Business

3-Day Bank Holidays Add To People’s Cash Woes

Mumbai: As the banks remained shut for the third consecutive day on Monday and many ATMs continued to run dry, it caused further inconvenience to people, who are already reeling under a currency crunch. The banks are likely to witness a rush of people tomorrow, when the operations resume. The three-day long bank closure started from December 10, as it ... Read More »

Demonetisation: RBI Seeks Details Of Fake Currency From Banks

Mumbai: To ascertain the amount of counterfeit currency, the Reserve Bank has asked all banks to send details of all fake notes detected during exchange and deposits of defunct old high-value notes post demonetisation. Banks are required to send details of fake currencies in three different dates, the first of which is December 16. The RBI in an advisory issued ... Read More »

Banks Receive Rs 12.44 Lakh Crore Of Old, Invalid Notes So Far, Says RBI

Mumbai: Banks have taken back Rs 12.44 lakh crore ($184.24 billion) of high-value currency that the government abruptly abolished last month, Reserve Bank of India Deputy Governor R Gandhi said on Tuesday. That represents about 80 percent of the Rs 15.44 lakh crore in 500- and 1,000-rupee notes that were circulating before Prime Minister Narendra Modi abolished them on Nov. ... Read More »

No Regulatory Obstacles For NRIs Depositing Banned Notes: Bank Of England

London: In a relief to British Indians and NRIs, the Bank of England has said that it does not foresee any regulatory obstacles to people wanting to deposit or exchange banned Rs. 500 and Rs. 1,000 notes at the UK branches of Indian banks. The banking authority’s chief stressed the issue was a matter for the Indian government, who must ... Read More »

Suspicious Deals: Axis Bank Suspends 24 Employees, 50 Accounts

The raid was conducted at an Axis Bank branch situated in Noida Sector 51. Mumbai: In the wake of disclosure of transgressions in its network, including a case in Noida which came to light today, private sector lender Axis Bank said it has so far suspended 50 accounts and 24 employees for suspicious activities. Asserting that investigating agencies acted on ... Read More »

RBI Imposes Restrictions On Withdrawal From Certain Bank Accounts

Mumbai: Tightening the noose around people who misused banking channels to park unaccounted money, the Reserve Bank on Thursday imposed certain restrictions on withdrawal if more than Rs. 2 lakh has been deposited after November 9 in an account which has a balance of over Rs. 5 lakh. As per a RBI notification, withdrawal or transfer of funds will not ... Read More »

Loans Against Property Pose Increasing Risks: Moody’s

New Delhi: Moody’s Investors Service on Friday said the overall asset profile of property retail loan portfolio of banks is stable although risks are rising in the non-traditional loan against property segment. “Growth in loan against property (LAP) loans has outpaced overall retail credit growth in recent years, but relatively loose underwriting practices and a tightening in credit following India’s ... Read More »

RBI Lowers Merchant Discount Rate For Small Debit Card Transactions

Mumbai: To encourage digital transactions, the Reserve Bank today decided to slash MDR charges on payments made through debit cards and do away with levies on small transactions through mobile phones and Internet from January 1 to March 31. The Merchant Discount Rate (MDR) for debit card payments, including for payments made to government, will be capped at 0.25 per ... Read More »

RBI To Announce Monetary Policy Decision On Wednesday

Mumbai: The Reserve Bank will come out with monetary policy review, the first after demonetisation of old Rs 500/1000 notes, on Wednesday amid expectations of interest rate cut. “The Monetary Policy Committee (MPC) will meet on December 6 and 7, 2016 for the Fifth Bi-monthly Monetary Policy Statement for 2016-17. “The resolution of the MPC will be placed on the ... Read More »

Digital Payments Push: Single UPI Platform In Offing For Banks

New Delhi: In order to promote digital transactions, an upgraded Unified Payments Interface for banks is in the offing that will provide a cost effective and secured option, a senior finance ministry official has said. A single UPI platform is being developed for all banks as against the existing system of individual platform, the official said. Currently, about 30 banks ... Read More »