Banking Awareness 23rd November 2016 | Financial Affairs 23rd November 2016
SBI pumps money in POS devices as cash pipeline dries-up
Providing cash through POS machines including in tea gardens, hospitals and trains.
- Seeking to reach out to maximum number of people looking to withdraw money, State Bank of India today said it is providing cash through POS machines including in tea gardens, hospitals and trains.
- Customers can also draw money at IOCL, HPCL and BPCL petrol pumps by using SBI-enabled POS machines.
The amount of withdrawal can a person perform.
Cashless model shields Hatsun from cash woes
All transaction from clients are done through banks
- It’s business as usual for Hatsun Agro Products Ltd., owners of popular brands such as Arun Icecreams, Arokya Milk and Hatsun Curd despite the announcement of demonetisation as the firm had gone cashless long ago.
- Milk sales contribute about Rs.75 crore a month for Hatsun. Other product sales work out to Rs. 350 crore a month.
Hatsun Agro Products Ltd
- Arun Icecreams
- Arokya Milk
- Hatsun Curd
Mobile banking fees waived till year end
Fees waived off due to cash crunch
- Telecom Minister Manoj Sinha said that telecom operators would waive mobile banking charges till December 31 to help people facing a cash crunch in the wake of demonetisation.
- Leading telcos including Bharti Airtel and Vodafone confirmed the development. A spokesperson for Bharti said that the company would encourage customers to leverage this benefit for their convenience.
Short codes to 50 paise from Rs 1.50.
RBI relaxes NPA norms to fight cash crunch
which will allow borrowers more time to repay
With several small business, farmers and home loan borrowers finding it difficult to service debt following the present cash crunch due to the withdrawal of Rs.500 and Rs.1000 denomination currency notes, the Reserve Bank of India (RBI) relaxed asset classification norms for banks, which will allow borrowers more time to repay.
Relaxation apply for home loan as well but not for restructuring of loan.
RBI raises cap on m-wallets to Rs.20,000
Increased the per month limit for closed prepaid wallets to Rs.20,000
- In a move to boost mobile wallet transactions amid the ban on high value cash, the Reserve Bank of India (RBI) on Tuesday increased the per month limit for closed prepaid wallets to Rs.20,000 from Rs.10,000
- Most mobile wallets in the country are semi-closed as they accept a watered down version of the ‘Know Your Customer’ (KYC) details from customers.
Prepaid Payment Instrument
Limit has now been enhanced from Rs.10,000 to Rs. 20,000.
Demonetisation’s positives unlikely to be strong
Fitch forecast on demonetization.
- Fitch Ratings said the government’s decision on demonetisation that had created a cash crunch would constrain economic activities in the short-term forcing the credit rating agency to cut its GDP forecast for the fourth quarter.
- Also said the impact on GDP growth will increase the longer the disruption continues.
Founder – John Knowles Fitch in 1914.
Give tax breaks for digital payments, says Niti Aayog
Tax breaks to consumers and merchants for card payments.
- Niti Aayog has proposed giving tax breaks to consumers and merchants for debit or credit card payments.
- The government think-tank has also suggested levying surcharge for cash transactions beyond a set limit to encourage electronic transactions.
The number of transactions in digital channels.
India’s wealth rises, as does disparity
96% of the adult population in India at the base of the wealth pyramid.
- A report on global wealth by Credit Suisse said that the uneven growth has left 96 per cent of the adult population in India at the base of the wealth pyramid.
- Further, wealth in India is dominated by property and other real estate that make up 86 per cent of its estimated household assets, according to the global financial services major.
Number of Millionaires whose net-worth is above $100 million.
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