In its annual report 2023-23, RBI has mentioned conceptualising this new lightweight and portable payment system that can be operated from anywhere by a bare minimum staff in the event of natural calamities and war, the regulator said.
Touted as the e-Rupee or Digital Rupee, the RBI CBDC is an electronic form of sovereign currency. "The pilot in CBDC-Retail is proposed to be expanded to more locations and to include more participating banks," said RBI.
Public sector banks (PSBs) are bearing the brunt of the Rs 2,000 note exchange traffic, with many private bank branches being extra cautious in accepting notes for exchange.
A man was booked for trying to pass on fake Rs 2,000 currency notes while depositing Rs 2.85 crore at a State Bank of India branch in Agra. An FIR was registered in the city's Rakabganj police station on Wednesday following a complaint by the bank manager.
Individuals can, however, open other savings accounts from IPPB such as Regular savings account, Premium savings account, Basic savings account.
the Reserve Bank of India has decided to discontinue issuing banknotes with the denomination of Rs 2000. However, the Rs 2,000 banknotes will continue to be legal tender.
The Insurance Regulatory and Development Authority of India (Irdai) has announced the formation of a task force to enable the use of Aadhaar for KYC and other purposes.
On Tuesday, Chief Minister Yogi Adityanath said it would benefit 16.35 lakh employees and 11 lakh pensioners in UP.
Through its public awareness campaigns, the Reserve Bank encourages members of the public to locate and contact the relevant bank for claiming such deposits.
All fees assessed on store value cards, travel cards, and foreign prepaid cards payable in India must be settled in rupees.
Having a repayment strategy is crucial when it comes to credit card expenses, as they usually occur on impulse and can result in costly interest rates. Larger expenditures, in particular, require prior planning to determine where the funds will come from for repayment. Seeking help from an external agency might be beneficial if debts have piled up and individuals find it challenging to manage them.
Let us examine components and sub-components of CPI combined to determine what contributed to or hindered the moderation.
"We have enlisted retirement planners, who are providing pension literacy. The corporate sector has come on board but the take-up level is low. We are engaging with HR departments to improve that. We are also encouraging regional rural banks to join as intermediaries for NPS (National Pension System). NPS is suitable for lumpy income as well," says Deepak Mohanty, chairman, PFRDA.
The United Forum of Bank Employees and the Indian Banks' Association (IBA) have made progress in their negotiations, with the association agreeing in principle to a five-day workweek in exchange for longer hours.
The spirit of the Employees’ Provident Fund & Miscellaneous Provisions Act as well as the Code on Social Security do not envisage contribution from the employees into the pension fund, the labour ministry said in a statement.
Sobti, director general of Standing Conference of Public Enterprises (SCOPE), has pointed out that many central PSUs have approached SCOPE regarding the difficulties members and pensioners are facing in the submission of the online forms.