Due to the holidays starting from December 10, all the banks would remain closed for three consecutive days.
The situation at bank branches has not improved as ATMs are still not dispensing adequate cash despite being recalibrated for new currency notes.
Move towards rationalising MDR and aligning its estimation on the ‘work done’ principle could be in the offing.
According to him, the currency shortage in the country is unlikely to ease any time in the near future.
As against the ATM withdrawal limit of Rs 2,500 per day per card, withdrawal limit from branches through the use of cheque books is Rs 24,000 in a day from an account.
The letter has been written by C H Venkatchalam, General Secretary of the All-India Bank Employees Association (AIBEA), and S Nagarajan, his counterpart at the All-India Bank Officers Association (AIBOA).
Disallowing rural cooperative banks from exchanging banned notes will have long-term consequences.
Constituted by NITI Aayog, panel to promote digital payments across India.
With the infusion of new currency, RBI changed rules for withdrawal, exchange and deposit of cash several times.
A notification to this effect will be tabled by Finance Minister Arun Jaitley in Parliament.
In response to an RTI query by The Indian Express, the RBI stated that while 58 of the 447 UCBs had reported bad loan write-offs in the financial year 2014-15, only 48 of 280 UCBs had reported such write-offs
The six-member Monetary Policy Committee (MPC), voted unanimously in favour of keeping the policy repo rate unchanged.
India’s largest public sector bank, the State Bank of India, has also seen a jump in PoS transactions from 3.5 lakh to 11 lakh a day with more people using debit cards.
Two days after Cyrus Mistry was removed as the Chairman of Tata Sons on October 24, he alleged Rs 22 crore worth fraudulent transactions at AirAsia India.
Lending, deposit rates may fall after removal of 100% incremental CRR.
After the 5th Bi-monthly monetary policy review, Patel told the media that the problems of the common person were at "the top of our radar".
“This is a bold and brilliant call taken at the right time,” said Subramanian.
The six-member monetary policy committee (MPC) headed by the RBI Governor Urjit Patel kept its key lending rates, the repo rate, alongwith MSF and bank rate unchanged.
Reverse repo rate under the LAF remains unchanged at 5.75 per cent
The prospect that India's robust growth will be derailed could offset any worries about a volatile global environment.
The registered customers will not be required to re-enter the card details for every transaction at merchant locations that offer this solution and thereby save time and effort.
The silence of the top brass of the RBI, especially Governor Urjit Patel, who has spoken once since demonetisation, has become a subject of debate.
While the DCCBs only dispense a little over 30 per cent of the state’s outlay in crop loans (both Kharif and Rabi) their extensive rural branches make them the most accessible financial institution for the rural masses.
The weekly withdrawal limit for current accounts is Rs 50,000 at present.
The bank has reduced (MCLR) by 0.2 per cent from 9.25 per cent to 9.05 per cent for 1-year tenure, it said.
Ghosh said it is not possible for banks to differentiate whether deposits are out of black money or white money of the account holder.
Such machines need to jump 10-fold from current 14 lakh for economy to grow.
The RBI counsel also raised the issue of "maintainability" of the petition which has sought directions to allow banking customers to make unlimited number of transactions free of any charges on their own bank ATMs.
After factoring in the regulatory requirements, the net liquidity that will remain in the system will be Rs 1,46,100 crore.
The move would help in speedy and easy transactions, while reducing failures due to payment gateway issues.
"Any payment above Rs 5,000 to suppliers, contractors, grantee/loanee institutions etc by Government departments to be made now through e-Payment," read the statement.
The merger of five associates and the Bharatiya Mahila Bank (BMB) is planned to be wrapped up by 2016-17 end.
With limited cash available at branches, bankers say that officials at branches are optimising the distribution of cash depending upon the need.
If there’s a tie on any decision, Governor, Urjit Patel will have the casting vote.
The design and security features of these banknotes will be similar to old notes of the same denomination. However, the old notes have not been demonetised.
The Reserve Bank of India will soon issue new ₹50 notes without inset letter in both number panels.