March 2024 bank holidays: Certain bank branches will be open to cater to government transactions for the fiscal year 2023–2024 on Sunday, March 31. This decision comes from the Government of India, which has asked all bank branches handling government receipts and payments to remain operational on that day. The Reserve Bank of India (RBI)…
Paytm Payments Bank has released a detailed FAQ on their website in light of the new directive that comes into force on March 15, concerning the acceptance of new deposits. The bank has provided clarity especially on the usage and management of FASTags issued by them, in compliance with the Reserve Bank of India‘s (RBI)…
MUMBAI: India’s forex kitty jumped by USD 10.47 billion to USD 636.095 billion for the week ended March 8, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had risen by USD 6.55 billion to USD 625.626 billion. In October 2021, the country’s forex kitty had reached an all-time high…
Paytm Payments Bank FASTag: The Reserve Bank of India (RBI) has banned Paytm Payments Bank (PPBL) from taking on new clients for different services. After March 15, no new deposits, credit transactions, or top-ups will be accepted for customer accounts, prepaid cards, Paytm Wallets, FASTags, NCMC cards, etc.The National Highways Authority of India (NHAI) suggests…
Paytm Payments Bank crisis: The Reserve Bank of India (RBI) imposed business limitations on Paytm Payments Bank Ltd (PPBL) through a press release dated January 31, 2024. From February 29, 2024, PPBL was prohibited from accepting fresh deposits or top-ups due to persistent non-compliance and ongoing supervisory concerns. The deadline has since been extended by…
Have a Paytm FASTag? There’s an important update for you! The National Highways Authority of India (NHAI) has advised Paytm FASTag users to get a new FASTag from another bank before March 15. This is to ensure a seamless travel experience and avoid any inconvenience at toll plazas, according to an official statement. By obtaining…
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Para of MD Existing Provision Amended Provision 7(c) Card-issuers may issue business credit cards to business entities/individuals for business expenses. The business credit cards may also be issued as charge cards, corporate credit cards or by linking a credit facility such as overdraft/cash credit provided for business purpose as per the terms and conditions stipulated…
Shivratri 2024 bank holiday: As the country gears up to celebrate Mahashivratri on March 8, several states will experience an extended weekend as banks remain closed. The decision to close banks during this time is in accordance with directives from state governments and the Reserve Bank of India (RBI).According to the central bank’s holiday list,…
New KYC updation process soon? Banks are working on strengthening their KYC (Know Your Customer) standards by adding extra verification layers to identify accounts and account holders. This initiative is being discussed with the Reserve Bank of India (RBI) and the government. The plan includes updating all existing accounts, especially those with a single phone…
