RBI to implement Pan-India cheque truncation system by Sep
PrintListen to this Article
RBI introduced this system in 2010. At present, it is operational in some major cities. "The CTS, which is currently operational at the major clearing houses of the country, has stabilised well and it has made large efficiency gains.
In view of this, a pan-India CTS will be made operational by September 2020," according to the Statement on Developmental and Regulatory Policies released by RBI. Observing that digital payments in India have been growing rapidly, RBI said a digital payments index (DPI) will be launched soon. RBI keeps repo rate unchanged at 5.15 per cent
The Reserve Bank shall construct and periodically publish a composite DPI to capture the extent of digitisation of payments effectively, it said. "The DPI would be based on multiple parameters and shall reflect accurately the penetration and deepening of various digital payment modes.
The DPI will be made available from July 2020 onwards," it said. With substantial growth in digital payments and maturity gained by entities in the payment ecosystem, it is desirable to have a self-regulatory organisation (SRO) for orderly operations of the entities in the payment system, it said.
The Reserve Bank will put in place a framework for establishing an SRO for the digital payment system by April 2020 with a view to fostering best practices on security, customer protection and pricing, among others, it said. #casansaar (Source - PTI)
Category : RBI | Comments : 0 | Hits : 318
Listing of an Indian company on international stock exchanges got a push with the Reserve Bank of India (RBI) coming out with regulations under Foreign Exchange Management (FEMA). Experts believe new regulations will help companies utilise foreign exchange more effectively. Regulations have been made public through two notifications. First set of regulations deals with mode of payment and reporting of non-debt instruments. “The proceeds of purchase / subscription of equity shares of an ...
The Lok Sabha elections 2024 are in full swing with electioneering adding much colour to the entire process. However, to ensure that there is no wrongdoing, the Reserve Bank of India (RBI) has sent a missive to Payment System Operators (PSOs) asking them to keep a watch on all suspicious high-value transactions that they may come across in their systems. The general purpose of the letter is to deny the use of electronic fund transfer mechanism to anyone who is intending to influence the election...
he Reserve Bank on Tuesday came out with draft guidelines to further strengthen regulations on payment aggregators, a move aimed at boosting the payment ecosystem. The draft also covers the physical point-of-sale activities of payment aggregators (PAs). The RBI said that given the growth in digital transactions and the significant role that PAs play in this space, the current directions on PAs are proposed to be updated and cover, inter alia, KYC and due diligence of merchants, operations ...
The RBI on Monday eased rules to allow resident entities to hedge their exposures to the price risk of gold using the OTC derivatives in the International Financial Services Centre (IFSC) in addition to the derivatives on the exchanges in the IFSC. Resident entities such as banks were permitted to hedge their exposure to the price risk of gold on the exchanges in the IFSC that are recognised by the International Financial Services Centres Authority (IFSCA), and the new directive provides them...
The Reserve Bank of India (RBI) on March 21 said it has imposed monetary penalty on five co-operative banks for rule violations. These banks are Pragati Mahila Nagrik Sahakari Bank, Janata Co-operative Bank, Jila Sahakari Kendriya Bank, Karad Urban Co-operative Bank, and The Kalupur Commercial Co-operative Bank. The central bank imposed Rs 26.60 lakh on The Kalupur Commercial Co-operative Bank, Rs 13.30 lakh on Karad Urban Co-operative Bank, Rs 5 lakh on Janata Co-operative Bank, Rs 1 lakh...
Comments