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News Category : Banking

Depositing black money in banks will not make it white - FM
Posted Date : 03-Dec-2016 , 08:49:23 pm | Posted By CASANSAAR

What can be termed as veiled warning to the black money hoarders, Finance Minister Arun Jaitley said that just merely by depositing black money in the bank accounts, one must not think that it has been converted to white as taxes are still to be paid on the unaccounted cash. Jaitley said, “...

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Category : Banking | Comments : 0 | Hits : 90

Govt suspends 27 public sector bank officials over ‘illegal’ transactions
Posted Date : 02-Dec-2016 , 09:59:29 pm | Posted By CASANSAAR

The union Ministry of Finance has suspended 27 officials of public sector banks and transferred six to non-sensitive positions over allegations of illegal transactions as the central government continues to plug holes after its announcement to invalidate old high-value banknotes of Rs 500 and Rs 100...

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Category : Banking | Comments : 0 | Hits : 496

Old Rs 500 notes valid at petrol pumps, for airline tickets till tomorrow
Posted Date : 01-Dec-2016 , 04:16:30 pm | Posted By CASANSAAR

The deadline for using old 500 rupee notes at petrol pumps and buying airline tickets at airports has been cut short to tomorrow from the 15th of this month announced earlier. A government notification said, old notes will continue to be accepted for the other utility bill payments as well as at rai...

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Category : Banking | Comments : 0 | Hits : 86

RBI restricts withdrawals from Jan Dhan accounts up to Rs 10,000
Posted Date : 30-Nov-2016 , 04:59:46 pm | Posted By CASANSAAR

The Reserve Bank has placed a limit of 10,000 rupees on monthly withdrawals from Pradhan Mantri Jan Dhan bank accounts and who want to withdraw more than 10,000 a month, will have to furnish appropriate documents to prove why they need the money. RBI, in a notification, said the move is with the ...

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Category : Banking | Comments : 0 | Hits : 607

Delhi HC dismisses plea against Rs 2.5 lakh withdrawal limit for weddings
Posted Date : 30-Nov-2016 , 04:58:52 pm | Posted By CASANSAAR

Delhi High Court today dismissed petition seeking relaxation in withdrawal limit of Rs 2 lakh 50 thousand for marriages and reserved its verdict on the plea saying that government has provided relaxation wherever necessary on demonetisation issue.  The plea had said, the cap of 2.5 lakh rupe...

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Category : Banking | Comments : 0 | Hits : 178

PM Modi asks BJP MPs, MLAs to submit their Bank details till 31st December
Posted Date : 30-Nov-2016 , 08:47:00 am | Posted By CASANSAAR

Prime Minister Narendra Modi has asked BJP MPs and MLAs to submit details of their bank account transactions between 8th November and 31st December to party President Amit Shah. Addressing BJP Parliamentary Party meeting in New Delhi today, Mr. Modi rejected the allegation that the Income-Tax Amendm...

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Category : Banking | Comments : 0 | Hits : 424

Government not mulling December 30 cut-off extension for cash deposits
Posted Date : 29-Nov-2016 , 08:14:28 pm | Posted By CASANSAAR

Government on Tuesday said sufficient cash is available with RBI and banks, and it is not considering extending the deadline of December 30 for deposit of invalid Rs 500 and Rs 1,000 notes. The statement was made in the Rajya Sabha even as people queued up at banks to deposit old high value notes...

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Category : Banking | Comments : 0 | Hits : 178

SC to hear petitions challenging demonetisation on Dec 2
Posted Date : 25-Nov-2016 , 05:16:51 pm | Posted By CASANSAAR

The Supreme Court today fixed on December 2 the hearing on a batch of petitions challenging the constitutional validity of the decision to demonetise currency notes of Rs 1,000 and Rs 500 and the inconvenience faced by the common man due to it. A bench comprising Chief Justice T S Thakur and Just...

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Category : Banking | Comments : 0 | Hits : 263

Exchange of old Rs 500/1,000 notes to continue at RBI counters
Posted Date : 25-Nov-2016 , 05:15:52 pm | Posted By CASANSAAR

Banned 500 and 1,000 rupee notes will continue to be exchanged for new currency at RBI counters even after the facility was withdrawn from all banks. The government had yesterday announced that the demonetised 500 and 1,000 rupee notes can no longer be exchanged at bank counters and any holdings ...

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Category : Banking | Comments : 0 | Hits : 201

PIL filed in HC seeking to declare demonetisation notification
Posted Date : 25-Nov-2016 , 01:22:15 pm | Posted By CASANSAAR

The Madras High Court posted a PIL, seeking a direction to the Union Government to declare as illegal the notification issued on demonetisation, for further hearing to December 15. When the PIL filed by Suchitra Vijayan, a Barrister-at-Law, came up, the first bench, comprising Chief Justice Sanja...

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Category : Banking | Comments : 0 | Hits : 184

Use of old Rs 500 notes for utility bills extended till Dec 15; Exchange stopped
Posted Date : 24-Nov-2016 , 08:19:06 pm | Posted By CASANSAAR

The Centre on Thursday extended the usage of old notes for payment of public utilites bill till December 15, but ended the deadline for over the counter exchange of the banned Rs 500 and Rs 1000 notes. Government also extended the suspension of toll collection on all national highways till Decemb...

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Category : Banking | Comments : 0 | Hits : 229

Jan Dhan accounts mobilise Rs 21000 crore after demonetisation
Posted Date : 24-Nov-2016 , 08:14:40 am | Posted By CASANSAAR

Jan Dhan Accounts have seen a huge surge in deposits, with Rs 21,000 crore being parked in such accounts following demonetisation announced earlier this month. Post demonetisation, the total balance on Jan Dhan accounts stood at Rs 66,636 crore. As of November 9 — the day from which higher ...

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Category : Banking | Comments : 0 | Hits : 295

Old Rs 500/1000 notes can be deposited in Post Office A/cs
Posted Date : 23-Nov-2016 , 10:35:12 pm | Posted By CASANSAAR

People can deposit the now- invalid Rs 500 and Rs 1000 denomination currency notes in their Post Office savings accounts, the Finance Ministry said on Wednesday. The ministry had on Tuesday said that Rs 500 and 1,000 rupee notes cannot be used for making deposits in small savings schemes. &quo...

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Category : Banking | Comments : 0 | Hits : 238

Bombay HC questions RBI’s, finance ministry’s conflicting demonetisation orders
Posted Date : 22-Nov-2016 , 08:31:27 am | Posted By CASANSAAR

The Bombay high court on Monday asked the Ministry of Finance to clarify the reason behind the conflict between the demonetisation notification issued by the ministry and the RBI circular of November 14, which keeps district central cooperative (DCC) banks out of the demonetisation policy. &ldquo...

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Category : Banking | Comments : 0 | Hits : 440

Banks get about Rs 5.44 L cr worth of scrapped notes
Posted Date : 22-Nov-2016 , 08:14:56 am | Posted By CASANSAAR

People have exchanged and deposited over Rs 5.44 lakh crore worth of scrapped Rs 500/1,000 notes at different banks till November 18 following demonetisation of the higher denomination currency. The banks also disbursed Rs 1,03,316 crore over the counter and via ATMs between November 10 and Novem...

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Category : Banking | Comments : 0 | Hits : 162

Banks Tomorrow Will Not Swap Old Notes For New, Except For Seniors
Posted Date : 18-Nov-2016 , 10:28:26 pm | Posted By CASANSAAR

Banks tomorrow will not exchange the old 500 or 1,000 rupee notes for new bills, allowing only senior citizens to make the one-time swap for upto Rs. 2,000. On Sunday, banks will remain shut. "After this inking and all, we have seen for the last two days now, there is a visibly less rush in ...

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Category : Banking | Comments : 0 | Hits : 588

Several banks slash FD rates by up to 1% after surge in deposits
Posted Date : 18-Nov-2016 , 10:07:44 pm | Posted By CASANSAAR

Several banks have slashed their Fixed Deposit rates by up to 1 per cent after the surge in deposits following demonetisation. Canara Bank announced lowering its deposit rates in the range of 0.05 to 0.25 per cent while United Bank of India slashed rates of short-term deposits by 1 per cent. ...

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Category : Banking | Comments : 0 | Hits : 241

Over 8,100 defaulters owe Rs 76,685 cr to banks
Posted Date : 18-Nov-2016 , 10:04:34 pm | Posted By CASANSAAR

Public sector banks (PSBs) have reported 16 per cent rise in number of wilful defaulters at 8,167 who collectively owe them Rs 76,685 crore at the end of March 2016. As against the previous year, there is 16 per cent rise in wilful defaulters owing over Rs 25 lakh each to 8,167 from 7,031 at the ...

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Category : Banking | Comments : 0 | Hits : 151

Cannot disclose details on release of new Rs 500 notes - RBI
Posted Date : 18-Nov-2016 , 05:53:38 pm | Posted By CASANSAAR

The Reserve Bank of India today informed the Madras High Court that it cannot disclose details regarding the release of new Rs 500 denomination currency to the banks for distribution due to security reasons. The submission was made by the counsel for RBI on a petition seeking a direction to the R...

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Category : Banking | Comments : 0 | Hits : 291

Long queues outside banks a 'Serious Issue' - SC
Posted Date : 18-Nov-2016 , 05:51:06 pm | Posted By CASANSAAR

The Supreme Court today dubbed as a "serious issue" the long queues outside banks and post offices and expressed its reservation on the Centre's plea seeking a direction that no other court in the country should entertain petitions challenging the November 8 notification demonetising R...

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Category : Banking | Comments : 0 | Hits : 142

Govt allows dispensing cash through debit card from selected petrol pumps
Posted Date : 18-Nov-2016 , 07:54:52 am | Posted By CASANSAAR

The government allowed dispensing cash of up to Rs 2,000 through debit card swipe at some selected IOCL, BPCL and HPCL petrol pumps. The initiative has been launched by the public sector oil companies in association with State Bank of India to ease the burden on banks and ATMs.  The facility...

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Category : Banking | Comments : 0 | Hits : 247

Relief for farmers, families celebrating weddings, Govt issues guidelines on withdrawal norms
Posted Date : 17-Nov-2016 , 05:23:35 pm | Posted By CASANSAAR

In a breather for farmers across the country ahead of the onset of Rabi season, Economic Affairs Secretary Shaktikanta Das Thursday announced that farmers can withdraw up to Rs 25,000 per week from the payment they receive for agriculture produce in form of cheque or RTGS. Further, the government ha...

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Category : Banking | Comments : 0 | Hits : 1382

Customer PAN must for deposit exceeding Rs 50,000: RBI to banks
Posted Date : 17-Nov-2016 , 08:17:31 am | Posted By CASANSAAR

In the wake of demonetisation of high-value currency, RBI has asked banks to ensure that customers submit a copy of permanent account number (PAN) card for any cash deposit exceeding 50,000 rupees, if it is not already seeded with the account.  The apex bank said this in a notification with ...

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Category : Banking | Comments : 0 | Hits : 242

SBI collects Rs 1,14,139-cr in deposits in last 7 days
Posted Date : 17-Nov-2016 , 08:11:29 am | Posted By CASANSAAR

State Bank of India today said it collected Rs 1,14,139 crore in deposits in last seven days after the government announced demonetisation of Rs 500 and Rs 1,000 notes. The bank saw 240.90 lakh cash deposit transactions between November 10 and November 16 up to 7 PM, SBI said in a statement here ...

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Category : Banking | Comments : 0 | Hits : 185

Banks may hire retired staff to deal with cash rush
Posted Date : 16-Nov-2016 , 10:06:44 am | Posted By CASANSAAR

The finance ministry today asked banks to consider engaging retired employees to deal with the unprecedented rush for exchange of invalid currency notes and ease pressure on existing staff. In a letter written to Indian Banks' Association (IBA), the financial services department of the financ...

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Category : Banking | Comments : 0 | Hits : 201

SC refuses to stay Govt's demonetisation notification
Posted Date : 15-Nov-2016 , 02:27:18 pm | Posted By CASANSAAR

Supreme Court today refused to stay the government's notification demonetising Rs 500 and Rs 1,000 currency notes but asked it to spell out the steps taken to minimise public inconvenience. "We will not be granting any stay," a bench comprising Chief Justice T S Thakur and D Y Chand...

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Category : Banking | Comments : 0 | Hits : 1108

Indelible ink to be used to identify people who've made withdrawals
Posted Date : 15-Nov-2016 , 02:21:32 pm | Posted By CASANSAAR

  Even as the government and the Opposition are trying to formulate their strategies for the coming winter session of Parliament on the issue of demonetisation, Economic Affairs Secretary Shaktikanta Das, in a press meet on Tuesday, made a couple of announements to combat the crisis of cash ...

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Category : Banking | Comments : 0 | Hits : 612

SC to hear pleas on demonetisation of Rs 1,000 and 500 notes
Posted Date : 14-Nov-2016 , 08:53:13 pm | Posted By CASANSAAR

Amidst unprecedented panic rush in banks and ATMs across the country, the Supreme Court would tomorrow hear a batch of PILs seeking quashing of the government's decision to demonetise Rs 1,000 and Rs 500 currency notes on the grounds that it infringed citizens' right to life and trade among ...

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Category : Banking | Comments : 0 | Hits : 282

ATM withdrawal limit increased to Rs 2500/day; Exchange limit Rs 4500
Posted Date : 13-Nov-2016 , 09:52:26 pm | Posted By CASANSAAR

  Daily limit for withdrawing cash from ATMs has been increased to Rs 2,500 from existing Rs 2,000, announced Ministry of Finance on Sunday after reviewing the position regarding availability and distribution of all denomination of bank notes.    Follow Min...

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Category : Banking | Comments : 0 | Hits : 164

Rs 500/1,000 notes valid for key utilities till Nov 14
Posted Date : 11-Nov-2016 , 09:51:09 pm | Posted By CASANSAAR

Government today extended use of old Rs 500 and Rs 1,000 notes for paying household utility bills, fuel, taxes and fees as well as purchases from co-operative stores by another 72 hours to November 14 as it struggles to make available alternative currency. While withdrawing Rs 500 and Rs 1,000 no...

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Category : Banking | Comments : 0 | Hits : 418

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