India
Soon all banks ATM networks will offer cardless cash withdrawals: RBI
The Reserve Bank of India agreed on Friday to allow all banks to adopt card-less cash withdrawals through ATMs to combat fraud.
Currently, cardless cash withdrawals using ATMs are an allowed mode of transaction offered on an ‘on-us’ basis by a few banks in the country (for their customers at their ATMs).
“It is now suggested to use the UPI to make card-less cash withdrawals available across all banks and ATM networks. The elimination of the necessity for a real card for such transactions would help avoid frauds such as card skimming, card cloning, and so on, in addition to making transactions easier “While introducing the bi-monthly monetary policy review, RBI Governor Shaktikanta Das stated.
Customers would be able to authorize transactions using the Unified Payments Interface (UPI), with settlement taking place through ATM networks, according to a statement on Developmental and Regulatory Policies.
Separate instructions would be sent to NPCI, ATM networks, and banks shortly, according to the statement.
Das described the Bharat Bill Payment System (BBPS) as an interoperable bill payment network that has experienced a growth in the number of bill payments and billers over time.
It is proposed to reduce the net worth requirement of non-bank Bharat Bill Payment Operating Units from Rs 100 crore to Rs 25 crore to facilitate greater bill payment penetration through the BBPS and to encourage the participation of a greater number of non-bank Bharat Bill Payment Operating Units in the BBPS.
The essential regulatory changes will be implemented as soon as possible.
Under the BBPS, there are a variety of benefits available.
A standardized billing experience, a centralized customer grievance resolution process, a mandated customer convenience charge, and other perks are available to BBPS users.
BBPS is an interoperable bill payment platform that serves all types of billers who send out recurring bills.
The number of non-bank Bharat Bill Payment Operating Units has not increased in lockstep (BBPOUs).
Maintaining the safety and security of payment systems is a crucial priority of the RBI, according to the statement, because they play a catalytic role in encouraging financial inclusion and fostering financial stability.
It is critical to guarantee that payment system infrastructures are not only efficient and effective but also resilient to traditional and emerging risks, particularly those related to cyber security, as the use of digital payment modalities grows.
“It is recommended to establish guidelines on Cyber Resilience and Payment Security Controls for Payment System Operators to ensure that our payment systems remain resilient to traditional and emerging risks, particularly those connected to cyber security,” he stated.
Airport development and redevelopment projects in Mumbai drive demand for residential and rental properties across Navi Mumbai.
The Season
Navi Mumbai’s real estate market is witnessing increased activity this festive season, driven by the upcoming Navi Mumbai International Airport and the relocation of Mumbai residents due to ongoing redevelopment projects.
According to Manohar Shroff, Senior Vice-President of the Maharashtra Chamber of Housing Industry (MCHI), demand for rental homes in Navi Mumbai has increased as several residential buildings in Mumbai undergo redevelopment. Residents from areas such as Andheri, Goregaon and Matunga are temporarily shifting to Navi Mumbai while their existing buildings are being redeveloped, creating additional demand for rental properties.
The development of the Navi Mumbai International Airport has also boosted interest in residential and hospitality projects in areas such as Panvel, Kharghar, Taloja and Ulwe. Improved connectivity and growing commercial opportunities are attracting both homebuyers and investors. Real estate experts have also reported increased interest in pre-leased properties, partly influenced by recent corrections in the stock market.
Industry representatives expect property sales and rental demand to receive further momentum during the Diwali festive period.
The combination of airport-led infrastructure development, improved connectivity and redevelopment activity in Mumbai is strengthening Navi Mumbai’s position as an emerging real estate destination.
‘Mumbai in Minutes’ initiative aims to reduce travel time through a network of roads, tunnels, bridges and Metro connectivity.
The Travel
The Mumbai Metropolitan Region Development Authority (MMRDA) has outlined an ambitious plan to significantly reduce travel time across the Mumbai Metropolitan Region (MMR) through its ‘Mumbai in Minutes’ initiative.
MMRDA Metropolitan Commissioner Dr Sanjay Mukherjee said that the journey between Mumbai and Thane could eventually take just 25 minutes, while travel from Worli to Navi Mumbai could be reduced to less than 30 minutes. Mukherjee said the initiative aims to enable commuters to travel between different parts of the metropolitan region within 59 minutes.
The Worli–Navi Mumbai journey, which currently takes around 90 minutes, is expected to become considerably shorter through improved connectivity involving the Mumbai Coastal Road and Mumbai Trans Harbour Link (MTHL). The plan includes a proposed investment of around Rs 58,000 crore in a ring-road network spanning more than 90 km. Major infrastructure projects include the Thane–Borivali twin tunnel, Sewri–Worli connector and expansion of the Metro network.
MMRDA is also focusing on strengthening suburban railway and bus connectivity to provide commuters with multiple travel options. The initiative aims to ease traffic congestion, improve regional connectivity and make daily commuting faster and more convenient. The proposed travel times will depend on the completion and integration of these infrastructure projects.
ED conducts a search at his tenant’s residence, Shivram Patil clarifies that neither he nor his family received any notice from the agency.
The Raid
The Enforcement Directorate (ED) conducted a search operation at a residential property in Koparkhairane, Navi Mumbai, on October 28, reportedly linked to Shiv Sena (Eknath Shinde faction) corporator Shivram Patil.
However, Shivram Patil denied having any connection with the investigation, clarifying that the search was conducted at the residence of his tenant, Jay Mehta.
According to the details available, an ED team from Mumbai arrived at the premises around 7.15 am and continued the search until approximately 5.30 pm. Officials searched a bedroom on the first floor occupied by Mehta. During the operation, the agency reportedly seized a Samsung Galaxy Z Fold 7 mobile phone containing emails and other digital information relevant to the investigation. Mehta’s statement was also recorded.
Shivram Patil clarified that he had neither received any notice from the ED nor been summoned for questioning. He said the notice was issued to his tenant, who was asked to appear before the agency’s Mumbai office.
The raid has sparked political speculation in Navi Mumbai amid tensions between the BJP and the Shinde-led Shiv Sena. However, no official confirmation has established any link between the investigation and the political developments.
Navi Mumbai Real Estate Market Gains Momentum During Festive Season
Mumbai–Thane Travel in 25 Minutes, Worli–Navi Mumbai in Under 30 Minutes: MMRDA
Shiv Sena Corporator Shivram Patil Denies Links to ED Raid in Koparkhairane
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