RBI extends e-mandate facility on cards to UPI as well
On Friday (10.01.2020), RBI notified that the instructions on the processing of e-mandate on cards for recurring transactions to cover Unified Payments Interface (UPI) transactions as well. During August 2019, RBI permitted processing of e-mandate on Credit/debit cards / Prepaid Payment Instruments (PPIs)/wallets for recurring transactions (merchant payments), with Additional Factor of Authentication (AFA) during…
Read article Major amendments made to KYC Master Direction
Major Amendments made to KYC Master Direction. In the Gazette Notification G.S.R. 582(E) dated August 19, 2019, and G.S.R. 840(E) dated November 13, 2019, the Government of India has notified amendment to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. Further RBI has permitted Regulated Entities (REs) Video-based Customer Identification Process (V-CIP) as a…
Read article
RBI permits Inter-bank dealings beyond on-shore market hours
The Reserve Bank of India added the following section to Part C (Inter-Bank Foreign Exchange Dealings) of the Master Direction- Risk Management and Inter-Bank Dealings. “Transactions with person residents outside India, through their foreign branches and subsidiaries may also be undertaken beyond onshore market hours.” The RBI notification issued by RBI on Monday (January 6)…
Read article Modified directions of RBI relating to IFSC Banking Units (IBUs)
As per RBI’s latest notification IBUs (IFSC Banking Units) cannot open SB account. IBUs are also prohibited from undertaking cash transactions. They can open foreign currency current accounts (including escrow accounts) of units operating in IFSC and of non-resident institutional investors to facilitate their investment transactions subject to the provisions of FEMA 1999 and other…
Read article RBI launches “Mobile Aided Note Identifier (MANI)”
“MANI” a mobile application is useful for aiding visually impaired persons to identify the denomination of Indian Bank Notes. The Indian banknotes are printed with several features which enable the visually impaired (colour blind, partially sighted and blind people) to identify them, viz., intaglio printing and tactile mark, variable banknote size, large numerals, variable colour,…
List of bank holidays 2020 in India: All States and UTs
Bank holidays in India are declared to be public holidays under explanation to section 25 of the Negotiable Instrument Act (NI Act) 1881. The holiday declared under NI Act is applicable exclusively to the banks located within the administration area of specific State and Union Territory. In the other States and Union territories where it…
Read article