PayPal to resume local bank withdrawals to India

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 [...]

Author: Austin Comments: 3 comments Date: 27 Feb 2010 More: Read more
Categories: Money Tags: , , , ,

Online Money Transfer (NEFT) to become Faster

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 [...]

Author: Austin Comments: 0 comments Date: 22 Feb 2010 More: Read more
Categories: Banks Tags: ,

Go Green, SMS the Money

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.

Author: Austin Comments: 4 comments Date: 21 Feb 2010 More: Read more
Categories: Banks Tags: , ,

Payment of Interest on Savings Bank Account on a Daily Product Basis

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 [...]

Author: Austin Comments: 2 comments Date: 20 Feb 2010 More: Read more
Categories: Banks Tags: , ,