RBI extends the timeline for processing recurring online transactions.

The Reserve Bank of India today extended the timeline by six months to comply with its guidelines related to recurring online transactions with Additional Factor of Authentication (AFA). The framework mandated the use of AFA during registration and first transaction (with relaxation for subsequent transactions up to a limit of ₹2,000, since enhanced to ₹5,000),…

Special clearing will be conducted for the collection of government cheques on March 31, 2021: RBI

Reserve Bank of India today directed all the agency banks that the Government transactions done by them for the financial year 2020-21 must be accounted for within the same period. Special clearing for that purpose will be conducted for collection of government cheques on March 31, 2021 the notification said. The details of special clearing…

Soon Cheque Truncation System (CTS)for all bank branches in the country

As announced in the Statement on Developmental and Regulatory Policies dated February 5, 2021, RBI today announced that all banks shall have to ensure that all their branches participate in image-based CTS under respective grids by September 30, 2021. “To leverage the availability of CTS and provide uniform customer experience irrespective of the location of…

What is an IFSC and how does it work for the international financial market

An international financial services centre (IFSC) caters to customers outside the jurisdiction of the domestic economy, dealing with flows of finance, financial products and services across borders. The IFSC brought back the financial services and transactions that are earlier carried out in offshore financial centres by Indian corporate entities and overseas branches/subsidiaries of Financial Institutions…