The government will soon give handheld devices to all rural post offices, he added. The payments bank licence will enable the Department of Post (DoP) to offer banking services to the masses through its vast network of 1,54,000 post offices, of which 1,30,000 are in rural areas.
The Reserve Bank yesterday gave 'in-principle' nod to 11 entities, including Department of Post, Reliance Industries, Aditya Birla Nuvo, Vodafone and Airtel, to set up payments banks and proposed such licences 'on tap' in future.
The Employees' Provident Fund Organisation (EPFO) is cautious after the apex court ruled earlier this month that "the production of an Aadhaar card will not be a condition for obtaining any benefits otherwise due to a citizen".
Greek Prime Minister Alexis Tsipras on Saturday urged voters to ignore European scaremongering and vote 'No' in this weekend's referendum as polls showed support swinging behind the 'Yes' campaign.
Worried that the Greek crisis may trigger capital outflows, Finance Secretary Rajiv Mehrishi in New Delhi said the government is in touch with the Reserve Bank which will take necessary steps to deal with the issue.
The card named 'Secure+' can be switched off by using a mobile phone application or Internet banking gateway or through the phone-banking application. Besides, customers can also put limits on transactions.
The Reserve Bank-promoted body has reduced the charges to 45 paise on an increase in volumes and efficiency.
Technology innovator NCR India is set to revolutionize the way automatic teller machines, or ATMs work in India. CNBC-TV18'S Jude Sannith takes a peek at the latest developments from the company which will have ATM machines using an android operating system with cloud technology.
The RBI last November had capped the number of free transactions a month to five, with a charge Rs 20 for every subsequent transaction, thus ending months of uncertainty.
RBI believes this to be a policy decision as the ATM facility was made available with a view to reduce "cash usage and increase electronic transactions in the country"
The regulator has set a limit of Rs 2,000 per transaction even for contact-less cards. The RBI said it has arrived at this conclusion after examining the trade-off between security and convenience.
The interest rate for resident and non-resident savings account has been revised from 7 percent to 6 percent with effect from November 1, Yes Bank said in a statement.
Under the new method, the number of free transactions in a month is fixed at five using own ATMs, while it has been capped at three for other banks' machines.
In his maiden Independence Day speech, Prime Minister Narendra Modi unveiled the biggest financial inclusion programme of the new government Jan Dhan Yojana. He promised to give banking access to nearly 7.5 crore households in the country.
SBI introduced this products three months after the Reserve Bank issued guidelines allowing minors over 10 years to operate bank savings accounts independently and use facilities such as ATMs and cheque books.
Currently, a little over three crore customers are registered for mobile banking - with SBI, HDFC Bank and ICICI Bank leading the way. Bankers like Aditya Puri say customers have so far enjoyed free ATMs services but there is no such thing as free lunch anymore.
MphasiS said: In the area of e-surveillance of ATM sites and path breaking innovation in power optimisation solutions, the alliance with Delta Power Solutions will help the company develop an intelligent solution that can provide a single user interface for a 360 degree view of an ATM and ATM site.
The company is planning to submit application for insurance license soon.
The key question is, if the next government were not actively back Aadhar, has the system created enough mass of benefits for state governments, banks, and the lay citizen to want the scheme to continue?
State Bank of India (SBI) chairperson Arundhati Bhattacharya also said barring in a few states, the ATM operations are making losses. SBI cannot subsidise ATMs forever
An important point to note is that the APMC Act provides that farmers can sell in auctions at the APMC mandis to the traders. The auction protects them from being taken advantage of by the traders, but the point is that traders have cartelized and they buy it from them.
Bankers say beefing up security guard presence will add Rs 36,000 per month to the costs of maintaining an ATM and e-surveillance systems will cost an additional Rs 15,000 per kiosk and this higher cost will be passed on.
Severe shortage of trained security guards has left banks with no option but to shut down several ATMs even in the central business district.
A woman manager of Corporation Bank was attacked by an unknown assailant armed with machete when she entered an unmanned ATM centre in Bangalore last week.
The Indian bank association says ATM security is the responsibility of the bank but is quick to add that no bank is required to provide round-the-clock security at these kiosks, when other security measures are available.