Archive for February, 2010
PayPal to resume local bank withdrawals to India
Feb 27th
Just received an email from PayPal stating RBI has allowed them to continue local bank withdrawals for settlements for exports of goods and services. Paypal anticipates that, as of Wednesday, March 3rd, customers will be able to use their bank withdrawal service. However, the bad news is — personal payments into India still stand suspended till further notice.
Below is the email I received from PayPal:
We have been diligently working with the RBI and our business partners to resume Indian bank withdrawals for the thousands of Indian businesses who depend on PayPal to sell their goods or services in the global marketplace. Continue reading “PayPal to resume local bank withdrawals to India” »
Online Money Transfer (NEFT) to become Faster
Feb 22nd
The National Electronic Funds Transfer (NEFT) system has been successfully handling significant volumes, ever since its launch in November 2005. More than 6 million transactions were processed by the system during the month of January 2010 alone. The coverage has also increased substantially with the participation of over 63,000 bank branches spread across the length and breadth of the country. Continue reading “Online Money Transfer (NEFT) to become Faster” »
Go Green, SMS the Money
Feb 21st
The State Bank of India is planning to quadrapule its branch network not by the conventional branch network manner but by using Mobile Banking. Yes, and the idea is to reach out to all those rural areas where it would be costlier to expand via the conventional branch network way. Continue reading “Go Green, SMS the Money” »
Payment of Interest on Savings Bank Account on a Daily Product Basis
Feb 20th
Well, the party is (almost) over for banks in India. Seriously, with the kind of interest calculation method being currently used for saving account holders it indeed is a party for the bank to enjoy such an enormous amount of free float at the cost of the janta.
Hopefully if the banks don’t make some lame excuses to push the deadline, come April 2010 the deposits in our savings account should earn us more by way of interest. That’s because the Reserve Bank of India has asked banks to start calculating interest rates on these accounts on daily basis from April 1, 2010. Continue reading “Payment of Interest on Savings Bank Account on a Daily Product Basis” »
