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RTGS to remain unavailable for 14 hrs from midnight on 17 April due to technical upgrade: RBI
Business

RTGS to remain unavailable for 14 hrs from midnight on 17 April due to technical upgrade: RBI

The popular National Electronic Funds Transfer or NEFT for fund transfers of up to Rs 2 lakh will continue to be operational as usual during this period

RTGS to become available round-the-clock from 12.30 am on Monday, says RBI governor Shaktikanta Das
Business

RTGS to become available round-the-clock from 12.30 am on Monday, says RBI governor Shaktikanta Das

RTGS, which began its operations on 26 March, 2004 with a soft launch involving four banks, presently handles 6.35 lakh transactions daily for a value of Rs 4.17 lakh crore across 237 participant banks

Bank of Maharashtra gets govt mandate to collect donations for PM CARES Fund; contributions to get I-T Act exemption
Business

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
Business

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.

Bharat Bandh: Transport, banking hit in several states as Left, Congress-backed unions go on strike; vandals torch vehicles in Bengal
India

Bharat Bandh: Transport, banking hit in several states as Left, Congress-backed unions go on strike; vandals torch vehicles in Bengal

The day-long Bharat Bandh called by 10 trade unions was hit normal life in the statesof West Bengal, Assam and Odisha, while it evoked a lukewarm response in many states including Maharashtra, Karnataka and Tripura.

Bharat Bandh 2020 Updates: TMC, CPM spar over violence in Bengal; parties without political existence indulging in cheap tactics, alleges Mamata Banerjee
India

Bharat Bandh 2020 Updates: TMC, CPM spar over violence in Bengal; parties without political existence indulging in cheap tactics, alleges Mamata Banerjee

Bharat Bandh 2020 Updates:Hitting out at the Left and the Congress, Chief Minister Mamata Banerjee said on Wednesday that those who don't have any political existence in the state are trying to ruin its economy by pursuing "cheap politics" of strikes.

Bharat Bandh 2020: Banking, transport services set to be impacted as trade unions call for strike against Centre's labour policies
India

Bharat Bandh 2020: Banking, transport services set to be impacted as trade unions call for strike against Centre's labour policies

In West Bengal, trade unions affiliated to Left and other parties called for a Bharat bandh against the economic policies of the BJP government. However, the TMC-led state government said it will not support any bandh.

Digital economy: Love of cash hinders govt's objectives; currency in circulation rises 17% to Rs 21 lakh cr post-demonetisation
Business

Digital economy: Love of cash hinders govt's objectives; currency in circulation rises 17% to Rs 21 lakh cr post-demonetisation

The demonetisation got rid of old 500 and 1,000 rupee banknotes and Modi said that would boost the country’s digital economy, unearth unaccounted wealth and reduce the use of cash.

RBI asks banks not to charge savings bank account holders for NEFT transactions from 1 January
Business

RBI asks banks not to charge savings bank account holders for NEFT transactions from 1 January

Come January 2020, and customers may not have to pay any charges for transactions done through the popular NEFT system

NEFT New Fund Transfer Timings 2019: RBI allows round-the-clock payments from December to promote digitisation
Business

NEFT New Fund Transfer Timings 2019: RBI allows round-the-clock payments from December to promote digitisation

The RBI has decided to allow round-the-clock fund transfers through NEFT from December this year in order to promote digital transactions

After NEFT, RTGS, SBI waives charges on IMPS transactions through internet and mobile banking from 1 August
Business

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

Payments Council says abolishing MDR charges to dry up investment capital; will kill revenue source for industry
Business

Payments Council says abolishing MDR charges to dry up investment capital; will kill revenue source for industry

Abolishing merchant discount rate (MDR) to facilitate digital transaction in the country will dry up foreign capital investment besides leaving the sector without sources of revenue generation, the Payments Council of India (PCI) said on Tuesday

Fund transfers via RTGS, NEFT to cost less from 1 July; non-subsidised LPG cylinders to be cheaper by Rs 100 in Delhi
Business

Fund transfers via RTGS, NEFT to cost less from 1 July; non-subsidised LPG cylinders to be cheaper by Rs 100 in Delhi

Country's largest bank SBI charges between Re 1 and Rs 5 for transactions through NEFT and between Rs 5 and Rs 50 for RTGS route

RBI removes charges on RTGS, NEFT transactions: Central bank's decision will give a much-needed boost to digital transactions
Business

RBI removes charges on RTGS, NEFT transactions: Central bank's decision will give a much-needed boost to digital transactions

The Narendra Modi government’s Digital India drive has definitely got a boost with this RBI initiative.

RBI monetary policy: Central bank removes charges on RTGS, NEFT transactions; asks banks to pass on benefits to customers
Business

RBI monetary policy: Central bank removes charges on RTGS, NEFT transactions; asks banks to pass on benefits to customers

The Reserve Bank of India (RBI) on Thursday said it has done away with charges on fund transfers through RTGS and NEFT routes to boost digital transactions and asked banks to pass on the benefits to customers

Nandan Nilekani-led committee suggests measures to encourage digital payments, financial inclusion
Business

Nandan Nilekani-led committee suggests measures to encourage digital payments, financial inclusion

Customers must be allowed to initiate and accept a reasonable number of digital payment transactions with no charges, the committee suggested

Reserve Bank extends RTGS timing till 6:00 pm for general public from 1 June
Business

Reserve Bank extends RTGS timing till 6:00 pm for general public from 1 June

Under Real Time Gross Settlement (RTGS) System, there is a continuous and real-time settlement of fund-transfers

Manappuram Finance kick-starts doorstep gold loan delivery to customers in Delhi, Mumbai
Business

Manappuram Finance kick-starts doorstep gold loan delivery to customers in Delhi, Mumbai

The company will offer the doorstep gold loan facility across 50 branches each in Mumbai and in Delhi, it said in a release.

Narendra Modi to launch India Post Payments Bank on 1 September; to leverage reach of 1.55 lakh post office branches
Business

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

Donation to Kerala floods: Mobile wallet firms have their heart at the right place but taxpayers inconvenienced
Business

Donation to Kerala floods: Mobile wallet firms have their heart at the right place but taxpayers inconvenienced

A few other mobile wallet companies have swung into action to mobilise funds for the beleaguered people of Kerala devastated by heavy rains, but how convenient is it for making donations