The respite promised by PM Narendra Modi after December 31 still seems far off as banks in several parts of Saurashtra continued to face a cash crunch and had to tackle the customer’s ire.
The Reserve Bank of India (RBI) has asked banks for details of cash deposits in demonetised currency notes since the decision was announced on November 8. In a notice issued by the RBI, banks have
The government has said that deposits totalling Rs 7 lakh crore were made by some 60 lakh individuals and companies following the announcement to demonetize high-valu currency notes on November 8. The government has also
The government’s crackdown on black money hoarders continues with the Enforcement Directorate writing to four banks, accusing their officials of helping a Mumbai-based bullion trader get Rs 150 crore in demonetised currency into legal tender
As currency printing presses and the Reserve Bank of India have not been able to keep up with the demand of new currency notes, restrictions on withdrawal of cash from banks and ATMs are likely
Following the RBI’s circular to banks exempting KYC-compliant accounts from scrutiny even if the deposited amount exceeded Rs 5000, banks today began accepting the junked Rs 500 and Rs 1000 notes without any questions. With
With no end to the lack of promptly accessible cash and long queues of people looking to exchange notes, Andhra Pradesh Finance minister Yanamala Ramakrishnudu has said that the government’s decision to scrap Rs.500 and
As part of its ongoing efforts to promote digital transactions in the country, the government on Wednesday asked all public sector banks to bring down the charges for different types of electronic payments up to
Select district central cooperative banks (DCCBs) across 17 states received over Rs 9,000 crore from November 10 to November 14.
RBI issued a notification yesterday asking banks to preserve CCTV recordings of operations at bank branches and currency chests.
RBI has advised all banks across the country to preserve the CCTV recordings of operations at bank branches and currency chests for the period from November 08 to December 30, 2016.
At a time when cash crunch gripping the country these days, public sector bank SBI has decided to launch a credit card with a cap of Rs 25,000 for those at the lower strata of
With three-day bank holiday starting today and a majority of ATMs still not functioning, the cash crunch in the country may escalate further leaving residents high and dry for want of cash during the weekend.
With banks closed for the next three days in many cities, including in the national capital, cash-starved people likely to face difficulties in buying daily essentials. Banks are shut on Monday for Eid-e-Milad.
Finance Minister Arun Jaitley today cautioned people that mere depositing the old notes in banks will not help in converting the money from 'black to white' and tax liability would remain on unexplained funds. Less
In one of the biggest crackdowns on money laundering and hawala transactions post demonetisation, the Enforcement Directorate today launched an 'enquiry of records' operation at over 50 bank branches across the country to detect money
The Reserve Bank of India (RBI) may have maintained status quo on the repo rate in its fifth bi-monthly policy meet but there is still scope available with banks to lower the lending rates, providing
The effect of demonetisation was today at its worst in Punjab. An impatient crowd of cash-hungry people had gathered outside a private bank in Budhlada town and started to force their way inside the branch.
Combating with the increasing work pressure in the wake of demonetisation and grappling with currency shortage, bank unions have threatened of agitation, including a strike against the government.
After releasing new Rs 500 and Rs 2000 currency notes, the Reserve Bank of India (RBI) will shortly issue new Rs 50 and Rs 20 denomination banknotes in the Mahatma Gandhi Series-2005. "The design and
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