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…
Updated and re-posted on 11.06.2021 Automated Teller Machines (ATMs) are the alternative banking channels available to bank customers primarily for withdrawal of cash. The money can be withdrawn from ATM at any point of time round the clock convenient to the bank customers. The Automatic Teller Machines are generally identified as White Label, Brown Label,…
What is a Kiosk? A Kiosk is basically a small cabin or cubicle structure comparable to a telephone booth. Traditionally, we find a Kiosk where small vendors sell newspapers, refreshments, cold drinks, etc. Over the years, the concept of Kiosk is significantly changed. The modern-day Kiosks are provided with the computer and display in aesthetically…
RBI on Tuesday (May 5, 2020) issued FAQs on cash withdrawal from Point of sale (POS) terminals with the following information for general guidance purposes. The cash withdrawal facility at POS terminal is made available at merchant establishments designated by the acquirer banks (i.e. the banks that deploy the PoS terminals) after a process of…
RBI on Friday (January 31, 2020) advised all the scheduled commercial banks, RRBs, Co-operative banks and authorised card payment networks that henceforth they may provide cash withdrawal facility at POS terminal with the approval of their Board. Hitherto banks are required to obtain one-time permission from Reserve Bank of India for offering the above facility…
The Reserve Bank of India on Thursday (January 16, 2020) has introduced new rules to enhance the security of card transactions. As per RBI notification, while issuing and reissuing the debit and credit cards, banks must ensure that all the debit cards and credit cards are enabled only for domestic transactions at ATMs and point…
RBI vide notification dated December 24, 2019, permitted all the Prepaid Payment Instrument Issuers to introduce a new type of semi-closed PPIs. These cards can be used only for the purchase of goods and services and not for funds transfer. The new PPIs will have the following features: The Semi -closed Pre-paid instrument (PPI) up…