People will now be able to withdraw cash from ATMs without using the ATM cards. This will be facilitated through UPI where a user can withdraw cash from ATMs by scanning the QR code. However, the highest withdrawal limit is set to Rs. 5,000 per transaction currently.
As per the latest update from 1st October 2021, the Reserve Bank of India will be imposing a penalty of Rs. 10,000 on banks for the non-availability of cash in ATMs for a period of 10 hours in a month. RBI in it’s statement said, ‘A review of downtime of ATMs due to cash-outs was…
The Prime Minister of India Narendra Modi launched e-RUPI– a cashless and contactless way of making payments digitally under the ‘Digital India’ initiative on 2nd August 2021 via video conferencing. According to the PM, beneficiaries can receive a QR Code or an SMS-based electronic voucher on their mobile phones. Moreover, they do not require a…
HDFC Bank has introduced a new service of ‘Cardless Cash’ through which customers can now withdraw money via ATM without using an ATM or a debit card. With the help of this service, customers can now save themselves from the hassle of carrying a card. Moreover, it shall also minimize the chances of losing the…
There are times when the weekend falls on the first day of the month due to which the employees wait till Monday for their salaries to get credited. However, with effect from 1st August 2021 all the banking transactions such as salary, pension, and EMI payments will happen 24×7. The Governor of RBI during the bi-monthly…
According to the new withdrawal rules set by the Reserve Bank of India, the interchange fee charged by banks (both public and private banks) on ATM transactions has been raised from Rs. 15 to Rs. 17 whereas for the non-financial transactions hike has been made from Rs. 5 to Rs. 6. These charges will be…
As per the latest update, IFSC Codes of the amalgamated bank i.e. Syndicate Bank is going to be changed with effect from 1st July 2021. Nirmala Sitharaman, the Finance Minister of India, announced the consolidation of Syndicate Bank with Canara Bank in April 2019 which came into effect in 2020. The Reserve Bank of India…
ICICI Bank has tied up with SWIFT to offer instant facility for cross-border inward remittances as per the press release on 2nd June 2021. This facility aids in helping the overseas partner banks to instantly send remittances on behalf of their customers to the Indian beneficiaries. Let us have a look at the key benefits…
During these tough times of Covid-19 where stepping out of the house is not easy, your online transactions have been made safer and easier with the help of OTP based login for secured SBI internet banking. A high-security password using the OTP method will help you to keep your bank account transactions safe. SBI customers…
The Reserve Bank of India made key announcements in its monetary policy meet held on 7th April 2021. The main agenda of the meeting was to encourage the non-bank financial institutions for example payments banks, mobile wallets, etc. Moreover, RBI has also extended the NEFT and RTGS facilities, hiked the maximum end of day balance…
