The Economic Times

Rachel Chitra

Correspondent, TOIRachel Chitra writes for the business section of The Times of India. She has been tracking the banking and insurance sector for nearly five years.
  • Internet blackout, protests leave gig workers reeling

    Internet blackout, protests leave gig workers reeling

    Food delivery agents earn between Rs 25,000 and Rs 50,000 a month, depending on the number of orders they complete, hours on the road, and distance covered, among other factors. Cab drivers can earn Rs 35,000 to Rs 80,000 a month, a chunk of which goes towards fuel, loans, and vehicle maintenance

    Banks stop issuing debit cards for dormant accounts

    Banks stop issuing debit cards for dormant accounts

    The banks have stopped issuing debit cards for the dormant savings accounts due to two reasons - To avoid the risk of banking frauds and also to lower their costs of servicing a bank account. There has been a rise in dormant accounts.

    Number of debit cards plunges 15%, hits a 2-year low

    Number of debit cards plunges 15%, hits a 2-year low

    Bankers say early 155 million cards went out of the market because of the EMV migration from magnetic-strip to chip-based cards, weeded out dormant accounts and inactive cards. The RBI has mandated that all banks have to make this switch as EMV-chip based cards are deemed more secure. So most of 2018, banks were engaging in a massive exercise to reissue all debit cards.

    Senior citizens dread idea of bank mergers

    Senior citizens dread idea of bank mergers

    According to a banker with SBI, senior citizens find it most difficult to deal with change. They get worked up emotionally, and changes like a new branch, travelling a few more kilometres can prove traumatic.

    NSDL ends Aadhaar e-sign services

    NSDL ends Aadhaar e-sign services

    With NSDL no longer supporting e-sign, brokerages and fintechs will now have to physically onboard customers. eSign is an online electronic signature service that can facilitate an Aadhaar holder to digitally sign a document.

    Autos to tea stalls: UPI makes inroads

    Autos to tea stalls: UPI makes inroads

    Given the low payment infrastructure cost, UPI is bridging the gap between organised retail and small merchants, which is resulting in shrinking of the average transaction size.

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