RBI extends the timeline for tokenisation of cards by six months.
The Reserve Bank of India (RBI) on Thursday extended the deadline to comply with new card storage rules by another six months till 30th June 2022, following requests from industry bodies and other stakeholders. “In light of various representations received in this regard, we advise…the timeline for storing of a card on file (CoF) data…
Read article PCA Framework now for NBFCs
The Reserve Bank of India has today issued the Prompt Corrective Action (PCA) Framework for Non-Banking Financial Companies (NBFCs). In a notification on its website, the RBI said the new framework; the first of its kind for NBFCs will come into effect from October 1 next year. It may be recalled that the revised Prompt…
Read article RBI permits Banks for capital infusion/ transfers to the overseas centers without its prior approval
All Scheduled Commercial Banks other than foreign banks, Small Finance Banks, Payment Banks, and Regional Rural Banks incorporated in India who have met regulatory capital requirement (including regulatory buffer) are permitted to infuse capital in overseas branches and subsidiaries and retention/ repatriation/ transfer of profits in these centres by banks incorporated in India. Banks that…
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Transaction Limit in UPI enhanced to Rs 5 lakh for specified categories.
In the Statement on Developmental and Regulatory Policies on December 8, 2021, the Reserve Bank of India announced an increase in the UPI Transaction Limit for Specified Categories.The statement said that the ‘Reserve Bank has been making efforts to facilitate greater participation of retail customers in financial markets, e.g. investment in the G-secs segment through…
Read article RBI keeps Repo Rate unchanged at 4% for the 9th consecutive time
In today’s (08.12.2021) MPC meeting, the Reserve Bank of India decided to maintain the policy repo rate under the liquidity adjustment facility (LAF) on hold at 4.0 percent. The Monetary Policy Committee of the Reserve Bank of India has also decided to maintain the status quo on all other key policy rates. RBI had…
RBI cautions against Co-operative societies using the word “Bank” in their name
The Reserve Bank of India has noted that some cooperative societies are using the word ‘bank’ in their names, in contravention of the Banking Regulation Act. Some cooperative societies are even accepting deposits from non-members/nominal members/associate members without any licensing or approval from the central bank, which is tantamount to conducting banking business in violation…
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