Banking Transaction

Bharat Connect clocks Rs 1 trillion in transaction value in October

Various payment methods such as UPI, internet banking, and prepaid payment instruments (PPIs) can be used to pay bills

Visa profit rises, beats expectations as cross-border transactions jump

The results were "driven by relatively stable growth in payments volume, cross-border volume and processed transactions, plus strong momentum across new flows and value-added services," Chief

Improving low-cost deposit mobilisation focus area for bank: Canara Bank MD

Improving CASA or low-cost deposit mobilisation is the focus area for the Canara Bank, and efforts taken in the direction are yielding results, its Managing Director K Satyanarayana Raju has said. "Current Account Savings Account (CASA) stood at 31 per cent of the total deposits, and the aim is to increase to 33 per cent by the end of the current fiscal," he told PTI. Rapid growth cannot be expected on the current account side, and it is another challenge to keep them for the long term as businesses tend to move them to term deposits quickly, he said. On the savings side, he said, "Our initiatives have started giving the results. You can see the accumulation and creation of the deposits. From year-on-year basis, June to June, if you see, there is an improvement of Rs 12,000 crore". The focus of the bank will continue on savings bank individual deposits by introducing unique and innovative products, he added. On business growth, he said the bank has given a target of 10 per cent fo

Banks struggle with ATM shortage as 'Make in India' policy disrupt supply

The initial cause of low number of ATMS across India is linked to the "Make in India" guidelines introduced in FY20, which required vendors to establish operations in India, leading to a delay

'In a first', RBI asks fintech to track suspicious transactions in polls

The banking regulator routinely directs banks in the country to monitor and track suspicious transactions during elections

NEFT records a high of 41 million transactions in a single day: RBI

The banking regulator said its NEFT system has registered a growth of 700 per cent in terms of the volume of transactions in the past ten years

Reserve Bank of India likely to bring in CBDC in call money market

The central bank introduced the wholesale pilot for CBDC transactions for the government bond auctions last year

Total banking transactions at GIFT IFSC reach $508 bn by July 2023

Total banking transactions at GIFT International Financial Services Centre (IFSC) here reached USD 508 billion till July 2023, an official said on Tuesday. GIFT IFSC Executive Director Dipesh Shah said that till July 2023, the total banking asset size at GIFT IFSC stood at USD 41.20 billion, and cumulative derivative transactions booked by banks were worth USD 632 billion. There were a total of over 545 IFSCA registered entities at GIFT IFSC till July 2023, including 25 aircraft and shipping entities, and monthly turnover on the IFSC international stock exchange in July 2023 was USD 60.33 billion. Total commitments made to alternative investment funds till July 2023 was at USD 17.8 billion, he said. Shah said that as of date, over 5,000 employees worked at GIFT IFSC zone, and a proposal was received from a single company interested to employ 5,000 people in its GIFT IFSC unit. "These are the types of proposals we are discussing in terms of financial centre growth in coming years,"

BRICS pitches for using local currencies in international transactions

The BRICS nations on Friday underlined the need for using local currencies in international trade and financial transactions besides committing themselves to supporting rule-based open and transparent global trade. A joint statement issued at the end of the meeting of the BRICS Ministers of Foreign Affairs and International Relations, also pressed for a robust Global Financial Safety Net with a quota-based and adequately resourced International Monetary Fund (IMF) at its centre. It further said the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, should be completed by December 15, 2023. The joint statement titled 'The Cape of Good Hope', said ministers expressed their support for a free, open, transparent, inclusive, equitable, non-discriminatory and rules-based multilateral trading system with the World Trade Organization (WTO) at its core, with special and differential treatment (S&DT) for developing countries, .

Credit cards gain more currency pipping debit cards for e-commerce

They overtake debit cards for e-commerce and bill payments but remain a minuscule portion of personal loans

BoB rejigs corporate banking biz, to open 27 branches for mid-corp entities

After rationalisation, nine Bank of Baroda branches will cater to large corporates while 27 will be for mid-sized corporates

What are Nostro and Vostro accounts?

The first stock market came up in Amsterdam in the 17th century. And the modern banking system evolved in Italy. The terms, Nostro and Vostro, came from that region. But what do they mean?

HDFC Bank embarks on 'Technology Transformation Agenda': MD tells employees

Having faced multiple episodes of digital banking glitches in the last two years, HDFC Bank has embarked on a 'Technology Transformation Agenda' to provide safe and secure banking services

Banks face tech resilience test as Covid-19 boosts digital services

Between April 2020 and January 2021, mobile banking transaction volumes doubled to 39 million, while internet banking transaction volumes grew 60 per cent to 7 million

CCPA seeks RBI intervention on banks delaying refund when transactions fail

Newly set up consumer protection regulator CCPA has flagged this issue to the RBI seeking its intervention to ensure banks reverse such money on time

How ATMs are amping up tech power, innovation to serve as mini banks

A silent revolution is playing out in the field of banking transactions in India

Go digital to save cost on banking transactions: All you need to know

Among all charges, the fee levied for non-maintenance of minimum balance remains the highest