Asia

GREATER NOIDA: At a furniture store outside India’s capital, a salesman scans the manager’s ID and takes her fingerprint on a biometric device attached to his cell phone. Within minutes, Meenakshi Sharma becomes eligible for an account with Paytm, joining the hundreds of thousands who have signed up to a payments banking system that is […]

India’s central bank on Monday relaxed cash withdrawal limits from automated teller machines (ATMs) and current accounts with immediate effect. The Reserve Bank of India (RBI) has allowed individuals to withdraw up to Indian Rs10,000 ($146.84) per debit card per day from ATMs, higher than the Rs4,500 currently. However, the overall weekly withdrawal limit of […]

THE founder and chief executive of India’s largest digital payments company has barely slept and is nursing a head cold. Having just arrived at Paytm’s office, Vijay Shekhar Sharma discovers the coffee machine is broken. He settles for tea and plunges into a vortex of meetings-parsing a government circular on mobile swipe services, war-gaming a […]

India’s central bank unexpectedly kept its policy repo rate INREPO=ECI unchanged at 6.25 percent on Wednesday, despite calls for action as an intense cash shortage threatens to slam the brakes on the world’s fastest growing large economy. The Reserve Bank of India’s monetary policy committee voted 6-0 to leave the repo rate unchanged, after cutting […]

MUMBAI: The Indian rupee fell to a record low of 68.8650 on Thursday, pressured by a rallying US dollar, capital outflows from emerging markets, and worries about the country’s demonetisation drive. Despite repeated interventions by the central bank to slow the slide, the rupee breached its previous low of 68.85 to the dollar hit in […]

NEW DELHI: Long queues formed outside banks in India on Thursday as they reopened for the first time since the government’s shock decision to withdraw the two largest denomination notes from circulation. Some banks in the capital New Delhi had received the new 2,000 rupee ($30) bill and a number of ATMs were working again, […]

DHAKA: World Bank president Jim Yong Kim on Tuesday announced $2 billion in soft loans for Bangladesh to fight climate change. Bangladesh has been one of the worst victims of global warming, with thousands of people being killed by cyclones in recent years that have become more frequent and deadlier. “Bangladesh is among the countries […]

Mumbai—In a first in the mainstream banking sector in Maharashtra, a cooperative bank controlled by BJP leader and state cooperation minister Subhash Deshmukh has launched Sharia-compliant Islamic banking. Interest-free deposits will be accepted from both Muslims and non-Muslims and distributed largely to the needy from the minority community at zero rates of interest to ensure […]

PESHAWAR – Chief Minister Khyber Pakhtunkhwa Pervez Khattak has said that the KP government will build 100 more micro power stations in collaboration with the Asian Development Bank this year. The CM will inaugurate Machai Hydro Project by the end of this month and Ranolia Hydro Project Kohistan in November this year. He was presiding […]

SINGAPORE: Singapore will step up the fight against money-laundering with a newly created surveillance unit and data tracking but private banks must take the lead, its chief financial regulator said on Tuesday. Ravi Menon, managing director of the Monetary Authority of Singapore (MAS) which also serves as the central bank, said financial institutions must set […]

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