Demonetisation: United Bank of India slashes lending rates by up to 0.90%

Public lender United Bank of India slashed its benchmark lending rate by up to 0.90 percent, joining others such as State Bank of India, ICICI Bank, HDFC Bank and Punjab National Bank. The bank’s asset liability committee revised downwards the marginal cost of funds—based lending rate (MCLR) by 0.60-0.90 per cent across different tenures with effect from January 6. The […]

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Cashless Payment Gains Importance Due to Demonetisation

The chaos caused by India’s ban on high-denomination rupee notes has provided a boost to a national cashless payment platform that has struggled to gain traction.  Central bank data show that the government-backed Unified Payments Interface logged 358,000 transactions in the first nine days of December, shooting past November’s 287,000 total, as some Indians sought to circumvent the cash shortage […]

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Niti Aayog Plans Rs 1 Crore Prize for e-Payments

The Niti Aayog has planned an incentive scheme, including a Rs one crore prize, to those who use digital payments systems the most as the government steps up measures to push electronic transactions. It has asked the National Payment Corporation of India (NPCI) to conceptualize and launch the programme to incentivize digital payments. Sources said Rs 125 crore would be […]

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