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…
Today (August 29, 2019)RBI notified to all the Scheduled Commercial Banks including RRBs / Urban Co-operative Banks /State Co-operative Banks / District Central Co-operative Banks /All Authorised Card Networks with regard to Point of Sale transaction. The Banking Regulator said that it has come to their notice that many banks are not following in letter…
Updated on December 20, 2023 The card issuer shall provide a complete list of merchants for whom it can provide tokenisation services. The cardholders shall select the merchants with whom he/she wishes to maintain tokens. (Alternatively – “The cardholder can make his selection from the list ). It is now proposed to introduce CoF token…
Effective from September 1, 2019, your credit card, debit card, prepaid payment instruments or e-wallets can be used to give standing instructions for recurring transactions of merchant payments. The Reserve Bank of India notified on August 21, 2019 that the card holders can provide e-mandate on cards for simple/automatic recurring transactions to the merchants. No…
Safe deposit lockers are specially designed lockers that are generally kept in specially built strong rooms for keeping the valuables of the hirer. In India, safe deposit lockers are available in most of the Bank branches. These lockers of different sizes like small, medium, large, and extra-large are purchased from reputed manufacturers to suit the…
The nominations made by locker hirer or there is a survivor clause in joint operation of the locker, such nomination or survivorship would facilitate expeditious release of articles in lockers to hirer’s nominee/s. Here we will go through the procedure (1) where there is survivor / nominee clause (2) where there is no survivor /…
The payment and settlement system in India is governed by the Payment and Settlement Systems (PSS) Act, 2007. According to definition of PSS Act 2007, Payment System means a system that enables payment to be effected between a payer and a beneficiary, involving clearing, payment or settlement service or all of them. This includes the…
The major difference between wholesale banking and retail banking is in the type of clientele. Retail banking, also known as consumer banking, refers to the offering of banking services to individuals and lower-tier businesses. Services offered in retail banking related both on deposits as well as loans and advances. Deposit products avail retail customers are…
In terms of the latest amendment to master circular of RBI, the Banks which extend the Prepaid Payment Instruments facility the other entities / ‘employers’ such as unlisted corporates /partnership firms / sole proprietorship / public organizations like municipal corporations, urban local bodies, etc. The above-mentioned employers utilize prepaid payment instruments for onward issuance to…