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Transport vehicle drivers, staff to get coverage under ‘third party’ insurance policy

The drivers and staff of all vehicles classified as 'transport' will be brought under the definition of 'third party' in third party insurance policies, the finance ministry said today.This will cover buses, vans and other commercial transport vehicles and will be implemented through the upcoming amendment to theMotor Vehicles Act.At present,

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SBI’s new minimum balance rule leaves OBC, UCO and PSB as only ‘free’ banks in India

With the country's largest bank, State Bank of India, refusing to rollback service charges for customers who do not maintain a minimum balance in their accounts, only Oriental Bank of Commerce, UCO Bank and Punjab & Sind Bank remain as 'free' providers of savings bank services, according to an analysis

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PNB, Corp Bank most aggressive in going after big debtors; SBI, BoB more relaxed

Punjab National Bank, the third largest public sector bank in India, and smaller cousin Corporation Bank can teach bigger siblings like State Bank of India and Bank of Baroda a thing or two about going after big loan defaulters, an analysis of Reserve Bank of India data shows.In the last four

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PayTM ropes in IIT Kanpur for ‘cashless campus’

PayTM, India's biggest mobile payment company and a minority subsidiary of Alibaba Group, said it partnered with Indian Institute of Technology Kanpur to bring its cashless payment solution to the country’s premier engineering college.Under the program, students will be able to make payments using the mobile app at hostel canteens,

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Venture Capital firms seek validation for Modi’s policies in UP election

Private equity and venture capital firms are largely bullish on India in the context of big economic reforms, but are awaiting the results of the ongoing Uttar Pradesh elections to assess the level of popular support that such policies enjoy, according to a survey by VCCircle.VCCircle, which tracks private investment

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PayTM adds support for UPI payments

Customers of PayTM, India's largest wallet service can now make payments using the Unified Payments Interface, the government of India's open payments platform.The company has signed up with ICICI Bank be able to receive payments from its customers who are on the UPI platform using its ID 'paytm@icici'.However, customers cannot simply transfer

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After Freecharge, Axis Bank wins virtual POS provider Paynear for its UPI platform

Paynear, which helps shopkeepers and businesses to accept card payments without buying a point-of-sale (POS) machine, has tied up with Axis Bank to implement support for UPI or Unified Payment Interface.UPI allows users to send and receive money and make payments using IDs that resemble email addresses (for example, rajesh@icici).Paynear

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Freecharge ties up with ICICI Bank to offer POS services

Snapdeal-owned FreeCharge has tied up with ICICI Bank's Merchant Services, which will allow consumers to pay their bill at over 1 Lakh ICICI stores with their Freecharge accounts.These merchants are located at across 700 cities and towns in India, the company said. "FreeCharge’s partnership with ICICI Merchant Services, powered by

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DEMONETIZATION: How some earned lakhs standing in queues

The government has banned over-the-counter exchange of old 500- and 1000-rupee notes due to suspected gaming of the system by those with black money. According to banking industry sources, the over-the-counter exchange system was being massively misused by hawala operators and others who had illegal funds to convert their old currency

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Airtel starts Payments Bank; offers 7.25% interest on savings ac

Airtel Payments Bank, a subsidiary of Bharti Airtel Limited, today said that it has rolled out a pilot of its banking services in Rajasthan. The pilot is aimed at testing systems and processes ahead of a full scale pan Indian launch.With this, Airtel Bank has become the first payments bank

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