Mumbai: After making payments interoperable between banks with its Unified Payments Interface (UPI), the National Payments Corporation of India (NPCI) is pushing top banks to make cash deposit too an interoperable feature at their ATMs and branches. NPCI believes that an interoperable cash-deposit system enabled through its National Financial Switch (NFS), initially developed by Institute for Development & Research in Banking Technology (IDBRT), could help reduce the cost of currency handling for the entire banking system, said four people aware of the matter. This will also help ATM operators reduce the costs to replenish cash at ATMs, as the currencies deposited through the machines can be “recycled” for withdrawals as well. “All major private and public-sector banks have been asked
Jiangsu Pilot Free Trade Zone Lianyungang Area on November 28, 2019 in Jiangsu Province of China.Wang Chun | VCG | Getty ImagesChina's fourth-quarter economic growth may have been "the weakest of 2019" — but it still showed an improvement compared to the previous quarter and to the same period a year ago, a business survey released on Thursday showed.Manufacturing and services saw the strongest revenue improvement compared to the the previous quarter, though profit was "muted," according to research firm China Beige Book's quarterly review of the world's second-largest economy, which was based on a survey of more than 3,300 Chinese businesses.Three important results emerged from the survey.First, there are signs that cash flows have deteriorated quickly. "It is easy to discount a seemingly
Brazil's President Jair Bolsonaro has accused Hollywood actor Leonardo DiCaprio of "giving money to set the Amazon on fire".The president gave no evidence but in the past has accused NGOs critical of his policies of starting fires that ravaged the rainforest this year.Several arrests have been made amid controversial and unproven allegations fires were started to obtain funding.DiCaprio, who has pledged $ 5m for the Amazon, denied Mr Bolsonaro's claim.The latest comments appear to arise from the arrest of four volunteer firefighters from northern Pará state on allegations they started fires to generate NGO donations.Rights groups, NGOs and critics claimed the police operation against them was politically motivated and an attempt
By Wale Azeez, business reporter Barclays has reversed its decision to stop the bank's customers from making cash withdrawals from the Post Office just two weeks after it announced the move.The company now says it will continue to allow customers to use their debit cards to take cash out over Post Office counters "for the next three years". The banking group faced widespread criticism and expressions of dismay from parliament, regulators, campaigners and the Post Office itself after announcing that from 8 January 2020, customers would no longer be able to withdraw cash from the Post Office using the cards.Its decision to scrap the service came at a time of rising concern about the demise of bank branches and free-to-use ATMs, particular...
Walmart has three Sam's Clubs in Beijing, including this one in Daxing District. The company plans to open five more in the capital city.Evelyn Cheng | CNBCBEIJING — Some are trying to create characters as memorable as Mickey Mouse. Others are launching lessons on how to cook steak. Still others know Chinese parents will pull out all stops for their kids.It's all a bet on the Chinese middle class, a consumer force McKinsey analysis predicts could reach 550 million in three years — that's more than one-and-a-half times the entire U.S. population today.American consumer giants and a slew of Chinese companies are now angling for a piece of the largest middle class market in the world.For Shanghai-based Pearl Studio, China's imminent rise as the world's largest movie market means the timing is