On 1st October 2021, RBI’s regulations on e-mandates or recurring payments via cards to strengthen the safety of card transaction became effective. As per regulatory guidelines on ‘Processing of e-mandate on cards for recurring transactions’, several requirements are mandated for processing ...
Important RBI Regulatory Guidelines As per the recent RBI guidelines, banks are required to close the credit cards that have not been used within the first 30 days of card issuance. The new credit card can be activated by either giving the consent for usage or by doing any transaction using...
Operated by National Payment Corporation of India (NPCI), AePS is a payment system that enables financial transactions through Aadhaar number and biometrics or OTP authentication. AePS enables basic banking services such as cash withdrawal, balance enquiry, mini statement, cash deposit, fund transfer...
The Reserve Bank of India’s (RBI) new rules for card payments will lead to a major shift in the payments industry, and provide a major boost to the Unified Payments Interface (UPI) and Bharat Bill Payments System (BBPS). With banks and payment gateways/aggregators implementing new infrastr...
The Reserve Bank of India has published its draft guidelines for new entrants to the banking sector. It would have been advisable for the rbi to spell out the principal objective in licensing new banks. Is the principal objective greater competition or is it financial inclusion? If it is compe...
Neelam Shammi Rao Secretary, National Commission for Minorities July 2024 Name of the PersonDesignation Shri Arnab Kumar Chowdhury Executive Director of RBI Smt. Charulatha S Kar Executive Director of RBI Sujata Saunik Chief Secretary of Maharashtra Akhilesh Pathak Chief General Manager of the (...
Enhanced security measures and controls for fraud prevention: As per the ‘RBI Master Direction on Digital Payment Security Controls, 2021’, SBI Card will make attempts to identify if there are any remote access applications installed in the mobile device of the user. If such apps are identified...
So I came across a simple idea - start an NBFC where entry licence conditions are relatively easier, finance small entrepreneurs and new-to-credit customers, and, hope to succeed and approach RBI for a banking licence someday. Pursuing this theme, I came across an existing NBFC, so I ...
The RBI directed banks to clean up their books, which slowed credit growth considerably, from about 17 percent in 2011-12 to less than 10 percent in 2015- 16. Banks have taken substantial provi- sions, and a number of public sector banks have declared...
Source: RBI’s Payment Systems Report December 2024 As of 2024, credit and debit card transactions in the country make up Rs 44,723 lakh in terms of transaction volumes and Rs 17,389 lakh respectively. The daily average of transactions across these platforms also points to UPI’s dominance ...