-The Times of India State Bank of India (SBI) has revised service charges on ATM (Automated Teller Machine) withdrawals for users of its mobile app "SBI Mobile Buddy", as well as for various other cash and online transactions, effective from June 1. The country's largest lender will start charging customers Rs 25 per transaction for withdrawing money from an ATM through its mobile wallet app from Thursday. The SBI mobile wallet allows...
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Note ban effect: GDP growth enters slow lane in Q4 at 6.1% -Ishan Bakshi & Indivjal Dhasmana
-Business Standard GVA growth at 2-year low of 5.6%; Farming only bright spot India’s economic growth fell to 6.1 per cent in the fourth quarter (Q4) of 2016-17 (FY17), primarily because of demonetisation adversely affecting economic activity. This was at least a four-quarter low. The sectors worst affected were construction and financial services. Without indirect taxes, growth figures would be more dismal. Gross value added (GVA), the difference between gross domestic product...
More »Norms to protect customer in fraudulent transaction soon: RBI
-PTI MUMBAI: Reserve Bank will soon come out with final guidelines on customer protection which would limit customers liability in case of unauthorised electronic banking transactions, RBI deputy governor S S Mundra said on Tuesday. Last year in August, RBI had issued draft circular on limiting liability of customers in case on fraudulent banking transactions, resulting in debits to their accounts or cards. RBI had asked comments and suggestions on the same. "Based...
More »Social impact of demonetisation may have been greater: World Bank
-The Hindu Greater data availability, especially on labour markets, needed to better gauge social impact of such policies The World Bank has said the social impact of demonetisation may have been greater as the informal economy was likely to have been hit especially hard. However, the Bank said the impact of demonetisation on the informal economy was difficult to measure and greater data availability, especially on labour markets, is needed to...
More »Auditor Extraordinaire: The Curious Case of NPA Underreporting in India -Hemindra Hazari
-TheWire.in At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore. Recently, Axis Bank and Yes Bank jolted the Indian banking community while releasing their annual results. Both banks disclosed a staggeringly large divergence between the banks’ audited accounts and the Reserve Bank of India’s (RBI) findings regarding bad loans on the...
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