As per a report published by the Economic Times, banks are looking forward to replace the regular Automated Teller Machines (ATMs) with the multi-functional ‘currency recyclers’. These machines are designed to accept cash deposits and give instant account credit apart from the regular job of dispensing currency. It is known as a ‘recycler’ because it […]
In a bid to double its user base over the next 2 years, digital payment leader Paytm has integrated the government’s mobile payments interface BHIM onto its platform. Bharat Interface for Money (BHIM) is an application developed by the NPCI to enable digital payments over the Unified Payments Interface (UPI) network. This integration will […]
As per a Livemint article, the central government is set to start a second round of promotions for encouraging digital payments starting from January 2018. The person who provided this information to PTI news agency was quoted saying, “A committee under DAVP (Directorate of Advertising and Visual Publicity) is working on plans to start […]
Punjab & Sind Bank (PSB) had slashed the Marginal Cost of Funds-based Lending Rate (MCLR) by up to 0.10 per cent for select tenors. The Bank, as per RBI’s guidelines, has revised the MCLR rates for select maturities. As per PTI, the rates for one month, one year and three year tenor of loans […]
Public sector lender, Bank of Maharashtra, has reportedly reduced its Marginal Cost of Fund Based Lending Rates (MCLR) by 0.05 percent. These rates will be applicable with effect from 7th November 2017. The base rate remains unchanged at 9.60 percent. According to a report by the Economic Times, this rate cut is applicable for […]
Indian bank has revised the rate of interest on Foreign Currency Non-Resident (FCNR) banking term deposits. For the term deposits of one year and above, but less than two years, the bank has changed the rate of interest from 2.54% to 2.63%. As per PTI, the bank has revised the rate of interest with […]
As per an NDTV report, the account holders of the five associated banks, State Bank of Bikaner & Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP) and State Bank of Hyderabad (SBH) and Bharatiya Mahila Bank (BMB) which merged with the State Bank of India (SBI) […]
As per reports by The Financial Express, Aadhaar-issuing authority, UIDAI and the Department of Telecom (DoT) are working together to frame a set of instructions for linking Aadhaar with mobile numbers and reverification for them. The operators will have to display this data on their websites by December. DoT announced three new methods for […]
India is moving on the wave of digital transactions and online payments. Owing to this, more than 350 Automatic Teller Machines (ATMs) have been shut down by banks across the country. In previous four years, the number of ATMs in the country witnessed an increase at a rate of 16.4 per cent. But after the […]
State Bank of India (SBI), India’s largest public sector bank, has reduced its IMPS (Immediate Payment Service) charges by up to 80% according to a Financial Express report. According to the report this information was released on 25th October 2017 through the SBI official twitter handle and the revised charges are effective from the 15th […]
