The Narendra Modi government in November 2016 had banned old currency notes of Rs 500 and Rs 1,000, which comprised over 80 per cent the country's cash, to curb black money and promote digital transactions.

A payments bank is a new category of banks conceptualized by the Reserve Bank of India. Its main goal is to promote financial inclusion and increased access to financial services. It can't offer loans or credit cards. Watch BusinessToday.In's video to know what is a payments bank and how is it different from other categories of banks.

The finance minister is all geared up to introduce Budget 2018. As with all previous Budgets, the country is abuzz with lot of speculations and expectations.

All eyes will be on Finance Mister Arun Jaitley today as he presents his fifth Union Budget-and the last full one for the Modi government before the general elections coming up next year.

PM Narendra Modi said that Budget 2018-19 has devoted attention to all sectors, ranging from agriculture to infrastructure to healthcare.

The government's push for cash-less economy started with the announcement of the demonetisation on November 8, 2016.

The Fintech industry has helped make digital payments a day-to-day reality in India, developing the most evolved digital payments system among countries including the UK, China, and Japan, according to a report by FIS, the US-based banking technology provider.

MDR is the cost paid by a merchant to a bank for accepting payment from their customers via credit or debit cards every time a card is used for payments in their stores. The merchant discount rate is expressed in percentage of the transaction amount.

After a long search, Infosys named Salil S Parekh as its new CEO and Managing Director.

The value of cryptocurrency Bitcoin rose to an all-time high of over $9,671.84 on Sunday. The digital currency surged past $9600 level for the first time, amid speculations from analysts that it could cross $10,000 level well before 2018 kicks in.

Ahead of the first anniversary of demonetisation, Finance Minister Arun Jaitley said that excessive cash in the economy has \"its own cost\" and India is gradually moving towards digital transactions.

Ever since the Prime Minister took over, he has been streamlining the financial distribution system by linking other identity cards including PAN number and account number with Aadhaar.

Rajnish Kumar has been named as the new Chairman of State Bank of India (SBI). Kumar, who is is currently the Managing Director of country's largest public sector lender started his career in SBI as a Probationary Officer in 1980.

Code on Wages Bill 2017 states that the Central Government, before fixing the national minimum wage, may obtain the advice of the Central Advisory Board which will have  representatives from employers and employees.

The government, specifically, wants to encourage people to use digital methods for day to day smaller transactions. The Ministry of Information and Technology is believed to be spearheading the effort and planning methods to promote digital transactions.

This is Softbanks largest investment in a single company in India. While both the companies have declined to comment on the valuation, market watchers say that the deal values Paytm at about USD 8 billion.

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