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UPI, created by NPCI under RBI, enables immediate fund transfers using IMPS infrastructure. It integrates multiple bank accounts into a single mobile app for convenient and safe transactions using various identifiers. Payments are secured with 1-click 2-factor authentication, including the use of UPI PIN. Now, PPI Wallets can also be linked to UPI.
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Indonesia's February inflation of 2.75% exceeded expectations on surging food prices. Bank Indonesia (BI) expects interest rate cuts only in H2 2024. Rice, chicken, and chili prices were major contributors. Core inflation remained steady at 1.68%.
11:10 AM
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Sensex and Nifty advanced, IndusInd Bank, Mahindra & Mahindra, HCL Tech, Power Grid, Maruti, State Bank of India, Titan, Asian Paints, Nestle, and UltraTech Cement were major gainers. Reliance Industries announced a proposed merger of Viacom18 with Star India. Foreign Institutional Investors sold equities worth Rs 1,879.23 crore. Global oil benchmark Brent crude declined to USD 83.32 a barrel.
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A dormant bank account becomes inactive if there are no customer-initiated transactions for more than two years. Reactivating the account is a simplified process that involves re-submitting identification documents. Unclaimed deposits are transferred to the Depositor Education & Awareness Fund overseen by the RBI.
12:10 PM
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Reserve Bank of India (RBI) has revoked the license of Sumerpur Mercantile Urban Cooperative Bank due to insufficient capital and prospects. The bank's financial framework was found to be inadequate to meet its obligations, particularly in repaying depositors. Majority of the depositors are entitled to receive their full amount from DICGC.
9:10 AM
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Paytm Payments Bank crisis: Amidst regulatory pressures, digital payments company Paytm announced on Monday that CEO Vijay Shekhar Sharma would step down from his roles as non-executive chairman and board member of its payments bank unit.
7:10 AM
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Reserve Bank of India (RBI) penalised SBI, Canara Bank, City Union Bank for violating regulations. Fines imposed for various violations including exceeding share capital limits and data rejection. Ocean Capital Market, an NBFC, also fined. Inspection findings led to penalties. Breach details not disclosed.
6:10 AM
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Vijay Shekhar Sharma, the founder of Paytm Payments Bank, has resigned as the non-executive chairman of the bank's board, following the Reserve Bank of India's restrictions on the bank's operations. Bhavesh Gupta, the nominee director of the bank's parent company, One97 Communications, has also stepped down. However, Sharma will continue to lead One97 Communications, and Paytm app will function as a third-party application provider for UPI transactions. The bank has appointed Srinivasan Sridhar, the former chairman of Central Bank of India, along with three others, as new board members.
4:10 PM
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One97 Communications shares, which operates under the brand name Paytm, hit 5 per cent upper circuit on Monday after RBI issued a directive to the National Payments Corporation of India (NPCI) to review third-party app provider request for unified payments interface (UPI) payments following its decision that Paytm Payments Bank will halt accepting further credits into customer accounts and wallets after March 15, 2024.
3:10 PM
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5-day week for banks soon? The United Forum of Bank Unions has written a letter to Finance Minister Nirmala Sitharaman, urging for the implementation of a five-day working week in banks. The union assures that there will be no reduction in banking hours for customers or employees if the transition is sanctioned.
12:10 PM
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One97 Communications shares, which operates under the brand name Paytm, hit 5 per cent upper circuit on Monday after the Reserve Bank of India (RBI) issued a directive to the National Payments Corporation of India (NPCI) to review third-party app provider request for unified payments interface (UPI) payments following its decision that Paytm Payments Bank will halt accepting further credits into customer accounts and wallets after March 15, 2024.
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