The Reserve Bank of India (RBI) on Tuesday issued final guidelines for urban cooperative banks (UCBs), accepting the NS Vishwanathan committee’s recommendation to implement a four-tiered regulatory framework, among others. The four-tiered regulatory framework is based on the size of deposits of the banks and their area of operations. The major recommendations which have been…
The GST Council has agreed to levy an 18 percent cess on cheques, irrespective of whether they are in loose or in book form with effect from July 18, 2022. There will be a 5 percent GST if rooms worth more than Rs 5,000 (non-ICU) are rented out in hospitals.Pre-packed and labeled food items like…
The Account Aggregator (AA) system is a financial data exchange where banks, fintech, or NBFCs can exchange customer data after taking consent from such users. The entities which facilitate the data exchange are known as account aggregators. Under the account aggregator system, a lender who requests the data is called financial information user (FIU), and…
The Reserve Bank of India (RBI) on Friday extended the deadline for card-on-file (CoF) tokenisation by another three months to September 30 as transaction processing based on such tokens is yet to gain traction across categories of merchants. “…it has been decided to extend the timeline for storing of CoF data by three months, i.e.,…
“There is no proposal on neo-banks or digital banks because we feel that the existing banks and NBFCs can adopt more and more technology for delivery of banking services.” said Shaktikanta Das while delivering a speech at the Financial Express Modern BFSI Summit in Mumbai on June 17, 2022.”The theme of my address “Disruptions &…
The Reserve Bank of India on Wednesday requested all ASBA designated branches of banks to remain open for the public on May 8, 2022 (Sunday) to facilitate the processing of applications for LIC IPO “The Government of India, in order to facilitate bidding for LIC IPO, has requested that all bank branches designated to process…
Online fraudsters are using innovative methods to wipe out your bank balance. Be aware of such frauds to protect yourself from fraudsters. According to a report by Hindustan Times, India has lost a total of ₹615.39 crores in more than 1.17 lakh cases of online banking frauds from April 2009 to September 2019. The occurrence…
There has been a surge in the usage of digital modes of payments in recent years. As the speed and ease of doing financial transactions have improved, the number of frauds in retail financial transactions has gone up. The general public is defrauded by a fraudster using various innovative methods. Unscrupulous elements are defrauding and…
The Reserve Bank of India has issued master directions for credit and debit card issuance in the year 2022. These fresh guidelines will come into effect from July 1, 2022. The guidelines apply to banks excluding payment banks, state co-operative banks, and district central co-operative banks. Also, all NBFCs operating in India should follow the…
The Reserve Bank of India has issued master directions for credit and debit card issuance in the year 2022. These fresh guidelines will come into effect from July 1, 2022. The guidelines apply to banks excluding payment banks, state co-operative banks, and district central co-operative banks. Also, all NBFCs operating in India should follow the…