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Time of India
07-07-2025
- Business
- Time of India
RRB digitisation push: Nabard to complete IT integration of merged rural banks by Sep 30; New tech, stacks and digital pilots aimed at bridging rural-urban divide
AI image The IT integration of recently amalgamated Regional Rural Banks (RRBs) under the 'One State One RRB' framework is likely to be completed by September 30, Nabard Chairman Shaji KV said on Monday. Speaking at a CII event, Shaji said the RRB amalgamation exercise, which took effect on May 1, aimed at enhancing scale efficiency and cost rationalisation across rural banking services. Post-merger, there are now 28 RRBs operating in 26 states and 2 Union Territories, with a combined network of over 22,000 branches covering 700 districts, according to PTI. 'As of May 1, the integration of RRBs at the state level has been completed. IT integration is expected to be finalised by September,' Shaji said. He added that Nabard (National Bank for Agriculture and Rural Development) is building a common digital infrastructure with the RRBs, rolling out credit platforms and government data systems to expand outreach in rural India. However, he acknowledged persistent challenges, including low internet bandwidth and limited awareness, but noted that collaborative efforts are underway with various organisations to resolve them. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2 & 3 BHK Homes Near SGNP at Ghodbundar Rd Purva Panorama Click Here Undo by Taboola by Taboola Highlighting the broader digital roadmap, Shaji said Nabard is working to digitise agricultural value chains—about 20 of which are already in place—and bring more farmers, especially those without formal land records, into the formal banking system. To further enhance reach and transparency, Nabard is also deploying blockchain-based crop traceability systems and strengthening Business Correspondent (BC) networks in rural areas. The chairman said the government is also building additional technology stacks like the Agri Stack, Fisheries Stack, and Cooperative Stack. The 'Cooperative Stack' aims to integrate various rural schemes via Primary Agricultural Credit Societies (PACS), creating a unified system for benefit delivery. He noted that Nabard is leading the cooperative digitisation effort, with around 70,000 societies already digitised. It is also supporting pilots in partnership with NGOs and FinTechs through the Financial Inclusion Fund. Addressing the rural-urban income imbalance, Shaji pointed out that two-thirds of India's population contributes only one-third of the national income. Nabard is actively working on solutions to narrow this gap and transform farmers into agribusiness entrepreneurs. Additionally, the institution is setting up a sandbox environment that will allow fintechs to access anonymised data for developing rural-focused solutions, he added. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Gulf News
01-05-2025
- Business
- Gulf News
Indian expats in UAE, take note: ATM withdrawals get costlier from May
Indian expats in the UAE planning to travel to India should be aware of upcoming changes to ATM transaction charges, which will take effect on May 1, 2025. The Reserve Bank of India (RBI) has revised its ATM fee structure, increasing the charges for withdrawals beyond the free transaction limits. Additionally, the number of free withdrawals permitted each month has been adjusted, with different limits set for metropolitan and non-metropolitan areas. These changes may impact your ATM usage during trips to India, so it's important to plan ahead and consider alternative payment methods to avoid additional costs. Starting May 1, 2025, the Reserve Bank of India's (RBI) revised ATM transaction charges will take effect. The move introduces higher fees for additional transactions and changes to the number of free withdrawals allowed each month. New maximum transaction fee Customers will now be charged a maximum of Rs 23 per transaction beyond the free usage limit, up from the earlier Rs 21. This applies to both financial and non-financial transactions at ATMs, as well as at Cash Recycler Machines (CRMs), excluding cash deposits. Under the updated framework: In metro areas: 3 free transactions per month at other bank ATMs In non-metro areas: 5 free transactions per month at other bank ATMs 5 free monthly transactions at your own bank's ATMs, across all locations These limits apply to both financial (withdrawals, deposits) and non-financial (balance inquiry, PIN changes) transactions. Applies across all banks and operators The new fee structure is applicable to all commercial banks, regional rural banks (RRBs), co-operative banks, authorised ATM network operators, and white-label ATM operators. ATM interchange fee explained The interchange fee—charged between banks when customers use ATMs not owned by their bank—remains set at Rs 19 for financial transactions and Rs 7 for non-financial ones. ATM networks will continue to determine the exact charges. Impact on customers According to BLS E-Services Chairman Shikhar Aggarwal, this change may push more users toward digital options or fee-free alternatives like MicroATMs and Business Correspondent (BC) networks, particularly in rural and semi-urban areas. Tips for ATM users: Not just ATMs: CRMs affected too As per the RBI, these rules will also apply to transactions conducted at CRMs, with the exception of deposits. The interchange fees for CRMs match those of ATMs: Rs 17 for financial and Rs 6 for non-financial transactions. As of January 2025, India has 1,30,902 on-site and 85,804 off-site ATMs and CRMs nationwide. Customers are encouraged to make informed decisions regarding their cash withdrawals and consider digital banking options to avoid rising transaction fees.
