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<ul><li>These cards can be used at ATMs, point of sale (PoS) machines, and online merchants overseas. </li><li>Additionally, <keyword id="597447" type="General" weightage="20" keywordseo="rupay" source="Orion">RuPay</keyword> Debit, credit, and prepaid cards will be authorised for issuance in foreign jurisdictions. </li><li><keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>’s goalposts for Payment Vision 2025 has already outlined a roadmap for the global outreach of RTGS, NEFT, UPI, and RuPay cards. </li></ul>In a bid to provide more payment options for Indians travellers abroad, the Reserve Bank of India (RBI) has decided to allow Indian banks to issue RuPay <keyword id="1018384" type="General" weightage="20" keywordseo="prepaid-forex-cards" source="Orion">prepaid forex cards</keyword>. These cards can be used at ATMs, point of sale (PoS) machines, and online merchants overseas. “... Further, RuPay debit, credit, and prepaid cards will be enabled for issuance in foreign jurisdictions, which can be used internationally, including in India. These measures will expand the reach and acceptance of RuPay cards globally. Necessary instructions will be issued separately,” read the RBI’s statement on Developmental and Regulatory Policies, issued on June 8. Says Rajsri Rengan, India Head of Development, Banking and Payments, at FIS, a fintech company, “The permission granted to banks for issuing RuPay pre-paid forex cards opens up new avenues for seamless and flexible cross-border transactions. This development brings forth enhanced convenience and efficiency for individuals and businesses engaged in international trade.” RuPay, as the first domestic card payment network in India, has achieved wide acceptance across various channels such as ATMs, point-of-sale (POS) devices, and e-commerce websites throughout the country. By promoting electronic payments, RuPay aligns with the Reserve Bank of India's goal of fostering a "less cash" economy, encouraging banks and financial institutions to embrace technology and offer digital payment solutions.RuPay credit cards can now be linked to a UPI ID, thus directly enabling safe, and secure payment transactions. According to a report by merchant platform Pine Labs, it is projected that transaction volumes on the RuPay network will experience a compound annual growth rate (CAGR) of 20% over the next three years. By the fiscal year 2025-26 (April-March), transaction volumes are anticipated to reach 3.2 billion, a significant increase from the 1.8 billion transactions recorded in 2022-23. RBI’s goalposts for Payment Vision 2025 has already outlined a roadmap for the global outreach of RTGS, NEFT, UPI, and RuPay cards. Recently UPI has been integrated with Singapore’s PayNow, and Japan is expected to join the UPI system as well. UPI is also expected to be adapted by other countries as well.

RBI allows banks to issue RuPay prepaid forex cards

New Delhi, Banking issues like reluctance to process <keyword id="6358355" type="General" weightage="20" keywordseo="forex" source="Orion">forex</keyword> received through alternate channels and high processing fees are hindering the growth of <keyword id="7848945" type="General" weightage="20" keywordseo="e-commerce-exports" source="Orion">e-commerce exports</keyword> from India, and there is a need to bring mindset change to unlock the sector's potential, a report by think tank GTRI said on Monday. Unlocking India's e-commerce export potential to USD 350 billion by 2030 requires addressing banking issues that hinder growth and increase operational costs, the Global Trade Research Initiative (GTRI) said. "To initiate change, both the RBI and banks must shift their mindset towards treating small-value exports differently from larger ones. This shift is essential to prevent misuse while streamlining processes. Without this fundamental change, any reforms attempted by the RBI and banks will fall short," it said. Small e-commerce businesses often face challenges because banks are not equipped to handle low-value transactions efficiently, it added. The key issues include reluctance to process forex through alternate channels, high processing fees, incorrect purpose code allocation, and limitations in the RBI's EDPMS (Export Data Processing and Monitoring System). The Reserve Bank of India tracks export payments and reconciliation through its Export Data Processing and Monitoring System. "Banks are happy to process forex received through bank transfers but reluctant to process forex received through foreign currency cheques, payment gateways like PayPal, credit cards, <keyword id="151105" type="General" weightage="20" keywordseo="western-union" source="Orion">Western Union</keyword>, cash receipt when a buyer selects item live in the retail shop," it said. Banks delay crediting forex received in a firm's account when payments are received through such channels, and this affects cash flow and hampers business operations, the report noted. Banks charge money multiple times at different stages for the same small-value shipment, it added. Elaborating this, it said that essential charges include charges for submitting shipping bills (Rs 80 to Rs 2,000) at the time of forex realisation (1-to-2.5 per cent of value), intermediary bank charges during forex transfers (USD 10 to USD 55 per transaction), penalties for bills pending at EDPMS (Rs 100 per shipping bill per month). "Most charges are fixed for a transaction irrespective of value. Bank charges can exceed 50-60 per cent of the shipment value. This makes e-commerce exports commercially unviable," it said, adding banks allocate purpose codes for each remittance but frequently issue incorrect codes. For example, purpose code P0103, meant for advance payments, is often assigned even when exports have already occurred and the firm has submitted proof. Incorrect allocation of purpose codes by banks leads to reconciliation problems, EDPMS pendency issues, and issuance of notices and fines on exporters. The RBI issues notices to exporters for EDPMS defaults but does not give them direct access to view their records, as per the report. "Exporters must rely on banks/DGFT for critical data, leading to unnecessary delays and complications," GTRI co-founder <keyword id="504704" type="General" weightage="50" keywordseo="ajay-srivastava" source="Orion">Ajay Srivastava</keyword> said. The report suggested eight action points, such as the creation of a single window platform for e-commerce and small-value shipments, standardise bank charges, defining a time limit for banks to complete all small export-related requests by the RBI, and exempting shipment value up to USD 1,000 per shipment from monitoring till the single window is implemented. It also pitched for an extension of the timeline for EDPMS closure from the current nine months to 24 months and redesign the courier shipping bill to reflect correct payment terms. On the single window, Srivastava called for integrating the RBI, banks, Customs, DGFT, India Post, courier companies and exporters. "This platform should cover all realisation methods other than bank transfers. The exporter should be able to conduct all transactions online. SW will automate the EDPMS reconciliation process," he added. He said that high processing fees and multiple charges at different stages of exporting hurt small businesses the most, and the banks should charge a one-time fee for each shipment instead of further charges at various stages. "The government could subsidise these fees to ease the financial burden on small exporters," the report said, adding there is a need to raise the export realisation variation limit from 25 per cent to 100 per cent.

Banking issues hinder growth of exports through e-commerce: GTRI report

(Eds: Correcting day in last para) New Delhi, Mar 10 () Crisis-hit Yes Bank said on Tuesday that customers could now make payments towards their credit card and loans through other bank accounts, days after prominent banking services were curtailed after the RBI imposed moratorium on the lender. The announcement comes as panic gripped the bank's customers, who queued before ATMs and bank branches to withdraw money. They were also not even able to access Internet banking and other services like digital payments through another party's platform. Forex services and credit card purchases, among others, were also impacted. "Inward IMPS/NEFT services have now been enabled," Yes Bank tweeted. "You can make payments towards YES Bank credit card dues and loan obligations from other bank accounts. Thank you for your co-operation." The Reserve Bank of India had put a moratorium last Thursday on the cash-strapped Yes Bank, imposed withdrawal restriction of Rs 50,000 only till April 3 and superseded its board through appointment of an administrator. However, the bank has now said that its ATMs are fully up now and customers can withdraw the stipulated amount from other banks' ATMs as well. 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. As per the RBI's draft reconstruction scheme, 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. The bank's financial health is not sound as it has failed to raise enough capital under the new leadership of Ravneet Singh Gill, who took charge as the managing director and CEO from March last year. Troubles at new-generation private sector started brewing up ever since the the Reserve Bank denied extension to its co-founder Rana Kapoor -- who now is in the custody of the Enforcement Directorate on charges of financial mismanagement and money-laundering -- to continue as MD and CEO in September 2018, and had asked the lender to find a new successor. Yes Bank's administrator, Prashant Kumar, a former SBI executive, had on Monday assured customers that the moratorium period could end by this weekend. KPMHMB

Yes Bank customers can pay credit bill, loan repayments through other bank accounts

New Delhi, Mar 22 () Private sector banks HDFC and ICICI have asked customers to use digital means for transactions and said they have reduced their staff in office as a precautionary measure against the spread of coronavirus.HDFC Bank has changed its working hours and will function from 10 am to 2 pm till March 31, except on Saturday. The private sector lender has also temporarily suspended passbook update and foreign currency purchase services."In the interest of public health and safety, we will be withdrawing the following services temporarily ofpassbook updates and foreign currency purchase," it said in a communication sent to its customers on Sunday. ICICI Bank informed its customers through SMS that "our branches shall remain open with required hygiene steps and reduced staff". "For the same reason, our contact centre will also function with reduced staff. We urge you to stay safe and bank from home using iMobile/Internet Banking for all essential banking services," it said in the communication. HDFC Bank has urged people to use cheque drop boxes to help reduce crowding in branches.However, customers can go digital to avail passbook updation and forex card reload, it said. NEFT, RTGS, IMPS and UPI services are among the digital transactional modes.It said customers can pay for their utility bills through UPI and PayZapp platforms. KPM DPB

HDFC, ICICI ask customers to go digital amid coronavirus outbreak

<a href="http://www.businessinsider.in/searchresult.cms?query=Paytm&amp;sortorder=effectivedate">Paytm</a> founder-CEO <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Shekhar+Sharma&amp;sortorder=effectivedate">Vijay Shekhar Sharma</a> is on a roll, literally. He’s rolling out one service after another. <keyword id="6357120" type="UNKNOWN" weightage="80" keywordseo="PayTM">Paytm</keyword>’s <a href="http://www.businessinsider.in/searchresult.cms?query=payments+bank&amp;sortorder=effectivedate">payments bank</a> operations are expected to start by August and its Wallet users can pay for <a href="http://www.businessinsider.in/searchresult.cms?query=Uber&amp;sortorder=effectivedate">Uber</a> rides globally by the end of the month. 
 
The company will soon launch cards with QR codes to enable users to make financial transactions, and Vijay has accepted the company will have physical banking outlets soon. He reveals they’re also working on an ‘interesting concept’ he calls Paytm Ka ATM (Paytm’s ATM). 
 
Business Insider caught up with <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Shekhar+Sharma&amp;sortorder=effectivedate">Vijay</a> to get an idea of what’s next from <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm&amp;sortorder=effectivedate">Paytm</a>: 
 
When will you enable <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm+Wallets&amp;sortorder=effectivedate">Paytm Wallets</a> on <a href="http://www.businessinsider.in/searchresult.cms?query=Alibaba&amp;sortorder=effectivedate">Alibaba</a>? 
<a href="http://www.businessinsider.in/searchresult.cms?query=Alibaba&amp;sortorder=effectivedate">Alibaba</a> is figuring out its consumer-merchant strategy. 
 
When they’re ready to go global, we will integrate them as a merchant. 
 
Any time-lines? 
I can’t talk on behalf of <a href="http://www.businessinsider.in/searchresult.cms?query=Alibaba&amp;sortorder=effectivedate">Alibaba</a>. 
 
We will be integrated on retail B2C for sure by the end of the year. 
 
What about forex issues? 
Money deducted from <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm+wallet&amp;sortorder=effectivedate">Paytm wallet</a> will always be in Indian Rupee, and cannot be foreign currency. Alipay will take Indian currency and make it into dollars. 
 The RBI restricts payments debited in rupees. However, when we have a <keyword id="2324069" type="UNKNOWN" weightage="60" keywordseo="Payments-Bank">payments bank</keyword>, we can debit in dollars directly. 
 
Will Indian consumers be charged a premium for payments made overseas? 
It would be standard conversation rate. We don’t charge the consumer ever. The merchants pay the charge. 
 
It will definitely be cheaper than on-counter rupee or dollars handed over. That’s the edge mobile payment companies bring. 
 
You’re planning to launch physical banking stores? 
Every city we launch in will have a branch. 
 
People have more peace of mind when they know there’s a physical footprint to their banking organization. We’re also working on a concept of an ATM. 
 
However, our distribution will be focused on the app. 
 
What about consumers without smartphones 
People who don’t have smartphones can have our electronic cards with QR Code. Call it the Paytm Card. 
 
<a href="http://economictimes.indiatimes.com/photo/51033957.cms">Image Source</a>

Exclusive:
Paytm founder-CEO Vijay Shekhar Sharma talks about his plans to go global

<ul><li>The <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> had put a <keyword id="117489" type="PERSON" weightage="20" keywordseo="moratorium">moratorium</keyword> on <keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword>, imposed withdrawal restriction of Rs 50,000 only till April 3. </li><li>The bank has now said that its ATMs are fully up now and customers can withdraw the stipulated amount from other banks' ATMs as well. </li><li>As per the RBI's draft reconstruction scheme, <keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> will pick up 49 per cent stake in the crisis-ridden Yes Bank.</li></ul>Crisis-hit Yes Bank said on Tuesday that customers could now make payments towards their credit card and loans through other bank accounts, days after prominent banking services were curtailed after the RBI imposed moratorium on the lender. The announcement comes as panic gripped the bank's customers, who queued before ATMs and bank branches to withdraw money. They were also not even able to access Internet banking and other services like digital payments through another party's platform. Forex services and credit card purchases, among others, were also impacted. "Inward IMPS/NEFT services have now been enabled," Yes Bank tweeted. "You can make payments towards YES Bank credit card dues and loan obligations from other bank accounts. Thank you for your co-operation." The Reserve <keyword id="6355303" type="DOMAIN" weightage="20" keywordseo="bank-of-india">Bank of India</keyword> had put a moratorium last Thursday on the cash-strapped Yes Bank, imposed withdrawal restriction of Rs 50,000 only till April 3 and superseded its board through appointment of an administrator. However, the bank has now said that its ATMs are fully up now and customers can withdraw the stipulated amount from other banks' ATMs as well. 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. As per the RBI's draft reconstruction scheme, 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. The bank's financial health is not sound as it has failed to raise enough capital under the new leadership of Ravneet Singh Gill, who took charge as the managing director and CEO from March last year. Troubles at new-generation private sector started brewing up ever since the the Reserve Bank denied extension to its co-founder Rana Kapoor -- who now is in the custody of the Enforcement Directorate on charges of financial mismanagement and money-laundering -- to continue as MD and CEO in September 2018, and had asked the lender to find a new successor. Yes Bank's administrator, Prashant Kumar, a former SBI executive, had on Friday assured customers that the moratorium period could end by this weekend.

Yes Bank says credit and loan payments can be made via other bank accounts

New Delhi, Mar 9 () PhonePe on Monday said it is actively working on adding more payment service provider (PSP) partners to offer its users more options for UPI transactions, even as the Flipkart-owned company continues to engage with crisis-ridden Yes Bank. PhonePe had seen a service outage for nearly 24 hours, which started immediately after the RBI placed Yes Bank on moratorium on March 5. Its team worked overnight with the National Payments Corporation of India (NPCI) and new UPI partner, ICICI bank, to ensure all its services are up within a day. "We were actively working on adding other PSP partners, this is also as per the recent NPCI advisory... PhonePe will shortly be launching an additional VPA (virtual payment address) with ICICI bank," PhonePe founder and CEO Sameer Nigam told . He added that once the Yes Bank moratorium is over, "it will mean PhonePe users will have a choice of two handles from two different banks to work with". Following the moratorium, Yes Bank faced restrictions, including caps on payments that impacted its ability to settle transactions on behalf of partners like PhonePe. Other players like Edenred, which offers services like meal cards, also suffered disruption. Foreign travellers and students who used prepaid forex cards from Yes Bank are also facing issues. While PhonePe declined to comment on the banks it is in talks with, sources said PhonePe is engaged in dialogue with State Bank of India, HDFC Bank, Axis Bank and RBL Bank. Nigam said services on the PhonePe app were fully resumed on March 6 for all users and merchant partners, with ICICI bank as our new banking partner. "All PhonePe consumer @ybl handles are working as before and all 10 million of our merchant QR codes are working seamlessly as well. The platform processed over Rs 4,000 crore worth of transactions in 24 hours and saw its largest-ever volume of user traffic in a single day (with over 70 million app sessions)," he added. Bengaluru-headquartered PhonePe is the fastest-growing digital payments platform in India with over 200 million registered users. Its platform saw 570 million transactions in February with the number of monthly average users at about 75 million. SR HRS

PhonePe says in talks to onboard more banking partners, to continue alliance with Yes Bank

Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (<keyword id="447038" type="General" weightage="100" keywordseo="lrs" source="Orion">LRS</keyword>) of the Reserve Bank, to ensure that such expenses do not escape <keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword> (Tax Collection at Source). While moving the <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Bill 2023 for consideration and passage in the Lok Sabha on Friday, Finance Minister Nirmala Sitharaman said the Reserve Bank has been asked to look into ways to bring credit card payments on foreign tours under the LRS. "It has been represented that payments for foreign tours through a credit card are not being captured under the Liberalised Remittance Scheme (LRS) and such payments escape tax collection at source (TCS)," she said. The <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> is being requested to look into this with a view to bringing credit card payments for foreign tours within the ambit of LRS and tax collection at source thereon, she added. The Union Budget 2023 proposed a TCS for foreign outward remittance under LRS other than for Education and medical purposes of 20 per cent applicable from July 1, 2023. Before this proposal, the TCS of 5 per cent was applicable on foreign outward remittances above Rs 7 lakh. <keyword id="735754" type="General" weightage="50" keywordseo="tax-collected-at-source" source="Orion">Tax Collected at Source</keyword> (TCS) is an income tax, collected by the seller of specified goods, from the buyer. TCS is a concept where a person selling specific items is liable to collect tax from a buyer at a prescribed rate and deposit the same with the government. The LRS, introduced in 2004, initially permitted an outflow of USD 25,000. The LRS limit has been revised in stages consistent with prevailing macro and micro economic conditions. LRS permits Indians to freely remit up to USD 250,000 (about Rs 2.05 crore) per financial year for current or capital account transactions or a combination of both. Any remittance exceeding this limit requires prior permission from the RBI. The rules clearly mention that one can remit foreign exchange (forex) only for any permissible current account transactions or capital account transactions or a combination of both. If one wishes to invest abroad in shares, property etc, the LRS rules will define them as capital account transactions. Only certain capital account transactions are allowed under LRS rules such as opening a bank account abroad i.e. a Foreign Currency Account, purchasing real estate property overseas, for making investments overseas which includes investing in shares, mutual funds, and debt instruments amongst others. Authorised dealers, such as banks, enable such transactions between residents and their overseas dependents, using only PAN cards for verification. Besides remittances, LRS can also offer foreign exchange services to Indian citizens for medical expenses or travelling. However, corporates, partnership firms, HUFs, and charitable trusts are not eligible to use the LRS. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/debt-schemes-of-mfs-lose-edge-over-bank-deposits-as-budget-proposes-to-scrap-ltcg-indexation-benefits/articleshow/98965932.cms">Debt schemes of MFs lose edge over bank deposits as Budget proposes to scrap LTCG &amp; indexation benefits</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/canva-just-got-a-major-ai-upgrade-with-new-features-like-magic-eraser-text-to-image-and-moreheres-what-they-do/articleshow/98965377.cms">Canva just got a major AI upgrade with new features like Magic Eraser, Text to Image, and more–here’s what they do</a>

Credit card payments on foreign tours to be brought under LRS to ensure compliance with TCS

New Delhi, Mar 16 () Yes Bank customers will be able to access full banking services from Wednesday evening, as the moratorium will be lifted earlier. The RBI had on March 5 put a moratorium on Yes Bank restricting withdrawals to Rs 50,000 per depositor till April 3. However, the government in a notification on Saturday said the moratorium will be lifted by 18:00 hrs on March 18. "We will resume full banking services from Wed, Mar 18, 2020, 18:00 hrs. Visit any of our 1,132 branches from Mar 19, 2020, post commencement of banking hrs to experience our suite of services," Yes Bank said in a tweet. "You will also be able to access all our digital services &amp; platforms @RBI @FinMinIndia," it said. The government on Saturday notified the reconstruction plan for cash-strapped Yes Bank and said the moratorium will be lifted by 18:00 hrs on March 18, much earlier than the earlier date of April 3. "The order of moratorium on the reconstructed bank issued by the government...shall cease to have effect on the third working day at 18:00 hours from the date of commencement of this scheme," the notification said. The lender has posted a net loss of Rs 18,654 crore for third quarter ended December 31 due to huge provisioning for bad loans. It had posted a profit of Rs 1,001.8 crore during December quarter of 2018-19. "You will be able to use your YES BANK cards and accounts across wallets like Paytm, Amazon Pay and Freecharge among others from March 18, 2020, 18:00 hours," the bank said in an FAQ on its website. Besides, the customers have been allowed for inward RTGS/NEFT/IMPS based transaction services to pay for their Yes Bank credit card bills and loan EMIs from any bank accounts including Yes Bank accounts. "Outward NEFT/IMPS/RTGS will resume from March 18, 2020, 18:00 hours. The limits for transactions across digital channels will continue to remain what they were prior to the imposition of the moratorium. However, from March 19, 2020 post commencement of banking hours, transactions at branches will not have any limits," it said. Among others, customers will be able to pay towards their utility bills and use the UPI platform, Google Pay and PhonePe, Paytm, Amazon Pay, Freecharge. "You can withdraw your Yes Bank FDs (fixed deposits) and RDs (recurring deposits) after the moratorium is revoked from March 18, 2020, 18:00 hours. Standard charges will apply on the same. You will be also able to access all services available through digital channel/platforms (Net Banking/ Mobile Banking etc)," it added. Customers can also initiate "stop a payment" service, Yes Bank said. The other service that remains inactive now is cheque clearing because clearing activities are suspended as per the directive. Customers who use forex card can also not use such services. "Your cheques already issued will not be honoured till the clearing activities are restarted or further directive from regulator," it added. KPM KPM ANUANU

Customers can access all banking services from Wed evening: Yes Bank

New Delhi, Dec 5 () Following are the top business stories at 1830 hours:
 
DEL75 BIZ-2NDLD RBI
RBI unexpectedly hits pause on interest rate cut; lowers FY20 GDP growth forecast to 5%
Mumbai: The Reserve Bank of India on Thursday unexpectedly hit a pause button on cutting interest rate as it gave more importance to prevailing inflation pressure and rising food prices over a worrying slowdown in the economy. 
 
DEL107 RS-FM-TAX
Software development, mining, printing books not to qualify for lower 15 pc corp tax rate: FM
New Delhi: Finance Minister Nirmala Sitharman on Thursday said the lower 15 per cent tax rate for new manufacturing companies will not apply to computer software development, mining and printing of books.
 
DCM13 BIZ-RBI-PPI
RBI proposes new prepaid card for transactions up to Rs 10,000
Mumbai: The Reserve Bank on Thursday proposed to introduce a prepaid payment instrument (PPI) that could be used only for transactions of goods and services worth up to Rs 10,000.
 
BCM18 DAS-PMC
Forensic audit on PMC scam expected by month-end: Das
Mumbai: Reserve Bank governor Shaktikanta Das on Thursday said the forensic audit report on the scam-hit PMC Bank is expected by the month-end, and efforts are also on
to assess the realisable value of assets held by the cooperative that can be monetised.
 
BCM15 DAS-FISCAL-GOVT
Good coordination with govt on policy measures: Das
Mumbai: Reserve Bank Governor Shaktikanta Das on Thursday said there is good coordination between the fiscal and monetary policies so far, in addressing growth
concerns and that the central bank is not worried about government missing fiscal deficit target.
 
BCM5 BIZ-DAS-FOREX
Forex kitty hits a new high, sniffs at $452 b
Mumbai: Foreign exchange reserves continue the upward journey surging to a new high of USD 451.7 billion as of December 3, Reserve Bank governor Shaktikanta
Das said on Thursday.
 
DEL98 BIZ-LD STOCKS
Sensex slips as RBI surprises with status quo; bank stocks bear the brunt
Mumbai: Equity benchmarks closed lower in topsy-turvy trade on Thursday after the Reserve Bank unexpectedly left interest rates unchanged amid slowing growth.
 
BCM25 RBI-HDFC-BANK-NET-BANKING
RBI looking at HDFC Bank net banking glitches: Deputy Guv Jain
Mumbai: A Reserve Bank team is analysing the reasons behind the crash of online banking facility of HDFC Bank for two consecutive days this week, deputy governor
MK Jain said on Thursday. 
 
DEL105 BIZ-LD RUPEE 
Rupee rebounds 24 paise as RBI maintains accommodative stance
Mumbai: The Indian rupee rose sharply in the last hour of trade to settle 24 paise higher at 71.29 to the US dollar on Thursday after the RBI promised to continue with accommodative stance in its monetary policy. 
 
DCM23 RSQ-BASE YEAR-GDP
Base year for GDP revised due to socio-economic changes: Rao Inderjit Singh
New Delhi: The government on Thursday said base year for calculating gross domestic product was changed to 2011-12 due to a change in the socio-economic environment of the country.
 
DEL114 RS-TAX-NOD
Rajya Sabha nod to lower corporate tax rates
New Delhi: The Rajya Sabha on Thursday gave its consent to the Taxation Laws (Amendment) Bill, 2019, replacing an ordinance that was used to slash corporate tax rates to stimulate growth. 
 
 
 
 
 
 
 
 
 
 
 
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SHW

Business highlights

Though there is no defined forex reserves level where we can say we don’t need more, India’s <keyword id="6368276" type="COMPANY" weightage="100" keywordseo="Foreign-exchange">foreign exchange</keyword> reserves are at a ‘reasonable level’, assured <keyword id="289622" type="COMPANY" weightage="100" keywordseo="Reserve-Bank-Deputy">Reserve Bank Deputy</keyword> <keyword id="2949787" type="UNKNOWN" weightage="100" keywordseo="Goevrnor-S-S-Mundra">Goevrnor S S Mundra</keyword>. 

	In the week to July 3, the reserves declined by $704 million to $354.517 billion. It touched a lifetime high of $355.46 billion in the fortnight ended June 19. 
 During last fiscal, the <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword> added $ 1.4 billion to the reserves against $15.5 billion in the previous fiscal. In the first two months of this financial year, it has already mopped up $8 billion to the buffer. 

	Mundra said accumulation of reserves involves cost aspects and further build-up of reserves will depend on events in the global arena. 
 

	When asked whether the inflation trajectory as indicated by the recently released data was on the expected line, Mundra said, "Our inflation trajectory was outlined in the last monetary policy announcement. Wait for the next monetary policy to see how it has progressed". 
 <keyword id="513422" type="UNKNOWN" weightage="100" keywordseo="Retail-inflation">Retail inflation</keyword> surged to eight-month high of 5.4 per cent in June, from 5.01 per cent in May. 

	Mundra said the RBI is working towards issuing licenses to small finance and payments banks. He said banks should not take customer service only for meeting the compliance or filing annual certificates. 
 

	"We have already issued a circular that each bank should appoint a chief customer service officer, popularly known as banking ombudsman. And, soon we will be issuing the operational guidelines that how these people are going to be appointed," he said. 
 

	Mundra further said the office of banking ombudsman, which is an RBI outfit, received around 85,000 complaints last year. 
 

	"The single largest segment of complaint was non-compliance with Banking Codes and Standards Board of India (BCSBI), at 29 per cent," he said. 
 

	BCSBI is an independent and autonomous institution to monitor and ensure that its standards adopted by the banks are adhered to while delivering their services. 
 

	The second largest number of complaints came from ATMs, debit and credit cards-related issues which was around 21 per cent.

India’s foreign exchange reserves at a reasonable level: S S Mundra

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

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

PM <keyword id="6354642" type="PERSON" weightage="100" keywordseo="Modi">Modi</keyword>’s demonetisation policy may fetch good results in the long run. But currently it’s taking a severe toll on common men who are facing difficulties in getting old notes exchanged and waiting in queue at ATM only to know that there is no cash in it. Life hasn’t been so difficult for daily wagers and software engineers alike, when there is money in account but can’t be used. The irony of money couldn’t have been worse. 
 
At such a juncture, when many daily wagers haven’t eaten ample meals in last few days because they couldn’t stand in queue at the bank fearing a day’s loss of income, things aren’t better for well offs staying abroad. 
 
For the NRIs and foreigners planning a visit to India, the fun isn’t the same anymore. Earlier they would be basking in the idea of meeting Indian friends and visiting historical monuments in Rajasthan, Uttar Pradesh and Delhi. Now they can only think of how to get enough cash in hand. 
 Indian economy, apart from a few exceptions, is largely dependent on cash. Be it street snacks stores to ticket counters of railways at small stations. A few countries in the Middle East, <keyword id="6356662" type="COUNTRY" weightage="100" keywordseo="Singapore">Singapore</keyword>, <keyword id="8695" type="COUNTRY" weightage="20" keywordseo="Malaysia">Malaysia</keyword>, Sri Lanka, Nepal and the countries where Indian population is a bit denser, there are options to change to Indian currencies directly from local ones. Instead of changing to USD first, this foreign exchange has two benefits. Firstly there is not much loss of money in the name of exchange rate. Also you won’t have to depend on another forex office to get the dollar changed after landing in India. 
 Travel advisors make sure people visiting India change to rupee before boarding the flight. The recent demonization has left the tourists in tension. According to <keyword id="265234" type="PERSON" weightage="20" keywordseo="Sreyashi-Sen">Sreyashi Sen</keyword>, an entrepreneur in Singapore, all the forex offices where they would get Indian currency have stopped changing money to rupee. Leading forex like <keyword id="201800" type="PERSON" weightage="20" keywordseo="Mustafa">Mustafa</keyword> has also put a board outside saying ‘No INR’. 
 
Sen, planning a visit to Goa early next week would have count some extra bucks when she lands in India to get currencies changed. Moreover if among the few available forex counters in Goa are non-operative, by any chance, she would be left at the mercy of god. 
 Idmantzi, a Mexican citizen on her India trip is currently halted at Darjeeling in <keyword id="6357783" type="CITY" weightage="20" keywordseo="West-Bengal">West Bengal</keyword>. She is a solo traveller without any acquaintance in India. She was carrying a credit card from her country, which isn’t operating in India. The cash, she carried, is in Rs 500 mostly, which has been refused by the hotel and other places there. She had to ask favour from her embassy, who rushed to Darjeeling and bailed her out. 
 If these miseries aren’t enough, an old couple from <keyword id="6354925" type="COMPANY" weightage="20" keywordseo="Kolkata">Kolkata</keyword> who went to visit their son in Malaysia had a tough time returning home from Kolkata airport. After they landed at the airport yesterday, the pre-paid counter didn’t accept the notes they carried a month back. Forget booking taxi through apps, for they don’t own a smartphone. Finally a normal yellow taxi decided to ferry them on the condition of paying full Rs 500 without any change in return. The septuagenarians had to shell out Rs 500 for a distance of mere 10 kilometres. Possessing a great sense of humour, the septuagenarian man told the author, “We don’t have any <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword>. But a note of Rs 500 at the time of economic black out.”

Not
just India, people staying in Singapore and Dubai are facing trouble over Modi’s
demonetization

New Delhi, Mar 9 () RBI-appointed Yes Bank administrator Prashant Kumar on Monday said the lender is working to restore all banking services for its customers as as soon as possible. "I think for us, the first priority is the customers and how to provide the seamless business to our customers and like you must have seen on the very first day, all our ATMs were up for the customers," Kumar said in an interview to a TV channel. He said, since Saturday evening even the ATMs of other banks were available for customers for cash withdrawal. "And in our branches, our staff is reaching out to customers. They are dealing with their issues. I would also like to take this opportunity to thank all our customers who have really cooperated with us, who have shown lot of patience. And I think this is the faith in the brand of Yes Bank," Kumar told CNBC TV 18. Yes Bank customers have been restricted with a cash withdrawal limit of Rs 50,000 till April 3 ever since the Reserve Bank superseded the board of the bank on March 5, 2020 and appointed Kumar - a former SBI executive - as its administrator. Kumar also assured that for the remaining days of the moratorium on Yes Bank, the bank staff is working hard so that all banking services could be restored at the earliest. The RBI restriction on Yes Bank has also severely impacted other financial market transactions such as forex, credit card, digital payment, among others. "All of us are working so that the entire banking service is available to our customers as soon as possible," Kumar said.Even before the RBI action, the Mumbai-headquartered lender had deferred announcement of its earnings for the third quarter of 2019-20 to March 14 or before. "I think we are going to declare our results on March 14th," Kumar said. In an exchange filing on Saturday, Yes Bank had said, "the administrator will consider and take on record the unaudited financial results of the bank, for the quarter and nine months ended on December 31, 2019 along with limited review report thereon by the statutory auditors of the bank on Saturday, March 14, 2020." To a question that the bank's capital requirement is much higher than what SBI will bring up with its 49 per cent stake buy in the bank for Rs 2,450 crore, Kumar said the clarity would come with the board meeting when it announces the earnings for the third quarter. "What SBI has shown interest is of 49 per cent..definitely there would be more requirement. We are in talks with like minded investors. SBI is also doing that part. "So we are quite hopeful that in a couple of days the issue about the capital requirement will be taken care of," Kumar said. KPM KPM ANUANU

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