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While the RBI launched the 200-rupee note a week ago, it may take up to three months for ATMs to start dispensing the new denomination currency as it will involve a huge exercise of recalibration. Some banks have even asked the ATM companies to begin testing the new note for recalibration of the machines, though they have not got supplies of the new currency. Only last year, the banks were involved in recalibration of ATM machines after the demonetization of high-value currency notes in November. Reserve Bank of India (RBI) did issue a statement saying that the supply of the new Rs 200 notes would soon be ramped up, but has not given any time-frame by which it will be available in adequate numbers. ATM manufacturing companies said that they have not received any directive from the RBI regarding the recalibration of ATMs for the new Rs 200 note. They disclosed that some banks have at an informal level have asked them to start testing of the new note, since it is of a dif...

It’s not just large private sector banks that are offering instant loans to their customers through ATMs or via online bank accounts. Financial technology start-ups are changing the way personal loans are disbursed to borrowers. Recently, India’s largest private sector lender, ICICI Bank, started offering personal loans to its pre-selected salaried customers through its ATMs. Only those on the bank’s pre-approved customers’ list based on their credit score would get the option to avail the facility. HDFC Bank has been offering instant loan through net banking. But if you don’t have a credit history or a longstanding banking relationship, you can approach start-ups such as EarlySalary.com, LoanTap, and so on. As these lenders target customers who don’t have any credit history, they use a variety of parameters to evaluate the customer’s profile. They access an applicant’s social media account and build a profile after getting information through the app such as friends’ list, loc...

Financial News : Axis Bank, the country’s third largest private sector lender, is looking to expand the scale of its digital transactions . Such transactions currently make up 70 per cent of the bank’s overall transactions compared to branch banking which accounts for only 12 per cent. “ Our intent is to increase the volume of digital transactions. People are getting used to it and it is on us how we intensify the digital operations. At present, digital transactions contribute around 70 per cent to our total transactions and we see lot of opportunities in this space driven by Aadhar-enabled payments and mobile app based banking”, said Sidharth Rath, group executive (corporate relationship group and transaction banking). Mobile banking transactions of Axis Bank surged 140 per cent while internet banking moved up 36 per cent in last fiscal, largely due to demonetisation that significantly suck cash out of the system. “ All our customers are digitally enabled. Digital tran...

NEW DELHI: In a welcome move, the Reserve Bank of India (RBI) on Monday decided to increase the cash withdrawal limit from ATMs to Rs 10,000 per day from the present Rs 4,500 with immediate effect. However, there is no change in the weekly withdrawal limits, which stays at Rs 24,000. "The limit on withdrawals from ATMs has been enhanced from the current limit of Rs 4,500 to Rs 10,000 per day per card. It will be operative within the existing overall weekly limit," the central bank said in a statement. The limit on withdrawal from current accounts has been enhanced from the current limit of Rs 50,000 per week to Rs 1,00,000 per week. This also extends to overdraft and cash credit accounts. On December 28, the RBI had revised the cash withdrawal limit from Rs 2,500 to Rs 4,500+ , which came into force on January 1, 2017. The move had been hailed by cash-strapped people all over the country. The RBI had imposed these limits in November after the government announc...