Punjab National Bank, the third largest public sector bank in India, and smaller cousin Corporation Bank can teach bigger siblings like State Bank of India and Bank of Baroda a thing or two about going after big loan defaulters, an analysis of Reserve Bank of India data shows. In the last four years, these two banks […]
Yes Bank, one of India’s youngest, and fastest-growing banks, said it had no plans to go for a billion-dollar qualified institutional placement of its shares as reported by the media. The bank had tried to do a mega share sale in September last year, but the effort didn’t find success for various reasons. This time, […]
State Bank of India and HDFC Bank were the most successful in attracting and retaining deposits in the wake of demonetization of currency, according to an analysis of their deposits growth so far this financial year. The highest growth was reported by State Bank of India, which added a massive Rs 3.15 lakh cr of […]
The demonetization of high-value currency notes saw a rise in the number of bank robberies towards the end of 2016, but all of the increase came from just three states — Jammu & Kashmir, Bihar and Haryana. Overall, cases of theft, robbery and loot of on bank properties increased by 11% in the last three months […]
PayTM, India’s biggest mobile payment company and a minority subsidiary of Alibaba Group, said it partnered with Indian Institute of Technology Kanpur to bring its cashless payment solution to the country’s premier engineering college. Under the program, students will be able to make payments using the mobile app at hostel canteens, medical store, tea stalls, […]
The Unique Identification Authority of India has rebutted allegations that Aadhaar data submitted by citizens to companies are prone to misuse. Aadhaar — which is India’s equivalent to the US social security number — is a unique number given to each resident of India, including non citizens. Each Aadhaar number is associated with a set […]
A large chunk of under-development coal-based power units have their construction stalled due to the paucity of funds, according to numbers obtained from the power ministry. In total, projects that have a design capacity of 18,420 megawatt, or 18.42 gigawatt, are classified as ‘stalled’ due to financial reasons, the ministry said. This is equivalent to […]
Bharti Airtel, India’s largest telecom company, will take a crucial step towards entering the financial services business as it launches its Payments Bank operation across India tomorrow. Payments Bank refers to a limited operations bank that can be primarily used for making transactions, and not for depositing money. The operator has already started operations of […]
Customers of PayTM, India’s largest wallet service can now make payments using the Unified Payments Interface, the government of India’s open payments platform. The company has signed up with ICICI Bank be able to receive payments from its customers who are on the UPI platform using its ID ‘paytm@icici’. However, customers cannot simply transfer the money to […]
The Reserve Bank of India said that any person who continues to hold old notes of 500 and 1000 rupees in bulk will get only one more chance to deposit them into bank accounts and will also have to provide an explanation for the delayed deposit. “Tenders of SBNs in excess of ₹ 5000 into […]
Snapdeal-owned FreeCharge has tied up with ICICI Bank’s Merchant Services, which will allow consumers to pay their bill at over 1 Lakh ICICI stores with their Freecharge accounts. These merchants are located at across 700 cities and towns in India, the company said. “FreeCharge’s partnership with ICICI Merchant Services, powered by First Data, will ease […]
The government has banned over-the-counter exchange of old 500- and 1000-rupee notes due to suspected gaming of the system by those with black money. According to banking industry sources, the over-the-counter exchange system was being massively misused by hawala operators and others who had illegal funds to convert their old currency into new notes. “The system […]
Airtel Payments Bank, a subsidiary of Bharti Airtel Limited, today said that it has rolled out a pilot of its banking services in Rajasthan. The pilot is aimed at testing systems and processes ahead of a full scale pan Indian launch. With this, Airtel Bank has become the first payments bank in the country to […]
Banks have recalibrated 82,000 out of a little over 2 lakh ATMs in the country, economic affairs secretary Shaktikanta Das. “It will be only a matter of a few days (more) till all the ATMs are recalibrated,” Das said. To ease cash supply to the agricultural sector, a total of Rs 21,000 cr of new […]
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 […]
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 […]
It’s a question that has plagued the best minds of the country and no one has yet been able to figure out why the government came up with a 2,000-rupee note when it had got rid of the Rs 1000 note to control black money. However, Mehul Shah, a chartered accountant from Surat has come […]
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 […]
