The cap of Rs 10,000 on daily withdrawal has also been removed.
The pilot project for central bank digital currency (CBDC) in the retail segment went live on Thursday with the Reserve Bank of India (RBI) issuing Rs 1.71 crore to four participating banks based on their indents. The central bank has identified four banks for the first phase of the pilot - State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank - in four cities, Mumbai, New Delhi, Bengaluru and Bhubaneswar. The highest indent was received from one private sector bank.
Thomas Ninad's bank account was defrauded of Rs 14 lakh under mysterious circumstances.
Enforcement Directorate officials who recovered over Rs 17 crore from the residence of a businessman in Kolkata, found 10 trunks on the spot.
Semi-high-speed 'Namo Bharat' train services on the 17-km priority section of India's first Regional Rapid Transit System (RRTS) rail corridor will be opened for people from Saturday morning.
The National Company Law Tribunal (NCLT) on Monday gave its approval to Jio for the acquisition of Reliance Infratel (RITL). The tribunal asked Jio to deposit Rs 3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM's tower and fibre assets. On November 6, Jio had proposed to deposit Rs 3,720 crore in an escrow account to complete the acquisition of Reliance Infratel which is undergoing an insolvency resolution process.
The Reserve Bank on Wednesday allowed inbound travellers from G20 nations arriving at select airports to use the popular UPI for making payments in the country. Later, the RBI also proposes to extend the Unified Payments Interface (UPI) facility to travellers from all countries. UPI is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing & merchant payments into one hood.
Finance Minister Nirmala Sitharaman presented her third Budget on February 1.
Prime Minister Narendra Modi on Saturday announced the adoption of the New Delhi Leaders Declaration, a significant victory for India's G20 presidency that came amid increasing tensions and divergent views over the Ukraine conflict.
In an attempt to acquire consumers, banks have been providing a lot of technology-enabled services, which used to be offered free.
New inventions allow Tencent Holdings' WeChat users to book taxis, top up phone credit, while Clone Algo's YAY App users are able to talk and chat free besides being able to apply for online for micro loans and use Clone Algo trading algorithms.
The Bill allows stopping of transmission and intercepting messages in case of public emergency, in the interest of the public, to prevent incitement for committing offence.
'SBI is already too big. Too big to fail.' 'It already is a moral hazard. What will it do with 20,000 branches that it cannot do with 14,000, especially in these days of online and mobile banking?'
The searches were carried out on June 14-15 at 10 premises in Prayagraj, Lucknow and Delhi, the agency said in a statement.
The Reserve Bank will launch the first pilot for retail digital rupee in Mumbai, New Delhi, Bengaluru and Bhubaneswar on December 1, and later expand it to nine more cities in the initial phase. This follows a month after the RBI had started a pilot in the digital rupee - wholesale segment on November 1. The Reserve Bank announces the launch of the first pilot for retail digital rupee (e?-R) on December 1, 2022, the central bank said in a statement on Tuesday.
The board is likely to take up the matter this month.
If true then it would be a major disruption in the industry
Officials said security personnel, including those from paramilitary forces, have been deployed to keep a strict vigil. Security at inter-state and inter-district borders has also been tightened, they said.
The average ticket size (ATS) of all transactions on United Payments Interface (UPI) in H1 2023 was pegged at Rs 1,604, marking a 10 per cent decline, compared to Rs 1,774 in H1 2022, according to data from Worldline India's Digital Payments Report. The reduction in the overall ATS on UPI is a good sign, suggesting a deeper embedding of UPI as it is being used for smaller or micro-transactions, and the dip is driven by the growth in person-to-merchant (P2M) transactions, the report said. The ATS of P2M transactions dipped 21 per cent from Rs 839 in H1 2022 to Rs 659 in H1 2023.
You can now pay all your bills with your phone.
Growing the number of electric vehicles on Ola's platform is part of the terms SoftBank has put forth for the funding
The agency raided several locations in Delhi and Uttar Pradesh and busted the nefarious nexus, officials said, adding that Manish Rawat, the neurosurgeon, was arrested in the early hours of Thursday.
Wipro will be implementing the core banking solution for Paytm.
SoftBank's investments in the past two years include $627 million in online-retailing marketplace Snapdeal and leading a $210 million funding round in taxi-hailing app Ola Cabs.
Now that you have already downloaded mobile wallets and all set to go cashless/digital with your payments to the local grocer, cabbie, maid, etc, here's what you must watch out for, says Tripti Rai.
Sunil Mittal also said that the company was in talks with some banks for acquisition of firms in new circles after unified licensing regime comes in place.
The size of the hole in today's banking crisis appears to be roughly 10 per cent of GDP.
'The highlight of the interview process is it is robotic.'
While some of the banks mentioned in the report said they have not come across any such fake apps, others have started an inquiry and also informed the CERT-In -- the national nodal agency for responding to computer security incident.
The State Bank of India on Friday launched a defence salary package for the Indian Air Force with an array of concessional services such as zero balance accounts, interest rate concessions on loans, preferential allotment of lockers and free mobile banking.
The Reserve Bank has given time till November 30 to banks and NBFCs to put in place a mechanism to ensure that existing digital loans are in compliance with the modified norms aimed at protecting the interest of customers. Last month, the central bank tightened norms for 'digital lending' to prevent charging of exorbitant interest rates by certain entities and also check unethical loan recovery practices. In a circular, the RBI said outsourcing arrangements entered by Regulated Entities (REs) with a Lending Service Provider (LSP)/ Digital Lending App (DLA) do not diminish the REs' obligations and they shall continue to conform to the extant guidelines on outsourcing.
'As humans, we must realise that we cannot survive without the environment, rivers, water....'
Though leading brands like Samsung, Apple, Xiaomi, OnePlus, and Oppo managed to absorb the initial lockdown shock and resumed their local production back to 60 per cent, they would likely suffer a 20-25 per cent loss of sales in the October-December quarter.
Infosys will be a strategic partner under Deutsche Bank's Supplier Partnership Programme.
Of the available media, it was the fastest growing segment in 2008. Its better return on investment and the comparative ease with which its efficacy can be measured will ensure that the trend continues, say analysts. Rising interest in social networking in 2008 has made brands think seriously about online advertising.
The cash-rich Japanese company made waves with its plans to grow outside its home base last year when it bought No. 3 US mobile carrier Sprint Corp for $21.6 billion.
Because from June 1, 2015, you will have to fork out 14 per cent service tax instead of 12.36 per cent
The announcement came after the chief minister held a high level meeting with senior government officials on Thursday to discuss the implementation of both schemes, which are part of five poll guarantees of the Congress.
A senior official serving in the ministry of external affairs was robbed of his official laptop, passport and other valuables after unidentified men broke his car's window pane when he tried to help a person lying unconscious on the Aurobindo Marg in south Delhi, the police said on Tuesday.
An app by the bank lets customers carry out a slew of banking functions via the social media site.
