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<ul><li>Reserve Bank of India governor Shaktikanta Das today announced that users will soon be able to deposit cash using <keyword id="6358921" type="General" weightage="20" keywordseo="upi" source="Orion">UPI</keyword> at ATMs.</li><li>Users will also be able to make UPI payments via PPI wallets through third-party apps.</li><li>The governor-led MPC also proposed the launch of a dedicated mobile app for retail investors to access the G-sec market.</li></ul>Forgot to carry your debit card while visiting the ATM? Don’t worry, the Reserve Bank of India (RBI) understands your pain. On Friday, RBI governor Shaktikanta Das announced that bank account holders will soon be able to deposit money at ATMs using UPI, or Unified Payments Interface. Earlier, in January, RBI had announced that it would allow users to withdraw cash from ATMs using UPI. At the moment, cash deposits at ATMs can be done via two methods – using debit cards and manually entering the savings account number. Das announced RBI’s latest Monetary Policy Committee (MPC) meeting, where the central bank left the key repo rate unchanged. <cmsannotation type="cmsannotation" annotationid="Enhancing UPI features" comment="subhead" text="Enhancing UPI features">Enhancing UPI features</cmsannotation> Thanks to UPI’s widespread use, RBI has been expanding its features to include various options from setting autopay instructions for bill payments to creating mandates for IPO applications and more. After the previous MPC meet in January, RBI governor announced that cash withdrawals would be made possible through UPI ATMs. “This measure will further enhance customer convenience and make the currency handling process at banks more efficient,” said Das. In addition to this, RBI also announced that it will allow the use of third-party UPI apps for making UPI payments via prepaid payment instrument (PPI) wallets, like Paytm and GooglePay. With today’s announcement, the central bank looks keen on slowly but steadily replacing debit cards with UPI. <a href="https://www.businessinsider.in/business/news/size-does-matter-debit-cards-for-large-payments-upi-for-smaller-ones/articleshow/109002682.cms">Recent reports suggest that</a>, while UPI usage is growing exponentially, people continue to use Debit Cards, especially for large payments. <cmsannotation type="cmsannotation" annotationid="New app for G-sec market" comment="subhead" text="New app for G-sec market">New app for G-sec market</cmsannotation> RBI’s aim with this is to make it more convenient to use digital payments for small-value transactions. Lastly, the MPC also proposed the launch of a dedicated mobile app to access the Retail Direct portal. Das believes this will enhance convenience to retail investors and improve the reach of the government securities (G-sec) market. RBI launched the Retail Direct scheme in 2021 to make it possible for retail and individual investors to participate in the government securities market. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/markets-trade-flat-after-rbi-mpc-leaves-repo-rate-unchanged-at-6-5/articleshow/109055645.cms">Status quo: Markets trade flat after RBI MPC leaves repo rate unchanged at 6.5%</a> <a href="https://www.businessinsider.in/finance/news/rbis-mpc-keeps-rates-unchanged-to-be-actively-disinflationary/articleshow/109053104.cms">We want the elephant of inflation to walk back to the forest: Shaktikanta Das</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-add-nearly-5-million-subscribers-in-january-2024/articleshow/109040220.cms">Reliance Jio and Airtel add nearly 5 million subscribers in January 2024</a>

Not just withdraw, you can soon deposit cash using UPI at ATMs, promises RBI

<ul><li>To access <keyword id="6358921" type="General" weightage="80" keywordseo="upi" source="Orion">UPI</keyword>-ATM, you'll require a smartphone with a UPI app and a registered UPI ID.</li><li>Cardless cash withdrawal from an Aadhar-enabled ATM requires linking Aadhar to your bank account.</li><li>Withdraw cash using a mobile banking app by linking your account and generating a one time code code which you provide at the ATM. </li></ul> India has recently launched Unified Payments Interface or UPI-based cash withdrawal from ATMs, after the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> governor made the announcement in the last monetary policy briefing. This innovative initiative allows customers to access cash without the need for a traditional debit card. Apart from using UPI, there are other ways you can draw money from ATMs without using your debit card. We take a look at the different options. By using UPI <keyword id="18666429" type="General" weightage="80" keywordseo="upi-atm" source="Orion">UPI ATM</keyword> withdrawal eliminates the need to use a traditional debit card. To access this service, you'll require a smartphone with a UPI app and a registered UPI ID. To withdraw cash from a UPI ATM, follow these steps: opt for the ‘UPI Cash Withdrawal’ feature on the ATM screen, specify your withdrawal amount, scan the QR code displayed on the ATM using your UPI app, and confirm the transaction by entering your UPI PIN. Upon selecting ‘UPI Cash Withdrawal,’ the ATM generates a unique QR code, which, when scanned via your UPI app, authenticates you using your UPI PIN and prompts the ATM to dispense the requested cash. Benefits of UPI-ATM include cardless access, heightened security, and enhanced convenience. By using a mobile banking app You can use a mobile banking app to withdraw cash from an ATM without a debit card. To make use of this feature, first, ensure your bank account is linked to the app. Next, generate a one-time code within the app and specify the desired withdrawal amount. Subsequently, visit a compatible ATM and input the provided code. This action prompts the ATM to dispense the requested cash. This method not only offers convenience but also enhances security through authentication within the app. By using biometric authentication Another method for cardless cash withdrawal from an Aadhar-enabled ATM happens through biometric authentication. First, ensure that your Aadhar number is linked to your bank account. Then, locate an Aadhaar Enabled Payment System (AEPS)-enabled ATM. Input your Aadhar number or provide your bank account details at the ATM. Next, select the desired transaction type and proceed with biometric authentication, typically done through fingerprint or iris scan. After successful authentication, specify the withdrawal amount, and the ATM will dispense the requested cash.The ATM verifies your identity against Aadhar records and deducts the withdrawal amount from your linked bank account. By using SMS For this you need to follow a few steps. First, ensure that your mobile number is linked to your bank account. This is crucial for verification purposes and a smooth transaction. You'll be required to set up a secure PIN for SMS cash withdrawal, a process that can typically be completed either through your bank's dedicated mobile banking application or by visiting a nearby branch. Once your PIN is in place, compose a text message that specifies the withdrawal details, including the desired amount and the recipient's mobile number. This message should be sent to the designated number provided by your bank for SMS cash withdrawals. In response to your request, you will promptly receive an SMS containing a unique one-time code. The next step involves visiting the nearest bank ATM. Here, you will enter the received code along with your mobile number to successfully and complete the cash withdrawal process. It's worth noting that the availability of this service may differ depending on your specific bank. So, next time when you are in need of cash and have forgotten to carry your debit card, remember the above mentioned ways to get the job done without a hassle.

UPI and other ways to withdraw cash from an ATM without using a debit card

<ul><li>Unified Payments Interface (<keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword>) has emerged as one of the most popular modes of payments in India.</li><li>Some new changes have been announced to UPI from January 1, 2024.</li><li>Here are the new rules and features of UPI that you need to be aware about.</li></ul> The year 2024 has begun and with this, there have been some changes in the financial sector. Unified Payments Interface (UPI), the country’s fastest growing mode of payment has some new rules that you need to keep in mind. To improve UPI and improve user experience, the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) have formulated some new rules and regulations that have come into effect from January 1, 2024. In this post, we look at the five new changes in UPI that you need to be aware about – <cmsannotation type="cmsannotation" annotationid="Inactive UPI IDs" comment="subhead" text="Inactive UPI IDs">Inactive UPI IDs</cmsannotation> As per guidelines by the NPCI, payment apps such as PhonePe, Google Pay, PayTM and more are required to verify and maintain active UPI IDs. UPI IDs that haven’t been used for a year will be deactivated. So, if you have a UPI ID that hasn't been used in a long time, it is important to at least make one payment soon to avoid deactivation of that ID. <cmsannotation type="cmsannotation" annotationid="Fraud prevention" comment="subhead" text="Fraud prevention">Fraud prevention</cmsannotation> In a bid to reduce the increasing financial frauds, the central bank has reportedly proposed a 4-hour window for users making a first payment of ₹2,000 or more to a new recipient. During this window, the users will be able to modify or reverse the transaction, if they haven’t transacted with the person before. <cmsannotation type="cmsannotation" annotationid="Increased transaction limit" comment="subhead" text="Increased transaction limit">Increased transaction limit</cmsannotation> To help users making large transactions to hospitals and educational institutions, the transaction limit for such institutions has been increased from the existing INR 1 lakh to INR 5 lakh. This will make it easier for those paying large amounts to such institutions to complete their payment. <cmsannotation type="cmsannotation" annotationid="UPI ATMs" comment="subhead" text="UPI ATMs">UPI ATMs</cmsannotation> In a bid to make it easier for users to withdraw cash, NPCI in collaboration with Hitachi Payment Services has started rolling out UPI ATMs, which allow users to withdraw cash using UPI apps, without having to carry a debit card. The first ATM has already been launched and more ATMs will be rolled out across the country. <cmsannotation type="cmsannotation" annotationid="UPI for secondary market" comment="subhead" text="UPI for secondary market">UPI for secondary market</cmsannotation> NPCI’s UPI for secondary market project has entered the beta phase, allowing selected users to block funds post-trade confirmation in the secondary market. This enabled settling of funds on T 1 basis via clearing corporations. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s24-pre-reservation-starts-how-to-pre-book-benefits-and-more/articleshow/106505615.cms">Samsung Galaxy S24 pre-reservation starts – How to pre-book, benefits and more</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/new-upcoming-smartphones-in-india-in-2024-apple-samsung-google-mobiles-in-the-list/slidelist/106489936.cms">Apple to Samsung and many more – smartphones set for launch in 2024</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-hyundai-sales-rise-maruti-suzuki-reports-a-decline-in-december-2023/articleshow/106474205.cms">Mixed December – While Tata Motors, Hyundai sales rise, Maruti Suzuki reports in the slow lane</a>

UPI in 2024 – Five rule changes that you need to know

Popular <keyword id="6358921" type="ORGANIZATION" weightage="20" keywordseo="upi">UPI</keyword> and <keyword id="490792" type="PERSON" weightage="20" keywordseo="Mobile-wallet">mobile wallet</keyword> app PhonePe was launched in 2016 and has come a long way since then. It is no longer only a wallet app and now offers several functions including ordering food, fee payment,<a href="https://www.businessinsider.in/tech/apps/how-to/buy-sell-gold-phonepe/articleshow/73520605.cms"> gold purchase</a> and more. PhonePe recently added a new feature that will allow users to withdraw cash from their bank accounts without using a card. The <keyword id="8639344" type="UNKNOWN" weightage="20" keywordseo="phonepe-atm">PhonePe ATM</keyword> is a digital ATM wherein the company has partnered with merchants to allow users to withdraw cash. The PhonePe ATM feature was introduced earlier this month and is still being rolled out. It is to be noted that this service is completely free, and the user will not be charged anything for using this service. The withdrawal limit will depend on the limit set by your respective bank. How to withdraw cash from PhonePe ATM 
 
 
 
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 <ul><li>Open the PhonePe app on your device.</li><li>At the bottom, click on the ‘Stores’ tab.</li><li>Now, click on the ‘PhonePe ATM’ icon.</li><li>Then, click on ‘Withdraw now’.</li><li>Select a store from the available stores’ and then click on ‘Withdraw Cash’.</li><li>Now, in the currency box, enter the amount you want to withdraw.</li><li> Select the bank account from which you want to debit or withdraw the money.</li><li>Now, click on ‘Pay to Withdraw’ and enter your PIN.</li><li>Now, go to the store that you had selected and collect the cash.</li></ul>Commenting on the launch of the PhonePe ATM service, Vivek Lohcheb, head of offline business development, PhonePe said, “The PhonePe ATM allows customers to withdraw cash without any hassle through our trusted merchant partners. It also helps merchants avoid the hassle of storing cash and making multiple trips to the bank branch to deposit their extra cash.” According to<a href="https://www.businessinsider.in/advertising/brands/article/phonepe-is-looking-at-bharat-for-its-next-phase-of-growth/articleshow/72295764.cms"> a press release</a>, PhonePe has over 9 million registered partners across 300 cities in India. It also has over 185 million registered users, out of which 66 million are<a href="https://www.businessinsider.com/google-pay-adds-features-to-court-indian-merchants-2019-9"> reported</a>ly active. With widespread acceptance across merchants, PhonePe ATM has the potential to become a bridge between users as well as the merchants who wish to save a visit to the bank for cash deposits. Increased footfalls in merchant stores could also help them generate sales from PhonePe ATM users, making it a win-win for all the parties involved. See also: <a href="https://www.businessinsider.in/tech/how-to/recharge-fastag-phonepe-google-pay-bhim/articleshow/73485125.cms">How to recharge your FASTag using PhonePe, Google Pay and BHIM</a> <a href="https://www.businessinsider.in/tech/apps/how-to/buy-sell-gold-phonepe/articleshow/73520605.cms">How to buy and sell gold on PhonePe</a>

How to withdraw cash from PhonePe ATM

Mumbai, June 8 (IANS) Soon, you may be able to withdraw cash from an <keyword id="48577" type="TECHNOLOGY" weightage="20" keywordseo="ATM">ATM</keyword> without touching any part of the machine. AGS Transact Technologies, a provider of cash and digital payment solutions and automation technology, on Monday said it has successfully developed and tested a touchless ATM solution in light of the Covid-19 pandemic. The 'contactless' solution, currently under demo at interested banks, enables a customer perform all the steps required to withdraw cash from an ATM using the mobile app itself. The customer simply has to scan the QR code displayed on the ATM screen and follow the directions on their respective bank's mobile application. This includes entering the amount and mPIN required to dispense the cash from the ATM machine. According to the company, the QR code feature makes cash withdrawals quicker and more secure, and negates the chances of compromising the ATM Pin or card skimming. "The new Touchless ATM solution is an extension of the flagship QR Cash solution which ensures safety of the users and will provide a seamless cash withdrawal experience with enhanced security," said Ravi B. Goyal, Chairman and MD, AGS Transact Technologies Ltd. With minimum investment, the banks can enable this solution for their ATM networks by upgrading the existing software. AGSTTL has so far installed, maintained and managed a network of over 72,000 ATMs across the country and also provides customised solutions to leading banks. The company earlier introduced UPI-QR based Cash withdrawal solution in partnership with Bank of India. This is how the solution works. Open the Bank mobile application on your smartphone and select QR Cash Withdrawal. Enter the amount you wish to withdraw on the mobile app and scan the QR code on the ATM screen. Next, confirm the amount by clicking on 'proceed' in the app and enter the mPin to authenticate the transaction. Now collect the cash and receipt and you are done. "The seamless, cardless and touchless withdrawal method is designed to provide easy transaction flow, without the need to touch the ATM screen or enter the pin," said Mahesh Patel, President and Group Chief Technology Officer, AGS Transact Technologies. --IANS na/

Customers will soon be able to withdraw cash from ATMs using smartphones

<ul><li><keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>’s customers were reporting unable to conduct transactions using net banking and UPI payments platform.</li><li>The bank has stated that the problem is due to an outage at one of its data centres.</li><li>The Reserve Bank of India (RBI) has asked HDFC Bank to furnish more details about the cause of the outage.</li></ul>Customers of HDFC Bank were reporting problems with their net banking and digital payments. Many were unable to send transactions, others have gone so far as to say that they were unable to withdraw money from ATMs. <div type="image" title="Grids" msid="79344457" hostid="261" caption="&amp;lt;p&amp;gt;HDFC Bank&amp;#39;s services down on BHIM, Google Pay and the bank&amp;#39;s own mobile app&amp;lt;/p&amp;gt;"></div> According to India’s largest private sector lender, there was been an outage at one of its data centres which has left certain services to be unable. HDFC Bank, however, did not divulge the cause of the data center’s downfall — whether it is due to internal or external causes, whether it is a glitch or sabotage. The Reserve Bank of India (<a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/hdfc-bank-outage-rbi-seeks-details/articleshow/79359696.cms">RBI</a>) has asked the bank to furnish more details. <div type="twitter" handle="HDFCBank_Cares" handlename="HDFC Bank Cares" image="http://pbs.twimg.com/profile_images/880333363982159872/lA3myMTv_normal.jpg" favoritecount="0" retweetcount="0" status="@aayushi06 Hi, an unexpected outage at one of our data centres has impacted some of our services. We are working to… https://t.co/HiivPDftD9" createdat="1605979497000" id="1330200538680619008"></div> Complaints first started coming in at around 6:00pm in the evening on Saturday, November 21 and reached their peak at 8:00pm. <div type="image" title="hdfc bank downdetector" msid="79344482" hostid="261" caption="&amp;lt;p&amp;gt;Spike in problems with HDFC Bank over the last 24 hours&amp;lt;/p&amp;gt;"></div> <div type="twitter" handle="suraj64" handlename="suraj jethwa" image="http://pbs.twimg.com/profile_images/918921437183741952/-AVCbeQ7_normal.jpg" favoritecount="0" retweetcount="0" status="From last couple of hours I am not able to withdraw money from any of the ATM, even not able to transfer amount to… https://t.co/ATMTo06V3P" createdat="1605978558000" id="1330196602129174528"></div> <div type="twitter" handle="dirarivazhagan" handlename="Arivazhagan" image="http://pbs.twimg.com/profile_images/1247530095088001035/Ldk-1LdV_normal.jpg" favoritecount="59" retweetcount="1" status="#HDFC Bank down for the past one hour. No services for net banking and atm @HDFC_Bank" createdat="1605972265000" id="1330170206736486409"></div> Services resumed by Sunday morning, November 22. HDFC Bank too issued a statement saying, "The services impacted following the outage have been restored. While you may face intermittent issues as the system stabilizes there is no reason to worry now! Our sincere apologies for the inconvenience caused. Thank you for bearing with us during this period." SEE ALSO: <a href="https://www.businessinsider.in/science/environment/news/mount-everest-home-to-microplastics-and-melting-glaciers/articleshow/79324609.cms">Microplastics found at the highest point on Earth as the glaciers around Mount Everest’s death zone melt</a> <a href="https://www.businessinsider.in/tech/news/mumbais-massive-power-cut-last-month-may-have-been-the-work-of-hackers/articleshow/79318282.cms">Mumbai’s massive power cut last month may have been the work of hackers</a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-panel-proposes-raising-promoter-stake-cap-allowing-nbfcs-to-become-banks-and-large-corporation-can-own-banks/articleshow/79323107.cms">RBI panel proposes recommendations that could redefine private bank ownership</a>

HDFC Bank’s net banking, UPI service and ATMs were down due to a 'data centre outage' but RBI demands more detailed information

The popularity of online wallets and UPI apps has made payments quick and easy. Customers no longer have to worry about carrying cash or debit cards with them while going out. However, there are still many places that do not accept online payments and require cash. If you are in need of cash and do not have your <keyword id="6356475" type="UNKNOWN" weightage="20" keywordseo="debit-card">debit card</keyword> with you, there is still a way how you can get cash. Banks like SBI and ICICI allow users to easily <keyword id="2336858" type="PERSON" weightage="20" keywordseo="withdraw-cash">withdraw cash</keyword> without a debit card. Customers can also use PhonePe to withdraw cash from any bank account. <keyword id="7436655" type="UNKNOWN" weightage="20" keywordseo="how-to-withdraw-cash">How to withdraw cash</keyword> from <keyword id="8887222" type="UNKNOWN" weightage="20" keywordseo="atm-without-debit-card">ATM without debit card</keyword> State Bank of India customers If you are a State Bank of India user, you can withdraw cash by following the below steps: 
 
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 <ul><li>Download and install the YONO app on your <a href="https://play.google.com/store/apps/details?id=com.sbi.lotusintouch&amp;hl=en_IN">Android</a> or <a href="https://apps.apple.com/in/app/yono-sbi-banking-and-lifestyle/id1231393474">iOS</a> device.</li><li>Enter your MPIN.</li><li>Open the app and enter your account details to login.</li><li>Now, open the app and click on ‘YONO Cash’.</li><li>Then, click on ‘ATM’.</li></ul>
 
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 <ul><li>Now, enter the amount and click on ‘Next’.</li><li>Enter a six-digit YONO Cash Pin of your choice and click on ‘Next’.</li><li>Click on ‘I agree’ and then click on ‘Confirm’.</li></ul>You will receive a YONO Cash transaction number. You will also be able to see SBI ATMs that support YONO Cash once you have initiated the transaction. <ul><li>Go to an eligible SBI ATM and select ‘Card Less Transaction’.</li><li>Now, enter your six-digit YONO Cash transaction number and the six-digit PIN.</li></ul>ICICI Bank customers 
 
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 <ul><li>Download the iMobile app for <a href="https://play.google.com/store/apps/details?id=com.csam.icici.bank.imobile&amp;hl=en_IN">Android</a> and <a href="https://apps.apple.com/in/app/imobile-by-icici-bank/id375276006">iOS</a>.</li><li>Click on ‘Services’ at the bottom.</li><li>Now, click on ‘Cardless Cash Withdrawal’.</li><li>Now, enter the amount and a four-digit PIN of your choice.</li><li>Then, click on ‘Submit’.</li><li>Confirm the details and click on ‘Submit’.</li><li>You will receive an OTP.</li><li>Go to an ICICI Bank ATM and select ‘Cardless Cash Withdrawal’.</li><li>Then, enter your mobile number and four-digit PIN.</li></ul>PhonePe Customers of all banks can use the PhonePe app to withdraw cash from their account. For this, you can use the PhonePe ATM service. 
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 <ul><li>Open the PhonePe app.</li><li>Click on ‘Stores’.</li><li>Now, click on ‘PhonePe ATM’.</li><li>Select a store and click on ‘Withdraw Cash’.</li></ul>
 
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 <ul><li>Enter the amount and select the bank account from which you want to debit the money.</li><li>Now, click on ‘Pay to Withdraw’ and enter your PIN.</li><li>Then, go to the store and collect your cash.</li><li>Once you’ve collected the cash, click on ‘I’ve got cash’</li></ul>See also: <a href="https://www.businessinsider.in/business/startups/news/phonepe-logs-4000-crore-transactions-a-day-after-it-shifts-from-yes-bank-to-icici/articleshow/74545359.cms">Phonepe logs ₹4,000 crore transactions a day after it shifts from Yes Bank to ICICI</a> <a href="https://www.businessinsider.in/tech/apps/how-to/how-to-open-a-cryptocurrency-trading-account-in-india/articleshow/74490893.cms">How to open a cryptocurrency trading account in India</a>

How to withdraw cash from ATM without debit card

Last month, India’s biggest lender <keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>) had announced several revisions that it would implement in its charges on different services. The new charges will be put into practice from today, June 1. Here’s the list of revised charges that SBI customers would have to shell out for almost every transaction. ATM charges Customers who use mobile wallet <keyword id="3458691" type="UNKNOWN" weightage="100" keywordseo="state-bank-buddy">State Bank Buddy</keyword> will have to pay Rs 25 per transaction for cash withdrawal through ATM. For basic savings banks deposit account holders, the service charges applicable will be Rs 50 plus service tax per transaction after first four withdrawals per month; Rs 20 plus service tax at other bank ATMs; and Rs 10 plus service tax for SBI ATMs. Normal savings bank account holders will continue to get eight free ATM transactions in metro cities and 10 free transactions in non-metro cities. Exchange of bad currency notes To exchange soiled/imperfect notes, up to 20 pieces and value of Rs 5,000 will be free of cost. However, more than 20 pieces will invite Rs 2 per piece plus service tax. In case the value of such notes goes above Rs 5,000, Rs 2 per piece or Rs 5 per 1,000 plus service tax, whichever is higher, will be charged. Cheque book charges In case a user wants a 10-leaf cheque book, he will be charged Rs 30 plus service tax. Similarly, a 25-leaf book would cost Rs 75 plus service tax and a 50-leaf book would be charged at Rs 150 plus service tax. Deposits and withdrawals through banking correspondents In case a user deposits cash of up to Rs 10,000 through banking correspondent, (s)he will be charged at 0.25% of the value with a minimum of Rs 2 and maximum of Rs 8 plus service tax. However, cash withdrawal of up to Rs 2,000 through banking correspondent will be charged at 2.50% of the transaction value (minimum of Rs 6) plus service tax. Online transfer Charges for IMPS fund transfer through internet banking/UPI/IUSSD will be Rs 5 plus service tax for transfer of up to Rs 1 lakh; Rs 15 plus service tax for above Rs 1 lakh and up to Rs 2 lakh; and Rs 25 plus service tax for above Rs 2 lakh and up to Rs 5 lakh.

SBI to introduce new service charges from today

<ul><li>The Reserve Bank of India capped the withdrawals from <keyword id="45660" type="CITY" weightage="20" keywordseo="Yes-Bank">YES Bank</keyword> at ₹50,000 and that has set a frenzy in motion in the banking sector.</li><li>From digital payments companies, that have wallets, to the ones that offer financial services and were linked with YES Bank have now come in the eye of the storm. </li><li>YES Bank accounted for 40% of <keyword id="4052276" type="PERSON" weightage="20" keywordseo="UPI-transactions">UPI transactions</keyword> in January 2020 – accounting for 514 million transactions. </li></ul>India’s central bank – the Reserve Bank of India capped the withdrawals from YES Bank at ₹50,000. That has set a frenzy in motion across the banking sector. People hurried to transfer money in netbanking or from the app, but both services were down from Thursday night, queues began in front of YES Bank ATMs. And, even fintech companies in India took a hit. From digital payments companies, that have wallets, to the ones that offer financial services were caught in the eye of the storm. According to the National Payments Corporation of India (NPCI), YES Bank was the UPI partner for about 20 apps. The bank accounted for 40% of UPI transactions in January 2020 – accounting for 514 million transactions. <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword>, the digital payments company’s servers went down late Thursday night, as it uses YES Bank as the backend for most of its UPI accounts. <div type="twitter" handle="PhonePe_" handlename="PhonePe" image="http://pbs.twimg.com/profile_images/1228394203421372416/4X3QZazb_normal.jpg" favoritecount="302" retweetcount="55" status="We are temporarily unavailable. We are going through an unscheduled maintenance activity. We apologize for any in… https://t.co/aiDh5XkKVx" createdat="1583432594000" id="1235631976263987201"></div>

 PhonePe’s CEO Sameer Nigam too addressed the issue early in the morning and wrote on Twitter, “Dear @PhonePe_ customers. We sincerely regret the long outage. Our partner bank (Yes Bank) was placed under moratorium by RBI. Entire team's been working all night to get services back up asap. We hope to be live in a few hours. Thanks for your patience. Stay tuned for updates!.” A few Twitter users called <a href="https://twitter.com/kamleshksingh/status/1235789461243363330">PhonePe</a> a collateral damage to the <keyword id="8873513" type="UNKNOWN" weightage="20" keywordseo="yes-bank-crisis">YES Bank crisis</keyword>. Meanwhile, <keyword id="759851" type="COMPANY" weightage="20" keywordseo="Zerodha">Zerodha</keyword> which offers retail and institutional broking, currencies and commodities trading, mutual funds, and bonds, too addressed its customers’ concerns. Nitin Kamath, the founder and CEO of the company YES Bank customers to change their primary bank linked with their Zerodha accounts immediately. “We have cancelled all fund withdrawal requests made by clients to their YES bank accounts so that the money doesn’t get blocked. Please change, if your primary bank account is YES, to any other and withdraw the funds,” he wrote on <a href="https://twitter.com/Nithin0dha/status/1235618502112727040">Twitter. </a> Payments processing platform <keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword> maintained that its payment gateway services are unaffected, yet didn’t rule that ‘some other services might be affected’. <div type="twitter" handle="Razorpay" handlename="Razorpay" image="http://pbs.twimg.com/profile_images/1032964966058536965/74NDff34_normal.jpg" favoritecount="61" retweetcount="30" status="Update on Yes Bank being placed under moratorium by RBI. Our payment gateway services are unaffected. While some o… https://t.co/yz2qH52xHB" createdat="1583431569000" id="1235627677467303936"></div>

 See Also: <a href="https://www.businessinsider.in/finance/news/yes-bank-mobile-and-net-banking-down-after-rbi-limits-withdrawals-to-50000/articleshow/74499754.cms">Yes Bank mobile and net banking down after RBI limits withdrawals to ₹50,000</a> <a href="https://www.businessinsider.in/finance/news/indias-largest-bank-stock-sees-the-sharpest-fall-in-over-7-years-investors-want-to-say-no-to-yes-bank/articleshow/74504449.cms">India's largest bank stock sees the sharpest fall in over 7 years — investors want to say 'no' to Yes Bank</a>

YES Bank – a leader in UPI transactions leaves payment companies like PhonePe high and dry

<ul><li>RBI announced some changes in the banking rules in the country. </li><li>The latest modifications in the banking system will take effect in January 2020. </li><li>Here are the important changes you need to know regarding financial transactions, EPF, Insurance, Hallmark, FASTag and Aadhaar linking in India. </li></ul>The Reserve Bank of India (RBI) is the authority that issues the rules and regulations that govern the banking sector. It is mandatory for all the banks in the country to implement the changes announced by the RBI, which helps provide uniform customer experience. Here are the latest guidelines and changes that take effect in January 2020. NEFT charges will be rolled back As per the new RBI guidelines, banks must <a href="https://economictimes.indiatimes.com/wealth/personal-finance-news/from-january-2020-banks-cannot-charge-you-for-online-neft-transactions/articleshow/71970375.cms?from=mdr">stop charging customers a fee for transacting using the NEFT</a> (National Electronic Funds Transfer) system. This measure is intended to encourage digital transactions among the users. Statistics show digital payments accounted for over 96% of the total non-cash retail payments done from October, 2018 to September 2019. OTP to withdraw cash from ATM India’s largest bank SBI says the customers transacting on the ATMs from January 2020 will have to input an OTP sent by the bank on their registered mobile phones to complete the transaction. It means users will have to carry their mobile phones while using ATMs. This measure is implemented to prevent fraudulent transactions and enhance the security measures while using ATMs. <div type="Article" hostid="261" msid="72994722" title="Bank Holidays January 2020: Complete list of bank holidays January 2020 to help you plan your financial activities" mstype="2" mssubtype="0"></div>

 No MDR charges for transactions on RuPay and UPI platforms The Department of Revenue is to announce RuPay and UPI as the prescribed mode for paying while transacting digitally. The finance minister Nirmala Sitaraman said <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/no-mdr-charges-applicable-on-payment-via-rupay-upi-from-jan-1-sitharaman/articleshow/73008967.cms?from=mdr">there will not be any MDR (Merchant Discount Rate) charges</a> while using these platforms for transactions. You can choose to lower your EPF contribution With the bill successfully passed in the Parliament, the government has decided to let employees lower their EPF contribution if they choose to. About 12% of their basic is deducted at present from the salaries of the employees for depositing in EPF. The said revision in the rule enables employees take more salary to their homes, if they want. General insurance policy premiums will cost more The New Year might also see <a href="https://www.moneycontrol.com/news/business/personal-finance/heres-why-your-general-insurance-premium-may-rise-by-10-15-after-january-1-4655291.html">general insurance premiums go up</a> by 10 to 15% on account of the rise in reinsurance rates. Reinsurance rate is the rate that the insurance providers must pay for securing a cover. The rise in reinsurance costs will mean the premiums will cost more. Health insurance providers who are under the pressure to cover additional ailments, are looking forward to increase the health insurance premiums from 10 to 15% in 2020. <div type="Article" hostid="261" msid="72975148" title="Income tax cuts and new tax slabs ⁠— here’s how Indian Finance Minister Nirmala Sitharaman wants to make people shop more" mstype="2" mssubtype="0"></div>

 SBI loan interest rates will come down After the RBI reviewed its monetary policy in December, SBI became the first bank to cut its external benchmark rate by 25 basis points. While the revised benchmark lending rate of 7.8% is taking effect from 1 January 2020, the borrowers will see the <a href="https://economictimes.indiatimes.com/wealth/personal-finance-news/sbi-reduces-its-external-benchmark-rate-by-25-bps/articleshow/73024749.cms">home loan interest rates come down to 7.9% a year</a> from the previous 8.15%. The interests of other kinds of loans will also come down a bit in the New Year. Hallmarking becomes mandatory for jewelry From January 15, 2020, the government has said <a href="https://www.businesstoday.in/current/economy-politics/govt-set-to-make-gold-jewellery-hallmarking-mandatory-from-january-15/story/391310.html">hallmarking is mandatory on jewelry</a>. Nevertheless, the government has allowed a lean period of one year to ensure compliance with this new rule giving time for establishing new hallmarking centers across the country and also to clear existing jewelry stocks with the merchants. This move is expected to tackle the quality concerns and thereby boost demand for gold in India which is the second largest gold market of the world. <div type="Article" hostid="261" msid="73030004" title="What is UPI and how does it work?" mstype="2" mssubtype="0"></div>

 3 months extension given to link Aadhaar with PAN card The government’s latest announcement on the subject says the last date to link Aadhaar card with PAN card is extended for three more months from <a href="https://www.businesstoday.in/current/economy-politics/pan-aadhaar-linking-deadline-extended-by-3-months-to-march-31/story/392888.html">December 31, 2019 to March 31, 2020</a>. This is the second time that the government is extending this deadline so that the users are given enough time to complete the task. While the Income Tax laws say that the PAN cards will become inactive if Aadhaar card is not linked, the extension comes as a respite to those who have not linked these two documents. Those that have not purchased FASTag will have to pay two times the toll charges All private and commercial vehicles running on the Indian roads must purchase FASTags. The government earlier extended the December 1, 2019 deadline to December 15, 2019 for the vehicle owners to ensure compliance. Failing to do so and driving through the toll lanes without FASTag affixed to your car windshield, will mean you will be paying twice the toll charge. These are rechargeable tags that will enable automatic deduction of toll charges from your linked bank account as you can avoid long queues at the toll plazas. SBI’s chip debit cards will only work in the New Year 2020 SBI had earlier asked its customers to change their magnetic stripe debit cards with EMV chip and PIN-based SBI debits cards. This can be done at their home branch. If you are an SBI customer having your old magnetic stripe card, <a href="https://www.financialexpress.com/money/sbi-customer-these-atm-cum-debit-cards-will-become-useless-from-january-1-do-this/1781664/">your card will not work from January 1, 2020</a>. In a statement, SBI has said, “Apply now to change your Magnetic Stripe Debit Cards to the more secure EMV Chip and PIN-based SBI Debit card at your home branch by 31st December, 2019. Safeguard yourself with guaranteed authenticity, greater security for online payments and added security against fraud.” <div type="Article" hostid="261" msid="72906028" title="Indian economists tell Finance Minister Nirmala Sitharaman to simplify GST and direct taxes" mstype="2" mssubtype="0"></div>

New Banking, Insurance and Finance rules that will come into effect starting 1st January - Here's how they will affect you and what you need to know

Post demonetisation, the whole nation has understood that all you need to survive is your smartphone. You can literally buy candies and also transfer money with your smartphones and it’s also timesaving. 
 
"In the near term, wallets will do well as they are more popular,” Niren Shah, MD of Norwest Venture Partners, told ET. 
 So far, people have grabbed whatever is easily available to pay for coffee, bills, movie tickets, cab rides and just about anything, and here, m-wallet <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword> has scored over others. 
 
Users comfortable with mobile wallets today could shift to an easier digital platform. 
 "Frictionless payments are the future,” R Venkatachalam, managing director for India &amp; <keyword id="52011" type="CITY" weightage="20" keywordseo="South-Asia">South Asia</keyword> at FIS Global, a global provider of financial services technology. That is, any payment mechanism which is effortless, without requiring users to remember too many passwords, PINs etc, perhaps biometrics-enabled, told ET. 
 
There's more to providing a smooth digital payment experience than aspects such as security and ability to attract customers who are used to transacting in cash and are reluctant to change. 
 
"Three things are important for any payment option - access, interoperability and financial sustainability of the operator,” said Anant Bhagwati, partner, Bain &amp; Company. 
 People are using mobile wallets as they offer the least hurdles to complete a payment. Paytm alone has 173 million users but they have limitations. They are not interoperable and transferring money requires sender and receiver to have the same company's account - it's Paytm to Paytm, <keyword id="143842" type="UNKNOWN" weightage="20" keywordseo="Mobikwik">MobiKwik</keyword> to MobiKwik and <keyword id="6377963" type="UNKNOWN" weightage="20" keywordseo="Freecharge">Freecharge</keyword> to Freecharge. 
 
And furthermore, the money transferred to a wallet does not earn interest. Small merchants such as owners of corner shops and neighbourhood kirana stores can't draw more than Rs 25,000 a month from a digital wallet, which affects cash flow. Even the founders of some mobile wallet companies are not so optimistic about their future if challenges like interoperability persist. 
 "That's why we don't call it a Paytm wallet - it's a Paytm account that people have with us,” <keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword>, founder of Paytm, told ET. 
 The account could be a digital wallet, <keyword id="6358921" type="COMPANY" weightage="20" keywordseo="UPI">UPI</keyword> or anything else that is permitted. 
 
"The fight is about owning consumers and merchants - protocols can change,”, Sharma said. 
 
At present, wallet companies are not allowed to enable users to access UPI, which enables funds to be transferred from one bank account to another. By the end of 2017, it's quite possible that people could be ditching their digital wallets and opting for UPI or even voice commands to digital avatars to complete payments. 
 
"Wallets need to mature, evolve into something else and be interoperable to be relevant,” Bipin Preet Singh, founder of MobiKwik, a wallet company with 45 million users, told ET. 
 
In India, 27% of the more than 1 billion mobile phone users have smartphones - compared with 70% in China - and the rest use feature phones. Affordability, among other factors, has hindered the faster adoption of smartphones. The digital payment option for feature phones is USSD, or Unstructured Supplementary Service Data, which transmits data over GSM networks and is popular in Kenya, Bangladesh, Cambodia and Zimbabwe with their respective services, mPesa, bKash, Wing and EcoCash. 
 
Plastic Lacks Reach; UPI Fills Void If mobile wallets face multiple headwinds, one of the oldest cashless options - credit and debit cards - have limited reach. About 800 million people carry plastic (mostly debit cards, less than 10% are credit cards) and they are generally used to withdraw cash from ATMs. 
 
Today, digital wallets are popular. Tomorrow, direct payment systems will score over intermediaries such as mobile wallet and plastic money companies.

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