Bank customers can enjoy seamless 24×7 NEFT service on all days (from December 16, onwards)
The Reserve Bank of India advised all the member banks that NEFT service shall be available 24×7 NEFT service including holidays from December 16, 2019, with the first settlement taking place after 00:30 hours on December 16, 2019 (i.e. night of December 15, 2019). The Central Bank advised all the member banks to initiate necessary…
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Coming soon: New Pre-Paid Payment Instruments (PPI)
RBI as per the guidelines provided under the Payment and Settlement Act, 2005 defined Prepaid Payment Instruments (PPIs) as instruments of payment that facilitate buying of goods and services, including the transfer of funds, financial service and remittances, against the value stored within or on the instrument. Reserve Bank of India in its Statement on…
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RBI envisages new guidelines for ATMs
Reserve Bank of India in its Statement on Developmental and Regulatory Policies published on Thursday sets out various developmental and regulatory policy measures for strengthening regulation and supervision; broadening and deepening of financial markets; and improving payment and settlement systems. One of the items on the agenda is executing new guidelines for ATMs. This is…
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Details of Wage Revision talks between UFBU and IBA (held on 5-12-2019)
In today’s negotiation (5-12-2019) between UFBU and IBA, the following issues were discussed: Wage Revision UFBU: Unions demanded that the earlier offer of a 12% hike from IBA is not at all adequate and IBA should improve their offer. IBA: Looking at the various constraints of the bank’s profitability, it would be difficult to improve.…
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RBI keeps the policy repo rate unchanged in fifth Bi-monthly Monetary Policy Statement
In the fifth bi-monthly monetary policy statement announced on Thursday (dated 05.12.2019), MPC decided to keep policy REPO rate under the liquidity adjustment facility (LAF) unchanged at 5.15 per cent. The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within…
Features of National Agriculture Market Scheme (e-NAM)
National Agriculture Market (eNAM) is a pan-India electronic trading portal which networks the existing APMC mandis to create a unified national market for agricultural commodities. The scheme envisages the implementation of the NAM by setting up of an appropriate common e-market platform that would be deployable in selected 585 regulated wholesale markets in States /…
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