RBI extends the timeline for processing recurring online transactions.

The Reserve Bank of India today extended the timeline by six months to comply with its guidelines related to recurring online transactions with Additional Factor of Authentication (AFA). The framework mandated the use of AFA during registration and first transaction (with relaxation for subsequent transactions up to a limit of ₹2,000, since enhanced to ₹5,000),…

Special clearing will be conducted for the collection of government cheques on March 31, 2021: RBI

Reserve Bank of India today directed all the agency banks that the Government transactions done by them for the financial year 2020-21 must be accounted for within the same period. Special clearing for that purpose will be conducted for collection of government cheques on March 31, 2021 the notification said. The details of special clearing…

RBI issues Master Direction on Digital Payment Security Controls

The Reserve Bank on Feb 18, 2021(Thursday) came out with Master Direction (Digital Payment Security Controls) Directions 2021,   for banks and card-issuing entities laying down common minimum standards to ensure security of digital payments. The provisions of these directions would apply to the Regulated Entities (REs) Viz. Scheduled Commercial Banks, Small Finance Banks, Payments Banks;…

Three ombudsman schemes being integrated into a single scheme: RBI report

RBI in its annual report said that the Consumer complaints about banking services jumped 64.97 per cent for the period July1, 2019 to June 30, 2020. The volume of complaints from 2,00,362 in 2018-19 to 3,30,543 complaints in 2019-20.The Annual Report covers the activities under the Banking Ombudsman Scheme (BOS), the Ombudsman Scheme for Non-Banking…