RBI permits Paytm to launch its Payments Bank
Posted Date : 04-Jan-2017 , 08:49:39 am | Posted By CASANSAAR
Paytm Payments Bank, owned by One97 Communications and its founder Vijay Shekhar Sharma, received an approval to formally launch its services from the Reserve Bank of India (RBI), Sharma said in a blog post on Tuesday. A company official informed that the payments bank is expected to be launched by ...
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SBI pushes merger of 5 associate banks, Bharatiya Mahila Bank to next fiscal
Posted Date : 04-Jan-2017 , 08:40:50 am | Posted By CASANSAAR
SBI Chief Arundhati Bhattacharya has hinted that the mega merger of its five associate banks and Bharatiya Mahila Bank could be pushed to the next financial year as it is still awaiting the government notification in this regard.
Ms. Bhattacharya said undertaking the merger process in the l...
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Supreme Court asks Centre to give details of recovery cases filed by banks
Posted Date : 03-Jan-2017 , 10:27:45 pm | Posted By CASANSAAR
The Supreme Court today asked the Centre to give details of recovery cases filed by banks and financial institutions and those pending in debt recovery tribunals and their appellate bodies for the last ten years.
A bench headed by Chief Justice T S Thakur also sought a response on the question as...
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Rs 3,285 Cr withdrawn from Jan Dhan a/cs in last 15 days
Posted Date : 01-Jan-2017 , 10:20:57 pm | Posted By CASANSAAR
Jan Dhan accounts witnessed net withdrawal of Rs 3,285 crore in the last fortnight after a huge surge in deposits post demonetisation in November.
Total deposits increased to a record high of Rs 74,610 crore for the week ended December 7 and thereafter, it started gradual decline to close at Rs 7...
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SBI, PNB, UBI cuts lending rate by up to 90 bps
Posted Date : 01-Jan-2017 , 10:19:04 pm | Posted By CASANSAAR
Top PSU lenders State Bank, Punjab National Band and Union Bank today slashed their benchmark lending rates by up to 90 basis points.
The country's largest lender, SBI, in a statement said, it has reduced marginal cost of funds based lending rate (MCLR) by 0.9 per cent from 8.90 per cent to 8...
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Cash withdrawal limit from ATMs increased to Rs 4,500 per day
Posted Date : 31-Dec-2016 , 08:27:04 am | Posted By CASANSAAR
In a major relief for the common man, Reserve Bank of India (RBI) increased the daily limit of ATM withdrawal to Rs 4500 from current Rs 2500 with effective from January 1, 2017.
RBI in a notification issued has said that there has been no change in the weekly withdrawal limit, which stands...
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President approves promulgation of Specified Bank Notes Ordinance, 2016
Posted Date : 31-Dec-2016 , 08:26:05 am | Posted By CASANSAAR
President Pranab Mukherjee on Friday gave his assent for the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016. The Union Cabinet had earlier approved the ordinance.
It provides for making holding of old 1,000 and 500 rupee notes after 31st of March next year a o...
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Currency worth Rs 5.92 lakh crore issued since demonetisation
Posted Date : 21-Dec-2016 , 08:48:10 pm | Posted By CASANSAAR
The Reserve Bank today said banks have issued currency worth over Rs 5.92 lakh crore to the public since the demonetisation of old high value notes last month.
The central bank also said that it has issued 2.2 billion (220 crore) pieces of notes of new Rs 500 and Rs 2,000 during the period -- Nov...
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RBI to issue new Rs 500 note with inset letter in new series
Posted Date : 21-Dec-2016 , 08:12:57 am | Posted By CASANSAAR
The Reserve Bank of India, RBI will shortly issue 500 rupee banknotes in Mahatma Gandhi New series with the inset letter E having star mark in the number panel.
The banknote will bear the signature of RBI Governor Dr Urjit R. Patel, year of printing 2016 and Swachh Bahrat Logo.
In a stat...
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Old notes worth more than Rs 5000 can be deposited only once per account until Dec 30
Posted Date : 19-Dec-2016 , 10:00:30 pm | Posted By CASANSAAR
The Reserve Bank today imposed stiff restrictions on depositing more than 5,000 rupees in the scrapped 500 and 1,000 rupees notes.
The bank said, it can be deposited only once per account till December 30th, that too after explaining to bank officials the reasons for not having done that so far.
...
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Under pressure, banks hand over scrutiny to their Auditing firms
Posted Date : 19-Dec-2016 , 08:59:33 am | Posted By CASANSAAR
UNDER PRESSURE from the RBI and the Finance Ministry’s Department of Financial Services (DFS), following multiple seizures of high-value notes and arrests of employees, several banks have asked hundreds of chartered accountants engaged in the concurrent audit of their branches to carry out add...
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Govt to release app for Aadhaar-linked e-payments soon
Posted Date : 17-Dec-2016 , 12:05:11 pm | Posted By CASANSAAR
Government will soon launch a mobile application to facilitate Aadhaar-linked digital payments and roll out a nation-wide programme to train over 1 crore people on e-payments.
"We are going to promote Aadhaar-enabled payment system (AEPS) in coordination with Finance Ministry. About 40 crore...
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Delhi Police seize Rs 13.56 crore cash from lawyer's office in Delhi
Posted Date : 12-Dec-2016 , 05:24:06 pm | Posted By CASANSAAR
Delhi police have seized nearly Rs 13.56 crore in a raid at a law firm in southeast Delhi's GK-I area, of which Rs 2.6 crore is in new currency released after demonetisation, a senior police official said on Sunday.
The raid was carried out by Crime Branch at the office of T&T law firm la...
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Govt announces several incentives on payments through digital modes
Posted Date : 09-Dec-2016 , 07:56:15 am | Posted By CASANSAAR
Government announced several incentives on payments made through digital modes. Addressing media in New Delhi, Union Finance Minister Arun Jaitley said, petroleum companies will offer a discount of 0.75 percent on diesel and petrol to consumers who pay through digital means.
Mr Jaitley also said,...
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Auditors of 50 Bank Branches are under Examination
Posted Date : 08-Dec-2016 , 08:53:14 am | Posted By CASANSAAR
On the heels of allegations of bank officials being involved in largescale money laundering across the country, the Enforcement Directorate is examining the documents of at least 50 bank Branches to determine if there is any truth in the charges.
Sources said the banks on the list have seen the l...
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Bombay HC asks RBI to file response to PIL on blind unable to identify notes
Posted Date : 07-Dec-2016 , 10:05:34 pm | Posted By CASANSAAR
The Bombay High Court has asked the Reserve Bank of India (RBI) to file within six weeks its response to a PIL highlighting difficulty faced by blind persons in identifying currency notes and coins in recent years. A division bench headed by Chief Justice Manjula Chellur, hearing a petition filed by...
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Axis Bank suspends 19 officials; Hires KPMG for forensic audit
Posted Date : 06-Dec-2016 , 09:58:01 pm | Posted By CASANSAAR
Axis Bank on Tuesday said it has suspended its 19 officials allegedly involved in illegal activity post demonetisation.
Following arrest of two of its managers in Delhi by Enforcement Directorate in connection with money laundering probe, Axis Bank has hired KPMG to do forensic audit and strength...
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Government departments to make all payments above Rs 5000 electronically
Posted Date : 06-Dec-2016 , 08:59:35 am | Posted By CASANSAAR
The Finance Ministry on Monday said any payment by government departments or ministries above Rs 5,000 should be made electronically, lowering the threshold limit from Rs 10,000.
This move is intended to bring about a complete digitisation of payments, the ministry said in a statement.
All the...
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ED arrests 2 bank managers for money laundering
Posted Date : 06-Dec-2016 , 08:17:05 am | Posted By CASANSAAR
The enforcement directorate (ED) on Monday arrested two officials of Axis Bank Ltd in Delhi and seized 3kg of gold, saying they were helping money launderers convert banned currency notes into gold, the ED said.
“Banks have been advised to stop activity in eleven accounts,” the ED add...
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Govt nudges shopkeepers to accept card payments
Posted Date : 05-Dec-2016 , 09:37:26 pm | Posted By CASANSAAR
As part of its efforts to promote digital payments after demonetising old high value notes, the government today nudged shop owners to use debit cards, saying it will reduce cash handling costs while digital transaction records will help them seek more funds from banks.
Merchants will benefit by ...
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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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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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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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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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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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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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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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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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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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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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