Cap On Cash Withdrawal

The bank has received investment commitments of Rs 10,000 crore from the SBI and seven other private sector banks. This fund infusion signals a show of confidence by some of India's largets financial institutions and will allow the troubled bank to shore up its capital.

The Congress party on Wednesday challenged Prime Minister Narendra Modi to show "courage" and announce the removal of cap on withdrawal of money by depositors of scam-hit Punjab and Maharashtra Co-operative (PMC) Bank.

Around 50 depositories of the scam-hit Punjab and Maharashtra Cooperative Bank staged a protest outside the RBI demanding revoking restrictions on cash withdrawal, currently capped at Rs 40,000 over a six-month period.

The country's largest bank had in early October announced some changes in ATM rules applicable to its Classic debit cardamid growing concern over the cloning of ATM cards. SBI customers still using the Classic debit card - which is not a chip-based debit card - will have to bear with the lower cap on ATM withdrawals.

A cash transaction tax on withdrawals of Rs 50,000 and above in banks as well as a Rs 1,000 subsidy for purchase of smartphones by non-tax assesses and small merchants have been recommended by a Chief Ministers' panel today to encourage digital payments.

Restrictions on daily withdrawal of cash by bank account holders is a policy decision which is beyond judicial review, the Delhi High Court today ruled, in a fillip to the Modi government's demonetisation exercise.

Delhi High Court today dismissed an application seeking recall of its order rejecting a plea to remove the cap on daily withdrawal of money deposited in banks before the demonetisation decision.

Assocham also fears that companies dependent on banks and financial institutions for finance would be hit by the limited cash availability.

The Delhi High Court today reserved its verdict for December 2 on an application seeking recall of its earlier order dismissing a plea to remove the cap on daily withdrawal of money deposited in banks before the demonetisation decision.

The bank has received investment commitments of Rs 10,000 crore from the SBI and seven other private sector banks. This fund infusion signals a show of confidence by some of India's largets financial institutions and will allow the troubled bank to shore up its capital.

The Congress party on Wednesday challenged Prime Minister Narendra Modi to show "courage" and announce the removal of cap on withdrawal of money by depositors of scam-hit Punjab and Maharashtra Co-operative (PMC) Bank.

Around 50 depositories of the scam-hit Punjab and Maharashtra Cooperative Bank staged a protest outside the RBI demanding revoking restrictions on cash withdrawal, currently capped at Rs 40,000 over a six-month period.

The country's largest bank had in early October announced some changes in ATM rules applicable to its Classic debit cardamid growing concern over the cloning of ATM cards. SBI customers still using the Classic debit card - which is not a chip-based debit card - will have to bear with the lower cap on ATM withdrawals.

A cash transaction tax on withdrawals of Rs 50,000 and above in banks as well as a Rs 1,000 subsidy for purchase of smartphones by non-tax assesses and small merchants have been recommended by a Chief Ministers' panel today to encourage digital payments.

Restrictions on daily withdrawal of cash by bank account holders is a policy decision which is beyond judicial review, the Delhi High Court today ruled, in a fillip to the Modi government's demonetisation exercise.

Delhi High Court today dismissed an application seeking recall of its order rejecting a plea to remove the cap on daily withdrawal of money deposited in banks before the demonetisation decision.

Assocham also fears that companies dependent on banks and financial institutions for finance would be hit by the limited cash availability.

The Delhi High Court today reserved its verdict for December 2 on an application seeking recall of its earlier order dismissing a plea to remove the cap on daily withdrawal of money deposited in banks before the demonetisation decision.