27 february 2000

rbi clarification on rs 500 notes
mumbai: the reserve bank of india, india’s central bank, has issued a clarification that it has not issued any list of series of currency notes with instruction that the notes in the series should not be accepted.

the rbi has said that this clarification was necessitated after some newspapers published a list of series of rs. 500 denomination notes, attributing it to the rbi. the rbi has stated that all rs. 500 notes issued by it "continue to be legal tender and should be freely accepted by the public and banks".

gtb launching plastic money, e-commerce
hyderabad: global trust bank will begin offering debit and credit card facilities as well as e-commerce services. gtb is negotiating with master card and visa for its debit cards. the bank will also expand its atm network.

ramesh gelli, chairman and managing director of global trust bank told reporters that the bank would soon install a high-end transmission processing switch to facilitate debit card functionality and power future growth in atms. the bank aims to spend up to rs. 50 crore in the year 2000 on its new technology initiatives.

29 feb bank strike off
mumbai: the all india bank employees association is reported to have withdrawn the nation-wide strike it had planned to call on 29 february. in return the union wants the indian banks association to sign a wage agreement in two to three weeks for.

the strike date had been planned to coincide with the presentation of the union budget in parliament. the withdrawal of the strike is the outcome of a conciliation meeting with the iba before the regional labour commissioner in mumbai on 26 february.

dena bank opens multi-branch network
mumbai: dena bank has launched a multi-branch networking facility, called dena net, to enable its customers to transact select banking business from any of the bank’s 46 branches initially covered by the network. the network includes 10 atms in five cities and regional offices.