In recent times, several instances of looting of cash vans and banks, as well as ATMs dispensing fake currency notes have been reported from different parts of the country.
According to the RBI data, there was a 4 percent increase in currency in the hands of the public at Rs 12.64 lakh crore as on March 31, as against a 7 percent rise a fortnight ago .
The RBI took up the issue of introducing Rs 200 bank notes at a meeting last month as it sought shore up the availability of lower denomination bank notes after ATM operators reported a shortage.
Managing Director and Chief Executive Officer of the bank P Jayarama Bhat highlighted its performance during the financial year 2016-17 and rolled out the business agenda for the new fiscal. As on March 31, 2017, the bank has 2,145 service outlets comprising of 765 branches and 1,380 ATMs across the country.
A senior executive of SBI said, "The employees opting for VRS is on expected lines. We have estimated about half or 50 percent of the employees taking that option. You can say about 6,000 employees may opt to take it up."
An initiative of the Supremus Group, JanaJal intends to strengthen its network of water dispensing machines and expand footprints to states such as Rajasthan, Maharashtra, Uttar Pradesh, Telangana and Tamil Nadu.
According to him, while one of the notes was completely blank from one side, serial numbers on two other bills were not printed clearly. Besides, the currency value written in Hindi was not printed clearly on three other notes.
Latest RBI data suggest that measures implemented to push digital transactions haven’t been able wane citizens off the “touch and feel” of cash.
The minimum balance limit news clashed with that of private sector banks charging for withdrawals above four free transactions, thus triggering a debate in social media. ICICI Bank, HDFC Bank and Axis Bank are charging a minimum of Rs 150 per transaction on deposits or withdrawal beyond the first four transactions.
Attacking Prime Minister Narendra Modi for his cashless push to the economy post-demonetisation, AICC chief spokesperson Randeep Surjewala said the true mask of Digital India is coming off as government is not intervening to stop banks from imposing heavy charges on use of ATMs and debit and credit cards.
The future of payments will be like a sci-fi movie where NFC and facial recognition will enable payments. Currency notes will become a thing of the past, branches will become lesser even as robot advisors, virtual assistants and chatbots will be your new banker, wealth advisor and cashier.
The Reserve Bank of India (RBI) has ignored requests to create guidelines on cash handling by third party providers at ATMs and bank branches, according to industry sources. This puts cash worth Rs 15,000 crore at risk on a daily basis.
Apart from this, some notes were printed with 'Ek Kadam Swachhta ki Aur' and 'Bharatiya Manoranjan Bank'.
ATMs are not designed to check the genuineness of currency notes at the time of dispensing. However, if a bank customer attempts to deposit fake currency, the machine will not accept.
A 27-year-old man was arrested today in connection with a case in southeast Delhi's Sangam Vihar area where a SBI ATM had allegedly dispensed four notes of Rs 2,000 with "Children Bank Of India" written on them.
Ahead of merger, State Bank of India (SBI) has called upon retired officers to become concurrent auditors with the bank to oversee compliance and risks under loans and operational activities.
An audit report of security breach at Hitachi, an ATM provider, spills bad news for banks. It says the devices that are installed to protect systems from malware and viruses are no match to the targeted cyber security attacks.
In a series of tweets, Economic Affairs Secretary Shaktikanta Das said the focus is on increasing production and supply of Rs 500 and lower denomination currencies, while complaints of cash shortage are being looked into.
Last week, Finance Minister Arun Jaitley said the remonetisation situation with regard to replenishing the scrapped currency is "almost normal" now and the Reserve Bank is monitoring the supply on a daily basis.
Earlier, the RBI had decided to remove the limits on cash withdrawals in two phases, keeping with the pace of remonetisation.
Total imports of the precious metal in the corresponding period of 2015-16 stood at USD 29.31 billion.
"While banks have taken steps to strengthen their defences, the diverse and ingenious nature of recent cyber-attacks necessitates an ongoing review of the cyber security landscape and emerging threats. Towards this end, an inter-disciplinary Standing Committee on cyber security is being constituted," RBI said in a statement.
"RBI is deciding on this....this is work in progress. I am sure as volumes (of digital transactions) are increasing, the charges will come down," the Finance Minister told members of the Rajya Sabha during the Question Hour.
Government today informed the Lok Sabha that banks are taking steps to upgrade software of ATMs and make them less vulnerable.
"All restrictions have been removed except on savings bank account of Rs 24,000 per week. This (removal of withdrawal limit) is also a matter of time," he told PTI in an interview.