Debit card usage at merchant outlets less than 5 per cent

Transactions through debit cards at merchant outlets are less than five per cent. Customers freely use credit cards, but not debit ones. The range of uses of the debit card has not yet been understood in India. “Debit card usage has mostly been confined to withdrawing money from ATMs,” says Uttam Nayak , Country Head (India & South Asia), VISA. ... Read More »

ATMs soon to fork out cash without bank account too

People without a bank account in India would soon be able to withdraw cash from an automated teller machine (ATM) with the use of mobile technology, Researve Bank of India Governor Raghuram Rajan announced on Wednesday. At present, only bank account holders can withdraw cash from an ATM. “We have recently approved the in-principle setting up of a payment system ... Read More »

Muthoot Finance enters White-Label ATM, to invest Rs 300cr

Muthoot Finance, which provides loans against gold, on Tuesday entered into the White-Label ATM (WLA) space by setting up its first such unit, and plans to invest Rs 300 crore in the next three years. The Reserve Bank has permitted non-banking companies to set up ATMs, referred to as WLAs, to increase the penetration of the facility across the country. ... Read More »

Best Loan Buys

Are you scouting for a loan to buy a house, a car or for your child’s education? Given below are the best deals on offer from public and private sector lenders. (Data provided by                     [“source-businesstoday”] Read More »

Loans set to get costlier as RBI raises repo rate by 0.25 pc

Reserve Bank Governor Raghuram Rajan on Tuesday again surprised the markets and raised the key policy rate by 0.25 per cent to 8 per cent in a bid to curb inflation, a move that may translate into higher EMIs and push up the cost of borrowing for corporates. “…an increase in the policy (repo) rate by 25 basis points is ... Read More »

New technologies to transform banking business: Infosys

  As Indian firms turn towards disruptive technologies to optimise operations, banks too are joining the social media and mobility bandwagon to offer personalised services to customers this year, IT services major Infosys said. According to Infosys’s banking trends for 2014, banks will move towards more simplification of their go-to-customer models. “Simplify, that’s the mantra for banks in 2014. To ... Read More »

Only 67 million mobile phones linked to bank accounts: NPCI

Out of over 900 million mobile phones and over 450 million bank accounts, only 67 million cell phones are linked to bank accounts, underscoring the huge unfinished agenda of mobile banking in the country, according to the National Payments Corporation of India (NPCI). “(Number of) Active mobile users in the country is between 500 and 600 million, while the total ... Read More »

RBI seen holding rates on Jan 28 on easing inflation: Poll

The Reserve Bank of India (RBI) will likely hold interest rates steady when it meets next week thanks to easing inflation and as it waits for more data, according to a Reuters poll of economists, who also predict better economic growth in the next fiscal year. The central bank will announce its policy decision on January 28. Since being appointed ... Read More »

BofA-ML sees RBI holding rates in policy review on Jan 28

Global brokerage Bank of America Merrill Lynch in a research note has said the Reserve Bank of India (RBI) is likely to hold rates in its next policy meet. The central bank is scheduled to review the monetary policy on January 28. “We continue to expect RBI Governor Raghuram Rajan to hold rates on January 28,” Bank of America Merrill ... Read More »

Canara Bank hikes lending rate by 0.25 per cent

State-owned Canara Bank on Monday raised base rate or the minimum lending rate by 0.25 per cent to 10.20 per cent even as  Reserve Bank of India (RBI) kept its policy rates unchanged in its mid-quarter review earlier this month. Canara Bank becomes the first major state-owned bank to increase base rate after RBI’s policy announcement, a move that will ... Read More »