Pay Rs 150 after 4 cash transactions in a month at HDFC Bank, ICICI, Axis

Breaking News - Banks including HDFC Bank, ICICI Bank and Axis Bank today began charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.

The charges would apply to savings as well as salary accounts effective from today, leading private sector player HDFC Bank said in a circular.

The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective today, the circular added.

The move was seen in some quarters as aimed at discouraging cash transactions and furthering the digital payment drive.

For the basic no-frills accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits.(READ MORE)

Paytm introduces new features for users and merchants

Digital payments firm Paytm brings its users the newly added features to its mobile app to offer a more intuitive user experience while introducing an array of new features ranging from being able to accept up to Rs. 50,000 for merchants and additional security layers for users.

The updated app remains light and loads 3X faster even on low-end smartphones and slow network areas.

Here's a few features launched on the app:

Self-declared merchants can now accept up to Rs. 50,000 directly in their bank accounts- The merchants can now self-declare themselves on the app itself and start accepting up to Rs. 50,000 directly in their bank accounts.

The amount is settled at midnight every day and the settlement charges remain zero percent. As mentioned by Paytm, the bank settlement charges will stay at zero percent when amount would be settled to merchants' Paytm Payments Bank account.

To self-declare, merchants need to tap on 'Accept Payment' in the updated Paytm app, select 'Bank Account', enter bank details and confirm. Wallet balance of a self-declared merchant should not exceed Rs 20,000 post which the amount is settled directly to the merchant's bank account.(Read More)

Paytm to transfer wallet biz to payments bank

Latest Business News - Digital payments firm Paytm on Tuesday said its wallet business will soon be transferred to its payments bank but quashed social media rumours that the m-wallets will stop working after January 15.

"There are some rumours circulating that you will not be able to use the Paytm Wallet after 15th January! Nothing could be farther from the truth. On the contrary, Paytm Wallet users will soon enjoy additional benefits through Paytm Payments Bank Account," Paytm said in a blog post.

The hoax message claims that since Paytm is converting into a payments bank post January 15, users will not be able to transact with their Paytm wallet money, it said.

The company noted that the Paytm Wallet will soon be transferred to the newly incorporated Paytm Payments Bank automatically but added that the m-wallets will work even after January 15.

Stating that this is just a "transfer of ownership of wallet to a new company called Paytm Payments Bank Ltd", Paytm said customers will be given an option to open a separate bank account when the bank launches its services.(Read More)