In the Statement on Developmental and Regulatory Policies, the Reserve Bank of India, Friday 7th June, announced recurring payments for Fastag, National Common Mobility Card (NCMC), etc. with an auto-replenishment facility under the e-mandate framework. The current e-mandate framework requires a pre-debit notification at least a 24-hours before the actual debit from the customer’s account.…
Presenting the second monetary policy statement of FY25, RBI Governor Shaktikanta Das about the Central Bank’s position on the economy said “Remains vigil on any upside risk inflation, especially food inflation. Economic growth is holding firm.” The RBI’s monetary policy committee on June 7 decided to keep the repo rate unchanged for the eighth time…
The tools of monetary policy refer to the tools used by the Central Bank (RBI in India) to meet the set objectives of price stability and growth of the economy. The tools used by the Central Bank for the above purposes are; Cash Reserve Ratio (CRR), Statutory Liquidity Reserve (SLR) Directed credit and administered interest…
On Tuesday, RBI Governor Shri Shaktikanta Das, launched the PRAVAAH portal, the Retail Direct Mobile App, and a FinTech Repository. These three initiatives were earlier announced as part of RBI’s bi-monthly Statement on Development and Regulatory Policies in April 2023, April 2024, and December 2023 respectively. PRAVAAH is a secure and centralised web-based portal. The…
The Reserve Bank of India today, in its circular informed that during the onsite examination of Regulated Entities (Banks, NBFCs, and FIs) for the period ended March 31, 2023; it came across instances of lenders resorting to certain unfair practices in charging of interest. Some of the unfair practices noticed by the Central Bank are…
The RBI on Thursday said Gurugram-registered TalkCharge Technologies Pvt. Ltd. having its registered office at Unit No. 323, JMD Megapolis, 3rd Floor, Sohna Road, Sector 48, Gurgaon, Haryana-122018, is issuing Prepaid Payment Instruments (Wallets) through its website and app (application) ‘TalkCharge’ without obtaining the required authorization from RBI under the provisions of the Payment and…
‘Corporate Debt Security’ means non-convertible debt securities, which create or acknowledge indebtedness, including debentures, bonds, and such other securities of a company or a body corporate constituted by or under a Central or State Act, whether constituting a charge on the assets of the company or body corporate or not, but does not include debt…
The Statement on Developmental and Regulatory Policies released by RBI today proposed to facilitate a cash deposit facility through the use of UPI. “Cash Deposit Machines (CDMs) deployed by banks enhance customer convenience while reducing the cash-handling load on bank branches. The facility of cash deposit is presently available only through the use of debit…
The Monetary Policy Committee (MPC) met on the 3rd, 4th, and 5th of April 2024 and decided to keep the policy repo rate at 6.50 percent, other key policy rates also remained unchanged for the 6th straight time. RBI also left the policy stance unchanged with a focus on the withdrawal of accommodation. Withdrawal of…
RBI today issued a new direction to the card-issuing Authorised Payment System Providers / Participants (Banks and Non-banks) that they shall provide an option to their eligible customers to choose from multiple card networks at the time of issue. “For existing cardholders, this option may be provided at the time of the next renewal,” the…