The current inflation target is precise for the next five Years: RBI
Today, the Report on Currency and Finance (RCF) for the year 2020-21 was released by the RBI. The central bank has sought to retain its current inflation target of 4%, with a two-percentage-point latitude on either side, seeking to build confidence in the broader economy that is still prone to both supply shocks and sudden…
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Why is Aadhaar Payment Bridge (APB) System required for crediting subsidies?
Aadhaar Payment Bridge (APB) System, that uses Aadhaar number for electronic crediting of government subsidies and benefits in Aadhaar-linked bank account which were earlier mostly done either in cash or cheque. Besides transferring the benefits and subsidies under DBT schemes, the system also serves the goal of financial inclusion and provides an opportunity to the…
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Do you know how BIN/IIN enables card issuers to issue trillion different account numbers?
BIN is an acronym for Bank Identification Number which is appearing on your debit card, credit card, prepayment card, travel and entertainment cards, airline cards, etc. BIN is a numbering convention developed to identify which particular institution issued a given credit/debit or other cards, and what type of institution it is. BIN is also referred…
Read article RBI issues Master Direction on Digital Payment Security Controls
The Reserve Bank on Feb 18, 2021(Thursday) came out with Master Direction (Digital Payment Security Controls) Directions 2021, for banks and card-issuing entities laying down common minimum standards to ensure security of digital payments. The provisions of these directions would apply to the Regulated Entities (REs) Viz. Scheduled Commercial Banks, Small Finance Banks, Payments Banks;…
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Now residents can make remittances to IFSCs under LRS
On February 16, 2021 (Tuesday) RBI in a notification said AD Category – I banks may allow resident individuals to make remittances under LRS (Liberalised Remittance Scheme) to IFSCs (International Financial Services Centres) in India, set up in India under the Special Economic Zone Act, 2005 subject to the following conditions: The remittance shall be…
Meaning of Corporate Social Responsibility (CSR) and impact of amended rules 2021
Corporate Social Responsibility (CSR) activity means an activity undertaken by a company in pursuance of its statutory obligation laid down in Sec 135 of the Act. Every company having a net worth of rupees five hundred crores or more, or turnover of rupees one thousand crore or more or a net profit of rupees five…
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