The Reserve Bank of India advised all the member banks that NEFT service shall be available 24×7 NEFT service including holidays from December 16, 2019, with the first settlement taking place after 00:30 hours on December 16, 2019 (i.e. night of December 15, 2019). The Central Bank advised all the member banks to initiate necessary…
RBI as per the guidelines provided under the Payment and Settlement Act, 2005 defined Prepaid Payment Instruments (PPIs) as instruments of payment that facilitate buying of goods and services, including the transfer of funds, financial service and remittances, against the value stored within or on the instrument. Reserve Bank of India in its Statement on…
Reserve Bank of India in its Statement on Developmental and Regulatory Policies published on Thursday sets out various developmental and regulatory policy measures for strengthening regulation and supervision; broadening and deepening of financial markets; and improving payment and settlement systems. One of the items on the agenda is executing new guidelines for ATMs. This is…
In the fifth bi-monthly monetary policy statement announced on Thursday (dated 05.12.2019), MPC decided to keep policy REPO rate under the liquidity adjustment facility (LAF) unchanged at 5.15 per cent. The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within…
Mr.M.K.Jain, Deputy Governor of Reserve Bank of India while speaking at the inaugural session of the Small Industries Development Bank of India (SIDBI) National Microfinance Congress 2019 in Mumbai, said that “Microfinance, involving the extension of small loans and other financial services to low-income groups, is a vital economic conduit designed to facilitate financial inclusion…
Effective from November 08, 2019 the eligibility criteria for classification under ‘Qualifying Assets’ for NBFC-MFIs are revised. The Reserve Bank of India (RBI) in it’s circular dated November 08, 2019 increased the household income limits for borrowers of NBFC-MFIs from the current level of ₹1,00,000 for rural areas and ₹1,60,000 for urban/semi-urban areas to ₹1,25,000…
In order to further Digital Payments in the country, RBI announced today (Nov 08, 2019) that it has mandated the Banks not to charge for NEFT online transactions of SB customers. The new rule is effective from 1st January 2020. The Central Bank statement said that the new order is to “empower every citizen with…
In order to benefit from diversification of risk as also to encourage innovation and competition, Reserve Bank on 15th October 2019 announced to offer on-tap authorisation for the following entities: Bharat Bill Payment Operating Unit (BBPOU). Trade Receivables Discounting System (TReDS). White Label ATMs (WLAs). The entities desirous to function / operate / provide platforms…
Today October 4, 2019, RBI decided to cut interest rate by 25 basis points. With this cut RBI reduced Repo rate for the fifth time in a row. While releasing the fifth Bi-Monthly Monetary Policy Rates for 2019-20 the MPC said that the rate is reduced on the basis of an assessment of the current…
The Central Board of the Reserve Bank of India (RBI) on August 26, 2019 approved to transfer a sum of ₹1,76,051 crore to the Government of India (Government) comprising of ₹1,23,414 crore of surplus for the year 2018-19 and ₹52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF). What consists…