A strike has been called on January 8 & 9 by employees of public sector banks after 10 central trade unions called strike against the “pro-capitalist” economic policies of the BJP-led NDA regime. The Bank Employees Federation of India and the All India Bank Employees Association told Indian Banks’ Association[Read More…]
Tag: Banks
Banks may remain open on only 1 of the next 6 days due to strikes, holidays
Kolkata: Ahead of the strike called by the United Forum of Bank Unions (UFBU) on December 26, one of the bank officers’ union has called a strike on December 21, demanding an unconditional mandate for the XIth bipartite wage revision talks, officials said on Wednesday. In the wake of strikes[Read More…]
RTI discovers Rs 93.82 crore deposited in a single Jan Dhan account
A Right to Information (RTI) query reveals of an account opened in a government-owned United Bank of India under Pradhan Mantri Jan Dhan Yojana having an enormous amount of as much as Rs 93.82 crore deposited. Moreover, other nationalised banks also have accounts that received deposits of such a large[Read More…]
‘Existing Indian ATMs to be replaced with innovative ones’
Banks in India are likely to replace the existing ATMs with more innovative and multi-function machines in the next three to four months, said officials of NCR Corporation, a global leader in omni-channel solutions. The multi-function ATMs will have innovative features like face recognition and biometrics and will facilitate customers[Read More…]
Aadhaar must for opening bank accounts, transactions over ₹50,000
In the latest development on the Aadhaar debate, the Centre has made quoting of Aadhaar mandatory for the opening of bank accounts as well as for any financial transaction of ₹50,000 and above. While the existing account holders have been asked to submit their Aadhaar numbers issued by the Unique[Read More…]
Rajasthan: Farmers to get Rs 6 lakh insurance cover
Rajasthan government has announced to raise the insurance amount by one lakh for farmers. Nearly 7 lakh farmers who have availed crop loan through cooperative banks in Rajasthan will get an insurance cover of Rs 6 lakh by giving only Rs 27 as yearly premium. Read more: The law of the[Read More…]
J&K: No cash transactions in banks after a rise in bank robbery cases
After a surge in the cases of bank robberies by alleged terrorists, the J&K government has issued an advisory to the bank to instantly stop cash transactions in at least 40 branches placed in Pulwama and Shopian districts of South Kashmir. The advisory has been issued in the backdrop of[Read More…]
130 million Aadhaar numbers were leaked, says reports
Soon after centre proposed Aadhaar to be mandatory identification proof, cases of Aadhaar number leaks has surfaced which throws the security of information of many Indians under question. In fact, most incidents revealed the personally identifiable information of beneficiaries or subjects of the leaked databases containing Aadhaar numbers of individuals[Read More…]
Jharkhand: Over a million Aadhaar numbers published on Jharkhand govt website
In Jharkhand, a glitch revealed the digital identities of more than a million citizens on a website maintained by Jharkhand Directorate of Social Security. Throwing many’s privacy into confusion, the glitch also revealed their names, addresses, Aadhaar numbers and bank account details of the beneficiaries of Jharkhand’s old age pension[Read More…]
Banks likely to charge cash transactions; HDFC first to notify
Normalcy in banking system by February-end or March: SBI Chairperson
State Bank of India (SBI) Chairperson Arundhati Bhattacharya on Monday said she saw normalcy return to the banking system by end-February or March, with uptake in credit growth. She was referring to the events following the demonetisation of Rs 500 and Rs 1,000 currency notes, which put enormous pressure on[Read More…]
Restrictions on cash withdrawals won’t be lifted soon: SBI Chairman
State Bank of India chairman Arundhati Bhattacharya on Thursday warned that given the ongoing cash crunch, it’s unlikely that restrictions on cash withdrawals from banks and ATMs will be lifted immediately. The Hindu reported Bhattarcharya as saying, “We have to see… if there is cash I will give it, if[Read More…]
U-turn: RBI relaxes Rs 5,000 deposit norm for 100% KYC accounts
The Reserve Bank of India (RBI) on Wednesday made an important change in how banned 500- and 1,000-rupee notes can be deposited in banks after a backlash over a rule that required an explanation for deposits above Rs 5,000. No questions will be asked for deposits above Rs 5,000 rupees[Read More…]
Demonetisation: Cash crunch to normalise by February 2017: Report
Over 75 per cent of the total value of scrapped notes is expected to be back in the system by January-end and complete normalcy is likely in next two months, says a report. According to SBI’s research report Ecowrap, given the current phase of frantic printing, 50 per cent and[Read More…]
Service tax to be waived on card transactions up to Rs 2,000
Government will waive service tax on debit and credit card transactions of up to Rs 2,000 in a bid to promote digital transactions amid cash crunch following withdrawal of old Rs 500 and Rs 1,000 banknotes. The government has decided to “exempt services by an acquiring bank to any person[Read More…]
Old Rs 500 notes valid till Dec 2 for fuel, air ticket purchase
The government on Thursday cut short the deadline of using old ₹500 notes at petrol pumps and for buying airline tickets at airports till December 2 instead of December 15 announced earlier. With effect from December 3, 2016, old ₹500 notes cannot be used for the purchase of petrol, diesel[Read More…]
Now swipe your SBI, PNB debit cards in some Ola cabs for cash
Cash can now be withdrawn by swiping debit cards at select Ola cabs as India’s largest ride-hailing service partners with lenders like State Bank of India (SBI) and Punjab National Bank to ease cash crunch. With banks and ATMs not being able to cope with the rush for access to[Read More…]
When the ‘most educated’ politician speaks, shouldn’t the PM listen?
Former Prime Minister Dr Manmohan Singh on Thursday launched a scathing attack on the currency ban decision of his successor Narendra Modi. He labelled the decision “a monumental management failure”. Dr Singh, a renowned economist, opened the debate in the Rajya Sabha on demonetisation on behalf of his party. Here’s[Read More…]
Demonetisation chaos: Recalibration of ATMs to take 10 more days in WB
Recalibration of all ATMs across West Bengal would take another 10 days and so far only 30 per cent of these have been modified for new currency notes, the state government was on Wednesday informed by RBI and other bank officials. After a review meeting with RBI and senior bank[Read More…]
Child dies as father waits at bank; no cash for fee, teen hangs self in UP
In a tragic incident, a three-year-old girl died in a bank in Uttar Pradesh on Monday as her labourer father waited in a line to withdraw money for her treatment while a college student allegedly hanged himself after returning empty-handed the fourth time, police said. The government’s surprise decision to[Read More…]
No transaction charges on debit card payments, says government
The government on Wednesday said no transaction charges will be levied on debit cards till December 31. All public sector banks and some private sector ones have agreed to waive the transaction cost for all payments made through debit cards, Economic Affairs Secretary Shaktikanta Das told reporters in New Delhi.[Read More…]
BJP drags feet on recommendations of own task force on black money
The Narendra Modi-led government claims that the demonetisation move is aimed at dealing with the menace of domestic black money but the party has failed to implement study of a task force constituted by it to retrieve the black money. Instead of implementing recommendations of its own task force, the[Read More…]
Demonetisation: Time to transport cash to banks cut from 21 to 6 days
In a bid to ease the cash crunch chaos, the government has managed to cut down the transportation time of cash from printing to the main distribution centres from 21 days to six and is using all modes of transport, including helicopters and Indian Air Force planes, to move the[Read More…]
Civilians assist policemen in managing queues at banks, ATMs in Delhi
More than 250 civilians have been assisting police personnel in southwestern range in managing long queues outside banks and ATMs as part of the ‘Police Mitra’ initiative by Delhi Police, which will be formally launched on Saturday. In the southwestern range, comprising west and southwest districts, 294 civilians, including 49[Read More…]
Note exchange on Sat only for senior citizens
Only senior citizens will be allowed to exchange old notes for new ones on Saturday in banks. Moreover, on Sunday, banks will remain shut. “Across the country, there is visibly less rush,” said Rajiv Rishi, the head of the Indian Bank Association, adding that Saturday will be used to clear[Read More…]