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…
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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…
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SEBI tightens the norms relating to inter-scheme transfers of Mutual Funds
In continuation of the ongoing exercise of streamlining and structural reforms of debt funds, on Thursday (October 8, 2020) SEBI has issued a circular that seeks to tighten the norms relating to inter-scheme transfers. Inter scheme transfers (ISTs) involve shifting of debt papers from one mutual fund scheme to another scheme. As per existing rules…
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SEBI introduces Riskometer labeling norms on dividend options for mutual fund schemes
The Capital market regulator SEBI has reviewed the guidelines for product labeling in mutual funds and has decided to introduce, ‘Very High Risk’ as the sixth risk profile for the MF schemes. According to SEBI notification, this new mutual fund rule shall be in force with effect from January 1, 2021, to all the existing…
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New rules on health insurance, DL, vehicle RC, foreign funds transfer, etc.
Effective from October 1, 2020, a number of changes taken place in respect of rules relating to health insurance coverage, driving licence , and registration certificate of vehicles, debit card, and credit card rules, Foreign fund transfer, FSSAI orders on foods, Ujwala connections, and Tax collection policy, etc. Here’s a brief look at the new…
Parliament passes Bilateral Netting of Qualified Financial Contracts Bill, 2020
The Bilateral Netting of Qualified Financial Contracts Bill, 2020 (Netting Bill) was passed this week in both the houses of the Parliament. The Bill covers over the counter derivatives contracts which are entered into on bilateral basis outside clearing system. The Finance Minister Mrs.Nirmala Sitharaman while addressing the Rajya Sabha said that under existing laws,…
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