New Delhi: Allaying fears of currency shortage in the country, Finance Minister Arun Jaitley on Tuesday said the government has reviewed the situation and “there is more than adequate currency in circulation”. “Have reviewed the currency situation in the country. Overall there is more than adequate currency in circulation and[Read More…]
Tag: Cash
Now get your train tickets delivered at doorstep
The Indian Railway Catering and Tourism Corporation (IRCTC) will now deliver rail tickets at your doorstep to encourage passengers to move to the online medium for ticket booking. The passengers can pay through any medium, including cash. The move was initiated as delivering tickets at the doorstep will facilitate those[Read More…]
No cash withdrawal limit on savings accounts
Digital payments go down with return of cash: RBI report
In a major drawback to the digital India move and cashless economy, the digital transactions that gained popularity following the demonetization move, have started declining with the lift in remonetisation – indicating the return of people’s preference for hard cash. According to the latest data from the Reserve Bank of[Read More…]
Much reprieve! RBI raises ATM withdrawal limit to Rs. 10,000 per day
In a major relief to the citizens, the Reserve Bank of India on Monday increased the daily limit for ATM withdrawals from Rs. 4,500 which has been in place for a few weeks now. The weekly withdrawal limit for current accounts had been increased from Rs. 50,000 to Rs. 1[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…]
CBI arrests 2 RBI officials for exchanging old notes worth 1.99 cr illegally
The Central Bureau of Investigation on Saturday arrested two Reserve Bank of India (RBI) officials from Bengaluru for allegedly exchanging old notes worth Rs 1.99 crores illegally. Earlier this week, the CBI arrested a senior official from the Reserve Bank of India for helping touts convert the now banned Rs[Read More…]
Ola Cabs to soon deliver cash via micro ATMs at your doorstep
Taxi aggregator Ola and private lender Yes bank are jointly working on a mobile solution wherein cabs will bring cash to your doorstep via micro ATMs powered by the bank. “This is part of our commitment to serve as many customers as possible. We are working on a mobile solution[Read More…]
Large volumes of cash big source of corruption, black money: PM Modi
Prime Minister Narendra Modi on Friday appealed to the people to “lead the change” towards cashless transactions to lay the strong foundations of an India where there is no place for corruption and black money. “In 21st century India, there is no place for corruption. Corruption slows down growth and[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…]
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…]
Hardship because of demonetisation may continue for a month: Rajnath Singh
Union Home Minister Rajnath Singh on Wednesday said the hardship arising out of demonetisation may continue for around a month. He described the move as the first step towards achieving economic and social freedom. Speaking at a rally in Haryana, Singh asked the people to bear with the difficulties for[Read More…]
Banks to use indelible ink to prevent multiple cash withdrawals
In a surprising move, the Finance Ministry on Tuesday announced that it will use indelible ink like during elections to prevent people from making more than the permissible number of times cash withdrawal from bank counters. Economic Affairs Secretary Shaktikanda Das said that banks would start using indelible ink to[Read More…]
Enough cash available with banks for exchange of demonetised notes: RBI
The Reserve Bank of India (RBI) on Friday said there was enough cash made available with banks all over the country for exchange of demonetised ₹500 and ₹1,000 notes, though it may “take a while for the banks to recalibrate their ATMs”. “There is enough cash available with banks and[Read More…]