RBI junks digital transaction charges, sets up panel on ATM interchange

RTGS, meant for large-value instantaneous fund transfers, and NEFT, for other fund transfers, are operated by the central bank

The Reserve Bank of India (RBI) in its monetary policy meeting on Thursday announced the waiver of certain digital transaction fees and set up a committee to review the long-disputed automated teller machine (ATM) interchange.

Waiver of NEFT, RTGS charges

In order to accelerate digital payments in the country, the RBI decided to remove the charges it levied on transactions done under Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT).

“Banks will be required, in turn, to pass these benefits to their customers. Instructions to banks in this regard will be issued within a week,” said the RBI in its Statement on Developmental and Regulatory Policies on Thursday. RTGS, meant for large-value instantaneous fund transfers, and NEFT, for other fund transfers, are operated by the central bank. The RBI levied minimum charges, which the banks would pass on their customers…

Panel formed to review ATM interchange fee structure

The RBI decided to set up a committee involving all stakeholders, under the chairmanship of the chief executive officer of the Indian Banks’ Association (IBA), to examine the entire gamut of ATM charges and fees. The committee is expected to submit its recommendations within two months of its first meeting. The composition and terms of reference of the committee will be issued within a week. “Usage of Automated Teller Machines (ATMs) by the public has been growing significantly. There have, however, been persistent demands to change the ATM charges and fees,” it said…

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From cricket to leadership: Satya Nadella shares his life experience

The Microsoft CEO, on a whirlwind trip of India for the promotion of his book Hit Refresh, is also expected to meet officials of PMO, IT ministry and NITI Aayog

 

On a whirlwind trip to India for the promotion of Hit Refresh, his book on his journey to becoming the chief executive of Microsoft, one of the world’s biggest tech companies, Satya Nadella made his final pit stop in Delhi. Over 100 Microsoft Students Programme members, startup entrepreneurs, met the Microsoft CEO, who talked about a range of issues – from cricket to various aspects of his professional journey.

Earlier, during his trip to the Microsoft India headquarters in Hyderabad, Nadella had spoken at length about artificial intelligence (AI). At the Delhi event, he spoke about leadership skills and his love for cricket. The event also saw entrepreneurs like Vishal Gondal, founder CEO of fitness app GOQii, talking about their respective journeys.

While Nadella's itinerary has been kept under the wraps, sources say that the Microsoft CEO plans to meet officials of the communications & information technology ministry, as well as the NITI Aayog and the Prime Minister’s Office during the final leg of his India visit. He leaves India for the US on Tuesday night.

In Hit Refresh, Nadella delves into three key technologies that would lead to massive shifts in economy and society – mixed reality, artificial intelligence and quantum computing. These three currently independent threads would ultimately converge in future, with quantum computing making AI more intelligent and mixed reality becoming an even more immersive experience.

Soon, your driver's licence to be linked with Aadhaar

He also said that digital governance is honest, transparent and efficient governance

 

In another move to make India digital, Union Minister Ravi Shankar Prasad on Friday asserted that the Government is planning to link the driving licence with the Aadhar card.

Addressing the gathering at the Digital Haryana Summit 2017, Ravi Shankar Prasad said that the Aadhar is a digital, not a physical identity and a digital identity confirms the physical identity.

"We are planning to link the Driving Licence with the Aadhar. I have had a word with Nitin Gadkari regarding this," he said.

He also said that the decision to link the PAN card with the Aadhar was taken to stop money laundering.

Promoting the concept of digital governance, Ravi Shankar Prasad said that the digital governance is 'good governance' and that it ensures fast delivery as well as the welfare of the poor people.

"Digital governance is honest, transparent and efficient governance," Ravi Shankar Prasad said.

"Digital India must lead to digital intrusion; it must lead to a digital society," he added, while appreciating the Indian IT industry.

He further said that the technology must be made available at affordable costs for people.