Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

In a business friendly move, the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> on Friday said that Real Time Gross Settlement System (<keyword id="6356014" type="ORGANIZATION" weightage="20" keywordseo="rtgs">RTGS</keyword>), used for large value transactions, will be made available round-the-clock from December. 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="64190" type="POSITION" weightage="20" keywordseo="RBI-Governor">RBI Governor</keyword> Shaktikanta Das said that to support the ongoing efforts aimed at global integration of Indian financial markets, facilitate India's efforts to develop international financial centres and to provide wider payment flexibility to domestic corporate and institutions, it has been decided to make RTGS available round-the-clock on all days. "With this, India will be one of the very few countries globally with a 24x7x365 large value real time payment system," he said after the the meeting of the <keyword id="6375120" type="ORGANIZATION" weightage="20" keywordseo="monetary-policy-committee">Monetary Policy Committee</keyword> (<keyword id="6369693" type="UNKNOWN" weightage="20" keywordseo="MPC">MPC</keyword>). The round-the-clock RTGS facility will be made effective from December 2020. From July 2019, <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> stopped levying charges on transactions through NEFT and RTGS, 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 Rs 2 lakh. The central bank has also decided to grant perpetual validity for Certificate of Authorisation (CoA) issued to Payment System Operators (PSOs) to reduce licensing uncertainties. Currently, the RBI issues "on-tap" authorisation under the Payment and Settlement Systems Act, 2007 to non-banks issuing Prepaid Payment Instruments (PPIs), operating White Label ATMs (WLAs) or the Trade Receivables Discounting Systems (TReDS), or participating as Bharat Bill Payment Operating Units (BBPOUs). Authorisation, including renewal of authorisation, of such PSOs has been largely for specified periods of up to five years. While such limited period licences were necessitated in the initial period of evolution of the payment system, it can lead to business uncertainty for the PSOs and involves avoidable use of regulatory resources in the process of renewal, the Governor said. "To reduce licensing uncertainties and enable PSOs to focus on their business and optimise utilisation of scarce regulatory resources, it has been decided to grant authorisation for all PSOs (both new applicants as well as existing PSOs) on a perpetual basis, subject to certain conditions," Das said. He also pointed out that RBI's oversight framework has gradually developed into a more mature and comprehensive system, which clearly lays out its oversight expectations and the methodologies adopted for oversight of PSOs. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/rbis-mpc-keeps-the-policy-rates-unchanged-to-maintain-accommodative-stance-for-inflation/articleshow/78566955.cms">RBI says it has decided to 'look through' the current 'high inflation' as it won’t last long⁠ but leaves interest rates unchanged</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-beats-accenture-to-become-the-worlds-most-valuable-it-services-company/articleshow/78566487.cms">TCS beats Accenture to become the world’s most valuable IT services company — but this not the first time it has raced ahead</a> <a href="https://www.businessinsider.in/india/news/union-minister-ram-vilas-paswan-dies-at-74/articleshow/78558640.cms">India's consumer affairs minister Ram Vilas Paswan passes way at 74</a> <a href="https://www.businessinsider.in/science/space/news/mars-will-appear-bigger-redder-and-brighter-on-october-13-and-wont-get-this-close-to-earth-again-until-2035/articleshow/78556539.cms">Mars will appear bigger, redder, and brighter on October 13 — and won’t get this close to Earth again until 2035</a>

RTGS will be available 24/7 starting December this year

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="194502" type="General" weightage="20" keywordseo="cms-info-systems" source="Orion">CMS Info Systems</keyword>’ IPO opened its IPO today on December 21 and will close on December 23.</li><li>The company plans to raise ₹1,100 crore via public issue of shares, which is a complete offer for sale by promoter Sion Investment Holdings PTE.</li><li>Commenting on impact over another lockdown, the company’s director and CEO Rajiv Kaul told Business Insider that, “We hope we are well prepared in case anything untoward happens, it could be a natural calamity or it could be a thing like covid or a new variant.”</li></ul>Mumbai-based cash management company CMS Info Systems that has opened its initial public offering (IPO) today may face a hurdle in its finances once again if another wave of COVID-19 comes through. “We hope we are well prepared in case anything untoward happens, it could be a natural calamity or it could be a thing like covid or a new variant,” said, director and CEO of CMS Info Systems Rajiv Kaul to Business Insider in an interview. This played out in 2020 when the company’s revenue fell 6% due to the lockdowns and lack of use of ATMs thereof. <div type="image" title="CMS Info reve" height="900" width="1200" msid="88400139" hostid="261"></div> The company manages cash for banks along with other outsourcing requirements for banks, financial institutions, organized retail and e-commerce companies in India. Its business includes installing, maintaining and managing assets and technology solutions on an end-to-end outsourced basis for banks under long term contracts. The company’s finances dipped slightly during lockdown as customers shifted some part of their transactions to digital payments. However, lockdowns are only one part of the risk. The other longer-term risk is the policy push from both the government and the Reserve Bank of India who want people to use less cash and more digital payments in the time to come. More than two⁠-thirds of CMS’ revenue comes from picking up cash from the banks and delivering it to the ATMs. So far, thankfully for CMS, these calls for a cashless India have not yielded much result. In fact, the cash in circulation in the economy has only gone up five years after the <a href="https://www.businessinsider.in/stock-market/economy/news/moodys-rating-and-outlook-for-indian-economy/articleshow/71967678.cms">ill-advised demonetisation</a> <div type="image" title="CMS grid value and volume (1)" msid="88400145" hostid="261"></div>“Digital transactions have been growing for a long time, it’s not only today, we are just talking about it today. We are talking about it since demonetisation because paytm, mobikwik and all was happening. So it's not a new disruption. Digital is disrupting some elements of cash, check, RTGS, NEFT or mobile payments and UPI. So there is a lot of flux and volatility,” said Kaul. Business operations in three segments: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Revenue from operations </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Description </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% percentage of total income in FY21 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Cash management services </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Include end-to-end ATM replenishment services, cash pick-up and delivery, cash-in-transit services for banks </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">67.79% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Managed services </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Banking automation product sales, common control systems, and software solutions </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">27.54% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Others </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Financial cards issuance for banks and card personalisation services </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.47% </td></tr></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/these-9-stocks-are-down-as-much-as-15-since-being-the-top-diwali-picks-6-weeks-ago/articleshow/88387967.cms">From ICICI Bank to INOX, these 9 stocks are down as much as 15% since being the top Diwali picks 6 weeks ago</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/razorpay-is-now-the-most-valued-fintech-startup-in-india/articleshow/88382493.cms">Razorpay is now the most valued fintech startup in India</a>

INTERVIEW: Here’s why this cash management firm is going for an IPO when Indians are being pushed to go cashless

<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

<ul><li>The Punjab National Bank (PNB) has introduced new rules for customers looking to withdraw more than ₹ 10,000 from ATMs starting December 1.</li><li>The Reserve Bank of India’s (RBI) direction to make RTGS facilities available around the clock will be available starting today. </li><li>The Jhelum Express and Punjab Mail are also set to restart their operations on December 1. This after all railway services were suspended in view of the coronavirus pandemic. </li></ul>Customers of Punjab National Bank (PNB) will now have to carry their mobile phone if they wish to withdraw more than ₹10,000, the price of <keyword id="75088" type="ORGANIZATION" weightage="20" keywordseo="LPG-cylinders">LPG cylinders</keyword> may change, and insurance holders can slash their premiums starting December 1. Here all the changes kicking in today that have the potential to impact your day-to-day lives: 1.PNB changes ATM withdrawal rules for an amount greater than ₹10,000 PNB account holders will now be <a href="https://www.businessinsider.in/personal-finance/news/after-sbi-pnb-brings-in-new-rules-to-withdraw-cash-from-atms/articleshow/79507884.cms">required </a>to put in a One Time Password (OTP) when withdrawing amounts greater than ₹10,000. Withdrawal of large sums will also be limited to between 8:00 am to 8:00 pm. 2. Around the clock RTGS Real-Time Gross Settlement (RTGS) is normally restricted to between 7:00 am to 6:00 pm. However, back in October, the Reserve Bank of India (RBI) announced that the <a href="https://www.businessinsider.in/finance/banks/news/rtgs-will-be-available-24/7-starting-december-this-year/articleshow/78569073.cms">service will be available 24/7 starting this month.</a> This means the RTGS service will be online around the clock, all seven days of the week, except for on the second and fourth Saturdays of the month. 3. Two new trains set up make their comeback to the tracks The Jhelum Express and Punjab Mail are set to restart their operations on December 1 after all railway services were suspended in view of the coronavirus pandemic. Both these trains will run on a daily basis. Jhelum Express runs from Pune in Maharashtra to the country’s national capital, New Delhi before reaching its final destination in Jammu Tawi. The Punjab Mail is a superfast express train from Mumbai Central Station to Firozpur Cant. 4. Insurance holders can change premiums Insurance policy holders will be able to reduce the premiums on their life insurance policy by up to 50% if they have completed five years on the same policy. However, reduced premiums will also mean reduced cover. 5. LPG cylinder prices The change in LPG cylinder prices is a monthly exercise. The prices get updated every month based on the fluctuations of crude prices and the rupee-dollar exchange rate. However, so far, there has been no change in the LPG price by Indian Oil. Current prices of non-subsidised LPG cylinder: <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">City </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Price of LPG cylinder </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 594 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 594 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kolkata </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 620.50 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chennai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 610 </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-india-is-still-fighting-its-ban-as-indigenous-clone-fau-g-makes-its-debut/articleshow/79503526.cms">PUBG Mobile India is still fighting its ban as indigenous clone FAU-G makes its debut</a> <a href="https://www.businessinsider.in/science/space/news/new-technology-to-create-fuel-and-oxygen-on-mars-could-help-humans-explore-the-deep-sea-here-on-earth/articleshow/79504876.cms">New technology to create fuel and oxygen on Mars could help humans explore the deep sea here on Earth</a> <a href="https://www.businessinsider.in/stock-market/news/tech-mahindras-share-price-hits-a-new-high-as-the-company-targets-the-100-billion-cloud-opportunity-and-guns-for-5g/articleshow/79506939.cms">Tech Mahindra's share price hits a new high as the company targets the $100 billion cloud opportunity and guns for 5G</a>

PNB ATM withdrawals, LPG cylinders, and insurance policies — five major changes set to kick in on December 1

On the occasion of its foundation day on December 18, <keyword id="6986952" type="General" weightage="100" keywordseo="idfc-first-bank" source="Orion">IDFC FIRST Bank</keyword> has announced zero-fee banking on savings accounts. The Bank has waived off fees on 25 commonly-used banking services related to savings accounts such as cash deposit and withdrawal at branches, third-party cash transactions, demand drafts, immediate payment service (IMPS), National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS), cheque book, SMS alerts, interest certificates, insufficient balance for ATM transactions, international ATM usage and so on, according to a statement from the lender. Even customers maintaining as low as Rs 10,000 as average monthly balance (AMB), as well as the Rs 25,000 AMB savings account variant will enjoy these benefits. This will benefit all customers, and particularly those with lesser financial literacy who find it difficult to compute the fees and charges, the lender said. <keyword id="7145428" type="General" weightage="20" keywordseo="IDFC-First" source="Orion">IDFC FIRST</keyword> Bank said it believes that understanding of the fee levied involves complicated calculations, and many customers are not aware of the charges they incur. In addition, the debit entries for charges go unnoticed among large number of entries of actual transactions made by the customer in the statement of account, according to the statement from the lender. In such a landscape, the Bank said it offers a range of services with zero fees for 25 essential services. According to the statement, these zero-charges services are a number of cash transactions at branches per month (both deposit and withdrawal), the value of cash transactions (both deposit and withdrawal) at branches, third-party cash transaction charges (both deposit and withdrawal) at branches, issuance charges for demand drafts/PO at bank locations, IMPS charges per outward transaction, NEFT charges per outward transaction at branch, RTGS charges per outward transaction at branch, cheque book charges, SMS alert charges, issuance of duplicate statements, passbook charges, charges of balance certificate, charges of interest certificate (certificate tells you the exact amount of interest you have received in a financial year for each of your fixed deposits and savings accounts), account closure and Electronic Clearing Service (ECS) return charges. The lender also said it would waive off charges completely for stop payment charges, charges for international ATM/ point-of-sale (POS) transaction, charge for insufficient balance per transaction at ATM, standing instruction charges, charges for cancellations or revalidation of managers' cheque or demand drafts, photo attestation charges, signature attestation charges, old records or copy of paid cheques charges, address confirmation charges and lastly any deliverable returned by courier due to negative reasons. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/i-am-glad-i-fd-up-so-much-in-life-that-it-is-content-now-says-ankur-warikoo/articleshow/96282722.cms">I am glad I F**%*D up so much in life that it is content now says Ankur Warikoo</a> <a href="https://www.businessinsider.in/stock-market/news/tata-motors-yes-bank-sun-pharma-among-stocks-to-watch-out-for/articleshow/96332177.cms">Sensex, Nifty50 open on a positive note amid mixed global cues – Tata Motors, Yes Bank, Sun Pharma among stocks to watch out for</a> <a href="https://www.businessinsider.in/stock-market/news/top-gainers-and-losers-stocks-of-2022-in-india/articleshow/96332417.cms">Best and worst performing stocks of 2022</a>

IDFC First Bank announces zero-free banking on savings accounts

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

NEFT transactions to be available 24x7 from Dec 16

<ul><li>People can pay credit card bills round the clock through <keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="NEFT">NEFT</keyword>, and during weekends as well.</li><li>As of now, this option was available only with SBI credit card app, making it difficult for many users to pay credit card bills on the last day. </li><li>Hence, people had to pay late fee if they paid bills on Friday and the deadline is Saturday or Sunday. </li></ul>Those who use credit cards know that there is nothing like a last-minute payment. Most of the payments made on the second half of the last day, land users with late fees. A large section of tend to use credit and debit cards of the same bank and choose to physically transfer it via NEFT from savings account to credit card account. Since these transactions ‘cease’ after banking hours, they slip on to the next day and will be counted as ‘late payments’. A few credit card companies charge 20% of the amount owed, as late fees. Added to that, ‘late payments’ affect credit scores as well. Starting today, RBI’s move to allow NEFT round the clock will ensure that fewer customers fall into this trap. As National Electronic Fund extension is made available 24X7 from December 16, users can transfer money on all days of the year, including holidays. It is common for credit card payments made on Fridays being recognised only on Mondays, which lead to confusion and conflict. But extension of NEFT can solve some of these problems. Then and now Earlier, NEFT transactions were available between 8 am to 7 pm on weekdays and also for 5 hours between 8 am to 1 pm on first and third Saturdays. But <a href="https://www.businessinsider.in/india/news/neft-now-available-24x7-pay-credit-card-utility-bills-easily/articleshow/72733703.cms">RBI is extending this convenience for user</a>s who earlier had to wait or schedule payments for the next working day. But there might be a blindspot as NEFT transactions will take place in hourly batches. The first batch between of transactions will take place at 12.30 am and the last batch at 11.30pm . Hence, people might not be able to do any NEFT transaction between 11.30 pm and 12.30 am. RBI is also ensuring the existing discipline for crediting beneficiary's account or returning the transaction (within hours hours of settlement of the respective batch) to originating bank. “The banks will ensure sending positive confirmation message for all NEFT credits and all provisions of NEFT procedural guidelines will be applicable for 24x7 transactions as well,” RBI had said. i No charges on NEFT This 24/7 option is also good news for bank customers as NEFT is free of cost in most cases. The next best option IMPS however is charged at ₹5 plus GST on transactions between ₹10,000 and ₹1 lakh. Over and above that, around ₹15 with GST. Immediate Payment Service (IMPS) is also a digital payment system and allows immediate crediting of the transferred amount. NEFT however takes 3-4 hours to reflect. Banks do not charge for transactions within a bank, but if the user wants to transfer to an account in another bank, it is charged. RBI had <a href="https://www.businessinsider.in/online-fund-transfers-via-neft-and-rtgs-to-cost-less-as-charges-are-removed/articleshow/70020101.cms">advised banks not to levy charges on transactions through NEFT</a> and Real Time Gross Settlement (RTGS) system in order to promote digital transactions in the country. It set a precedent by not charging banks for settlements. Earlier, RBI used to levy minimum charges on banks for transactions routed through RTGS and NEFT. Banks, in turn, levy charges on their customers. RTGS is meant for large-value instantaneous fund transfers, while NEFT is used for fund transfers of up to ₹2 lakh. See also: <a href="https://www.businessinsider.in/india/news/neft-now-available-24x7-pay-credit-card-utility-bills-easily/articleshow/72733703.cms">NEFT is available 24X7, transfer money anytime now</a> <a href="https://www.businessinsider.in/online-fund-transfers-via-neft-and-rtgs-to-cost-less-as-charges-are-removed/articleshow/70020101.cms">Online fund transfers via NEFT and RTGS to cost less as charges are removed</a>

Paying credit card bills on the last due date will no longer cost you late payment charges — thanks to round-the-clock NEFT

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

Mumbai, May 25 () State-owned Bank of Baroda on Monday said it has completed IT integration of 132 branches of erstwhile Vijaya Bank. In a first three-way amalgamation, Vijaya Bank and Dena Bank were merged with Bank of Baroda on April 1, 2019. As part of the process, 2,135 branches of Vijaya Bank and 1,777 branches of Dena Bank merged with BoB. The bank had earlier completed IT integration or migration of 20 branches of Vijaya Bank. "We took an incremental approach for migration. As a test case, we first migrated one branch of Vijaya Bank and then 10 branches. Earlier this month, we migrated another set of 10 branches, and this weekend we migrated 132 branches," the bank's chief technology officer Sharad Saxena said. All these 152 branches of erstwhile Vijaya Bank are now running on Finacle 10, the same IT platform which BoB is using, he said. Before the migration process started, all the payment channels such as ATMs, NEFT, RTGS and IMPS, UPI, of Vijaya Bank and Dena Bank were integrated with BoB. Saxena said once payment systems were integrated, the process of migration began starting with branches of Vijaya Bank. The bank plans to complete IT integration of the balance 1,983 branches of Vijaya Bank by September-October this year. Saxena said IT integration of Dena Bank will start from next month and is likely to be completed by end-December or January 2021. HV BAL BAL

Bank of Baroda completes IT integration with 132 branches of erstwhile Vijaya Bank

The Government of India has mandated all the vehicles running on the Indian roads to get <keyword id="3005928" type="PERSON" weightage="20" keywordseo="FASTag">FASTag</keyword> by December 1, 2019. FASTag is developed by the National Payments Corporation of India (NPCI) as part of the National Electronic Toll Collection (NETC) program. FASTag facilitates direct toll payments by deducting the toll fee from the linked account of the customer. With the date for affixing FASTag nearing, here are a few FAQs that will help you ensure compliance better. What are the benefits of FASTag? FASTag can rule out the need to wait at the long queues at the toll plazas. Some of the benefits of FASTag include promoting digital payment among the toll users, reducing pollution due to the vehicles waiting at the toll plazas and saving the time of the toll users. How to recharge FASTag? The user can recharge the FATag account online through credit card / debit card / NEFT / RTGS or Net Banking. PayTm also provides the facility to recharge FASTag. What happens if there is no adequate balance in FASTag? It is the customer’s responsibility to maintain adequate balance in the FASTag. Failing to maintain enough balance, the corresponding FASTag will be blacklisted at the toll plaza and the customer will not be able to avail of the NETC services. Hence he or she must make the toll fee in cash. This will mean that FASTag without sufficient balance is as good as a useless paper. Where can I purchase FASTag? You can purchase FASTag at any one of the NETC member banks. Some of these banks provide online facility to apply for FASTag. Once you complete the online application and submit, you can visit the said bank physically to produce the necessary supporting documents to get a new FASTag subscription for your vehicle. What documents need to be submitted for new FASTag registration? The documents you will need for new FASTag subscription include the vehicle’s registration certificate, vehicle owner’s passport size photograph and KYC documents of the vehicle owner for address and identity proof. What is the price of FASTag? The FASTag issuance charges may differ between the issuing agencies. However, the one-time joining fee is Rs 200. Where to put the FASTag on my vehicle? Once the tag account is active, you must fix the FASTag sticker to the windscreen of your vehicle. What is the penalty for not using FASTag? The National Highways Authority has directed the zonal offices to levy double toll fee as the penalty for vehicles not having FASTag. This will mean 100% penalty for not having FASTag. The rule reads thus, “User of the vehicle not fitted with FASTag entering the FASTag lane of the toll plazas shall pay a fee equivalent to two times of the fee applicable to the category of vehicle as per sub-rule (2) of rule 4.” Can FASTag be transferred to another vehicle? FASTag is vehicle specific and completely linked to the particular vehicle for which it is originally bought. It cannot be transferred to any other vehicle. How will I get to know the transactions through FASTag? When your vehicle passes through the toll plaza and your FASTag account is debited, you will get SMS alert on the registered mobile number. Do two wheelers need FASTag? Two-wheelers and three-wheelers do not need FASTag. It is essential only for four wheelers that need to pay the toll fee.

FASTag Deadline Is Nearing And Here Are A Few FAQs To Ensure Compliance

A new and simpler portal for the approaching Goods and <keyword id="645517" type="COMPANY" weightage="20" keywordseo="services-tax">Services Tax</keyword> regime went live today that will empower simple documenting of returns and tax payments through credit/debit cards and different modes. 
 As much as 60 percent of the software expected to run <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> is prepared and <keyword id="6356840" type="UNKNOWN" weightage="60" keywordseo="GSTN">GSTN</keyword> - the organization building the tremendous infrastructure and IT spine for it, made the www.gst.gov.in portal live to migrate existing tax payers. 
 
It will test the software for integrating a welter of state and focal requires before the 'one market, one rate' tax display appears from April one year from now. 
 GSTN Chairman <keyword id="185277" type="PERSON" weightage="20" keywordseo="Navin-Kumar">Navin Kumar</keyword> said moving more than 65 lakh VAT payers, around 20 lakh service tax payers and around 3-4 lakh focal excise duty payers to a new portal has begun. 
 
A temporary distinguishing proof number, called GSTIN for the surveys who have moved to the new portal is being created, Kumar. 
 
New registrations under GST will begin from April 2017. On the new portal, representatives and traders who as of now need to file isolate returns for cluster of indirect taxes like excise duty, service tax and VAT, will file a single monthly return and pay tax online through different installment cards, including credit and debit, he said. 
 
GSTN is building a system that won't simply incorporate the assessees paying service tax, excise and other neighborhood demands, yet will likewise help in building the IT spine for online enlistment, discount, return recording and tax installment. 
 
"Because we started work in November 2015, today we are in a happy position that 60 per cent of the software development has been completed; 40 per cent is balance and that work is going on," Kumar said. 
 The GSTN is building four data focuses spread crosswise over Delhi and <keyword id="6354321" type="CITY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword> to guarantee that the data is protected, secure and to guarantee data recovery, at whatever point required. 
 
Kumar said GSTN has begun bringing in equipment and by December all gear would be prepared and testing would begin. 
 
"About 80 lakh tax payers will be migrated from the existing to GST regime. That migration we are starting now. We will generate a PAN-based provisional ID for each tax payer. By December, all the hardware equipment will be ready. Then, the software will be put on the data centre and then the testing will start," he said. 
 
Under the GST regime, taxes can be paid utilizing debit, credit cards and also through NEFT/RTGS exchanges.

GST Portal Live, GSTN software 60% ready: Chairman Navin Kumar

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><ul><li>Most places in the solar system can't be reached without nuclear energy.</li><li>NASA uses plutonium-238 forged during the Cold War to power its most ambitious missions.</li><li>NASA is running low on the material, but the Department of Energy is making more.</li><li>However, a government report suggests production challenges might impact NASA's future nuclear-powered missions.</li></ul>Classroom models lie - our solar system isn't a bunch of bright, closely nestled orbs.Instead, other planets are separated from Earth by unfathomable distances - and are often too cold, dim, and remote for any spacecraft to explore on solar power alone.The good news is that we have plutonium-238: a radioisotope (or radioactive form of an element) whose heat can be converted into electricity. When placed inside devices called radioisotope power sources (RPS), plutonium-238 can keep NASA's <a href="http://www.businessinsider.com/nuclear-powered-spacecraft-nasa-history-2017-3">most epic missions going for decades</a>.The problem is that most plutonium-238 was forged during the Cold War, and mission-ready material may be exhausted within eight years, according to a <a href="http://www.gao.gov/products/GAO-17-673">Government Accountability Office report</a> released Wednesday.The Department of Energy is working to&#xa0;<a href="http://www.businessinsider.com/plutonium-238-produced-nasa-spacecraft-2015-12">create&#xa0;more plutonium</a> for NASA, but the report said problems&#xa0;with that program "may be jeopardizing NASA's ability to use RPS as a power source for future missions."If we hit a plutonium bottleneck,&#xa0;future knowledge about the solar system may hang in the balance.<h2>Space exploration's red-hot radioactive heart</h2>Radioisotopes are powerful all-in-one fuel sources.&#xa0;As they&#xa0;decay and transform into new elements, they release impressive amounts of energy. That heat can warm fragile robotic circuits and run power sources that are compact,&#xa0;lightweight, and&#xa0;capable of&#xa0;providing electricity for decades.But of the roughly 2,900 types of radioisotopes known to humankind, only 22 are capable of powering a deep-space probe, according to <a href="https://www.nap.edu/catalog/12653/radioisotope-power-systems-an-imperative-for-maintaining-us-leadership-in">a 2009 study</a> by the National Academies of <keyword id="41551" type="ENTERTAINMENT" weightage="100" keywordseo="science">Science</keyword>. And 21 of those pose too many challenges to be of practical use, since many are too expensive, emit too much dangerous radiation to work with, or lack enough heat output.The only one that checks all of NASA's boxes is plutonium-238. And unlike its Pu-239 sister isotope, Pu-238 can't be made into <a href="http://www.businessinsider.com/north-korea-hydrogen-bomb-test-evidence-2017-9">explosive nuclear bombs</a>.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>"It's like a magic isotope. It's just right," Jim Adams, NASA's deputy chief technologist, previously told <a href="https://www.wired.com/2013/09/plutonium-238-problem/">told Wired</a>.Part of Pu-238's secret is that its half-life - the time it takes for half of any given amount to decay&#xa0;- is 87.7 years. That means a century from now, any amount will give off a little less than half the heat it does today. That's important because time is a battle in space - it took the Cassini probe seven years to reach Saturn and the New Horizons spacecraft about nine years to reach <a href="http://www.businessinsider.com/pluto-subsurface-ocean-2016-12">Pluto</a>.Pu-238's long half-life is the reason NASA can still talk to the Voyager probes <a href="http://www.businessinsider.com/voyager-probes-mission-history-farthest-movie-2018-08">40 years after they launched</a> and from beyond the solar system.Engineers have plenty of other ways to power planetary science probes, including batteries, fuel cells, solar power, and even <a href="http://www.businessinsider.com/nuclear-powered-satellites-space-2016-3">nuclear reactors</a>. But study after study champions plutonium-238 as the best choice for a long list of reasons (including its half-life).The biggest is the lack of space on rockets. Too much size or weight can make a mission unfeasible, so if a power source is too big or heavy, scientists have to sacrifice a robot's tools and tricks.Radiation is a related issue: Many planets and moons whip up powerful electromagnetic fields, which can damage electronics. Solar panels are especially susceptible to this kind of radiation, so when sending probes to risky destinations - like Jupiter's <a href="http://www.businessinsider.com/europa-water-jet-hubble-telescope-photos-2016-9">ocean-hiding moon Europa</a> - engineers pack in thick, heavy shielding and backup systems. That enables a robot to stick around a planet or moon for more than a few hours at a time, but it's weight that can't be used on scientific tools or power.Pre-charged batteries and fuel cells also don't last long enough for most deep-space missions. Solar panels do last, but they have to be very large when sent far from the sun.On Jupiter, for instance, light is about 4% as bright as it is at Earth. This required the unfurled solar panels on NASA's Juno spacecraft to expand to roughly the size of a tennis court. Space is also very cold, and many electronics need to stay above a certain temperature to function.<a href="https://www.astro.umd.edu/people/jess.html" target="_blank" rel="noopener noreferrer">Jessica Sunshine</a>, a space scientist who developed a <a href="http://adsabs.harvard.edu/abs/2008LPICo1405.8131C" target="_blank" rel="noopener noreferrer">comet-hopper mission</a> for NASA, told Business Insider that without plutonium, missions like hers come into question."It's not a matter of 'can you do it better,' but 'can you do it at all,'" she said. "On a comet, operating at crazy distances, you can't land with solar panels the size of an Airbus wing. A radioactive power supply is a totally enabling thing."<h2>The plutonium problem</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>The US government stopped making Pu-238 in 1988. Russia sold some to NASA in the 1990s and 2000s, but it stopped selling around 2009 - most likely because its Cold War-era stockpile ran out.So as the space agency planned new plutonium-powered missions and used up its supply, researchers increasingly sounded alarms on Capitol Hill.The complexity of producing more Pu-238, hard-to-peg cost estimates, and disagreements within Congress stalled funding for a resupply project for about two decades. As a result, NASA today has about 77 pounds left (though the Department of Defense has a separate stockpile).<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>However, because Pu-238 decays, only about half of&#xa0;NASA's stockpile is still fresh and hot enough&#xa0;for NASA's needs.This is not enough for another <a href="http://www.businessinsider.com/nasa-cassini-pictures-free-ebook-pdf-2017-9">mission like Cassini</a>, which used more than 50 pounds - yet space scientists hope to send similar spacecraft to explore hidden oceans on moons of Jupiter and <a href="http://www.businessinsider.com/voyager-mom-linda-spilker-why-nasa-should-go-back-saturn-2017-9">Saturn</a>; revisit Uranus, Neptune, and <a href="http://www.businessinsider.com/pluto-subsurface-ocean-2016-11">Pluto</a>; and&#xa0;travel to other cold, <a href="http://www.businessinsider.com/number-dwarf-planets-solar-system-2017-3">mysterious, far-flung destinations</a> for the first time."All of these missions would require nuclear power," Alan Stern, the former head of science at NASA and principal investigator of the New Horizons mission, told Business Insider.That's why space scientists celebrated in July 2011 when Congress approved <a href="https://www.sciencemag.org/news/2011/07/using-nuclear-fuel-future-nasa-missions-gets-boost" target="_blank" rel="noopener noreferrer">$10 million in new funding</a> to restart Pu-238 production for the first time since the Cold War.The DOE manages the plutonium resupply project, since federal regulations prevent NASA from handling the nuclear material. The project's goal is to revitalize the aging plutonium in NASA's stockpile and bulk it up with fresh plutonium.By December 2015, the DOE had <a href="http://www.businessinsider.com/plutonium-238-produced-nasa-spacecraft-2015-12">created 50 grams of mission-ready plutonium</a> for NASA. That amount has since doubled to about 100 grams (just more than two golf balls' worth of mass), and another 100 grams are expected to come out of reactors this fall."They seem to have figured out the secret recipe," Ralph McNutt, a chief scientist at Johns Hopkins University's Applied Physics Laboratory, told Business Insider.<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><h2>Fits, restarts, and snags</h2>Jim Green, the head of NASA's planetary science program, is optimistic about the project, which may soon cost the space agency roughly $20 million per year. The DOE expects to begin producing 2/3 to 1 pound of Pu-238 per year in 2019."I think we're in really good [shape] for the next several decades," Green said during a press conference last month after the destruction of Cassini. "Our plan is to keep a stock of plutonium and not let that be a mission-limiting factor."But the production timeline and GAO report suggests it's not so easy.NASA asked DOE to make about 3.3 pounds of Pu-238 a year, and DOE&#xa0;pledged to&#xa0;try to achieve full-scale production at that level around 2019 at the earliest. But over the years that early deadline moved to 2021, then 2023, then 2025. The program is supposed to achieve full-scale production by 2026 at the latest - so a seven-year cushion has shrunk to just one year.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>David Schurr, the deputy director of NASA's planetary science program, told Business Insider via email that these timeline shifts were "normal and expected" and there isn't a risk "that threatens the availability of fuel for the foreseeable future."Technically, the DOE is still within its estimated production range. NASA also has enough plutonium for its car-size <a href="http://www.businessinsider.com/trump-nasa-mars-sample-return-mission-2016-12">Mars 2020 rover</a> as well as one of several <a href="https://solarsystem.nasa.gov/news/2017/05/05/nasa-receives-proposals-for-future-solar-system-mission" target="_blank" rel="noopener noreferrer">nuclear-powered mission proposals</a> it may select in 2019 - the only two nuclear-powered mission launches it may launch through 2025.However, according to the GAO's new report, which was the centerpiece of <a href="https://science.house.gov/legislation/hearings/subcommittee-space-hearing-powering-exploration-update-radioisotope-production">a congressional hearing</a> on Wednesday, NASA may run out of mission-ready plutonium after that.The GAO spent 18 months auditing the plutonium production operation, and identified many snags in the chemistry, workflow, and scalability of the DOE's project. These issues have arisen because the DOE could not simply take the Cold War-era plans, dust off old equipment, rehire retired staff, and get started. The facilities, staff, and process used during that time no longer exist."The reactor is gone now. Disassembled. The cooling tower was torn down in early 90s," McNutt said. "All of that stuff is just gone."The recipe is also different. Cold War-era researchers invented a new production process that generates less radioactive waste, but McNutt said no one ever got it working seamlessly, let alone scaled it up."This stuff is so incredibly complicated. It's tough. Intrinsically difficult," McNutt said. He noted during Wednesday's congressional hearing that it took roughly $7 billion of research over 60 years to develop the fuel and power supplies that NASA uses today.<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><h2>What it takes to produce Pu-238</h2>To forge 3.3 pounds of plutonium a year, the DOE has had to assemble a Rube Goldberg machine out of three facilities spread around the country.In brief, the process goes like this: Neptunium-237 (another Cold War-era byproduct, and the key starter material to make Pu-238) is shipped from Idaho National Laboratory to Oak Ridge National Laboratory in Tennessee, where it's formed into reactor-ready targets.Those targets are irradiated for months, removed, and then left to radioactively cool, a process that takes about a year. Technicians then dissolve the targets, purify a small amount of fresh Pu-238, and contain the waste. Leftover neptunium is crafted into new targets, some of which gets shipped back to Idaho.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Once made, fresh plutonium is sent to Los Alamos National Laboratory in New Mexico, where it's stored and inserted into safety devices that contain the plutonium within a radioisotope power source. Those devices are then sent back to Idaho for assembly into power sources for NASA.The whole program costs NASA about $77 million for a power supply with 10.6 pounds of plutonium, according to the GAO report. The Curiosity rover on Mars uses one such power supply, though future missions may use up to three. (NASA gets a deep discount when several power supplies are ordered at a time.)If there's any hiccup in the pipeline, McNutt compared the consequences to "a case where someone just sneezes and everyone gets a pneumonia."According to the GAO report, the DOE is "still in the experimental stage" with Pu-238 production and hasn't mastered the chemistry. It also said that meeting full-scale production will require making neptunium targets five times faster (a robotic fabricator that's supposed to debut later this year could help with that). DOE may also need a 38-50% larger staff of technicians, each of whom takes about two years to train. Furthermore, the report states the DOE isn't tracking systemic risks that may threaten the department's Pu-238 production goals, nor communicating those to NASA. For example, the project competes for work space in a facility related to DOE's primary responsibility - maintaining the <a href="http://www.businessinsider.com/nuclear-weapons-stockpiles-world-map-2017-8">US nuclear weapons arsenal</a> - so the project might have to pause unless a new location is arranged.The DOE concurred with the report's conclusions and committed to crafting a new plan by September 2018."Generically, without clear plans and good risk evaluations, you can be surprised," Schurr told Business Insider in an email.McNutt chalks up most of these problems to tight funding, since much of the work is novel."I think the people that are managing this are really between a rock and a hard place," he said. "Until we're actually up and running at a level of full-scale production, I don't think we're really going to know what all of this is going to cost."But he's still optimistic, especially since a more daunting plutonium shortage loomed on the horizon before 2009."We did literally think we were close to a going-out-of-business sale, that this was close to being shut down. At least now, we're up and running" he said, adding, "I always tell people, 'if you're into instant gratification, don't get into the space business.'"<div><div style="position:relative;padding-bottom:54%"></div></div><div><div style="position:relative;padding-bottom:54%"></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/molten-salt-reactor-technology-power-world-millions-years-2016-12">This Cold War-era technology could safely power the world for millions of years</a></h3> <div> </div> </div>

You Searched For "rtgs december" and got 13 results

RTGS will be available 24/7 starting December this year

PTI

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

PTI

INTERVIEW: Here’s why this cash management firm is going for an IPO when Indians are being pushed to go cashless

Bhakti Makwana

NEFT can be done round the clock now, says RBI

Preeti Soni

PNB ATM withdrawals, LPG cylinders, and insurance policies — five major changes set to kick in on December 1

BI India Bureau

IDFC First Bank announces zero-free banking on savings accounts

ANI

NEFT transactions to be available 24x7 from Dec 16

PTI

Paying credit card bills on the last due date will no longer cost you late payment charges — thanks to round-the-clock NEFT

Preeti Soni

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

PTI

Bank of Baroda completes IT integration with 132 branches of erstwhile Vijaya Bank

PTI

FASTag Deadline Is Nearing And Here Are A Few FAQs To Ensure Compliance

BI India Bureau

GST Portal Live, GSTN software 60% ready: Chairman Navin Kumar

BI India Bureau

NASA's future missions to Saturn, Uranus, Neptune, and beyond could hit a nuclear roadblock within the next decade

Dave Mosher

Popular Keywords

Buying Guides