While nearly all the major banks with the exception of SBI and HDFC have come up with UPI apps for regular users, ICICI Bank has gone a step further by bringing out an app specially dedicated to merchants. The app requires a current account with ICICI Bank to operate, and any small merchant or shopkeeper […]
Fitch Ratings said the positive effects are unlikely to be strong and sufficiently enduring “to support credit profiles” and will impact GDP growth in the current quarter. Though the gains will be substantial in the short-term, they may not last as people may still go back to their old ways after a while. It said […]
The Supreme Court on Monday dismissed the petition filed by the Income-Tax Department against Reliance Communications on taxing of the proceeds of Foreign Currency Convertible Bonds (FCCBs), said the telecom operator. The Supreme Court order has quashed contingent tax liability of RCOM for about Rs 4,800 crore. During Financial Year 2006-07, Reliance Communications had issued […]
Swiping a debit or credit card at the local grocery store or supermarket is supposed to be the best way to beat the demonetization blues, but going by social media feedback, these networks are getting overloaded as well. In fact, our own staff have found that they have had to swipe their cards 3 or […]
He may not be able to deliver the Rs 15 lakhs, but according to a media report, Narendra Modi’s government is thinking of transferring at least part of the black money destroyed through demonetization to Jan Dhan account holders. Jan Dhan accounts were opened in 2014 by economically weaker sections of the population who did […]
State Bank of India, India’s largest bank, has started accepting UPI payments from customers of other banks. However, outgoing payments are yet to be enabled from an SBI account to other accounts. UPI refers to a new way of making instant payments. Instead of entering details such as bank account number and IFSC code, Unified […]
There will no over the counter exchange of currency tomorrow (Saturday) as banks have requested for a one-day break from the heavy workload. The only exception will be for senior citizens. Deposits and withdrawals will continue. “The entire staff of the banks have been dedicated to this for several days. Our own customers have been […]
ICICI Bank Chief Executive Officer Chanda Kocchar today said the Reserve Bank of India’s currency chests have enough cash and there is no situation of scarcity for banks in securing notes. Kocchar also said that all banks including hers are bringing more and more ATMs into working mode after a change in currency put most […]
The head of the Unique Identity Authority of India has urged the public to write down the purpose and date when they submit photocopies of their Aaadhar cards to exchange currency notes to prevent misuse. “Photocopies of the Aadhaar letter are being submitted by the general public to banks. We urge them to clearly indicate […]
Axis Bank, one of India’s top two private banks, has cut its lending rates by 0.15 percentage points in the wake of the ongoing currency exchange program. With this, the bank’s ‘marginal cost-based lending rate’ has been reduced to 9.05% for one year and 9.15% for three years. The change will come into effect from […]
Razorpay, a payment processing company, announced eCOD, a new service that lets customers pay for deliveries after the delivery is actually made. Unlike other recent offerings like Wallet on Delivery etc, Razorpay has built in support for UPI — which means that you can pay directly from your bank account without using any wallet. UPI, […]
Snapdeal-owned Freecharge said it is now signing up a new merchant every 30 seconds, possibly a result of the cash-related problems faced by consumers and businesses alike. The company had recently removed sign up charges for merchants and waived fund transfer charges as well. It also offered quick sign-ups as well. “This unbeatable offer led […]
Karnataka-based public sector bank Canara Bank said 75% of its ATMs have been supplied with cash and are up and working. The statement comes in the wake of widespread difficulty for people to access money via ATMs under the ongoing currency swap. India derecognized 500 and 1000 rupee notes in an effort to get everyone […]
The average deposit size for people putting their money into banks under the cash demonetization drive is Rs 45,811, according to the data released by State Bank of India. A total of 76,000 cr has been deposited via SBI branches, and close to another 3 lakh cr has been deposited via other banks. QUESTIONS The […]
The country’s biggest bank State Bank of India saw nearly Rs 40,000 cr deposited by the public in its branches in the first two days of the ongoing currency swap. A total of Rs 1,666 cr worth of notes were exchanged. Under the ongoing currency swap, bank customers can get up to Rs 4,000 worth […]
Online Payment platform Razorpay said it launched a new feature –Express Activation– in India that promises one-hour activation of new merchant accounts. Razorpay is a payments platform that allows merchants to receive payments via their websites or mobile apps. It helps businesses accept online payments via credit card, debit card, netbanking and popular wallets including Mobikwik, […]
As the e-commercial sector is facing issues with the money demonetization, the E- payment platform MobiKwik and Freecharge have forward with methods that can be helpful for the e- tailers. Mobikwik said it will offer ‘MobiKwik on delivery’ option for e-tailers to replace ‘Cash on Delivery’ and overcome the challenges being faced by the phasing […]
With money tied up in banks, the Income Tax department has conducted multiple raids across the country to find undeclared income. The raids were conducted in Delhi, Mumbai, Chandigarh and other cities. The raids are being conducted to unearth undeclared cash, according to sources. It is believed that the Income Tax dept was able to […]
Oxigen, one of India’s oldest wallet payment system, said the load value on Oxigen Wallet prepaid visa cards have increased by 4 times in the last two days. It said people seem to be switching to prepaid cards to make payments in the wake of demonetization of high-denomination currency notes. “The daily average number of […]
With bank withdrawals restricted, the Income Tax Department seems to be taking the opportunity to move in on a long-time target of tax evasion investigators — co-operative banks. Several co-operative banks in Kerala have got Income Tax Department notices seeking details of deposits. It is not known if banks in other states have also got similar notices. […]
