Now,
use your debit card for inter-bank fund transfers at ATM centres
If you need to transfer money from, say, your YES Bank
account to a customer of Union Bank of India, you can now do so through your
debit card, by visiting an ATM. Union Bank of India, Canara Bank, Andhra Bank,
Saraswat Co-operative Bank and YES Bank have come together to allow inter-bank
fund transfers through debit cards.
ATM
transactions dip 9% in November
Higher withdrawals
for Diwali coupled with banks limiting free ATM withdrawals led to a drop in
the number of ATM transactions across the country. Transactions dropped 9%
from 26.8 crore in October 2014 to 24.4
crore in November, data from NPCI showed.
Banks
set to kick off lending rate cuts
Banks’ decision to lower deposit rates might
not augur well for depositors, but it has certainly offered borrowers a reason
to celebrate.
Banks
now borrow at floating rate
In keeping with the
recommendations of the Urjit Patel Committee, RBI decided to move to the term
repo mechanism in October last year. This was done for two reasons. One, RBI
didn’t want to extend unlimited funds to banks at a fixed rate. Two, it wanted
to make sure that its policy rate changes were quickly passed on to borrowers.
Good
days ahead for accountants, says ICAI chief
The convergence of
Indian accounting practices with International Financial Reporting Standards
(IFRS), set to begin in the next financial year, will boost FDI inflows to the
country, says Mr. K Raghu, President of the ICAI. IFRS, a common global
accounting system for companies, has been adopted by over 100
countries.
FIBP
role shrinks amid easier FDI flows
The role of the Foreign Investment Promotion Board (FIPB), a
vestige of India’s intractable bureaucracy, has been reduced to a minimal
level. About one and a half decades ago, the FIPB used to vet 80% of
foreign direct investment (FDI) proposals in terms of value. However, in 2013-14,
it sat in judgment over less than 5% of these proposals,
according to data compiled by the department of industrial policy and promotion
(DIPP).
Data
security is paramount for a company: Citi MD
Data protection and
security are critical for a company as customers will walk away if they believe
they cannot trust them, according to Mr. Vikram Subrahmanyam, Managing Director
and Head (Operations and Technology), South Asia, Citibank at CIO summit 2014,
organised by the Confederation of Indian Industry on the theme ‘Keeping Pace
with IT security and Compliance’.
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