From Samajwadi Party crisis to BHIM app launch: 5 key developments

In other news, RBI relaxes ATM withdrawal limit to Rs 4500 from Rs 2500 per day

Business Standard brings to you a list of five key developments across the country.

Mulayam expels Akhilesh
 

Samajwadi Party chief Mulayam Singh Yadav on Friday expelled his son and Uttar Pradesh Chief Minister Akhilesh Yadav as well as general secretary Ram Gopal Yadav from the party for six years for “gross indiscipline”, a decision that will lead to a political crisis in Uttar Pradesh.

Demonetisation: 50 days later
 

The demonetisation of the Rs 500 and Rs 1,000 notes has been the most disruptive policy measure in several decades. Business Standard looks at its impact on the economy, banking system, companies, markets and citizens.  

 

IDBI, SBT slash lending rates

Banks on Friday started passing on the benefits of the huge deposit accretion due to demonetisation, with IDBI Bank cutting its lending rate by 15 basis points, even as the government told banks to ensure  there was adequate cash available in rural areas and cash vending machines were replenished on time.

RBI relaxes ATM withdrawal limit 

The Reserve Bank of India (RBI) has increased the daily withdrawal limit from ATMs to Rs 4,500 from Rs 2,500 per card, from January 1, 2017.  The weekly withdrawal limit (Rs 24,000) remains unchanged. RBI said disbursals would be mostly in Rs 500 notes.

PM launches digital payments app BHIM

Prime Minister Narendra Modi on Friday launched an Aadhaar-based mobile payment application called BHIM (Bharat Interface for Money). On day 50 of the window provided by the government to citizens to exchange or deposit old currency notes of Rs 500 and Rs 1,000 denominations, the Prime Minister at a 'Digi Dhan Mela' event in the capital, asked citizens to make at least five digital transactions, so as to understand the concept behind e-payments, and then use it extensively.