IMPS, offered by National Payments Corporation of India, empowers customers to transfer money instantly through banks and RBI authorised Prepaid Payment Instrument Issuers (PPI) across India.
Such transactions would not require an Additional Factor of Authentication (AFA). Since the “transactions are offline, alerts (by way of SMS and / or e-mail) will be received by the customer after a time lag,” the RBI notice read.
Private transfer receipts, which mainly represent remittances by Indians employed overseas, increased 3.7 per cent over the year-ago period to USD 21.1 billion.
In May, the RBI had advised the regulated entities not to impose punitive restriction on operations of accounts of customers for their failure to comply with the KYC updation norms till December-end.
The Reserve Bank of India has also appointed its Chief General Manager Yogesh K Dayal as an additional director on the board of RBL Bank.
Earlier, the Bank of India, as the leader of a consortium, had taken over possession of the diamantaire's property for failure to repay loans worth Rs 468 crore in 2018, said Nagarajan, on the issue that was first highlighted by IANS (December 20-21).
The digital payments ecosystem is a long way from consumer-ready solutions and unless regulated entities are compliant, merchants will not be able to successfully process tokenised transactions, they said in the joint letter.
The Reserve Bank of India has decided to develop the UPI platform for feature phones with an aim to increase the penetration of digital payments in the Country.
To further encourage the use of UPI by retail investors, he said it is proposed to enhance the transaction limit for payments through UPI for Retail Direct Scheme and IPO applications from Rs 2 lakh to Rs 5 lakh.
It was widely expected that MPC would hold rates along with the accommodative stance.
Besides, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 17,044 points after closing at 17,176 on Tuesday.
The Reserve Bank of India (RBI) reduced its policy rate 115 basis points over the first half of 2020, and it has remained at four percent since May 2020.
"Stricter NPA upgradation requirement is likely to push-up the NBFC and HFC (housing finance companies) NPAs of March 2022 by about 160-180 basis points and 60-80 basis points, respectively, over March 2021 levels," ICRA's Vice President, Financial Sector Ratings, A.M. Karthik said.
The RBI accepted the recommendation that no changes be made to the extant instructions related to the initial lock-in requirements of holding a minimum 40 per cent of the paid-up voting equity share capital of the bank for the first five years but said no cap on the promoters holding during the same period.
Centre on Tuesday listed a new bill for the upcoming Winter Session of Parliament which will seek to ban all private cryptocurrencies in the country, while allowing an official digital currency to be issued by the RBI.
India has potential to grow at a reasonably high pace in the post-pandemic scenario, said Reserve Bank of India Governor Shaktikanta Das.
The high-level meeting comes after RBI Governor Shaktikanta Das sounded an alarm on cryptocurrencies, cautioning investors on the potential pitfalls of the digital currency.
Lenders have also been asked to specifically mention in the loan agreements the exact due date of a loan and the breakup of the principal and interest, among others, instead of giving a description of the due dates, which leaves scope for interpretation.
With the launch of the scheme, he said, "One Nation-One Ombudsman" has become a reality.
The Reserve Bank-Integrated Ombudsman Scheme aims to further improve the grievance redress mechanism for resolving customer complaints against entities regulated by RBI. The central theme of the scheme is based on 'One Nation-One Ombudsman' with one portal, one email and one address for the customers to lodge their complaints.
The continuation of strong government support "such as the expansion of the scope of the Emergency Credit Line Guarantee Scheme (ECLGS) and its extension till March 31, 2022" has helped companies manage temporary liquidity disruptions.
The decision was taken by the Appointments Committee of Cabinet headed by Prime Minister Narendra Modi.
The estimates of CRISIL Ratings are predicated on a base-case scenario of 9.5 per cent GDP growth this fiscal and continued improvement in corporate credit quality.
RBI Governor said that the pilot of this innovative technology facilitating digital payments in offline mode has been successful and the learnings indicate that there is a scope to introduce such solutions, especially in remote areas.
The current IMPS limit is Rs 2 lakh meaning a bank consumer can transfer this amount for making any immediate money transfer on a day.
RBI had last revised its policy repo rate or the short-term lending rate on May 22, 2020, in an off-policy cycle to perk up demand by cutting interest rate to a historic low.
As Executive Director, Kumar will look after the Department of Currency Management, Foreign Exchange Department and Premises Department.
IBA, entrusted with the task of setting up a bad bank, has put a preliminary board for NARCL in place. The company has hired P M Nair, a stressed assets expert from State Bank of India (SBI), as the managing director.
Under the G-sec Acquisition Programme (G-SAP 2.0), the Reserve Bank will conduct open market purchase of government securities of Rs 25,000 crore on August 26
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
RBI Governor Shaktikanta Das pointed out that economy is recovering from set back from the Covid's second wave. He said that accelerated vaccination drive along with, buoyant exports and monetary as well as fiscal support has aided recovery.
Amid the cases of rampant sale and purchase of old coins and currency notes, RBI has come up with an advisory for citizens.
Direct access for non-banks to CPS lowers the overall risk in the payments ecosystem
"Even with a 9.5 per cent GDP growth in 2021-22, there will be substantial slack in the economy and demand pressures may take some more time to become evident," said te RBI Bulletin for July 2021.
To measure the extent of financial inclusion in the country, it has been decided to construct and periodically publish a financial inclusion index (FII).
The Reserve Bank of India has limited the maximum continued term of managing directors and whole time directors (WTD) of urban cooperative banks (UCBs) to 15 years in a series of steps taken to ensure professional management of these institutions that have often been found undertaking non-transparent activities right at the top.
Paving the way for takeover of crisis-ridden Punjab and Maharashtra Cooperative Bank (PMC), the Reserve Bank of India on Friday granted in-principle approval to the Centrum Financial Services to set up a small finance bank.
A committee constituted by the Reserve Bank of India (RBI) for reviewing ATM fees gamut, has recommended increasing certain charges related to cash withdrawal from ATM machines.
The RBI said the charges have been allowed to be increased given the increasing cost of ATM deployment and expenses towards ATM maintenance incurred by banks/white label ATM operators
As India's forex reserves cross the $600 billion-mark, there are indications that the ample liquidity, both globally and in the domestic space will continue to drive the Indian stock markets.
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