- State Editions ˅
- Cover Story
- A YEAR OF FEATS
- 150th Anniversary Issue
- Middle India
- Literary Issue Special
- Cinema Issue Special
- Women's Special Issue
- Foreign Policy Special Issue
- for a cause
- Photo feature
- national interest
SBI, ICICI, HDFC amongst 20 to get NPCI’s inward remittance nod by July-end
As many as 20 banks including SBI, ICICI Bank, Federal Bank, Bank of Baroda, Yes Bank are likely to get clearance by July-end for instant foreign inward remittances from the nodal agency National Payment Corporation of India (NPCI). As of now only PNB and Kotak Mahindra Bank have got the clearance for the same and other banks and other correspondent banks have to re-route the inward transfers through them.
“We will be granting clearances to eight other banks in the next one month time wherein the facility for direct inward remittances to India,” said AP Hota, MD and CEO of NPCI.NCPI is the umbrella organization set up under the supervision of RBI, which presently has ten core promoter banks. These banks include State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC for retail fund clearances both within India and cross-borders.
Hota was speaking at the sidelines of PNB tie-up with a US-based company. “Banks like Indusind Bank, SBI, HDFC, BOB and Federal Bank would get clearances by the end of July,” said Hota.PNB, the biggest lender on Tuesday announced a tie-up with US-based Xoom Corporation to roll out instant bank deposit services to bank accounts in India using the IMPS platform.
“With this our partnership with Xoom would reach to higher level by providing instant deposits to NRI’s. This IMPS system and Xoom will provide instant deposits for NRI’s sending money to PNB and other bank accounts in India,” Punjab National Bank (PNB) Chairman and Managing Director KR Kamath said. The facility would help inward remittance transfer from overseas instantly, Kamath said at the event wherein the tie-up of PNB with the US based digital money transfer company Xoom was announced.
Asked about its fund (capitalization) requirements, Kamath said, the bank will assess the capital position in the second half of the current fiscal. Based on assessment, the bank would take a call on raising funds over and above government’s capital infusion plan. During the last fiscal, PNB got capital support of Rs 500 crore from the government.
Commenting on queries over the impending move by the RBI in wake of the recent flare-up in WPI based inflation to a five month high of 6.01 per cent, Kamath said that interest rates are unlikely to come down in next 2-3 months as inflation is still high. “I don’t see a rate cut in the next 2-3 months, he added. As the RBI Governor has said, unless inflation is controlled there is no reason to bring down the interest rates. To that extent inflation control becomes a priority for the Reserve Bank,” he said. Headline inflation accelerated to five-month high of 6.01 per cent in May from 5.2 per cent previous month, mainly driven by high food and fuel inflation.
- Rupee storms to fresh 17-mth high; jumps 37 paise 28 Mar 2017 | PTI
- Sensex skids 184 points 28 Mar 2017 | PTI
- Hero MotoCorp promoter entity buys shares worth Rs 2,996-crore 28 Mar 2017 | PTI
- COAI favours auction in 2018, wants market to settle down 28 Mar 2017 | PTI
- RBI likely to go for status quo at April review: Analysts 28 Mar 2017 | PTI
- 2nd round of oil field auction soon: Pradhan 28 Mar 2017 | PTI
- GIC may be 1st PSU general insurer to launch IPO next fiscal 27 Mar 2017 | PTI
- CAG to audit fallout of demonetisation 27 Mar 2017 | PTI
- Niti readies draft note on methanol blended fuel 27 Mar 2017 | PTI
- Sajjan Jindal keen to snap up troubled steel cos for expansion 27 Mar 2017 | PTI
Sunday EditionView All
26 Mar 2017 | Kushan Mitra
The advent of online streaming services that can stream content directly to your television screen is making the argument for cutting the cable connection more and more convincing, believes Kushan Mitra Is it time to cut the cable? In the past year and a half, online television streaming services Hotstar Premium, Netflix and Amazon Prime Video have launched their services in India. There is also Voot from Viacom18 and Sony LIV...
STATE EDITIONSView All
28 Mar 2017 | pns | Lucknow
Apparently miffed over the campaign of the newly elected BJP government against the illegal slaughter houses and cattle smuggling, the senior Samajwadi party leader and former minister Azam Khan has demanded all India ban on cow slaughter and also urged the muslims to stop eating beef. Azam Khan in a statement in Rampur on Monday said ``why cow slaughter is still legal in states like Kerala and West Bengal...