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<ul><li>The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> has increased the <keyword id="21970492" type="General" weightage="100" keywordseo="UPI-Lite-wallet" source="keywords">UPI Lite wallet</keyword> limit to ₹5,000.</li><li>The per-transaction limit has also been increased to ₹1,000 from the current ₹500.</li><li>The central bank has announced a beneficiary account name look-up facility for RTGS and NEFT.</li></ul>The Reserve Bank on Wednesday announced the increase of the <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> Lite wallet limit to ₹5,000 and per-transaction limit to ₹1,000, to encourage wider adoption of <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> A limit of ₹500 per transaction and an overall limit of ₹2,000 per UPI Lite wallet is applicable currently. With this, the per <keyword id="22340760" type="General" weightage="20" keywordseo="transaction-limit" source="keywords">transaction limit</keyword> has been doubled and the overall limit has been increased 2.5 times. At the bi-monthly monetary policy meeting, the central bank Governor <keyword id="19913110" type="General" weightage="20" keywordseo="Shaktikanta-Das" source="keywords">Shaktikanta Das</keyword> also said the per-transaction limit in <keyword id="23485380" type="General" weightage="20" keywordseo="UPI123Pay" source="keywords">UPI123Pay</keyword> will be increased to ₹10,000 from the existing ₹5,000. For those unaware, UPI123 was launched in March 2022, to enable feature-phone users to use UPI. This facility is now available in 12 languages. The governor also announced a beneficiary account name look-up facility for Real Time Gross Settlement System (RTGS) and National Electronic Funds Transfer (NEFT) systems. Payment Systems like UPI and IMPS provide a facility for the remitter to verify the name of the receiver (beneficiary) before initiating a payment transaction. There have been requests to introduce such a facility for RTGS and NEFT systems, the Governor said. "Accordingly, to enable remitters in RTGS and NEFT to verify the name of the beneficiary account holder before initiating funds transfer, it is now proposed to introduce a 'beneficiary account name look-up facility'," he said. As part of this, remitters can input the account number and the branch IFSC code of the beneficiary, following which the name of the beneficiary will be displayed. This facility is aimed at increasing customer confidence and reducing the possibility of wrong credits and fraud. The Central Bank will also create a 'Reserve Bank Climate Risk Information System (RB-CRIS)' amid climate change emerging as one of the significant risks to the financial system. Das said it is crucial for regulated entities to undertake climate risk assessments to ensure the stability of their balance sheets and that of the financial system. Such an assessment requires, among other things, high-quality data relating to local climate scenarios, climate forecasts, and emissions, he said. The available climate-related data is characterised by various gaps such as fragmented and varied sources, differing formats, frequencies and units. To bridge these gaps, Das said the Reserve Bank proposes to create a data repository – RB-CRIS, comprising two parts. The first part will be a web-based directory, listing various data sources, (meteorological, geospatial, etc.) which will be publicly accessible on the RBI website. The second part will be a data portal consisting of datasets (processed data in standardised formats). With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/byd-emax-7-electric-mpv-launched-in-india-starting-at-26-9-lakh/slidelist/114046121.cms">BYD eMax 7 electric MPV launched in India starting at ₹26.9 lakh</a> <a href="https://www.businessinsider.in/personal-finance/news/heres-how-a-reddit-user-was-able-to-get-an-iphone-16-at-under-27000/articleshow/114035179.cms">Here’s how a Reddit user was able to get an iPhone 16 at under ₹27,000</a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-swiggy-ather-upcoming-large-ipos-in-india/slidelist/114014140.cms">Hyundai To Swiggy: Everyone wants to cash in on the IPO bonanza</a>

UPI Lite wallet limit and transaction limits for feature phone users increased

<ul><li>The new <keyword id="8456661" type="General" weightage="20" keywordseo="imps-limit" source="Orion">IMPS limit</keyword> is ₹5 lakh per day, up from the previous limit of ₹2 lakh. </li><li>The new limits come into effect from today, October 8, although banks have not updated their portals with these new limits yet. </li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>. </li></ul>The Reserve Bank of India (RBI) today increased the limit for <keyword id="6383205" type="General" weightage="20" keywordseo="imps" source="Orion">IMPS</keyword> transactions to ₹5 lakh from ₹2 lakh. The new limit comes into effect from today, October 8. The increase in the IMPS limit was announced at the RBI Monetary Policy Committee meet today. IMPS, short for Immediate Payment Service, is one of the options available to instantly transfer money from one bank account to another. It is a 24x7 service that can be availed from your bank’s net banking portal or mobile apps. It is available throughout the year. How to transfer money using IMPS To transfer money using IMPS, follow these simple steps: <ul><li>Login to your bank’s net banking portal or mobile app. </li><li>Click on Payments and Transfer or a similar option. </li><li>Now enter the details of the recipient, like the account number, IFS code and name. </li><li>Now enter the amount and remarks, if any. </li><li>Authenticate and complete the transaction. </li></ul>SEE ALSO: <a href="https://www.businessinsider.in/business/news/ahead-of-its-ipo-truecaller-says-indias-upcoming-data-protection-bill-may-affect-future-earnings/articleshow/86859304.cms">Ahead of its $116 million IPO, Truecaller says India's upcoming data protection bill may affect future earnings</a> <a href="https://www.businessinsider.in/stock-market/news/tata-motors-tcs-hdfc-bank-icici-bank-and-other-trending-stocks-ahead-of-rbis-monetary-policy-meet/slidelist/86857252.cms">Tata Motors, TCS, HDFC Bank, ICICI Bank and other trending stocks ahead of RBI’s monetary policy meet</a> <a href="https://www.businessinsider.in/business/auto/news/heres-why-tata-motors-is-red-hot-even-when-82-of-its-business-is-still-in-the-woods/articleshow/86849799.cms">Here’s why Tata Motors is red hot even when 82% of its business is still in the woods</a>

Now you can transfer ₹5 lakh in a day via IMPS

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

<ul><li><keyword id="45660" type="CITY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword>’s mobile and net banking services are down after the Reserve Bank of India limited withdrawals to ₹50,000.</li><li>The moratorium will stay in effect for a month and the RBI may increase the limitation on a case-by-case basis.</li><li>The apex bank points out that there is no reason for depositors to panic and that their interest will be fully protected.</li></ul>In a busy day for Yes Bank, withdrawals were capped at ₹50,000 in the evening today, March 5, by India’s top bank. Almost immediately after the mobile banking app and net banking website services were unavailable. 
 
 <div type="image" title="2" msid="74499796" hostid="261" caption="&amp;lt;p&amp;gt;Yes Bank net banking services down&amp;lt;/p&amp;gt;"></div>





 “There has been no intimation to employees as well. Even after the notification there is no email or Whatsapp notification from the management,” an employee told Business Insider on the condition of anonymity. “I tried to withdraw cash at around 8:00 pm but couldn't. Then tried to net banking and that failed too. That is when I realised there is something wrong,” he added 
 
 <div type="image" title="3" msid="74499818" hostid="261" caption="&amp;lt;p&amp;gt;Yes Bank mobile app &amp;quot;unable to connect&amp;quot;&amp;lt;/p&amp;gt;"></div>





 Sources told Business Insider that the downtime is likely temporary to make the requisite modifications to limit IMPS, NEFT, RTGS and fund transfers. Yes Bank is yet to respond to Business Insider’s request for comment as to why their online services are down. One month moratorium The moratorium will stay in effect for a month and the RBI may increase the limitation of ₹50,000 on a case-by-case basis, keeping room for unique facts and circumstances. The board of Yes Bank has also been superseded with immediate effect, according to the statement by the Reserve Bank of India (RBI). Former CFO of India’s largest public sector bank State Bank of India (SBI) has been appointed as the administrator. “The Reserve Bank came to the conclusion that in the absence of a credible revival plan — and in public interest, and the interest of bank’s depositors — it had no alternative but to apply to central government for imposing a moratorium,” said the RBI. The apex bank points out that there is no reason for depositors to panic and that their interest will be fully protected. Yes Bank’s race to raise $2 billion Today morning the bank’s share zoomed over 29% in the afternoon trade amid reports that the government has asked the State Bank of India (SBI) to lead a consortium to buy stake in the company. Sources told <a href="https://economictimes.indiatimes.com/markets/stocks/news/sbi-lic-to-acquire-half-of-yes-bank-at-rs-2-per-share/articleshow/74492835.cms?from=mdr">ET</a> that SBI and the Life Insurance Corporation of India (LIC) will acquire shares at ₹2 per share. The two state-run companies will acquire 49% stake for a total of ₹490 crore. 
 



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 Yes Bank had originally sought a 45-day extension in February after hitting the original 45-day deadline to furnish its quarterly results with the Securities and Exchange Board of India (SEBI). It said it required the extension to raise the required funds of $2 billion.

Yes Bank mobile and net banking down after RBI limits withdrawals to ₹50,000

In India, as of 2011, only 35% Indians had bank accounts. As of this month, Indian government’s effort under <keyword id="2493931" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Jan-Dhan-Yojna">Pradhan Mantri Jan Dhan Yojna</keyword> led to 306 million JDY accounts opening since its launch in 2014. The mission to provide no-frills, no-minimum-balance bank accounts to every adult including the ones below the poverty line has been remarkably successful, to say the least. The premise of PMJDY was to lower bank transactions costs so that millions of Indians who lacked access to financial services could finally be financially included. The launch of another new service coupled with the increase in mobile data usage could prove to be a highway to not only get more Indians financially secure but also encourage savings and digital adoption. The watershed moment? <keyword id="3236791" type="ORGANIZATION" weightage="60" keywordseo="Paytm-payments-bank">Paytm Payments bank</keyword> has finally launched as India’s mobile-first bank with zero charges on all online transactions and no minimum balance requirement. <keyword id="6357120" type="PERSON" weightage="20" keywordseo="PayTM">Paytm</keyword> <keyword id="2324069" type="ORGANIZATION" weightage="20" keywordseo="Payments-Bank">Payments bank</keyword> will be a part of the popular Paytm wallet app. <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword>, CEO, Paytm said during the launch that the entire wallet business is currently contribution positive and by financial year 2018 he expects the Payments Bank business to facilitate one lakh transactions. Sharma still owns majority stake in the new bank, and the remaining share is owned by One97 Communications Ltd. Business Insider spoke to <keyword id="2807104" type="PERSON" weightage="60" keywordseo="Renu-Satti">Renu Satti</keyword>, CEO, Paytm Payments Bank who reaffirmed the company’s commitment to serving the large un-served and under-served population “We are committed to offering the most transparent, safe and trusted banking to masses and aim at onboarding 500 million people on the platform in the next three years." How does it compare Paytm Payments Bank has planned an investment of $500 million in KYC (Know Your Customer) operations and is setting up KYC centers across India to complete KYC for customers and make them eligible for a Payments Bank account. The bank will have 31 branches all over India by the end of this year. The bank also plans on opening ATM branches and 'people' branches for cash disbursements. The Payments bank is offering benefits like zero-balance account, free IMPS, NEFT, RTGS, and <keyword id="6358921" type="ORGANIZATION" weightage="20" keywordseo="UPI">UPI</keyword> transactions. Paytm Payments Bank account holders will also be eligible to earn an interest of 4 per cent on savings every month and offered a free insurance cover of up to Rs 2 lakh in case of death or permanent disability according to the company’s terms and conditions.The account holders of Paytm Payments Bank will get a free digital debit card after signing up but they can also ask for a physical Rupay card, which will cost Rs 100 excluding delivery charges. It also has some limitations like it can't offer financial products of their own as a business entity, but it can act as a business correspondent and partner with other financial institutions and banks to offer loans, fixed deposits, insurances and mutual funds. Paytm Payments bank is also providing customers with a physical cheque book and Passbook on request but <keyword id="2939236" type="PERSON" weightage="20" keywordseo="Satti">Satti</keyword> says that they will always be digital-first, “We have created a customer-centric product which will be easy to adopt on mobile. While we don’t want to limit our customers, we will ensure everything is available on the app itself.” Satti maintains that the bank will be soon start lending to create better access to easy loans and the Paytm Payments Bank aims to be EBITDA profitable in the next two years. “A great product should be easily adoptable and we want to make banking easy for the masses. We will also be launching loyalty programs to onboard the people who are already a part of the formal banking system," she signs off. Here are the charges the new digital bank will levy: ATM Transactions Non-metro Locations: 5 free every month; post that Rs 20/transaction Balance check: Rs 5/transaction Metro Locations: 3 free every month; post that: Rs 20/transaction Mini statement, Balance check: Rs 5/transaction Annual subscription for physical RuPay Debit Card: Rs 100 annually Cheque book (10 leaves): Rs 100 and delivery charges Charges on Paytm Wallet Paytm Wallet to <keyword id="6024275" type="ORGANIZATION" weightage="20" keywordseo="bank-transfer">Bank Transfer</keyword> - Basic Customer 3 per cent Paytm Wallet to Bank Transfer - KYC Customer 3 per cent

India’s first mobile bank with zero-fee online transactions and no minimum balance is on your Paytm app

If you thought exchanging messages and photos were the only things you could with WhatsApp, think again! Thanks to Axis Bank, now you can transfer funds via WhatsApp, Facebook, Twitter, e-mail and even phone contact lists. 
 Axis Bank, India’s third largest private sector bank, on Monday launched ‘<keyword id="2846040" type="UNKNOWN" weightage="80" keywordseo="ping-pay">Ping Pay</keyword>’ service, a unique multi-social payment app in partnership with <keyword id="2471131" type="UNKNOWN" weightage="60" keywordseo="Fastacash">Fastacash</keyword>, a Singapore-based venture-capital backed firm that enables value transfers like money, airtime, coupons, etc. 
 
Through ‘Ping Pay’, now smartphone users would be able to transfer funds to recharge mobile, to even non-Axis Bank account holders. 
 
The person-to-person fund transfers through Ping Pay would happen via Immediate Payment Service (IMPS) and presently the transaction limit is at Rs. 50,000 per day. The service would be round-the-clock. 
 
During the launch, Rajiv Anand, Group Executive &amp; Head - Retail Banking, Axis Bank, said, “Launch of Ping Pay, a unique multi-social payment solution is yet another milestone in our journey to offer digital solutions to our customers. Our focus has always been to provide customers with innovative products and services with a distinctive user experience. We are proud and excited to introduce Ping Pay, which we view as our contribution towards facilitating the move towards a less cash economy.” 
 
The move by Axis Bank is seen as a strategic one in bringing superior customer convenience, embedded in a seamless and secure process. 
 
Ping Pay will also play an important role in India’s progress towards becoming a cashless economy. India is largely a prepaid mobile market. 
 
Vince Tallent, Chairman &amp; CEO, Fastacash said that India was one of the fastest growing social and messaging markets, with most of these services being accessed from mobile devices. 
 
“Together with Axis Bank, with whom we share a strong working relationship, a common vision and goal, we are delivering innovation in digital banking and bringing to consumers payment solutions that are secure and seamless. Our focus is really on simplifying the entire digital banking and payment experience,” he added. 
 
Axis Bank account holders can download the Ping Pay app, which provides an innovative, gesture based user experience that enables money transfers without having to type in the account number and the IFSC code. 
 
When sending money through social networking site, the user can select one messaging channel and selects the name of the person to whom the money is to be sent. They enter the amount to be sent and set a “ping code” that is shared separately with the receiver. 
 
Upon confirming the transaction, the money is immediately sent. 
 
The receiver has 15 days to transfer the money to his/her bank account. In the event, the receiver does not claim the money received within 15 days, the transaction would be auto-reversed to the sender’s account.

Now you can transfer funds via WhatsApp; courtesy Axis Bank

<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

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

One of the oldest banks in India, <keyword id="6368628" type="COMPANY" weightage="20" keywordseo="syndicate-bank">Syndicate Bank</keyword> started serving the customers in the country with a range of financial and banking services in 1925. Earlier, it was called Canara Industrial and Banking Syndicate Limited. Eventually, the bank was merged with Maharashtra and South Indian Apex bank and was then renamed as Syndicate Bank with its headquarters situated in Manipal. If you are a Syndicate Bank customer, here are a few ways provided by the bank to check your account balance. Missed call banking Syndicate Bank provides the missed call method to check the customer’s account balance. To use this facility and check your balance, give a missed call from your registered mobile number to 9210332255. Your call will get automatically disconnected after a few rings. You will receive an SMS on your mobile indicating your balance information. This is a free service provided by the bank. SMS banking balance check To check your syndicate bank account balance through the SMS balance check method, you can follow the steps given under and send a message from your registered mobile number to 9210332255. To check the present balance: SBAL or sbal &lt;CustomerID&gt; To get the last 5 transactions: STXN or stxn &lt;CustomerID&gt; Balance check through Syndicate Bank App Syndicate Bank mobile app is free to download from the app stores. Once you download and install this app on your phone, you can check your account balance by logging in using your credentials and landing on your specific account page. Net banking balance check method Syndicate Bank provides a net banking facility to its customers. With Syndicate Bank net banking facility, you can do some important banking and financial functions. You need to register for this service first and then you can check your account balance or do payment transfer using the NEFT, IMPS and RTGS facilities. Balance check through USSD banking method This is a mobile banking facility available for the syndicate bank customers. IN fact, this method can be used by any bank’s customer for checking the account balance. Most interestingly, this facility lets you check your bank account balance from any handset. You just have to dial *99# and the mobile banking session will start. You can check your bank balance along with gaining access to some other banking services. Check balance at the ATM Syndicate Bank customers can also check their account balance at the ATMs. You can check your Syndicate Bank account balance on any bank’s ATM. Use the following steps to check your balance at the ATM. Insert your ATM card in the slot provided in the ATM machine. Follow the steps as asked on the machine. Input your 4-digit PIN number. Select the option ‘View Account Balance’. When you check your balance on the ATM machine, no charges will be debited from your account as this is a free service. Balance check using UPI payment app Syndicate Bank customers as well as the customers of any bank can use the UPI Payment app for checking balance. You will find a large number of UPI payment apps which you can download and install on your phone. Across most of these UPI apps, the process to check your balance is almost the same. See Also - <a href="https://www.businessinsider.in/steps-to-check-account-balance-in-sbi/articleshow/69607243.cms">How to check account balance of SBI</a> <a href="https://www.businessinsider.in/personal-finance/news/how-to-activate-the-new-state-bank-of-india-atm-card-online/articleshow/74965906.cms">How to activate new SBI ATM card Online</a>

How to check Syndicate bank balance

<ul><li>Storing cryptocurrencies is a tricky business since they consist of a public and private key and are entirely decentralised.</li><li>A plethora of users lose access to their wallets due to unforeseen circumstances such as lost passwords, misplaced hard drives, and more.</li><li>According to a study, almost 40% of <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> owners have lost their passwords at some point.</li></ul>There have been numerous stories about users losing access to their cryptocurrencies because they forgot their wallet passwords. While resetting a password is usually a hassle-free experience on the internet, cryptocurrencies are stored slightly differently. If you have kept aside a few <a href="http://coindcx.com">Bitcoin</a> in a hard drive somewhere, don't forget the password at all costs. Because if you do, there's practically no way you'll be able to retrieve those coins. It is equivalent to permanently burning them away for nothing, like German programmer <a href="https://www.businessinsider.in/tech/news/bitcoin-owner-whose-story-went-viral-after-he-lost-his-wallet-password-says-he-has-made-peace-with-potential-220-million-loss/articleshow/80306315.cms">Stefan Thomas</a> found out in January. Thomas had over 7,000 <keyword id="6395759" type="General" weightage="20" keywordseo="bitcoins" source="Orion">Bitcoins</keyword> stored on a secure hard drive — an IronKey device that allows for 10 login attempts. His Bitcoin stash, worth $220 million at time, was rendered inaccessible after he lost his password. The massive loss made Thomas reassess how he judged his self worth. “ <div type="ExtQuote" text="It was actually a really big milestone in my life where, like, I sort of realized how I was going to define my self-worth going forward. It wasn't going to be about how much money I have in my bank account." auname="Stefan Thomas told the New York Times"></div> <cmsannotation type="cmsannotation" annotationid="Stefan Thomas is only one of many examples" comment="subhead" text="Stefan Thomas is only one of many examples">Stefan Thomas is only one of many examples</cmsannotation> Thomas' tale of frustration is only one of many. A UK citizen offered local authorities <a href="https://www.businessinsider.com/man-offers-council-70-million-dig-up-bitcoin-hard-drive-2021-1">more than $70 million</a> for them to allow him to excavate a landfill site, where he believes his lost hard drive may still be retrievable. In another instance, James Howells, an IT expert, accidentally threw away his hard drive containing 7,500 Bitcoins while cleaning his office in 2013. Back then, the cryptocurrency was extremely nascent and had little value. Today, those Bitcoins would be worth more than $280 million. He has contacted engineers, environmentalists, and data recovery experts worldwide to try and recover the lost fortune. But, not everything happens due to human error. Sometimes uncontrollable and unpredictable circumstances can get in the way too. A family based out of US’ capital city, Washington DC, lost $6 million worth in Ethereum after their house caught fire and the corresponding JSON file, which contained the password, failed to open the firewall. People have lost roughly <a href="https://www.businessinsider.in/tech/news/people-have-lost-roughly-140-billion-in-bitcoin-because-they-forgot-their-passwords-or-got-locked-out-of-accounts-and-would-be-millionaires-are-struggling-to-access-their-wallets/articleshow/80242123.cms">$140 billion</a> in Bitcoin because they forgot their passwords or got locked out of accounts. And, would-be millionaires are struggling to access their wallets. According to a <a href="https://www.cryptovantage.com/cryptocurrency-storage-security/">study</a>, almost 40% of cryptocurrency owners have lost their passwords at some point. While 95.6% managed to recover their lost password, it still leaves a huge chunk of users in a lurch. Those who lost their access have lost — on an average — $2,000 worth of cryptocurrencies. That's a huge loss. In comparison, India's gross domestic product (<a href="https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=IN">GDP</a>) per capita was $1,900 in 2020. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><cmsannotation type="cmsannotation" annotationid="So, why can't you recover a lost password?" comment="subhead" text="So, why can't you recover a lost password?">So, why can't you recover a lost password?</cmsannotation></h2> A cryptocurrency wallet is a software that's used to store digital money securely. Cryptocurrencies have two keys. One is private and connects to the owner, whereas the other is a public key. These cryptographic keys help establish a unique identity within the blockchain. The device or service on which your Bitcoin wallet is stored has the private key, not the coins themselves. Simply put, the coins themselves are always held on the blockchain, whereas your private key is required to authorise transfers. You can receive crypto assets through your public address, but a private key is required to send anything. The blockchain ledger keeps track of the complete history of every coin on its network. Since the blockchain is decentralised, a mundane ‘reset password’ option isn't available because credentials belong only to the respective users — the login details are not saved on a centralised database. <cmsannotation type="cmsannotation" annotationid="Hot and cold" comment="subhead" text="Hot and cold">Hot and cold</cmsannotation> There are various methods available to leverage a wallet. But the most recommended practice is to keep two wallets — one for trading or regular transactions and another for long-term holding. These digital wallets are further divided into two categories — hot and cold. Hot Storage: It refers to any crypto wallet that is directly connected to the internet. It can be accessed via your browser, a mobile app, or any other implementation. Since it's connected to the internet, transactions are easier to perform and require minimal effort. You can compare this to an ordinary bank account, accessible via the bank's website/app for third-party protocols like NEFT, UPI, and IMPS. Cold Storage: These wallets are entirely disconnected from the internet and reside on independent storage solutions such as a pen drive, hard drive, or even a computer. There's also a seed key that acts as a backup in case you lose the hardware. But if you lose the seed key and the drive, there's no turning back. From a long-term storage point of view, this is the most secure storage format, and the seed key should be kept far away as a backup. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><cmsannotation type="cmsannotation" annotationid="Most commonly used methods of storing cryptocurrencies in real life:" comment="subhead" text="Most commonly used methods of storing cryptocurrencies in real life:">Most commonly used methods of storing cryptocurrencies in real life:</cmsannotation></h2> Web Wallet: The private key is stored by a third party on a web server, and it can be accessed via a website or app -- crypto exchanges like WazirX, CoinDCX, and more leverage this method to store your holdings. Here, your crypto exchange account password matters the most and switching on 2FA (two-factor authentication) is highly recommended. It can help thwart hacking attempts, or in case the primary credentials are compromised in an attack. Desktop Wallet: They are installable software available for PCs and work in tandem with an anti-virus. That's done to prevent connection to the internet, which could pose a risk. The private key is locally saved in a virtual layer. A few examples are Exodus, Bitcoin core, and Electrum. Hardware Wallet: These are similar to old PIN generating devices used by conventional banks not long ago for 2FA. A small display and a USB port team up to provide a portable stick to store private keys. They are available in different forms and offer reasonable amounts of control. It's difficult for amateurs to operate and are usually limited for professional or critical use. Paper Wallet: It is a physically printed QR coded form wallet. These codes can be used to execute digital money exchanges. They are not prone to hacking but pose a significant risk of being misplaced. A major flaw is, they cannot be used for partial transactions. These are being actively phased out since users prefer hardware wallets and their flexibility. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/polygons-new-meme-market-is-a-crypto-platform-exclusively-for-memes-and-online-trends/articleshow/85102624.cms">Polygon’s new Meme Market is a crypto platform exclusively for memes and online trends</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/these-are-the-top-ten-most-popular-cryptocurrencies-in-the-world/slidelist/85174407.cms">Top 10 cryptocurrencies in the world — the story behind Bitcoin and other altcoins</a>

Top ways to keep your cryptocurrency wallet safe and not end up losing millions due to a lost password or hard drive

With <keyword id="1929810" type="UNKNOWN" weightage="100" keywordseo="Digital-India">Digital India</keyword> on its way, <keyword id="1021631" type="UNKNOWN" weightage="100" keywordseo="e-health">e-Health</keyword> is one of the most important initiatives. Telecommunications has the potential to provide a solution to medical services to improve quality and access to health care regardless of geography. The expansion and availability of high (mobile) bandwidth <keyword id="405215" type="ORGANIZATION" weightage="100" keywordseo="General-Packet-Radio-Service">General Packet Radio Service</keyword> (GPRS) and Universal Mobile Telecommunications System (UMTS) combined with the ever-advancing miniaturization of sensor devices and com¬puters, will give rise to new services and applications that will affect and change the daily life of citizens. 
 “Medicine is a big challenge in urban as well as rural areas. Government hospitals should be strengthened with the help of Digital India. E-Health is the solution for this digital age,” Munish Dhingra, co-founder and CSO, <keyword id="2647921" type="UNKNOWN" weightage="100" keywordseo="Triotech-Solutions">Triotech Solutions</keyword>, told BI. 
 In keeping with this vision, Triotech Solutions has developed a solution called TrioHealth <keyword id="490467" type="UNKNOWN" weightage="100" keywordseo="RPMS">RPMS</keyword> (Remote Patient Monitoring System), which will develop an innovative value-added mobile health service platform for patients and health professionals. 
 
“The RPMS was created keeping in mind three parameters. One of the parameter was to cover rural India, where people do not have access to the doctors. Second was that the monitoring system can be used for elderly care too. Third parameter was nurse stations. If you install our device to each and every patient room, the monitoring parameters are noted into our device and the nurse sitting at the central system can monitor them,” he said. 
 
Features: 
 
• The service will enable remote patient monitoring through the use of advanced wire¬less communications and integration of sensors to a wireless body area network (BAN). 
 
• It permits remote management of chronic conditions and detection of health emergencies whilst maximizing patient mobility. 
 
• TrioHealth RPMS will be adapted to the needs of the customer and the degree of adaptability is limited by the interaction (i.e. information flow) between the customer and Triotech conducting the customer specific customization. 
 
• The TrioHealth patient or user will be equipped with different sensors that constantly monitor vital signals, e.g. blood pressure, heart rate and electrocardiogram (ECG). These are interconnected via a healthcare body area network (BAN) 1–4. In essence, this will con-sists of sensors, actuators, communication and processing facilities connected via a wireless network. This is worn on the body and moves around with the person, i.e. the BAN is a roaming unit. 
 
Though, many are skeptical about embracing the whole concept of RPMS, where a doctor sits miles away and gives medical advice, Munish thinks this is an absolutely safe app. 
 
“These devices are used all over the world. They are standardised devices. The software used is approved by medical authorities...We have developed a knock system that only the doctors and nurses who are at the knock can see and access. If they find any gap they can report immediately,” he added. 
 
Apart from this, Triotech also launched TrioMoney that would help in easier, faster and smoother money remittance via mobile. 
 Triotech Solution, with a tie-up with <keyword id="215381" type="COMPANY" weightage="100" keywordseo="Amdocs">Amdocs</keyword> to enable <keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> to offer mobile financial services using BSNL’s network, launched their own mobile wallet. 
 
TrioMoney is a customized payment solution platform which enables various financial transactions to bank and other financial institutions as per the consumer needs. With this, customers can access plenty of services like peer-to-peer transfers/payments, wallet to wallet (NEFT, IMPS), retail payments, domestic/international remittances, bill payments, travel ticketing, movie/concert ticketing, government payments like taxes, tolls etc., donations, subsidy payment, salary/reimbursement payments. 
 
(Image credits: triotech)

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