RBI Framework for Facilitating Small Value Digital Payments in Offline Mode

TECH / By / January 26, 2022 / , , ,

Key Highlight: RBI has issued this framework allowing offline payments up to Rs 200 per transaction, subject to an overall limit of Rs 2,000. The Reserve Bank of India (RBI)vide Notification no. RBI/2021-22/146, CO.DPSS.POLC.No.S1264/02-14-003/2021-2022, dated03.01.2022has issued a framework for facilitating small-value digital payments in offline mode using cards, wallets, mobile devices, etc, to push digital …

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Department of Expenditure has issued O.M. dated 07.09.2021 regarding calculation of Gratuity and Leave Encashment for Central Govt. employees, who retired during the period from January 2020 to June 2021.

PF, GST, Bank, PAN Card Linking: 6 New Rule Changes to Overcome in September, check details here

BUSINESS & ECONOMY / By / September 4, 2021 / , , , ,

PF-Aadhaar Linking: The Employees’ Provident Fund Organization (EPFO) has made it mandatory to link Aadhaar card with PF UAN (universal account number) for PF contribution and other benefits. The deadline for linking UAN with Aadhaar was earlier 31 May 2021, which was extended to 31 August 2021. The PF accounts which will not be linked …

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RBI to impose Penalty Rs.10,000 soon, for non-replenishment of ATMs with cash

RBI to impose Penalty Rs.10,000 soon, for non-replenishment of ATMs with cash

TC / By / August 22, 2021 /

Key Highlights: Banks to be fined for non-availability of cash in ATMs. The RBI will start imposing penalties on banks in case the ATMs remain out-of-cash for a total period of 10 hours in a month from October 1, 2021, onwards. Banks will have to submit a system generated statement on downtime of ATMs due …

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BREAKING: RBI slaps Rs 5 crore fine on Axis Bank

BREAKING: RBI slaps Rs 5 crore fine on Axis Bank

TC / By / July 29, 2021 / ,

The Reserve Bank of India (RBI) has imposed a fine of Rs 5 crore on Axis Bank for violating the rules. The penalty has been imposed for “violation/non-compliance” of certain provisions of the directions issued by the Reserve Bank of India (RBI). These include ‘Strengthening the control of payment mechanisms between sponsor banks and SCBs/UCBs …

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RBI to impose Penalty Rs.10,000 soon, for non-replenishment of ATMs with cash

RBI: Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit – Extension

TC / By / July 2, 2021 / , ,

All Scheduled Commercial Banks (excluding RRBs), Small Finance Banks, Primary (Urban) Cooperative Banks and EXIM Bank Dear Sir / Madam, Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit –Extension Please refer to the instructions issued vide circular DOR.CRE.REC.06/04.02.001/2021-22dated April 12, 2021. 2. Government of India has approved the extension of Interest Equalization …

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ATM Cash Withdrawal Rules Changed: RBI

2 Comments / TC / By / June 20, 2021 / , , ,

ATM Cash Withdrawal Rules Changed: RBI Reserve Bank of India (RBI) has changed some rules regarding cash withdrawal from automated teller machine (ATM). These ATM cash withdrawal rule changes include higher charges on transactions beyond the free permissible limit, a new free ATM transaction limit and a rise in interchange fee. The new ATM charges …

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RBI: Extension of time to give feedback and Suggestions to the Group of Advisors to Regulations Review Authority 2.0

TC / By / June 14, 2021 / ,

The Reserve Bank of India has set up a Regulations Review Authority (RRA 2.0), initially for a period of one year from May 01, 2021, vide press release dated April 15, 2021. 2. A Group of Advisors (GoA) to assist RRA was also constituted on May 07, 2021. To undertake its preparatory work, the Group has invited …

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2000 NOTE

RBI 2000 Note Supply Stopped, 2 crores of fake notes caught

TC / By / May 28, 2021 / ,

According to report of the RBI for the year 2020-21 During the last full financial year i.e. April 2020 to March 2021, not a single note of 2000 rupees has been supplied by the government. This information is given in the report of Reserve Bank of India for the financial year 2020-21. The government has …

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RBI bi-monthly monetary policy review: No change in repo rate, loan EMI will not increase

RBI alerts people who use NEFT for money transfer

TC / By / May 19, 2021 / , , , ,

The Reserve Bank of India (RBI) has sent an alert on Monday to those who use the National Electronic Fund Transfer (NEFT) service for online money transfer. The RBI has said in this alert that NEFT service will not be available for 14 hours on May 23. The central bank has said in its statement …

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RBI bans American Express, Diners from selling new cards from May 1

TC / By / April 24, 2021 / , , , ,

Reserve Bank of India (RBI) has banned credit card companies American Express and Diners Club International from on-boarding new domestic customers onto their card networks from May 1, 2021. The action has been taken due to non-compliant with the directions on storage of payment system data which the central bank had asked them to store …

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RTGS Service will be Unavailable for 14 Hours on 18th April 2021

TC / By / April 15, 2021 / , , ,

The Reserve Bank of India (RBI) has issued a Press Release to inform that: A technical upgrade of RTGS, targeted to enhance the resilience and to further improve the Disaster Recovery Time of the RTGS system, is scheduled after the close of business of April 17, 2021. Accordingly, RTGS service will not be available from …

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Issue of Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including Housing Finance Companies)

Draft circular on declaration of dividend by NBFCs issued by RBI

BUSINESS & ECONOMY / By / December 12, 2020 / , , ,

Reserve Bank of India has issued draft circular on declaration of dividend by non-banking financial companies (NBFCs). Accordingly, deposit-taking NBFCs and systemically important non-deposit-taking NBFCs must have their net non-performing assets  below six percent and a capital adequacy ratio of at least 15 percent for the last three years, including the accounting year for which …

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RBI to discontinue system-based automatic caution-listing of exporters

2 Comments / TC / By / October 10, 2020 / , , ,

RBI to discontinue system-based automatic caution-listing of exporters In an effort to provide flexibility to exporters in the realisation of export proceeds, the Reserve Bank has decided to discontinue the system-based automatic caution-listing of exporters. Addressing a virtual press conference today, RBI Governor Shaktikanta Das said the decision will also empower exporters to negotiate better …

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