Now you can mandate standing instruction for recurring card payments

Effective from September 1, 2019, your credit card, debit card, prepaid payment instruments or e-wallets can be used to give standing instructions for recurring transactions of merchant payments. The Reserve Bank of India notified on August 21, 2019 that the card holders can provide e-mandate on cards for simple/automatic recurring transactions to the merchants. No…

Gold Monetization Scheme (GMS) updated

On Friday (16.08.2019), Reserve Bank of India updated several amendments made to Gold Monetization scheme 2015 till date and advised all designated banks to give adequate publicity to the Scheme through their branches, websites and other channels. Gold Monetization Scheme (GMS) which includes the revamped ‘Gold Deposit Scheme’ (GDS) and revamped ‘Gold Metal Loan Scheme…

Direct Benefit Transfer (DBT) Scheme – Seeding of Aadhaar in Bank Accounts

On the subject of the use of Aadhaar to facilitate delivery of social welfare benefits by direct credit to the bank accounts, Reserve Bank of India vide its circular RBI/2015-16/289/FIDD.CO.LBS.BC. No.17/02.01.001/2015-16 dated January 14, 2016 had clarified that the use of Aadhaar Card and seeding of bank accounts with Aadhaar numbers is purely voluntary and…