New Delhi : HDFC Bank has disallowed its customers from buying Bitcoins, cryptocurrencies and virtual currencies through the bank’s credit, debit and prepaid cards. In a circular to the HDFC Bank customers, it said: “You may be aware of the increasing global apprehensions regarding Bitcoins, cryptocurrencies and virtual currencies. The Reserve Bank of India has […]
Category: Business
RBI had cautioned banks multiple times on SWIFT misuse: Government
New Delhi : The RBI had issued two circulars in 2016 to banks on strengthening the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, the misuse of which was unveiled last month in the Rs 12,600 crore fraud on state-run Punjab National Bank (PNB), Parliament was informed on Tuesday. Apart from diamantaire Nirav Modi and […]
SBI slashes charges on minimum balance in accounts
New Delhi : Country’s largest lender State Bank of India (SBI) has substantially reduced charges for non-maintenance of average monthly balance (AMB) in savings accounts, which would benefit 25 crore banks’ customers, an official statement said here on Tuesday. The revised charges would be effective from April 1, 2018. This step is taken keeping in […]
GST Council extends tax exemptions for exporters
New Delhi : The Goods and Services Tax (GST) Council on Saturday extended the tax exemptions available to exporters on imported goods for a further six months till October 1 after which an e-wallet scheme would be put in place to continue the benefits. The Council had in its October 6 meeting last year noted […]
PSBs told to obtain passport details of borrowers over Rs 50 crore
New Delhi : Following the multi-crore Punjab National Bank (PNB) fraud, public sector banks have been asked to obtain passport details of borrowers taking more than Rs 50 crore so that information is quickly available in case any loan-taker flees the country. “Public sector banks to collect passport details of all new borrowers of loans […]
Nationwide rollout of inter-state e-Way Bill from April 1: Jaitley
New Delhi : The Goods and Services Tax (GST) Council on Saturday finalised April 1, 2018 for the nationwide mandatory rollout of inter-state e-Way Bill, Finance Minister Arun Jaitley said here. “Intra-state e-Way Bill will be rolled out in phased manner with four groups of states. Each group will come under it every week after […]
Banks’ gross bad loans in December stood at Rs 8.41 lakh cr
New Delhi : The gross non-performing assets (NPAs), or bad loans, in the Indian banking system amounted to Rs 8,40,958 crore in December, Parliament was told on Friday. Minister of State for Finance Shiv Pratap Shukla told the Lok Sabha in a written reply that industry accounted for largest portion of these NPAs, followed by […]
87 cr bank accounts linked with Aadhaar: Finance Ministry
New Delhi : The Union Ministry of Finance on Friday said more than 87 crore bank accounts have been linked with the 12-digit unique identity number Aadhaar in the country till early March. The deadline for linking Aadhaar to bank accounts is March 31. “As on March 2, more than 87.79 crore current and savings […]
Over 1.03 cr taxpayers registered under GST: Minister
New Delhi : Over one crore businesses have registered under the Goods and Services Tax (GST) regime, Parliament was informed on Friday. Minister of State for Finance Shiv Pratap Shukla said this in a written reply to a question in the Lok Sabha on whether the new indirect tax regime had helped in widening the […]
RBI slaps Rs 5cr penalty on Airtel Payments Bank for KYC violation
Mumbai : The Reserve Bank of India (RBI) on Friday slapped a penalty of Rs 5 crore on Airtel Payments Bank Limited for violating know your customer (KYC) norms, an official statement said here. “The Reserve Bank of India has imposed, on March 7, 2018, a monetary penalty of Rs 50 million on Airtel Payments […]