Category: RBI
DICGC increases bank deposits insurance coverage to Rs. 5 lakhs. What type of deposits insured? Read Guide to DICGC Insurance & FAQ with examples Deposit Insurance and Credit Guarantee Corporation has increased the insurance coverage for depositors in all insured banks to ₹ 5 lakh As declared in …
RBI enhances Security of Card Transactions. Restrictions & options to cardholders. Contact based points of usage in India, decision based on risk perception Reserve Bank of India, in order to improve user convenience and increase the security of card transactions, has decided to enhance the Security of Card …
RBI permits Video based Customer Identification Process (V-CIP) – List of documents required Government has notified amendment to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. Accordingly, the Reserve Bank has permitted Video based Customer Identification Process (V-CIP) as a consent based alternate method of establishing the …
RBI launches Mobile Aided Note Identifier (MANI) mobile app for visually impaired persons to identify denomination of Indian Banknotes. RBI has launched a “Mobile Aided Note Identifier (MANI)”, a mobile application for aiding visually impaired persons to identify the denomination of Indian Banknotes. Indian banknotes contain several features …
RBI introduces a new type of Prepaid Payment Instrument (PPI) – upto ₹ 10,000/- for small value digital payments which can be used at local shops and retail outlets for the purchase of daily household goods and services. The RBI in its Statement on Developmental and Regulatory Policies issued …
RBI released Annual Report of the Ombudsman Schemes for the year 2018-19 – Read Highlights The Reserve Bank of India (RBI) released the Annual Report of the “Ombudsman Schemes of RBI for the year 2018-19” today. Banking Ombudsman Scheme The Banking Ombudsman Scheme (BOS) was notified by RBI in 1995 …
Opening of Special Non-Resident Rupee Account-RBI expands the permitted uses of the SNRR Account Opening of Special Non-Resident Rupee Account Opening, holding and maintaining foreign currency accounts by a person resident in India is regulated in terms of section 9 of the Foreign Exchange Management Act, 1999 (FEMA). …
RBI withdraws Chapter IIIB exemptions from Housing Finance Companies RBI withdraws exemptions from Housing Finance Companies Housing Finance Institutions (HFIs) as defined under Clause (d) of Section 2 of the National Housing Bank Act, 1987. Such HFIs are currently exempt from the provisions of Chapter IIIB of Reserve …
Banks not to levy NEFT charge on savings bank account wef January 2020. As per RBI during the period October 2018 to September 2019, the National Electronic Funds Transfer (NEFT) and Unified Payments Interface (UPI) systems handled 252 crore and 874 crore transactions with year on year growth …
RBI permits banks to lend to InvITs subject to prescribed conditions which inter alia requires banks to have Board approved policy on exposures to InvITs RBI had allowed banks to invest in units of InvITs subject to the specified conditions. On representation by banks and other stakeholders seeking …
