Fri, Apr 28, 2017 | updated 03:45 PM IST

RBI puts withdrawal limits on accounts under PMJDY

Updated: Nov 30, 2016 10:58 IST      
RBI puts withdrawal limits on accounts under PMJDY

New Delhi [India], Nov. 30 (ANI): In a bid to protect farmers and rural Jan Dhan account holders from money launderers, the Reserve Bank of India (RBI) on Wednesday announced a temporary measure by notifying that they will be allowed to withdraw only Rs. 10,000 per month.

The banks are advised to observe the following in respect of the Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts as the fully KYC complaint account holders may be allowed to withdraw Rs. 10,000 from their accounts in a month.

The RBI has also decided to place certain limits, as a matter of precaution, on the operations in the PMJDY accounts funded through deposits of Specified Bank Notes (SBNs) after November 9, 2016.

The branch managers may allow further withdrawals beyond Rs. 10,000 within the current applicable limits only after ascertaining the genuineness of such withdrawals and duly documenting the same on bank's record.

Limited or non-KYC-compliant account holders may be allowed to withdraw Rs. 5,000 per month from the amount deposited through SBNs after November 9, 2016, within the overall ceiling of Rs. 10,000.

"With a view to protect the innocent farmers and rural account holders of PMJDY from activities of money launders and legal consequences under the Benami Property Transaction and Money Laundering laws, it has been decided to place certain limits, as a matter of precaution, on the operations in the PMJDY accounts funded through deposits of Specified Bank Notes after November 09, 2016," the apex bank said in its notification. (ANI)

New Delhi [India], Apr 28 (ANI-BusinessWireIndia): Pawan Munjal, Chairman, MD and CEO, Hero MotoCorp Ltd., was today felicitated by the All India Management Association (AIMA) for the rapid global expansion of Brand Hero.

Full Story >>

New Delhi [India], Apr 28 (ANI-BusinessWire India): "Time is of the essence," urged Lise Kingo, CEO and Executive Director of the United Nations Global Compact, to an audience of more than 300 local and global leaders from business, finance, civil society, Government and the UN, at the conclusion of the UN Global Compact two-day event, Making Global Goals Local Businesses - India, in New Delhi on Friday.

Full Story >>

New Delhi [India], Apr 28 (ANI-BusinessWire India): Grameen Koota, a Bengaluru-based microfinance organisation on Thursday received the ISC-FICCI 2017 award for Best Financial Accessibility for Sanitation for its efforts in providing access to affordable credit to its customers to build toilets.

Full Story >>

New Delhi [India], Apr 28 (ANI): TrendyBharat.com has announced its partnership with Fab Box and Ugaao to extend its offerings in the health and nutrition sector.

Full Story >>

Profiteering not a bad word, 'unfair enrichment' is: Jaitley

Updated: Apr 28, 2017 12:50 IST     

New Delhi [India], Apr 28 (ANI): Union Finance Minister Arun Jaitley has asserted that in order to ensure consumers avail all benefits of the Goods and Services Tax (GST), it is important to take crucial decisions to make India an 'increasingly tax compliant society'.

Full Story >>

Cement prices rebound to pre-demonetisation levels: ICRA

Updated: Apr 28, 2017 12:15 IST     

New Delhi [India], Apr 28 (ANI): Credit rating agency ICRA has recovered to pre-demonetisation levels of prices of key commodity such as cement in April 2017.

Full Story >>

New Delhi [India], Apr 28 (ANI): According to a report published by the Deutsche Bank, the government has two more years to're-energise' the economy, re-start the investment cycle and accelerate job growth.

Full Story >>

FreeCharge launches coupons to enhance user engagement

Updated: Apr 28, 2017 08:43 IST     

New Delhi [India], Apr 28 (ANI): Digital payment platform FreeCharge on Thursday announced the launch of coupons on its e-wallet to enhance user engagement and reactivation.

Full Story >>

77 percent Indian companies eyeing expansion in 2017: Survey

Updated: Apr 28, 2017 08:34 IST     

New Delhi [India], Apr 28 (ANI): Driven by positive economic sentiment, 77 percent of senior finance executives of Indian companies surveyed expect moderate to substantial economic expansion in 2017, according to the Global Business and Spending Outlook survey released on Thursday.

Full Story >>

New Delhi [India], Apr. 28 (ANI): A high-level committee, headed by finance secretary Ashok Lavasa, submitted its report on Thursday, on allowances of 47 lakh government employees, to Finance Minister Arun Jaitely.

Full Story >>

New Delhi [India], Apr 27 (ANI-NewsVoir): Bengaluru is set to play host to national and international cosmetic dermatologists at the 12th Edition of World Congress of Cosmetic Dermatology (WCOCD) from May 4th to 6th 2017 at Dr. Babu Rajendra Prasad International Convention Centre, GKVK.

Full Story >>

New Delhi [India], Apr 27 (ANI-BusinessWireIndia): Mech Mocha, an India-focused Bangalore-based mobile gaming start-up, today announced that it has raised USD five million Series A funding led by Accel Partners and Shunwei Capital and with participation from existing investor Blume Ventures.

Full Story >>

Treebo makes business travel easy with 'Treebo for Business'

Updated: Apr 27, 2017 16:29 IST     

New Delhi [India], Apr 27 (ANI): Largest hotel chain Treebo Hotels has announced the launch of 'Treebo for Business' to offer a seamless booking experience to its corporate clients, which will allow the users to check real-time room availability, make instant bookings, avail the customized rates offered to them, make online cancellations and access booking history and preferred choices of employees.

Full Story >>

New Delhi [India], Apr 27 (ANI-NewsVoir): Shardul Amarchand Mangaldas and co. (SAM and Co.) acted in relation to the Rs. 1,193 Cr. Offer For Sale (OFS) of National Aluminium Company Limited (NALCO).

Full Story >>

New Delhi [India], Apr 27 (ANI): Missouri State University has announced special scholarships for Indian students. During his visit to India Colonel Stephen Robinette Associate Vice President, International Studies, MSU, USA, made a number of important announcements for Indian Students.

Full Story >>

New Delhi [India], Apr 27 (ANI): Though the government has come out with a National Intellectual Property Rights (IPR) Policy to promote a robust intellectual property (IP) environment across India, we need an ecosystem to take a good idea to a logical end even before it is commercialised, Union Railway Minister Suresh Prabhu said at an ASSOCHAM event held in New Delhi last night.

Full Story >>

New Delhi [India], Apr 27 (ANI): ExportersIndia.com, a B2B marketplace and exporters directory that connects manufacturers, exporters, suppliers and buyers to generate value from unlimited online trade opportunities and buyer enquiries on Thursday announced that, apart from India, countries like China, Sri Lanka and Taiwan are also witnessing a glaring surge in cooling products, this summer season.

Full Story >>

OYO launches its first hotel in Kathmandu

Updated: Apr 27, 2017 15:04 IST     

New Delhi [India], Apr 27 (ANI): Aiming to venture into the market in Nepal, budget-hotels network OYO announced the launch of its debut hotel in Kathmandu, following its successful venture into Malaysia in January 2016, where it has now grown to 200 hotels.

Full Story >>

Cash Suvidha strengthens financial access to Indian students

Updated: Apr 27, 2017 14:55 IST     

New Delhi [India], Apr 27 (ANI-Businesswire India): Cash Suvidha, one of India's fastest growing Fintech company has recently announced its partnership with KrazyBee, a Bengaluru based micro-lending platform, with an aim of facilitating easy and quick financing solutions for college students to pursue their passion.

Full Story >>

New Delhi [India], Apr 27 (ANI): On the occasion of Akshaya Tritiya, online payment platform Paytm on Thursday announced its collaboration with India's only Internationally Accredited Refinery MMTC-PAMP to launch Digital Gold, enabling Indians to buy, store and sell pure gold instantly.

Full Story >>