The automated teller machine (ATM) industry wants the central bank to increase the interchange fee for ATM transactions because of the increased costs of running the channel, impact of demonetisation and a fall in transaction volumes.
Interchange fee is the fee that banks pay to each other for the use of their ATMs by other banks’ customers.
The representation is being led by the National Payments Corp. of India (NPCI), which has held discussions with public sector banks and private sector lenders separately, two people close to the development said on the condition of anonymity.
The demand for raising the rate is being led by Continue reading
Posted in Banking, NATIONAL NEWS
Tagged ATM operators, banking industry, change in prices, demonitisation, interbank charges, NPCI, private banks, public sector banks, RBI, rupay cards, transactional charges
NEW DELHI: The Reserve Bank of India and the country’s top insurance regulator, Insurance Regulatory and Development Authority, have objected to a draft law on bankruptcy in financial institutions, saying some of its provisions undermine their authority.
Posted in Banking, Economy, NATIONAL NEWS, New Schemes, Politics
Tagged bankcrupcy, banking, Financial Resolution and Deposit Insurance Bill, government, insolvency, IRDAI, nsurance, RBI
MUMBAI : The Reserve Bank of India (RBI) on Saturday clarified that linking bank account to Aadhaar number is mandatory under the Prevention of Money Laundering Act, dismissing media reports suggesting that such a linkage is not mandatory. Continue reading
Posted in Banking, Crime and Corruption, NATIONAL NEWS, Technology
Tagged aadhar, bank account, banking, corruption, mandatory link, mobile number, money laundering bill, RBI
NEW DELHI: On Wednesday, the finance ministry notified the issue of ₹200 currency notes, making them legal tender and paving the way for their circulation.
On April 3, Mint first reported RBI’s plan to introduce ₹200 banknotes. On July 25, Mint reported that RBI had shifted focus from printing ₹2,000 notes to ₹200 notes of which a billion were expected to be printed. Continue reading
Mumbai : Close on the heels of RBI’s policy action, India’s largest lender State Bank of India has lowered interest rates by 10 basis points on home loans above rs. 75 lakh. The new rates are effective June 15, the bank said in a statement here on Friday. For the salaries Woman, the news rate will be 8.55 % while for others, it is 8.60%.
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The Reserve Bank of India has made it possible for banks to lend more to Home buyers, and at lower rates, in a move that should benefit customers as well as real estate developers. The central bank did this by reducing the amount of money banks have to set aside (as security) on home loans. The reduction also means lower home loan rates. Previously, the banks had to set aside 0.4% or Rs. 400 per lakh . This has now been reduced to 0.25%, or Rs. 250 per lakh.
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