Cash Transaction

DFS Secretary urges fintechs to drive offline payments, boost inclusion

DFS Secretary M Nagaraju on Monday urged fintechs to focus on driving offline payment solutions to enhance financial inclusions. "I would like to request fintechs to focus their attention on payment solutions for offline payment," Nagaraju said at the CII Summit on Financial Inclusion and FinTech. He highlighted that financial inclusion is increasingly recognised as a major factor in economic growth and poverty alleviation on a global scale. He pointed out that seven of the 17 United Nations Sustainable Development Goals (UN SDGs) are directly connected to financial inclusion. This suggests the importance of improving access to financial services for the unbanked and under-served populations, he said. To illustrate progress made in India, he recalled data from before 2014, when only about 35 per cent of adults in India had access to a bank account, as estimated by the Global Findex Database. In response to this situation, the Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched in

Indo-Pak tensions: PSBs fortified ops in sensitive areas along border

Banks such as Punjab & Sind Bank, Canara Bank, Union Bank of India, and Punjab National Bank have asked their circle heads to stay in their zonal offices

Not for everyday transactions, but cash still store of value: RBI report

Currency in circulation up despite rise of digital transactions

Cash transactions dramatically spike at petrol pumps, online orders: Report

One of major benefits of Centre's decision to withdraw the Rs 2,000 currency note might be the immediate uptick in consumption demand, according to State Bank of Indias Economic Research Department

Cash share in POS transaction value to fall 50% to $6 trn globally by 2026

Riding on digital payments, the point-of-sale transaction value share conducted in cash is expected to fall from $11.6 trn in 2021 to $6.0 trn globally by 2026, a decline of nearly 50%, report showed

The rise of micro-ATMs in semi-urban and rural areas: How do they work?

These easy to deploy, cost-effective devices that are akin to a point-of-sale terminal have mushroomed in India's semi-urban and rural areas

Decoded: Life behind the ATM and how the cassette-swap mode will change it

Will the interchange fee after free transactions increase with the shift to cassette-swap mode?

CBDC to bring down time, cost for cross-border transactions: RBI Deputy Guv

Central bank digital currency (CBDC), to be launched this year, could become a tool for reducing time and cost for cross-border transactions, Reserve Bank Deputy Governor T Rabi Sankar said on Wednesday. The RBI has proposed to launch on a pilot basis this year, as announced in the Budget by Finance Minister Nirmala Sitharaman. In the Union Budget for 2022-23, the finance minister had said the RBI would roll out a digital equivalent to the rupee in the current financial year. "We have to understand that internationalisation of CBDC is crucial to addressing the payments issue that bodies like G-20 and Bank for International Settlements (BIS) are dealing with now," he said at India Ideas Summit. Observing that India has an excellent, cheap and fast domestic payments system, he said the cost of cross-border payment, however, is still high. There is a lot of scope for improvement in terms of both cost and speed, he noted. CBDC is probably the most efficient answer to this, he said, .

IT raid on chit fund group finds Rs 250-crore illicit cash transaction

The searches were carried out on December 16, and 30 premises of the unidentified group, also engaged in real estate and finance business

Best of BS Opinion: Love for cash, India's social policies, and more

Here is the best of Business Standard's opinion pieces for Thursday

Wise launches low cost and fast international money transfers from India

Co-founded by Taavet Hinrikus and Kristo Kaarmann, Wise launched in 2011 under its original name TransferWise

Showing PAN-Aadhaar for Covid treatment not practical: Experts

It would have been more effective, they say, if the exemption in cash payment had been given without any caveats and for a longer period

When to say no to cash: A checklist for managing your daily transactions

The rules for cash transactions are stringent. Ensure that you stay within specified limits