In today’s (4.06.2021) second bimonthly MPC meeting, the Reserve Bank of India decided to maintain the policy repo rate under the liquidity adjustment facility (LAF) on hold at 4.0 per cent. The Monetary Policy Committee of the Reserve Bank of India has decided to maintain status quo on key policy rates. Based on its assessment,…
The Reserve Bank of India (RBI) on Monday clarified that its circular dated April 6, 2018 on Crypto currency transactions is no longer valid from the date of the Supreme Court judgement, in March 2020 and therefore cannot be cited or quoted from. RBI in its notification said, “It has come to our attention through…
The Ministry of Labour and Employment on Sunday announced additional benefits for workers through social securities schemes run by the EPFO and the ESIC amid the COVID-19 pandemic. “The Ministry of Labour and Employment has announced additional benefits for workers through ESIC and EPFO schemes to address the fear and anxiety of workers about well…
In terms of GoI notification F.No.4(5)-B(W&M)/2021 and RBI press release dated May 12, 2021, the Sovereign Gold Bond Scheme 2021-22 – Series III will be open for subscription for the period from May 31, 2021 to June 04, 2021. The nominal issue price per gram of gold for off-line subscriber is Rs.4889 (Rupees Four thousand…
NPCI is an umbrella organisation for operating retail payments and settlement systems in India, under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India. It has been incorporated as a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956…
The RBI, in a statement yesterday, said the redemption price for the early redemption of SGB tranche-1 due on May 30 shall be ₹4,837 per unit of SGB and payable on May 29 (May 30, 2021, is Sunday). This translates into an appreciation of about 80 percent over the issue price of ₹2,684 per unit…
The state-of-the-art payment service *99# works on the Unstructured Supplementary Service Data (USSD) channel. This service allows mobile banking transactions using the basic feature of mobile phones, there is no need to have a mobile internet data facility for using USSD based mobile banking. The above service is intended to take the banking services to…
National Financial Switch (NFS) is the largest network of shared automated teller machines (ATMs) in India. It was designed, developed, and deployed with the aim of inter-connecting the ATMs in the country and facilitating convenience banking. The network was taken over by NPCI from Institute for Development and Research in Banking Technology (IDRBT) on December…
The National Payments Corporation of India (NPCI) has developed the National Electronic Toll Collection (NETC) program to meet the electronic tolling requirements of the Indian market. It provides an electronic payment facility to customer to make the payments at national, state and city toll plazas by identifying the vehicle uniquely through a FASTag. All lanes…
BHIM (Bharat Interface for Money) is an Indian mobile payment app developed by the National Payments Corporation of India (NPCI), based on the Unified Payments Interface (UPI). BHIM is built over the Immediate Payment Service (IMPS) infrastructure and allows the user to instantly transfer money between bank accounts of any two parties and encourage cashless…