The Reserve bank of India (RBI) on Friday publicized that new Rs.50 denomination banknotes with totally different design under new Mahatma Gandhi series will be in the markets of India very soon. The new fifty rupees note will be having sign of current RBI Governor Urjit Patel.
Color of note: The color of new Rs.50 banknote will be fluorescent blue. It will be having a motif of Hampi with Chariot on its back side, presenting the country’s cultural heritage.
Dimensions: As said by the RBI, 66 mm x 135 mm are the dimensions under which the note will be printed. The geometric patterns aligning will be aligning with overall color scheme on both sides.
The decision to release Rs.50 banknote by the Reserve Bank of India seems to be an outcome of earlier announcements made by the central bank in December 2016 where the bank had said that it will soon be launching Rs.50 and Rs.20 denomination bank notes with new design.
However the Apex bank also said that old notes of Rs.50 which are circulating in the country right now will also continue to circulate and are completely legal.
Below are some main features of new Rs.50 currency note:
Indian bank decided to offer two tier interest rate to customers on saving accounts. The discount will be based on the amount deposited in the saving account which will be as below:
Amount over Rs. 50 Lakh: If the amount deposited in the saving account of Indian Bank is more than Rs. 50 lakhs then bank will apply interest rate of 4% on the amount.
Amount Less than 50 Lakh: If deposited amount in the saving account of Indian bank customer is less than 50 Lakhs, then interest rate will be paid as 3.50%.
The new interest rates will came into effect from 16 August, 2017 as said by the bank in a BSE filing.
The new announcement by PSU lender Indian bank came few days after country’s largest lender State Bank of India (SBI) slashed interest rate on savings by 50 basis points to 3.50%. SBI also set minimum amount in saving bank to get 4% interest rate. However the minimum amount set by SBI is double of what Indian Bank has set that is one crore.
CEO- Kishor Kharat
Founded on 15 August 1907
Bharat QR(Quick Response) and Bharat Bill Payments Syatem(BBPS), these two digital services started by state run Canara Bank on 10 August, 2017. Bharat QR service will be used for payments settlements with merchants whereas Bharat Bill Payments Systems is for customers to pay their bills.
1.Bharat QR(Quick Response)- Bharat QR was launched by the government in February,2017. It is the kind of system where customers can make payments without swiping their card. It was launched to tackle the money shortage problem after the demonetization.
Bharat QR(Quick Response) is world’s first interoperable payment acceptance solution. National Payments Corporation of India (NPCI), Visa, MasterCard and American Express jointly developed this digital payment system under the constructions provided by Reserve Bank of India.
The major benefits of this system are that merchant can accept payments from their customers a using single QR code rather than different QR codes for every payment.
2.Bharat Bill Payments Systems- BBPS is a government of India undertaking and an initiative by Reserve Bank of India. It is managed by National Payments Corporation of India (NPCI). The system offer bill payment services to those customers of banks who use Net banking.
About Canara Bank:
Canara Bank is one of the oldest banks in India and was founded in 1906 at Mangalore.
Its headquarter is in Bengaluru.
It was nationalized in 1969.
Reserve Bank of India will only be transferring Rs. 30,659 Crores as dividend for this year. The amount is less than half of what the apex bank had transferred last year. In previous year the amount paid as dividend by RBI to government was Rs 65876 crore.
Here are the most probable reasons for less money given to Government:
Demonetisation is considered as the major reason behind this low supply. Because of being busy in applying demonetisation changes, the apex bank could not concentrate more on other operations.
High Reverse Repo Rate is another probable reason considered. So RBI had to pay more to banks.
Most of the foreign companies gave negative or low return during this financial year.
High cost of printing new Currency notes could also be one reason. As there was huge increase in number of currency notes to be printed, so it increased the costs. Before demonetisation, the cost of printing was just 20% of the total expenses. But, after demonetisation it is estimated to be more than double.
After demonetisation of 500 and 1000 Rupees notes, it was RBI’s duty to collect all the old currency notes. Public deposited the notes in the banks and then RBI made arrangements to collect that money from banks. So, transportation expenses might also have cost.
Indian Overseas bank has started offering National Payment Corporation of India’s Bharat Bill Payment System (BBPS) to its customers.
with this the bank has become the third bank to get approval for this kind of service from RBI after Bank of Baroda and Union Bank of India.
It is the kind of integrated bill payment system where customers can pay their bills like electricity, telecommunication, gas and water.
Indian Overseas Bank was established on Feb 10, 1937 with headquarter at Chennai. Currently Mr. R. Subramania is its MD and CEO. it has total 3700 branches in India out of which 1150 are in Tamil Nadu and has 3 extension counters. The bank also has its presence in overseas with 8 branches which are in Singapore, Hong Kong, Colombo, Seoul, and Bangkok and have representative offices in Guangzhou, Vietnam, and Dubai.
It has more than 3300 ATMs in the India.