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Government of India has decided to waive the merchant discount rate (MDR) applicable on all debit cards, BHIM, AEPS and UPI transactions up to Rs 2,000. This decision is taken in order to boost digital payments and make it more affordable for common people and making transaction more cashless as the majority of transaction falls within this […]
Reserve Bank of India (RBI) has imposed a whopping Rs 5 crore penalty on Public sector lender Syndicate Bank and Rs 2 crore penalty on Union Bank of India, IndusInd bank etc for breaching Know Your Customer (KYC) norms. Reserve bank on December 12 imposed a monetary penalty of Rs 5 crore on the public sector […]
State run bank UCO bank is under CBI and Enforcement Directorate (ED) scanner for Rs 20,000 crore hawala scam. ED sought help of CBI on this case due to lot of technicality involved in this as the level of fraud are mainly related to core banking segment like export finance. ED has been probing the scam […]
Bitcoin is a buzzing word. Every one is talking about Bitcoin and its recent surging in value. The recent appreciation in the value of Bitcoin has motivated many of new investors especially younger generation in countries like India. Before Investing in Bitcoin, let’s have some ideas about crypto-currency Bitcoin is a legal tender in some […]
Public Sector Bank merging is the need of the hour and panel on state run bank merger headed by finance minister has directed the banks to examine proposals for amalgamation. The final schemes formulated will be approved by the central government, and laid in both the houses of Parliament. The consolidation of struggling state-run banks, which have […]
Union of Bank employees have filed a petition against Aadhaar Related services including setting up enrollment center in the Supreme Court. Bank Union has stated in their petition that they do not have the resources to provide Aadhaar related services from the bank branches. Earlier the Unique Identification Authority of India (UIDAI) has made it mandatory for […]
If rely on the word of Sanjeev Sanyal, Principal Economic Advisor, Finance Ministry – Government wants to have 10-15 public sector banks with government’s majority stake, down from 21 at present, as part of its plan to consolidate banks. Further, No very weak bank would not be merged with a strong one “as it could pull the latter […]
Based on the recent cabinet approval for merging of Public Sector Banks in India, Finance Ministry has issued the notices and written letter to all heads of State run bank to set up a ministerial panel to facilitate consolidation in the public banking space. This communication is being made in order to activate the motion of bank consolidation […]
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