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<ul><li>The National Electronic Funds Transfer would be available round the clock from December 2019. </li><li>Currently, people have to wait or schedule their payment for the next working day if they don’t perform the transaction as per the time limit. </li></ul> The Reserve Bank of India said the National Electronic Funds Transfer would be available round the clock from December 2019. 
 "The Reserve Bank will make available the <keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="NEFT">NEFT</keyword> system on a 24x7 basis from December this year. The is expected to revolutionise the retail payments system of the country,” said RBI governor Shaktikanta Das. The National Electronic Funds Transfer (NEFT), a digital payment system by RBI, operates from 8.00 am to 7 pm on all working days. However, the payment system is not available on every second and fourth Saturday. Currently, people have to wait or schedule their payment for the next working day. RBI has been taking several steps to boost the digital payment system in India. Earlier, the Reserve Bank of India removed charges levied on transactions conducted through Real Time Gross Settlement (RTGS) and NEFT. The waiver in NEFT, IMPS and RTGS charges will attract more customers towards digital transactions, the central bank had noted. See also: <a href="https://www.businessinsider.in/rbi-to-remove-transaction-charges-on-rtgs-neft/articleshow/69676260.cms">RBI to remove transaction charges on RTGS, NEFT</a>

NEFT can be done round the clock now, says RBI

Mumbai, Dec 6 () In a bid to promote digital transactions, the RBI on Friday said round-the-clock transactions will be allowed under the National Electronic Funds Transfer (NEFT) system from December 16.
 The 24X7 NEFT system will be available on all days of the year, including holidays, it added.
 NEFT transactions are settled in hourly batches. For weekdays, the batches are from 8 am to 7 pm. On first and third Saturdays, the settlement happens from 8 am to 1 pm.
 In a notification, the central bank said it has been decided that the facility on NEFT system shall be made available from December 16, 2019 on 24X7 basis.
 The first settlement will take place after 00:30 hours on December 16, 2019 (night of December 15, 2019).
 The RBI has asked the member banks to keep adequate liquidity in their current account with the regulator at all times to facilitate successful posting of NEFT batch settlements.
 NEFT transactions after usual banking hours are expected to be automated transactions initiated using 'Straight Through Processing (STP)' modes by the banks.
 The existing discipline for crediting beneficiary's account or returning the transaction (within 2 hours of settlement of the respective batch) to originating bank will continue, it added.
 Besides, member banks will ensure sending of positive confirmation message for all NEFT credits and all provisions of NEFT procedural guidelines will be applicable for 24x7 transactions as well, it added.
 "Member banks are also advised to initiate necessary action and ensure availability of all necessary infrastructural requirements at their end for providing seamless NEFT 24x7 facility to their customers," the regulator said.
 Banks may disseminate information on the extended timings for NEFT to all their customers, RBI said.
 From July 1 this year, RBI had decided not to levy charges on transactions through NEFT and Real Time Gross Settlement (RTGS) system in order to promote digital transactions in the country, and asked banks to pass on the benefits to the customers.
 Earlier, the RBI used to levy minimum charges on banks for transactions routed through RTGS and NEFT. Banks, in turn, levy charges on their customers.
 RTGS is meant for large-value instantaneous fund transfers, while NEFT is used for fund transfers of up to Rs 2 lakh. KPM ABM

NEFT transactions to be available 24x7 from Dec 16

<ul><li><keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (<keyword id="13222" type="CITY" weightage="20" keywordseo="SBI">SBI</keyword>) has waived off charges on National Electronic Funds Transfer (<keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="NEFT">NEFT</keyword>), Real Time Gross Settlement (<keyword id="6356014" type="ORGANIZATION" weightage="20" keywordseo="rtgs">RTGS</keyword>) and Immediate Payment Service (<keyword id="6383205" type="UNKNOWN" weightage="20" keywordseo="imps">IMPS</keyword>) money transfers.</li><li>The waivers will be implemented starting August 2019.</li><li>The bank has over 74 million digital users — including 14 million accessing the mobile <keyword id="6354778" type="ORGANIZATION" weightage="20" keywordseo="Banking">banking</keyword> services.</li></ul>India’s largest public sector bank, State Bank of India (SBI) has waived off charges on National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS) money transfers. While the charges on NEFT, RTGS were waived off earlier this month, the bank has removed charges imposed on IMPS as well, starting August 2019. This is applicable to internet banking, mobile banking and YONO services. This move will bring cheer to its growing digital customer base. The bank has over 74 million digital users — including 14 million who access mobile banking services. Their customers also perform 18% of the total mobile banking transactions in the country. The waiver in NEFT, IMPS and RTGS charges will attract more customers towards digital transactions, the bank noted. "In sync with our strategy and Government of India’s vision to create a digital economy, SBI has taken this step to promote the use of YONO, internet banking and mobile banking for doing NEFT and RTGS transactions without incurring any cost,” P K Gupta, MD (retail &amp; digital banking) of SBI said. The bank had already reduced NEFT and RTGS charges for customers transacting through branch network by 20% across all slabs. Last month, the Reserve Bank of India(RBI) waived off its own charges for the transactions and directed banks to do the same.

India’s largest bank SBI waives off charges on NEFT, IMPS and RTGS

<ul><li>The Reserve Bank of India has removed the charges levied to process any online transaction through <keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="NEFT">NEFT</keyword> and <keyword id="6356014" type="ORGANIZATION" weightage="20" keywordseo="rtgs">RTGS</keyword> system. </li><li>The benefits of this will be passed on to the consumer from today onwards. </li></ul>Starting today, The Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) has removed charges levied on NEFT and RTGS transactions. And, the regulator expects <keyword id="6368751" type="UNKNOWN" weightage="20" keywordseo="banks">banks</keyword> to make it cheaper for customers to perform these transactions too. “In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the Reserve Bank for transactions processed in the RTGS and NEFT systems. Banks will be required, in turn, to pass these benefits to their customers. Instructions to banks in this regard will be issued within a week,” RBI said in a statement. The Reserve Bank levies minimum charges on banks for transactions routed through its RTGS and NEFT. Banks, in turn, levy charges on their customers. The decision to scrap the fees levied on RTGS transaction comes weeks after RBI extended the timings for doing RTGS transaction. Currently, the fee for transferring funds using RTGS varies according to the time. There is no fee between 8 am to 11 am. The fee for transfer of funds during 11 am to 1 pm is ₹2 whereas from 1 pm to 6 pm is ₹5. The fee for transaction after 6 pm is ₹10. Previously, the RBI has also extended the time frame to do RTGS transaction to 6 pm from 4.30 pm in the evening.

Online fund transfers via NEFT and RTGS to cost less as charges are removed

<ul><li>The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has removed the charges levied to process any online transaction through <keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="NEFT">NEFT</keyword> and <keyword id="6356014" type="ORGANIZATION" weightage="20" keywordseo="rtgs">RTGS</keyword> system. </li><li>The Central Bank has also decided to set up a committee to review the charges for using the ATM machine. </li></ul>The Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) today paved the way for cheaper online fund transfers as it removed charges levied on NEFT and RTGS transactions. And, banks will be expected to make it cheaper for customers to perform these transactions too. “In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the Reserve Bank for transactions processed in the RTGS and NEFT systems. Banks will be required, in turn, to pass these benefits to their customers. Instructions to banks in this regard will be issued within a week,” RBI said on Thursday. The Reserve Bank levies minimum charges on banks for transactions routed through its RTGS and NEFT. Banks, in turn, levy charges on their customers. The decision to scrap the fees levied on RTGS transaction comes days after RBI extended the timings for doing RTGS transaction. Currently, the fee for transferring funds using RTGS varies according to the time. There is no fee between 8 am to 11 am. The fee for transfer of funds during 11 am to 1 pm is ₹2 whereas from 1 pm to 6 pm is ₹5. The fee for transaction after 6 pm is ₹10. Review ATM Charges The Central Bank has also decided to set up a committee to review the charges for using the ATM machine. The committee will be chaired by Chief Executive Officer, Indian Banks’ Association (IBA), who will examine the entire issue related to ATM charges and fees. “Usage of ATMs by the public has been growing significantly. There have, however, been persistent demands to change the ATM charges and fees,” the central bank said in a statement. Earlier today, The Reserve Bank of India decided to reduce the repo rate for the commercial banks by 25 basis points (bps) to 5.75% in its second monetary policy review of the current fiscal. The RBI changed its monetary policy stance from neutral to accommodative, ruling out the chances of a rate increase. See also: <a href="https://www.businessinsider.in/rbi-cuts-repo-rate-by-25-bps-as-largely-expected/articleshow/69671872.cms">RBI surprises markets with a change in stance — aims to revive India's 'animal spirits'</a> <a href="https://www.businessinsider.in/rbi-to-extend-rtgs-deadline-to-6-p-m-from-june-1/articleshow/69553735.cms">RBI to extend RTGS deadline to 6 p.m. from June 1</a>

RBI moves to make online bank transfer cheaper, to review ATM charges

As the start-up sector goes through a sentiment upturn, fin-tech sector has been seeing an increased traction post demonetization. Fin-tech and product startups are an investor favorite this year so it is interesting to see a fin-tech start-up going through a revamp and innovating its product to stand out. According to a recent report on <keyword id="1399736" type="ORGANIZATION" weightage="20" keywordseo="digital-payment">Digital Payment</keyword> in India 2020, the total payment via digital instruments is expected to touch $500 billion by 2020. 

 

 

 

 

 

 

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From one to four services In its new avatar, <keyword id="2777173" type="PERSON" weightage="20" keywordseo="razorpay">Razorpay</keyword> 2.0 is trying to resolve all business problems related to the B2B payments ecosystem. Currently, payment acceptance is done through bank functions like <keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="neft">NEFT</keyword> or RTGS. Managing cash flows, disbursement of money, automating NEFT and bank wires and collection of scheduled payments among others is ailing the <keyword id="1929810" type="ORGANIZATION" weightage="20" keywordseo="digital-india">Digital India</keyword>’s companies. The company introduced Razorpay Route, Razorpay Smart Collect, Razorpay Subscriptions and Razorpay Invoices –for India’s under-served business community while embracing cash-rich traditional sectors such as Education, Government, Insurance and new age e-commerce companies. <div type="embedgroup"> <div type="Article" hostid="261" msid="60837430" title="Here’s why LinkedIn is training blue collar workers in India" rank="1.0" kind="RELATED" publishDate="Sep 26, 2017, 10:56 AM" mstype="2" mssubtype="0"></div></div>














 <keyword id="3349619" type="PERSON" weightage="20" keywordseo="harshil-mathur">Harshil Mathur</keyword>, CEO and Co-Founder, Razorpay told Business Insider that the company is aiming to double its merchant count to 90,000 by the end of next fiscal year and expects more than 10x growth in volume &amp; revenue by next fiscal year. With merchants like PayU and Mobikwik crowding the market, Razorpay’s solution might be the only all-inclusive payments gateway. Razorpay also wants to revolutionize the banking sector by entering categories as mutual fund payments and insurance premium. The company also wants to make recurring payments easier to collect like education fees.

This fintech startup undergoes a revamp to cash-in post demonitization

The number of cyber frauds in India has spiked as more people start using <keyword id="48346" type="TECHNOLOGY" weightage="80" keywordseo="Mobile-banking">mobile banking</keyword>, <keyword id="285745" type="ORGANIZATION" weightage="80" keywordseo="NEFT">NEFT</keyword> and <keyword id="6356014" type="ORGANIZATION" weightage="80" keywordseo="RTGS">RTGS</keyword>, a recent study by PwC and ASSOCHAM states. 
 
"Whether it's financial transactions, customer experience, marketing of new products or channel distribution, technology has become the biggest driver of change in the financial services sector. Most financial institutions are therefore insisting on cashless and paperless transactions," the report said. 
 
The mobile frauds jumped from less than Rs 10 Crores in 2011-12 to around Rs 70 Crores in 2014-15. 
 
The most common kind of frauds include documentation frauds, diversion of funds, identity theft and cyber related theft targeting customers directly. In cyber frauds the customers were cheated through site cloning, hacking, debit card scheming, social engineering and computer viruses amongst others. 
 
"Mobile banking application being mapped to an incorrect mobile number: For bank customers who do not use mobile banking, an employee of the bank could attach an associate's mobile number to the bank account and install a mobile application on his mobile device. The customer's account is compromised by the associate and he or she does not get any notification about the same," the report said. 
 
(Image credit: Indiatimes)

Cyber frauds increased after growth in
mobile banking, NEFT and RTGS

Mumbai, June 4 () The Reserve Bank has decided to publish on a daily basis data on volume and value of transactions through various payment systems like NEFT, RTGS and UPI as well as cash withdrawals from ATMs, with a view to facilitate research and innovations. As per June 3 data, people withdrew Rs 4,426.92 crore cash from ATMs and Rs 668.88 crore through micro ATMs/Banking Correspondents. There were 4.3 lakh RTGS transactions valued at Rs 33,0632.89 crore and 100.36 lakh NEFT transactions accounted for Rs 62,985.75 crore. There were as many 456.26 lakh UPI based transactions through which Rs 9,622.38 crore were transacted. Value of IMPS-based transactions stood at Rs 7,653.71 crore. "The data relating to transactions undertaken during the day will be published on the subsequent working day," the RBI said in a statement. It also said the data relating to transactions through cards will also be published daily once the reporting systems are put in place. The Reserve Bank captures volume and value of transactions undertaken in payments systems operated by the RBI (NEFT and RTGS) and National Payments Corporation of India (AePS, CTS, IMPS, NACH and UPI) as well as the position of cash withdrawal transactions using ATMs and BCs. The payment system data is presently published monthly by the RBI in its bulletin. The RBI, beginning Thursday, has decided to publish the data on a daily basis. "The data relating to transactions undertaken during the day will be published on the subsequent working day. Data relating to cards will be published once the daily reporting systems are in place," the RBI said. This initiative to disseminate payment systems activities data on a daily frequency, the apex bank said, is expected to facilitate better research and also contribute to innovations in payment systems. The monthly publication in RBI Bulletin, however, will continue. Meanwhile, the RBI has extended timeline for compliance with various payment system requirements in view of the prevailing situation due to COVID-19 pandemic. For instance, regarding implementation of provisions of circular on 'Enhancing Security of Card Transactions', the timeline has been extended to September 30 from the original schedule of June 16. Timelines have been also been extended in relation 'issuance and operation of prepaid payment instruments (PPIMD); Harmonisation of Turn Around Time (TAT) and Customer Compensation for Failed Transactions using Authorised Payment Systems; and Guidelines on Regulation of Payment Aggregators and Payment Gateways. NKD CS MKJ

RBI starts publishing daily data on select payment systems

<ul class="summary-list"><li>A well in Kazakhstan leaked 140,000 tons of methane into Earth's atmosphere in 2023, scientists say.</li><li>That's equal to nearly enough gas for nearly 800,000 cars over a year.</li></ul>A methane well in Kazakhstan is estimated to have released 140,000 tons of gas into Earth's atmosphere, as it leaked for 205 days in one of the world's worst-ever blowouts, environmental scientists said.The new figures were reported in a <a target="_blank" href="https://eartharxiv.org/repository/view/6709/">pre-print analysis</a> by research teams from France, Spain, and the Netherlands. It was released on Tuesday but has not been peer-reviewed.The BBC also published <a target="_blank" href="https://www.bbc.com/news/world-asia-68166298?">an analysis on Thursday</a> about the scientists' findings.Using satellite data, the scientists said they documented some 127,000 metric tons of methane ejected in the Karaturun East oil field in 2023, when a fire there lasted from June to December.That amount of methane is equal to emissions from 791,318 gas-powered cars being driven over a year, per the <a target="_blank" href="https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator#results">Environment Protection Agency website's calculators.</a>Methane is estimated to have around 28 times more global warming potential than carbon dioxide. It also accounts for <a target="_blank" href="https://www.iea.org/reports/global-methane-tracker-2023">30% of the world's rise in temperatures</a> since the Industrial Revolution.The Karaturun leak began during exploration drilling at the well on June 9, when a <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-08-03/giant-methane-leak-in-kazakhstan-shows-climate-risk-of-gas-exploration">blowout created a 32-foot-high fire</a> and a 50-foot-wide crater that made it difficult to seal up.It was eventually plugged on December 25 when well operator Buzachi Neft injected drilling mud into the wellbore, <a target="_blank" href="https://www.upstreamonline.com/safety/kazakh-operator-halts-gas-fire-at-well-that-has-been-burning-since-june/2-1-1576636?zephr_sso_ott=ODBzqL">per oil and gas newspaper Upstream.</a>The scientists in Europe said it's often difficult to measure how much gas is released in remote leaks like this one, and that they showed how satellite data could be effective in assessing the damage or in discovering unreported leaks.They detected 115 methane emissions over the six months of the Kazakh leak, their analysis said.The Kazakh leak is one of the most disastrous ever recorded, according to Luis Guanter of the Polytechnic University of Valencia, who was part of the research team.He told the BBC that "only the <a target="_blank" href="https://www.businessinsider.com/nord-stream-pipelines-attacked-remote-explosives-uk-intelligence-2022-9">Nord Stream sabotage</a> may have led to a stronger leak."Buzachi Neft, the operator of the well, denied to the outlet that such a vast amount of methane was leaked, saying only a "negligible" amount was released.Buzachi Neft did not immediately respond to a request for comment sent outside regular business hours by Business Insider.

A methane well that leaked for 6 months has released a year's worth of emissions for 791,000 cars: report

Mumbai, In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement (<keyword id="6356014" type="ORGANIZATION" weightage="20" keywordseo="rtgs">RTGS</keyword>) system, used for large value transactions, will be made available round-the-clock in the next few days. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month. <keyword id="7268643" type="UNKNOWN" weightage="20" keywordseo="rbi-governor-shaktikanta-das">RBI Governor Shaktikanta Das</keyword> said RTGS system will soon be made available 24x7 in the next few days... with this enablement, it is proposed to reduce settlement and default risk in the system by facilitating settlement of AePS, IMPS, NETC, NFS, RuPay, UPI transactions on all days of the week instead of five days earlier." This will make the payment ecosystem more efficient, he added. In order to expand adoption of digital payment in a safe and secure manner, he said, it has been decided to enhance the limits for contactless card transactions and e-mandates for recurring transactions through cards and UPI from ₹2,000 to ₹5,000 from January 1, 2021. This will depend on mandate and discretion of customers, he said. Contactless card transactions and e-mandates on cards (and UPI) for recurring transactions have enhanced customer convenience in general while benefitting from increased use of technology, the statement on <keyword id="10377821" type="COMPANY" weightage="20" keywordseo="developmental-and-regulatory-policies">Developmental and Regulatory Policies</keyword> by the Reserve Bank of India (RBI) said. These are also well-suited to make payments in a safe and secure manner, especially during the current pandemic, it said, adding, the recent instructions on disablement of contactless feature on cards and empowering customers to control the limits on their cards have also brought in added safety for users. Operational instructions will be issued separately. It is to be noted that RBI stopped levying charges on transactions through NEFT and RTGS from July 2019, with an aim to promote digital transactions in the country. RTGS is meant for large-value instantaneous fund transfers, while NEFT is used for fund transfers of up to ₹2 lakh. In order to deepen financial inclusion and protect customers by promoting financial literacy, a community led participatory approach through Centres for Financial Literacy (CFL) was implemented by the RBI through select banks and non-governmental organisations as a pilot project in 2017. It is now proposed to expand the reach of the CFLs from 100 blocks currently to every block in the country in a phased manner by March 2024, he said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-ril-airtel-indigo-spicejet-sbi-bank-of-baroda-vodafone-idea-granules-india-and-others/articleshow/79557810.cms">Top stocks to watch — RIL, Airtel, IndiGo, SpiceJet, SBI, Bank of Baroda, Vodafone-Idea, Granules India, and others</a> <a href="https://www.businessinsider.in/business/corporates/news/ultratech-cements-5477-crore-expansion-plan-is-a-sign-that-birla-is-betting-on-a-faster-economic-recovery/articleshow/79549626.cms">UltraTech Cement's ₹5,477 crore expansion plan is a sign that Birla is betting on a faster economic recovery</a> <a href="https://www.businessinsider.in/tech/news/sbis-mobile-banking-app-is-down-for-the-third-time-in-last-30-days/articleshow/79548953.cms">SBI’s mobile banking app is down for the third time in 30 days — digital services take a hit for the 25th time this year</a>

RTGS fund transfer system will be available 24x7 in the next few days, says RBI

New Delhi, Mar 11 () Yes Bank on Wednesday said its inward real-time gross settlement (RTGS) services have been enabled to allow customers to make payments towards their credit card dues and loan obligations from other bank accounts. The announcement comes a day after its customers were allowed inward IMPS and NEFT services for the same purposes. RTGS is used for payments of over Rs 2 lakh, while payments below this amount can be made using NEFT. Besides, loan and credit cards repayments to the bank can also be done through IMPS from other bank accounts. "Inward RTGS services have been enabled. You can make payments towards YES BANK Credit Card dues and loan obligations from other bank accounts," the bank said in a tweet on Wednesday. Meanwhile, in 'moratorium-related FAQs' posted on its website, crisis-hit Yes Bank has said services such as online remittances, clearing of cheques and demand drafts as well as outward payment of EMIs will continue to remain under restriction during the moratorium period. However, if an employer has a current account with Yes Bank and wants to pay salaries to employees, there will not be any problem in doing so. As per the FAQs, Yes Bank said outward online remittances, including RTGS and NEFT, are still suspended. "All clearing activities are suspended as of now." "Your EMIs (equated monthly instalments) will be honoured up to the prescribed limit, subject to reinstatement of clearing activities," it said. On March 5, the Reserve Bank of India (RBI) in consultation with the government put a moratorium on Yes Bank till April 3, citing serious financial mismanagement at the private sector lender. During the period, customers are not allowed to withdraw more than Rs 50,000. The bank on Tuesday allowed inward IMPS and NEFT services to enable its customers to make payments towards Yes Bank credit card EMIs and loans through other bank accounts. The move came after its customers complained that they were not able to make payments towards their Yes Bank credit and loan repayments and were anxious about being levied a penalty for no fault of theirs. Besides, within the limit of Rs 50,000, the Mumbai-headquartered lender has also allowed its customers to withdraw money from its own as well as other bank ATMs. In the FAQs, on a query as to what will happen if someone has written and issued cheques to clients, Yes Bank responded, "All clearing activities are suspended as of now as per the directive. Your cheques already issued will not be honoured till the clearing activities are restarted or further directive from regulator." On another query as to what will happen if someone has already dropped a cheque at Yes Bank counter, it said that as all the clearing activities are suspended, "Yes Bank DD/cheques will not be presented in clearing till further instructions or till reinstatement of clearing activities." However, on a query what if an employer holds a current account with Yes Bank and needs to make withdrawal of more than Rs 50,000 to pay salaries to employees, the lender said it can be done. "Yes Bank current account can be debited for more than Rs 50,000 towards disbursement of salaries in the accounts maintained with Yes Bank only," it clarified. Further, it also said transfer from one Yes Bank account to another will be allowed without any restriction. "However, customers can withdraw in a sum up to an aggregate of Rs 50,000 from all these accounts in the moratorium period till April 3, 2020," it added. If one wishes to liquidate a standalone fixed deposit in Yes Bank, it said the branches can liquidate standalone fixed deposits (FDs) amounting less than Rs 20,000 along with interest and pay in cash as per process. "For FDs equal to or above Rs 20,000 (along with interest) but less Rs 50,000 (along with interest), branches can issue demand draft (DD) to customers, however that DD can be presented for clearing only once the clearing services are re-instated," it said. Since the bank was placed under the moratorium on March 5, a sense of panic gripped among customers across the country, who were seen queuing up at bank branches and ATMs to withdraw money. Yes Bank said its ATMs are functional and customers can withdraw money from there. Services such as digital payments supported by Yes Bank also faced outages in the initial stages, which now have been restored. Among others, prepaid meal and forex cards services are also affected due to the sudden oversight on the private sector lender. During the moratorium period, Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. The RBI has initiated a draft reconstruction scheme for the private sector lender according to which State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan by infusing capital of Rs 2,450 crore. On Monday, Yes Bank's RBI-appointed administrator Prashant Kumar hoped that the moratorium on the bank would be lifted by this weekend. KPM HRS

You Searched For "NEFT" and got 11 results

NEFT can be done round the clock now, says RBI

Preeti Soni

NEFT transactions to be available 24x7 from Dec 16

PTI

India’s largest bank SBI waives off charges on NEFT, IMPS and RTGS

Prerna Sindwani

Online fund transfers via NEFT and RTGS to cost less as charges are removed

Preeti Soni

RBI moves to make online bank transfer cheaper, to review ATM charges

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This fintech startup undergoes a revamp to cash-in post demonitization

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Cyber frauds increased after growth in mobile banking, NEFT and RTGS

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RBI starts publishing daily data on select payment systems

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A methane well that leaked for 6 months has released a year's worth of emissions for 791,000 cars: report

Matthew Loh

RTGS fund transfer system will be available 24x7 in the next few days, says RBI

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Yes Bank users can now make over Rs 2 lakh payments towards loans, credit cards via other bank a/cs

PTI

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