After constantly rising for the past several months, the volume, as well as value, of transactions through the UPI payment system dropped in March due to the 21-day nationwide lockdown imposed to combat the coronavirus infection
Bank of Maharashtra gets govt mandate to collect donations for PM CARES Fund; contributions to get I-T Act exemption
One can also remit contributions directly by electronic clearing system (ECS) to the designated savings bank account of Bank of Maharashtra.
Yes Bank users can now make over Rs 2 lakh payments towards loans, credit cards via other bank accounts
On 5 March, the RBI in consultation with the government put a moratorium on Yes Bank till 3 April, citing serious financial mismanagement at the private sector lender.
After NEFT, RTGS, SBI waives charges on IMPS transactions through internet and mobile banking from 1 August
State Bank of India (SBI) has waived charges on NEFT and RTGS transactions through the internet and mobile banking from 1 July, after the RBI decided to do away with the charges with an aim to move the country towards a less-cash economy
The company will offer the doorstep gold loan facility across 50 branches each in Mumbai and in Delhi, it said in a release.
The trend seems to be accelerating ever since the Reserve Bank of India that regulates the payment industry allowed interoperability among payment service providers sometime ago.
Existing payment modes such as debit cards, credit cards, Immediate Payment Service (IMPS) and Pre Paid Instruments(PPI) have registered substantial growth as well.
Narendra Modi to launch India Post Payments Bank on 1 September; to leverage reach of 1.55 lakh post office branches
The payment bank will be used by the government to distribute NREGA wages, subsidies, pension etc
The payments bank will gradually link all 1.55 lakh post offices in the country to offer the service.
Paytm is aiming to process Rs 60,000 crore in monthly bank transfers alone by the end of this year.
Digital transactions in India have crossed 1 billion mark indicates RBI report; UPI sees biggest growth
The RBI report says that UPI transactions were only 2 million in December 2016 and by December 2017 that number had risen to 145.5 million.
SBI gives more time to associate bank customers to collect new cheque books; validity of old ones ends on 31 December
SBI customers can visit their nearest SBI branch for collecting new cheque book or they can log in to mobile banking app for the purpose
Post the merger of its five associates, State Bank of India has changed names and IFSC codes of nearly 1,300 of its branches.
Investment banking firm Jefferies on Monday said there is growth in digital payment mode by bank customers post-demonetisation.
Digitisation drive: UPI is gaining currency among users but concerns of tech glitches, frauds remain
One of the highlights of UPI is that a user needs to get a virtual address and there is no need to reveal phone numbers or transfer money to a wallet
As many as 11 companies including Reliance Industries and India's top three telecom operators were in 2015 permitted by the Reserve Bank of India (RBI) to set up payments banks which can take deposits and remittances but cannot lend.
For cash deposit of up to Rs 1,000 into its mobile wallet through business correspondents, the bank will levy a service charge of 0.25 per cent (minimum Rs 2 and maximum Rs 8) plus service tax.
Digital transactions increased by about 23 times in March to nearly 64 lakh, with a total value of Rs 2,425 crore, from last November when demonetisation took effect.
In order to achieve the target of 2,500 crore digital transactions in the current financial year, the Prime Minister Narendra Modi today announced about 75 townships spread all over India as 'less-cash townships', it said.
The measure is an effort to curb users who exploited Paytm to transfer money from credit cards to bank accounts, making Paytm pay for the transaction fees.