RBI: “Delegate Payment” introduced to allow another user, “tax payment “can be done up to 5 lakh through UPI payment
RBI on Thursday (August 8, 2024) in its Statement on Developmental and Regulatory Policies announced two major changes in the UPI payment system. It is proposed to introduce a facility for “Delegated Payments” in UPI. This would enable an individual (primary user) to allow another individual (secondary user) to make UPI transactions up to a…
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The status of Karta and women in HUF explained
(Article answers to the questions like whether younger coparcener can be made Karta when an elder sibling is alive, whether Daughters can also become Karta, whether the wife of the Karta can become Karta, whether there can be a HUF within a HUF, When the father was a Karta in his father’s HUF, who will…
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RBI shortens the frequency of reporting by lenders to Credit Information Companies(CIC)
The Reserve Bank of India in exercise of the powers conferred by sub-section (1) of section 11 of the Credit Information Companies (Regulation) Act, 2005 (CICRA, 2005), directed that Credit Information Companies (CICs) and Credit Institutions (CIs )shall keep the credit information collected/maintained by them updated regularly on a fortnightly basis (i.e., as on 15th…
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Shortly, in a few hours you will know the fate of the clearing cheque presented under CTS
RBI in its Statement on Developmental and Regulatory Policies on Thursday (August 8, 2024) announced the implementation of Continuous Clearing of Cheques under the Cheque Truncation System (CTS). The Cheque Truncation System (CTS) is an online Image-based Clearing System (ICS). In this system of clearing, the collecting bank need not present the physical cheque to…
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Statement of RBI MPC Meeting held today: Repo rate remains unchanged
“The Monetary Policy Committee held on Thursday (August 8) decided by a 4:2 majority to keep the policy repo rate unchanged at 6.5%. The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth. “These decisions are in consonance to achieve the medium-term…
Overview: Know Your Customers (KYC) norms
This post explains Operational Aspects of KYC including Monitoring of Transactions. The KYC norms in banking and other financial institutions are a set of procedures and rules as outlined by the regulator RBI. The regulated institutions must follow to verify the identity and address of their customers. This process involves collecting and verifying documents that…
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