A significant number of non-resident Indians (NRIs), including those in the UAE, have received notices under sections 148/148A from the income tax (I-T) department for reassessment. Details are being sought of high-value transactions like purchase of immovable property, investment in securities or deposits or even for outward remittances from India.
In keeping with the Digital Payment Vision 2025 of a cashless and cardless society, Punjab National Bank (PNB) has created UPI 123PAY, an IVR-based UPI service. This was announced by the bank in a news statement.
The accused, Jitendra Jain and Kiran Jain, are both directors of Saloni Jewellers Pvt Ltd and M/s Yellow Jewellers Pvt Ltd. In each case, seeking the maximum sentence against the two, special public prosecutor Amit Munde said that that they are habitual offenders and similar case is pending against them.
RuPay Debit and Credit cards issued by banks in India have gained international acceptance through bilateral arrangements with international partners and co-badging arrangements with international card schemes.
RBI MPC and its impact on fixed deposit interest rates: The RBI MPC is likely to keep the repo rate unchanged yet again in its June Monetary Policy Committee (MPC) meeting. As an FD investor if you want to make the best out of the likely interest rate cycle reversal towards possible rate cuts, you need to act now. Investors still have a chance to hop on the bus of high fixed deposit interest rates. Here's how you can go about it
Insurance companies must abide by rules set forth by the Insurance Regulatory and Development Authority of India (Irdai) when resolving insurance claims for those hurt in the recent train disaster tragedy in Balasore, Odisha.
The Reserve Bank of India (RBI) organised a committee last year to investigate the customer services provided by RBI-regulated enterprises (RE) such as banks, non-bank financial firms (NBFCs), and payment service operators.
Now customers can withdraw cash from a Bank of Baroda ATM without using their Debit Card with the help of UPI, according to a Bank of Baroda press release.
Customers of HDFC Bank have been notified via email that certain services won't be available due to a planned maintenance for essential system and upgrades.
Kotak Mahindra Bank has announced that due to maintenance work, Kotak Bank Debit and Spendz Card services would be unavailable for a few hours on these days.
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.