RBI directs new guidelines to card issuers and card networks
The Reserve Bank of India has today placed on its website the draft circular on Arrangements with Card Networks for the issue of Debit, Credit, and Prepaid Cards for feedback if any from stakeholders on or before August 4, 2023. The central bank on a review observed that arrangements existing between card networks and card…
Read article
eSARAS mobile app to add ecommerce initiatives for products made by SHG
eSARAS an e-commerce mobile app will be used as a more effective platform for marketing of the products made by women of self-help groups. It is an initiative conceptualized by the DAY-NRLM, Ministry of Rural Development (MoRD), towards the marketing of the best, authentic handicrafts and hand-looms. Launching the App, Secretary Shri Shailesh Kumar Singh…
Read article
Small savings schemes: Revision of Interest rate for July-September 2023 Quarter
The latest chart of interest for small savings instruments for the Q2 (July 1 to September 30) of 2023 are as under. Scheme Rate of interest for July-September 2023 Rate of interest from April -June 2023 Interest compounded Savings account 4.00% 4.00% Annual rest 1-year time deposit 6.90% 6.80% Quarterly rest 2-years’ time deposit 7.00%…
Read article
RBI Governor announces launching of Centralised Information Management System’ (CIMS)
Reserve Bank Governor Shaktikanta Das on Friday while addressing the 17th statistics day conference at the RBI headquarters, also launched ‘Centralised Information Management System’ or CIMS, which is the next-generation data warehouse. The Governor said that commercial banks will first begin reporting on the central bank’s latest next-generation data warehouse, the Centralised Information Management System’…
Read article
Change in Public Holiday under Negotiable Instrument Act – June 28 is working day
RBI issued a press release today stating that the Government of Maharashtra has declared June 29, 2023, as a public holiday under Section 25 of the Negotiable Instruments Act, of 1881. The Maharashtra Government declared a public holiday on June 28, 2023, earlier, that has been now canceled. Settlement of the auction of state government…
RBI imposes monetary penalty on TransUnion CIBIL Limited, Mumbai
The Reserve Bank of India (RBI) on Monday (June 26, 2023), imposed a monetary penalty of ₹26 lakh (Rupees Twenty-six lakh only) on TransUnion CIBIL Limited, Mumbai (the company) for non-compliance with certain provisions of the Credit Information Companies (Regulation) Act, 2005. “This action is based on the deficiencies in regulatory compliance and is not…
Read article