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The Reserve Bank of India (RBI) issued a notice restricting the operations of Sri Gururaghavendra Sahakara Bank Niyamitha (SGRSBN) bank and has put curbs on cash withdrawals for the account holders of the bank. The maximum cash withdrawal limit for SGRSBN Bank now stands at Rs 35,000. In its notice issued under the provisions of […]

For India’s population of over 1.3 billion, cash still remains the favoured and for many the only means of payment, particularly in semi-urban and rural areas. While debit card issuance increased rapidly in the last few years, the number of ATMs has not increased commensurately, creating a challenging situation for banks and inconveniencing customers. India

In order to protect its users from the ATM-related frauds, India’s largest public sector bank, the State Bank of India (SBI) has introduced a one-time password (OTP) based cash withdrawal system. This new system is applicable from January 1, 2020, across all SBI ATMs from 8 PM to 8 AM in India. However, this facility

Mobile wallet company Paytm has released a list of all charges that you might have to pay for adding money via credit card or when transferring money from your e-wallet to a bank account. For the first time, Paytm customers will have to pay a charge for adding money above ₹10,000 in a month using

Mumbai: After making payments interoperable between banks with its Unified Payments Interface (UPI), the National Payments Corporation of India (NPCI) is pushing top banks to make cash deposit too an interoperable feature at their ATMs and branches. NPCI believes that an interoperable cash-deposit system enabled through its National Financial Switch (NFS), initially developed by Institute

The Reserve Bank of India has decided to permit videobased KYC (Know Your Customer) as an option to establish a customer’s identity. For banks, non-banking financial companies, wallet service providers and other financial entities regulated by the central bank, this is expected to come as a huge relief as remote customer authentication, as opposed to

The State Bank of India (SBI) on Wednesday launched a scheme for its home loan customers, wherein it guarantees the refund of the principal amount if a builder fails to complete the project within the stipulated time. The scheme is applicable for apartment projects, wherein the SBI is the sole lender. “This scheme will serve

The World Bank on Wednesday cut India’s growth for financial year 2020 to 5% from 6% estimated earlier, a day after the country’s statistics office pegged growth in the current financial year at 5%, the lowest in 11 years. The multilateral lender expects the country’s growth to recover only slightly to 5.8% in the next