RBI announces On-tap Authorisation of Payment Systems

In order to benefit from diversification of risk as also to encourage innovation and competition, Reserve Bank on 15th October 2019 announced to offer on-tap authorisation for the following entities:   Bharat Bill Payment Operating Unit (BBPOU).  Trade Receivables Discounting System (TReDS).  White Label ATMs (WLAs). The entities desirous to function / operate / provide platforms…

Glossary of financial inclusion and other welfare schemes in India

Financial Inclusion refers to the process of financial access to all including those hitherto un-served poor population of the country. The major financial schemes launched by Government of India are Jan Dhan (PMJDY), Mudra loans (PMMY), Stand-up India, Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Atal Pension Yojana (APY),…