RBI today notified Amendment to Master Direction on Prepaid Payment Instruments. As per the revised guidelines, the various types of PPIs that banks and non-banks can issue after obtaining necessary approval/authorisation from RBI. “Public transport systems across the country cater to a multitude of commuters daily. To provide convenience, speed, affordability, and safety of digital…
Acceptance of deposits and maintenance of deposit accounts is the core activity in any bank. Para banking activities are the activities carried out by the bank which are apart from its normal day-to-day activities. Banks can undertake certain eligible financial services or para-banking activities either departmentally or by setting the subsidiaries. Some examples of the para-banking…
The Worldwide travel agency cum Forex Services Company Thomas Cook (India) Ltd (TCIL) and the National Payments Corporation of India (NPCI) have launched India’s first RuPay prepaid forex card for Indians travelling to the United Arab Emirates (UAE). The omnichannel travel company TCIL is offering a broad spectrum of services including foreign exchange, corporate travel,…
As per a news item in the Economic Times of India, the government has asked banks to ensure that all new cards and reissues of old cards have the National Common Mobility Card (NCMC) as a default option with contactless or near-field function facilities. National Common Mobility Card is an inter-operable transport card conceived by…
The Reserve Bank of India has today placed on its website the draft circular on Arrangements with Card Networks for the issue of Debit, Credit, and Prepaid Cards for feedback if any from stakeholders on or before August 4, 2023. The central bank on a review observed that arrangements existing between card networks and card…
In a statement issued on Wednesday, NPCI said that as per recent regulatory guidelines, PPI wallets have been permitted to be part of the interoperable UPI ecosystem. As per the circular issued on March 24, the changes of the 1.1% fee on UPI wallet transactions above Rs 2,000 will come into effect from April 1,…
Reserve Bank of India, taking into consideration the various developments in the area of banking and technology, the nature of consumer grievances, and other stakeholders, has reviewed the guidelines/instructions issued on locker rent agreements and issued a circular on August 18, 2021, in this regard. ‘The review also took into account, the principles enumerated by…
RBI on Tuesday extended the device-based tokenisation to card-on-file tokenisation (CoFT) services, a move that will bar the merchants from storing actual card data. Tokenisation is a process by which actual card details mask sensitive card details of your debit/credit / prepaid card with an alternate code. This process by which the primary details of…
The Reserve Bank on Wednesday came out with revised guidelines for the hiring of lockers under which the liability of banks will be limited to 100 times its annual rent in case of fire, theft, building collapse, or frauds by bank employees. The banks will have to put in place a Board-approved policy outlining their…
The Reserve Bank of India (RBI) has on Wednesday indefinitely barred Mastercard (Mastercard Asia / Pacific Pte. Ltd) from issuing new debit or credit cards to domestic customers in India from July 22, 2021, for violating data storage rules. Citing its circular on ‘storage of payment system data’ dated April 6, 2018, the RBI said…