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SBI Waives Off IMPS, NEFT, RTGS Charges For Online Fund Transfer

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SBI Waives Off IMPS, NEFT, RTGS Charges For Online Fund Transfer
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SBI (State Bank of India), the country’s largest commercial bank has waived charges on NEFT (National Electronic Funds Transfer) and RTGS (Real-Time Gross Settlement) transactions for its internet banking, mobile banking and YONO (You Only Need One) customers, from July 1. The bank has 25% share market will waive-off IMPS charges as well with effect from August 1.

The bank has already reduced NEFT and RTGS charges by 20 per cent across all slabs for customers transacting through the branch network. Alternatively, there will be a waiver for up to Rs 1000 on IMPS charges through branch banking.

Meanwhile, SBI has reduced its MCLR by 5 basis points across all tenors. With one-year MCLR stands from 8.45% p.a to 8.40% p.a.

This came into the picture when the RBI (Reserve Bank of India) decided to do away with the charges with an aim to promote digital transactions and move the country towards a less-cash economy.

IMPS, NEFT, RTGS

  • IMPS is an instant payment service that enables round-the-clock money transfer through the use of, mobile banking, mobile app or internet banking. There is no minimum limit.
  • NEFT (National Electronic Funds Transfer) system is used for fund transactions of up to Rs 2 lakh.
  • RTGS (Real-time gross settlement) system is meant for large-value instantaneous fund transfers.

Before 1 July

 Charges
National Electronic Funds Transfer (NEFT)Rs 1 and ₹5 for transactions
Real-time gross settlement (RTGS) route.Rs 5-50

read more : SBI Credit Cards 

As per reports by PTI, at March-end, 2019,

  • More than six crores SBI customers are using internet banking.
  • While 1.41 crore SBI customers were using mobile banking services.
  • The commercial bank claims to have around 18 per cent market share with respect to mobile banking transactions.
  • There are one crore registered users of YONO (You Only Need One), its integrated digital and lifestyle platform.

The waiver in IMPS, NEFT and RTGS charges will attract more customers towards digital transactions along with customer convenience, the bank said, to give impetus to the Digital India 2.0.

According to the bank’s MD (Retail & Digital Banking) PK Gupta, This step has been taken in order to sync with their strategy and Government of India’s vision to create a digital India. This waiver will promote the use of, internet banking, YONO and mobile banking for doing NEFT and RTGS transactions without incurring any cost.

The following table shows the current charges for IMPS using SBI Yono Lite:

Amount SlabExisting IMPS Charges 
Rs. 0 – 1,000NILCommission Amount debited from customer + GST: No Charges
Rs. 1,001 – 10,000Rs.1Commission Amount debited from customer + GST: Rs.2.36
Rs. 10,001 – 25,000Rs.2Commission Amount debited from customer + GST: Rs.2.36
Rs. 25,001 – 1,00,000Rs.2Commission Amount debited from customer + GST: Rs.5.90
Rs. 1,00,001 – 2,00,000Rs.3Commission Amount debited from customer + GST: Rs.11.80

 

 

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Business

World Economic Forum: Union Ministers, CMs, 100 Indian CEOs and more attend Davos summit

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Union Ministers, CMs, 100 Indian CEOs and more attend Davos summit
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The World Economic Forum Annual Meeting 2020, will held on January 20-24, with aim to  focus on establishing stakeholder capitalism as a way of addressing the world’s greatest challenges, from societal divisions created by income inequality and political polarization to the climate crisis facing today.

As the rich and powerful person from across the globe assemble this week at Swiss ski resort to discuss about  sustainable world’, over 100 CEOs as also some union ministers and chief ministers from India would also be present there alongwith filmstar Deepika Padukone and Sadhguru.  Deepika will talk about mental health and other issues, Sadhguru will hold morning meditation sessions at the summit  attended by over 3,000 world leaders.

The 50th annual meeting of World Economic Forum beginning from Monday. US President Donald Trump, Britain’s Prince Charles, German Chancellor Angela Merkel, Afghanistan’s Ashraf Ghani and Pakistan Prime Minister Imran Khan would be also attending the meeting.

The Geneva-based International organisation for public-private partnership has said that  “The World Economic Forum Annual Meeting 2020, taking place on January 20-24, will focusing on making stakeholder capitalism and also discussing about world’s greatest challenges like income inequality and political polarization to the climate crisis we face today”.

The main aim of this meeting is to give a soild meaning to “stakeholder capitalism”, assist governments and international institutions in tracking progress towards the Paris Agreement and the Sustainable Development Goals, and facilitate discussions on technology and trade governance.

From India industry leaders like Gautam Adani, Rahul and Sanjiv Bajaj, Kumar Mangalam Birla, N Chandrasekaran of Tata Group, Uday Kotak, Rajnish Kumar of SBI, Anand Mahindra, Sunil and Rajan Mittal, Ravi Ruia, Pawan Munjal, Nandan Nilekani and Salil Parekh of Infosys, C Vijayakumar of HCL Tech, Ajay Piramal, Rishad Premji, Ajay Singh and Pirojsha Godrej are registered.

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Doubling investments on Amazon Prime Videos in India, says Jeff Bezos

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Amazon Prime Video is getting good response in India than anywhere else, that is why the company CEO Jeff Bezos has said  he will rise its investment for the streaming service in India .

“In Japan, Germany and in America also Prime Video is doing well.  But India is doing much better than other countries”. Bezos said this on 16 January. He also said  “the world is witnessing a golden age of television, and i want Amazon to be the most talent friendly studio in the world and India features prominently in this plan.

Bezos met Bollywood celebrities at a gathering where he talked with superstar Shah Rukh Khan and director Zoya Akhtar.

The streamer, which rivals Netflix and Hotstar, also unveile seven more shows. The shows are Dilli, Bandish Bandits, Paatal Lok, Gormint, Mumbai Diaries-26/11, The Last Hour and Sons of Soil- Jaipur Pink Panthers, will soon be joining its exclusive Indian content slate.

Bezos said ” A person should not try for a successful formula in entertainment. Storytelling is an incredibly difficult art because people always looking for something new”.”This is one of those businesses which really takes human creativity. I want Amazon Studios to be all over the world. When you look at TV series today, they are really good in terms of content. They’re as good as the very best movies have ever been. And now we’re getting the best storytellers and actors to come and do work”.

“One of the hardest things that humans do is tell creating, engaging, inspiring stories. When you get it right, it can change the world,” he said further.

Amazon Prime has signed up with the majority of Indian production houses and stars for dedicated series and shows. Bezos was also meet some corporate person. Bezos added that “the Prime membership, which comes with free shipping from Amazon, has also proved great for the e-commerce service”.These are the reason we made a decision to increase in our Prime Video investments here” he said. The number of hours that people watched Prime Video had grown by six times in just two years in India, he added.

Bezos came to India on 15 January made a commitment to invest $1 billion in India over the next few years, calling it India’s decade which we have entered in.  Union Commerce Minister Piyush Goyal on 16January said that Amazon has not done any favor by committing the money.

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Jeff Bezos’s $1 Billion MSME Push Welcomed With Protests By Local Traders

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Amazon’s CEO Jeff Bezos plans to invest around $ 1 billion to help small businesses online in India and also plans to use Amazon’s size, scope, and scale to export $10 billion of Indian goods by 2025. On the other hand, angry Indian vendors plan protests against Jeff Bezos as the authorities have launched an anti-trust investigation into e-commerce platforms like Amazon and Wallmart owned Flipkart.

Jeff Bezos came down to India for a business meeting focused on the maiden edition of Amazon’s micro, small and medium enterprises(MSME). This comes in at the moment when the Competition Commission of India(CCI) on Monday announced an investigation into Amazon and Flipkart on several complaints that claim that there have been tie-ups and deep discounting practices with preferred sellers which have probably killed small businesses.

Bezos donned the traditional Indian attire to showcase his company’s commitment to be a long-term partner of India. The firm proposed investment to assist and digitize around 10 million MSMEs by providing training and enrolling MSMEs into Amazon’s programs. Along with this, Amazon will assist them to be able to work on cloud technology through specialized offers at low costs from Amazon Web Services.

Amazon also confirmed it would fully cooperate with the investigation and was confident that its operations were legal. But traders across the country planned protests during the visit demanding the government to take action against Amazon. Several merchants have accused these e-commerce giants of breaking and disregarding foreign investment rules while giving billions of dollars into discounts that have forced many traditional traders to lose their businesses.

Amazon in the past five years has invested around $5 billion in India. They even also announced to expand it’s Amazon Easy Programme and ‘I Have Space’ Programme to support local neighborhood shops as well as Kiranas. This will look into helping shops and kiranas to set up kiosks to provide guidance to customers helping them choose the right products, place orders and earn commission on sales.

These protests were actively planned in 300 cities by The Confederation of All Indian Traders that represents around 70 million small businesses. Though the CCI said that it would report within 60 days, inquiries might take much longer time as usual. Last year, Google was fined $21 million USD by CCI for abusing Google’s dominant position for creating a search bias.

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Economy

White House Violates Federal Law By Withholding Security Aid To Ukraine

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According to a congressional watchdog’s decision which was released on Thursday, the White House has violated the federal law by holding on security aid to Ukraine.

The Government Accountability Office(GAO) which is a nonpartisan organization that directly reports to Congress found out that the Trump administration violated a law that governs how the money approved by Congress is disbursed by the White House.

This decision from the GAO comes in as the Senate prepares to begin the impeachment trial of President Trump on Thursday. The decision says that if the law was executed faithfully, then the President is not permitted to substitute his/her own policy for that the Congress has enacted into law. It further added that under the Impoundment Control Act, it is not allowed that the OMB withholds funds for a policy reason.

On the other hand, the White House disagrees to the charge claiming that the agency’s decision is trying to overreach while attempting to be a part of the ‘media’s controversy of the day,’ Rachel Semmel, the spokesperson of OMB said that the OMB uses its authority to make sure that every taxpayer’s dollars are properly spent along with being consistent with the President’s priorities as well as the law.

Last month, Trump gets impeached by the Democratic-controlled House for abusing the power of the President’s office to create a kind of pressure campaign against Ukraine. Even though Trump claims that the impeachment charges are politically motivated, White House budget officials defend and argue for their power to stop and change the direction of money flow away from the Defense Department by demanding regular delays on funding which was already signed into law.

This report has brought the light of scrutiny to the series of events last year at the White House’s Office of Management and Budget. After the White House officials gave orders to Pentagon to withheld aid, two officials resigned with concerns about Ukraine’s money. This happened while Trump pressurized Ukraine’s new leader to announce an investigation into Joe Biden’s son. Released emails from December suggest that the aid was held off after the call between Trump and Ukraine’s President Volodymyr Zelensky on July 25th.

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Business

RBI took measures to Low ATM Frauds

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RBI took measures to Low ATM Frauds
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For the security of ATM cardholders, RBI has asked banks to allow only domestic cards at ATMs and PoS at the time of issuing cards in India. RBI has instructed banks that bank account holders will have to get separate ATM cards for international transactions. On the other hand, for online transactions, non-card transactions and contactless transactions, customers have to set up the services on their card separately. In this rule, the customer will also get the facility to set the transaction limit of their ATM card.

The new rule will come into effect from 1st March. RBI has asked all banks to apply new rules for new cards from March 16, 2020. Under the new rule, banks now allow customers to make domestic transactions while issuing debit and credit cards. This means that foreign transactions will not be allowed for withdrawing money from ATM machines.

The account holders will have to take permission from the bank for international transactions, online transactions, and contactless card transactions. Whereas the old ATM cardholders themselves have to decide according to their needs which service they want to activate the service under these rules. And who doesn’t? This rule will help to decrease cases of ATM fraud.

Few things to know about new ATM rules:

 The RBI said that the facility of switching on / off the card, setting the limit of the transaction should be given at all times and through various means. Mediums include mobile applications, Internet banking, ATM or interactive voice response.

RBI said that the card-issuing company can make a decision based on risk perception of whether to disable the right of existing card not present (domestic and international) transactions, card-present (international) transactions and contactless transactions.

RBI said that the existing cards which have never been used for online/international/contactless transactions must be disabled for these things. However, this RBI directive is not mandatory to be applied for prepaid gift cards and cards used in mass transit systems.

 

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