Public sector banking major Indian Overseas Bank on Wednesday launched an Internet-based online remittance product 'e-Cash Home', providing a fast channel for the United States-based non-resident Indians to remit money back home.
Yes Bank users can now make over Rs 2 lakh payments towards loans, credit cards via other bank accounts.
As the Pakistan government is struggling to fix the country's crumbling economy, a drop in it's demand for export and uncertainty about remittances pose a risk to its external outlook, the IMF said.
The protests brought home the fact that the Sri Lankan public is in no mood for halfway measures, as voices against Rajapaksa 'family rule' and 'securitisation' of the civilian administration began sidestepping the more critical economic crisis, affecting the nation and afflicting the individual, observes Sri Lanka watcher N Sathiya Moorthy.
"His (Chidambaram) arrest is good news. He is now cornered from all sides," Indrani Mukerjea told reporters in a sessions court where she was produced to attend trial in the case of killing of her daughter Sheena Bora.
To select the right platform, get the opinions of a few existing users or browse online for feedback. Select a platform that offers a seamless experience. Check that the platform you are going with is a regulated entity, suggests Sanjay Kumar Singh.
The RBI cracked down on offshore foreign exchange trading by Indians through online trading websites.
India's current account surplus moderated to $15.5 billion or 2.4 per cent of the GDP in the July-September quarter of the current fiscal, the RBI said on Wednesday. The same was at $19.2 billion or 3.8 per cent of the GDP in the preceding three-month period on account of a rise in the merchandise trade deficit, the RBI said in a statement on 'Developments in India's Balance of Payments during the Second Quarter (July-September) of 2020-21'. It is for the third consecutive quarter that India's current account remained in surplus. In the last quarter of 2019-20, the surplus was $0.6 billion. Current account deficit/surplus reflects the difference between the outflow and inflow of foreign exchange in a country's current account.
As part of the service, UAE-based Indian immigrants can transfer money to their families based in India and the service would complement existing remittance channels and make transferring money internationally more affordable, Tata Communications said in a filing to the Bombay Stock Exchange. In the first phase, this service would be extended to over 27 lakh subscriber base of mobile services operator Idea Cellular in Kerala.
As per the latest finance ministry data, the total balance in over 36.06 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts was at Rs 1,00,495.94 crore as on July 3.
When contacted whether Letters Rogatory have been sent, CBI sources said "it is in the process".
Addressing a G20 Summit session, Modi also presented his '5-I' vision to maximise digital technology for social benefit.
The new service, Pravasi, will offer banking solutions for NRIs in India and Oman, with services ranging from basic remittance service, investments in international and Indian funds, wealth management solutions to demat accounts in India and Oman for trading in shares and retirement solutions, the bank said.
Bank strike continued for day-two on Tuesday, led by nine unions of public sector banks (PSBs) in the country, opposing government's policy to privatise the lenders. Customers will be inconvenienced to get services such as cash withdrawals, deposits, cheque clearances, remittance services. Government transactions related to treasury as well as business transactions will also be impacted. United Forum of Bank Unions (UFBU), an umbrella body of nine unions, had given a strike call for March 15 and 16.
Individuals may soon get to invest in overseas commodity and equity derivatives.
"The PMJDY has been the foundation stone for the Modi government's people-centric economic initiatives. "Whether it is direct benefit transfers, Covid-19 financial assistance, PM-KISAN, increased wages under MGNREGA, life and health insurance cover, the first step was to provide every adult with a bank account, which PMJDY has nearly completed," Nirmala Sitharaman said on the sixth anniversary of the scheme.
India Inc reacted cautiously to allegations on Swiss a/cs.
Meridian Tech Pte has its development centre in Hyderabad.
Beginning with the bird's eye view of itself -- a narrow state of hills, rivers and high population density, in a tapering part of the Indian subcontinent. It can be a beautiful place shaped by aesthetic founded in appropriate lifestyle and progressive views, or a junkyard shaped by money and what money buys. The choice is Kerala's, notes Shyam G Menon.
College is where the manicured view of the world provided by one's family, encounters new trends. It is the dawn of exploration. Wishing for a sanitised bubble on campus appears hypocritical. The correct strategy, one would assume, is to weed out the violence while retaining the right to political debate, argues Shyam G Menon.
Providing access to unbanked areas in the country has been high on the agenda of RBI, as almost 40 per cent of the population doesn't have a bank account.
Anand Rathi recently carried out a research on the behaviour of the economy and CAD.
The review will help all the banks find if there is any loophole.
Whether one likes it or not, services constitute the value-addition sector that the country has to build on, using its comparative advantage in infotech and related skills, suggests T N Ninan.
The banks used for the fraud include ING Vysya Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, Dhanlaxmi Bank, YES Bank and DCB Bank.
Despite the uncertainty surrounding the future of the Unique Identity (UID) project, or Aadhaar, the Reserve Bank of India (RBI) is testing a mobile-based payments system linked to this platform.
'Mere fundamentals will not do the trick,' cautions former commerce secretary Rahul Khullar.
There is positive correlation between crude oil prices and Indian equities and investors can expect more upside after the recent rally in Brent crude price.
Reserve Bank carried out the investigation and noted the deficiencies which were reflective of weaknesses and failures in internal control mechanisms
Non-resident individuals (NRIs) have also been allowed to apply for the niche banking licence, provided they plan to return to India.
The Central Bureau of Investigation on Monday questioned former Indian air force Chief S P Tyagi and two others in connection with alleged irregularities in the AgustaWestland helicopter deal.
Colombo seems to be veering to the middle path between China and the US on global matters, but in regional matters of strategic security, it is increasingly identifying with India, points out N Sathiya Moorthy.
Priyadarshini Maji evaluates the impact that payment banks are likely to have on your financial life.
E-commerce firms and sellers including Amazon and eBay have made recommendations to the government for a differentiated policy framework for e-commerce in the revised Foreign Trade Policy (FTP) which is expected to come into effect from April 1, 2021. This is because the existing policies on exports have catered largely to traditional, offline and business-to-business exports. Suggestions have been made to the government that through the FTP, it is important to create a conducive policy framework for e-commerce exports that lowers the entry barrier for small businesses to start exporting, according to the industry sources.
Advertising firm Grey India Inc will hold 1,88,260 equity shares of Grey Worldwide (India) as a non-resident shareholder on repatriation basis and has ceased to be an overseas corporate body following an approval from the FIPB.
Payment for imports do not require these two forms.
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On Wednesday, RBI reduced the cap on individual remittances abroad from $200,000 (about Rs 1.2 crore) to $75,000 (Rs 45 lakh) and also barred individuals from using funds under the scheme to buy immovable properties abroad.
Oil and gold had accounted for 45 per cent of India's imports bill in 2012-13.
T K S Elangovan has alleged senior bank officials forged documents and faked authorisation from the RBI, to transport huge sums of hawala money during recent elections in the state.
