Thomas Cook launches India’s first Rupay prepaid forex card
The Worldwide travel agency cum Forex Services Company Thomas Cook (India) Ltd (TCIL) and the National Payments Corporation of India (NPCI) have launched India’s first RuPay prepaid forex card for Indians travelling to the United Arab Emirates (UAE). The omnichannel travel company TCIL is offering a broad spectrum of services including foreign exchange, corporate travel,…
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RBI decides to discontinue incremental CRR cash reserve ratio
The Reserve Bank of India on Friday announced that it will discontinue incremental cash reserve ratio (I-CRR) in a phased manner. The central bank had announced the measure in its August 10 monetary policy meeting wherein scheduled banks were required to maintain an I-CRR of 10 per cent on the increase in their net demand…
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RBI issues operating guidelines to banks for credit line through UPI
RBI on Monday issued operating guidelines for credit lines through UPI. Currently, savings accounts, overdraft accounts, prepaid wallets, and credit cards can be linked to UPI. As per the latest announcement of the central bank, the scope of UPI is now being expanded by the inclusion of credit lines as a funding account. In other…
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12th bipartite talks: IBA agrees for DA merger and medical insurance on retirees
Another round of meetings took place on Thursday between UFBU and IBA on wage negotiation under the 12th bipartite settlement. The following issues are discussed and agreed upon. 1. The proposed wage revision will be effective from 1st November, 2022. 2. The proposed Settlement would be for a period of 5 years up to Oct.…
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Penalty should be a charge, not penal interest that will be compounded: RBI
The Reserve Bank of India (RBI) took a significant step on Friday to ensure fairness and transparency in the disclosure of penal interest by saying that the penalty should be a ‘charge’ instead of an ‘interest’ that will be compounded. Through various guidelines, the banking regulator has issued various guidelines to the Banks and other…
What does it mean “I promise to pay” clause on the banknotes?
The promissory clause printed on the banknotes i.e., “I promise to pay the bearer the sum of Rupees …” followed by the RBI governor’s signature, denotes the obligation on the part of the issuer of the note towards the holder of the bank note. As per Section 26 of the Reserve Bank of India Act,…
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