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.
MDR is the rate charged by banks to merchants for providing debit and credit card services
BoB is promoting cashless transactions and as such, intends to have arrangement with IFFCO for issuance of co-branded cards to the farmers, a joint statement said.
State-owned oil firms, that are bearing the discount cost of 0.75 percent for cashless payments announced by the government in the wake of demonetisation, may urge the government to compensate for their losses.
"Niti Aayog will soon rank states on the basis of digital transactions. Aayog has asked the states to submit their digital transaction data within next 10 days," a senior government official said.
Payments through digital channels including internet banking, debit card and credit card are likely to become cheaper. The Union Budget, which will be presented on February 1, is likely to announce tax rebates on such transactions.
To promote cash-less transactions, the government had waived the Merchant Discount Rate (MDR) on fuel purchase post demonetisation for consumers. But after the expiry of the 50-day window, the banks have decided to levy MDR on petrol pump owners.
"The MDR charges waiver has been extended till January 7 and the review would be done after that," Citi India spokesperson said.
In a bid to strengthen capital base of public sector banks (PSBs), the government has allowed 12 lenders to raise nearly Rs 3,000 crore via preferential shares over and above the Rs 22,915 crore capital support committed to them in July last year.
The government tries to prove that its demonetisation move was a success by providing us with reassurance that the economy is picking up. However the numbers given by the government are less that the reality, says O'brian.
Due to shortage of cash supply post demonetisation, most companies have been offering different cashless payment solutions to attract customers.
BJP in the union territory today asked the Puducherry government to order all private educational institutions to ensure that they collect fees from parents through cashless transaction by adopting swiping machines.
The government has decided to "exempt services by an acquiring bank to any person in relation to settlement of an amount up to Rs 2,000 in a single transaction transacted trough credit, debit card or other payment card service", sources said.
Advancements in technology provide us secure ways of transacting in a digitised economy. However, we must exercise caution at our end and keep our money safe from scams and frauds.
RuPay card usage jumped by over 118.6 per cent in the week following demonetisation that took effect from November 8 mid-night while the overall debit and credit card transactions recorded an increase of 70.5 per cent.
The temporary suspension of the merchant discount rate (MDR) on all domestic debit card transactions it acquires will remain until December 31.
To ensure quick and unhindered flow of credit and cash to farmers during the current rabi season to deal with ban of Rs 500/1,000 notes, the government has allowed Nabard to disburse Rs 21,000 crore through cooperative banks to farmers.
Eric Vas, President of Motorcycle Business at Bajaj Auto, said that post demonetisation there has been a significant decline in the sales of 2-wheelers. It was 50 percent in rural India and 25 percent in urban areas.
It would be positive for investment and result in disinflation among other benefits, he said, while commenting on the government's decision to demonetise high value currencies last week.
A bench of Chief Justice G Rohini and Justice Sangita Dhingra Sehgal said that in August it had already directed the Ministry of Finance and Reserve Bank of India (RBI) to take decision on the issue and inform the petitioner.
Welcoming the decision, Visa International, which leads the plastic card issuance market globally as well as in the country, said this bold move will accelerate the economy towards a cashless economy.
"The exchange has sought clarification from the companies with respect to news item captioned 3.2 million debit cards compromised...the response is awaited," NSE said.
The RBI held a meeting with senior officials from select banks, the National Payment Corporation of India (NPCI) and card network operators to review the steps taken by various agencies to contain the adverse fall-out of certain card details alleged to have been compromised.
The government has asked RBI and banks to provide details of the data breach and also banks' preparedness to deal with cyber crimes.
The government, he said, has sought a detailed inquiry report into the issue and appropriate action will be taken once it is received.