RBI announces On-tap Authorisation of Payment Systems
In order to benefit from diversification of risk as also to encourage innovation and competition, Reserve Bank on 15th October 2019 announced to offer on-tap authorisation for the following entities: Bharat Bill Payment Operating Unit (BBPOU). Trade Receivables Discounting System (TReDS). White Label ATMs (WLAs). The entities desirous to function / operate / provide platforms…
Read article
Clarity on bank lending to InvITs
Banks are generally permitted to lend to those InvITs where none of the underlying SPVs, which have existing bank loans, is facing ‘financial difficulty’. In view of banks and stakeholders seeking clarification on the provision of credit facilities to Infrastructure Investment Trusts (InvITs), RBI on October 15, 2019, clarified that the banks are permitted to…
Read article
What is Pradhan Mantri Vaya Vandana Yojana (PMVVY)?
Latest edit: May 26, 2020: LIC launches ‘Pradhan Mantri Vaya Vandana Yojana (Modified- 2020) Scheme (for detail read PMVVY modified 2020) with an assured rate of return of 7.40% per annum. The new scheme opens from May 26, 2020, up till March 31, 2023, The ‘Pradhan Mantri Vaya Vandana Yojana ’ has been launched by…
Read article
What is Atal Pension Yojana (APY)?
Atal Pension Yojana (APY) was launched on 9th May 2015. The Savings Bank account holder in the age group of 18 to 40 years in any bank or post office is eligible to subscribe at Atal Pension Yojana (APY). The subscriber has to make monthly contributions of the defined amount until he or she is…
Read article
Unwelcome news to depositors of Savings and term deposits in banks
State Bank of India, country’s largest lender announced the cut the interest rate on savings bank (SB) deposits up to Rs.1 lakh to 3.25 per cent from 3.50 per cent effective from November 1, 2019. The bank has also announced a reduction in interest rates on term deposits across select maturities. This has created panic…
RBI asks SLBCs to identify one district per state for Digital Payments Ecosystem expansion
With a view to expanding and deepening the digital payments ecosystem, on Monday, October 7, 2019, directed all state level bankers’ committees to find out one district each on a pilot basis to expand digital payments ecosystem. The development comes after the Statement on Developmental and Regulatory Policies announced by RBI on October 4, 2019,…
Read article