"Removal of service tax in case of all card-based transactions is essential. This exemption should, in fact, apply to banking correspondents as well, in order to extend the reach of financial inclusion to the remote and under- banked and non-banked areas of the country," Indepay Network President and CEO Rajib Saha said in a statement.
The 50-day exercise ended on December 30, but the cash supply situation is yet to ease in certain pockets. As a result, the government has not lifted the withdrawal ceiling of Rs 24,000 per week.
In order to supply more bank notes to currency-starved rural branches of banks, the RBI has asked lenders to increase issuance of fresh notes. The banks have been told to increase supply to regional rural banks, district cooperative central banks and commercial banks.
The Reserve Bank on Wednesday directed regional rural bank (RRBs) to comply with Credit Information Companies Act and take immediate steps to become member of at least one of the credit information companies.
The Reserve Bank of India (RBI) on Tuesday put curbs on Regional Rural Banks (RRBs) for lending against gold coins, units of gold exchange traded funds (ETFs) and mutual funds (MFs). Measures are primarily aimed at reducing the demand for gold.
The government on Thursday approved capital infusion of Rs 632 crore in cash-starved regional rural banks (RRBs) to improve their capital adequacy and lending capacity to the agriculture sector.
Seeking to dispel the impression of policy inaction, the government is likely to give a push to pension sector reform by approving changes in the proposed PFRDA Bill so that it can be taken up by Parliament for the passage in the Monsoon session next month.
Private insurer IndiaFirst Life Insurance today said it garnered premium at Rs 1,000 crore during FY12 by over 43% compared to the previous fiscal.
Despite the demanding operational environment, the Indian banking sector demonstrated continued revival from the peripheral spill over effects of the recent global financial turmoil.
Farmers in the Villupuram district of Tamil Nadu have been provided with a cashless mobile payment system, called the kisan card system.
Taking a serious note of some rural regional banks issuing demand drafts or travellers cheques of Rs 50,000 and more against cash payments, the RBI today asked all such lenders to refrain from the practice to ensure integrity of financial system.
IndiaFirst Life Insurance today said it has partnered with five Regional Rural Banks (RRBs) in order to sell its products to customers in the hinterland.
Rupay, the first domestic form of plastic money promoted by the National Payment Corporation of India (NPCI), is fast inking strategic ties with banks to promote the product.