said this could be "temporary".
The online world is driven by convenience, simplicity and speed.
Their return on assets and fee income could be hit as the Reserve Bank might tighten other norms.
While a wallet is convenient, payments bank offers interest on deposits and ATM facility.
I kept insisting that Rs 100 notes were in short supply and there was an urgent need to augment the supply of 100 rupee notes while also rapidly bringing into circulation the proposed new Rs 500 notes. But this was easier said than done because all the note printing machines of the RBI were programmed for printing Rs 2,000 notes and required at least three weeks before the machines could print the new Rs 500 currency notes. The availability of currency paper posed another major bottleneck, and it had to be imported. It was decided to immediately start printing the Rs 500 notes. It was only when the supply of the new Rs 500 notes started improving and the process of change of cassettes at the ATMs gathered momentum that the situation began limping back to normal. A fascinating excerpt from former SBI chairman Rajnish Kumar's The Custodian of Trust: A Banker's Memoir, five years after demonetisation, November 8.
'Lifestyle, peer pressure, lure of extra pocket money and many other factors are responsible why youth are taking drugs.'
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.
Niranjan Upadhye, general manager, fraud risk management, Worldline India, tells you how to quickly spot a scam and save yourself from grief.
State-owned Indian Bank on Thursday said it has suspended an official who is accused of wrong doings by an online portal in an expose.
The Sebi, which has been mandated by the Supreme Court to facilitate refund of Rs 24,000 crore (Rs 240 billion) with 15 per cent annual interest to bondholders of two Sahara group firms after ascertaining their genuineness.
'If you give your ID and password to somebody else, how can anybody blame the technology for that problem?'
The cards should be issued strictly for use in India and transactions settled in Indian rupee.
A comprehensive look at one of the most-preferred tax-saving investment option for the salaried class
The size of the Indian financial services market could touch around $340 billion in the next few years.
Digital lending apps extend small amounts at exorbitant rates. Payment delays invite messages to customer or close family members, often with sensitive information such as Aadhaar and PAN Card scans.
The Home Ministry said that 'Aadhaar' is strong on ensuring unique identity, 'however, uniqueness of identity is not a necessary condition to ensure authenticity of identity or genuineness of other entries or records of Aadhaar number', sources said.
The government has also announced a slew of measures to ease cash flow for the rural sector.
The Employees' Provident Fund Organisation and the Labour Ministry are in touch with the Prime Minister's Office for the purpose, a senior official said.
Railway passengers can book their tickets and do shopping using RuPay pre-paid debit cards.
During the meeting with Finance Minister Nirmala Sitharaman, it was also suggested that employees' provident fund should increase its exposure in the stock market, which in turn would improve liquidity.
Capital market regulator Sebi on Wednesday announced introduction of uniform forms and documents for the purpose of customer identification by different market intermediaries like stock exchanges and mutual funds, a step intended to bring uniformity to the process.
The issue of electoral bonds has snowballed into a political flashpoint after following reports that said the Reserve Bank of India and Election Commission had reservations against them but they were overrule by the Modi government.
It might be a cheaper option, but lack of clarity is choking its growth
Swiss brokerage UBS joins European banking peer HSBC in shutting down its offshore derivative business
Consumers will thank the Modi government for this simple yet revolutionary move, which is long overdue, says Debashis Basu.
ICICI Bank, the largest private sector lender in the country, is offering an 'instant account number' if you apply for a savings deposit account through its website.
Under the PMGKY scheme, black money holders can deposit unaccounted cash in account which will be subject to 50 per cent tax and 4-year interest free lock-in for the remaining 25 per cent of the amount
Yes Bank was the top loser in the Sensex pack, crashing 8.36 per cent, followed by NTPC, M&M, Vedanta, Sun Pharma and TCS, which lost up to 4.81 per cent lower.
The statutory status will provide a legal foundation to Aadhaar.
Telecom Secretary J S Deepak has resolved the toughest issues facing the sector, but his real test will be in delivering on the govt's Digital India dream
Mukesh Ambani said, by March 2017, it will cover 90 per cent of India's population
To participate in an OFS, investors will have to open a trading A/C
But mobile wallet companies say many consumers are not ready to give out their PAN
According to the committee, single overseas investments of more than 10 per cent in a company should be considered as Foreign Direct Investment while those less than 10 per cent should be classified as foreign portfolio investment.
Each financial product is governed by a different regulator and the rules for gifting vary, points out Tinesh Bhasin.
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