The requirement of AFA for card transactions/ e-mandates relaxed to Rs.5000 from Jan 1
“Enhancing Security of Card Transactions”, wherein users were provided the option of a switch on / off or set limits for various card features, including for contactless transactions at Points of Sale (PoS) terminals. RBI has relaxed the AFA (Additional Factor of Authentication) requirement for values up to Rs. 5000- per transaction with effect from…
Read article
Now Banks may regularize Direct Dispatch of Shipping Documents to the consignee for any value
As announced in Statement on Development and Regulatory Policies dated December 4, 2020, RBI delegates more power to AD banks in the areas like Direct Dispatch of Shipping Documents, “Write-off” of unrealized export bills, Set-off of Export receivables against Import payables, Refund of Export Proceeds. Direct Dispatch of Shipping Documents: With a view to simplifying…
Read article
Bank Holidays 2021in the State of Haryana under the NI Act
The Government of Haryana declared (GAD notification 28/67/2018-3GSII date 03.12.2020) that the following days to be public holidays u/s 25 of NI Act 1881. Sr.No Date Day Occasion/Festival Date 1 26.01.2021 Tuesday REPUBLIC DAY 2 27.02.2021 Saturday GURU RAVIDAS JAYANTI 3 11.03.2021 Thursday MAHASHIVARATRI 4 29.03.2021 Monday HOLI 5 01.04.2021 Thursday Banks’ Annual closing of…
Read article
RTGS is shortly available round the clock for customers
Today, RBI Governor Shaktikanta Das in his bi-monthly monetary statement said, the RTGS system will soon be made available 24×7 in the next few days. At present, real-time gross settlement (RTGS) is available for customers from 7.00 am to 6.00 pm on all working days of a week, except the second and fourth Saturdays of…
Read article
RBI sets out various policy measures: Governor quotes Socrates
In the statement of developmental and regulatory policy measures dated December 4, 2020, RBI Governor Shaktikanta Das quotes Socrates about life. “I am reminded here of a quote attributed to Socrates, “In the face of adversity, we have a choice. We can be bitter, or we can be better”. Obviously we will strive to be…
Reserve Bank chose to keep key policy rates on hold
In today’s (4.12.2020) bimonthly 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 per cent. The MPC also decided to continue with the accommodative stance as long as necessary, at least during the current financial year and into the next…
Read article