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Tag: cash

Gigabit broadband: Rural households urged to claim upgrade cash

Gigabit broadband: Rural households urged to claim upgrade cash

Technology
The government is urging struggling rural broadband customers to apply for cash it has set aside to pay for ultra high-speed connections.Digital Minister Matt Warman said £70m is "still there for the taking".The gigabit voucher scheme is part of the government's election pledge to bring broadband speeds of up to 1,000Mbps to the whole country by 2025.It says nearly half a million homes have been connected with the help of government subsidies.The average UK broadband speed is around 64Mbps (megabits per second), according to the latest Ofcom figures.Mr Warman said the 2025 target was ambitious and he could commit only to "getting as close as we can"."We're talking about a target that's five years away. We are absolutely confident
RBI asks banks not to open current accounts for customers having cash credit, overdraft facilities

RBI asks banks not to open current accounts for customers having cash credit, overdraft facilities

Finance
With a view to improve credit discipline, the Reserve Bank on Thursday barred banks from opening current accounts for customers who have availed cash credit or overdraft facilities, stressing that there is a "need for discipline" on this front. In a notification, the central bank said that rather than opening a new current account, all transactions should be routed through Cash Credit (CC) or OverDraft (OD) account. However, the RBI did not specify the exact reasons for initiating such a move. It can be noted that in recent instances of fraud like the over Rs 4,000 crore PMC co-operative Bank scam, it was discovered that multiple accounts were opened. Officials in the know said the move will avoid hoodwinking of the system and reduce the blind spots, which will ultimately lead to protectio...
Virus boosts digital payments in India where cash ban failed

Virus boosts digital payments in India where cash ban failed

Finance
By Vrishti Beniwal and Suvashree GhoshThe coronavirus outbreak may finally accomplish what India’s shock demonetization four years ago failed to achieve: Use of digital payments is soaring for everything from groceries, electricity bills and cab fares. The value of transactions on the Unified Payments Interface, a platform created by India’s largest banks in 2016, reached an all-time high last month as people feared to handle banknotes amid the pandemic. Electronic fund transfers from banks, which had dropped in April as economic activity slowed almost to a halt, have also rebounded. “People who have never paid a bill online are paying online, people who have never bought groceries online are buying online,” said Nityanand Sharma, chief executive officer of Get Simpl Technologies Pvt Ltd.,
Op-ed: There is no such thing as truly risk-free — even going to cash

Op-ed: There is no such thing as truly risk-free — even going to cash

Finance
Siriluck Srikumbang / EyeEmPerhaps you are approaching retirement and getting a bit nervous from these wild market swings.It has, after all, been an emotional ride lately, and there are no signs of it letting up soon. You may be thinking: Is it time to "de-risk" your portfolio by dumping stocks and seeking the apparent safety of cash? Fair enough, but here's the problem – what then?Let's assume, just for a moment, that you actually took the plunge and sold all your stocks. Now, you can finally go to sleep at night without a worry in the world about what the markets are going to do next. You're out of it. But as you gaze on that mountain of cash you just created, the questions arise: What's the next step? What are you going to do with all that cash?You might, of course, ask yourself: "Why d
BA owner burns ‘£178m of cash a week’ as airline ramps up war of words with unions

BA owner burns ‘£178m of cash a week’ as airline ramps up war of words with unions

Business
British Airways (BA) has told staff its parent firm is burning through £178m of cash a week and the airline does not have "an absolute right to exist" as a row with unions intensifies.In a letter to staff seen by Sky News, BA chief executive Alex Cruz rounds on the GMB and Unite unions, calling a campaign to take Heathrow landing slots away from BA "bizarre" and a threat to jobs. He criticises the government for damaging the industry though the introduction of a 14-day quarantine period from Tuesday as the coronavirus pandemic eases. Image: BA boss Alex Cruz: 'The BA of tomorrow will be a smaller company' The letter to staff, sent after the Home Secretary unveiled the plans yesterday afternoon, says "the government has dealt another b