Page 2 - Master Direction News Today

Commercial banks will have to file audited returns within five days from the date of completion of the statutory audit of their books of accounts

Get latest articles and stories on Latest News at LatestLY. The Reserve Bank on Tuesday issued a single document consolidating all directions to ensure compliance related to the submission of supervisory data by banks and non-banking financing companies (NBFC). Latest News | Supervisory Data Submission: RBI Issues Single Document for Compliance Requirements.

The central bank modified the norms to standardise the filing of supervisory returns by banks and NBFCs to bring clarity, brevity and harmonisation to the instructions issued to various supervised entities for return submission.

The Master Direction provides a broader framework to understand the purpose of the returns and harmonises the timelines for their submission, RBI said in a release.

The move will help reduce the burden of compliance on the regulated entities based on the recommendations of the Regulations Review Authority (RRA 2.0) and an Internal Working Group of RBI.

Mumbai, Feb 15: The Reserve Bank on Thursday asked card network Visa to stop making payments through intermediaries to entities which do not accept card payments, saying a large amount of funds are involved in the activity without legal sanction, according to sources. As per information available, only one card network has operationalised this arrangement

Mumbai, Feb 15: The Reserve Bank on Thursday asked card network Visa to stop making payments through intermediaries to entities which do not accept card payments, saying a large amount of funds are involved in the activity without legal sanction, according to sources. As per information available, only one card network has operationalised this arrangement

There are five card networks in India: Visa, Mastercard, RuPay, Diners Club, AmEx. The network in question has allegedly allowed businesses to make payments through intermediaries to entities that cannot accept card payments.

The Reserve Bank of India (RBI), on Thursday issued orders restraining commercial transactions routed through intermediaries by a card network. The central bank, without naming the card network, said the intermediary with an arrangement with the network, did not have the authorisation to function under the Payment and Settlement Systems (PSS) Act. This led the regulator to suspend the arrangement till further notice.

The Reserve Bank of India (RBI) has taken decisive action against a certain card network, albeit without explicitly naming it, for allegedly facilitating unauthorized payments through intermediaries. This move by the RBI underscores the critical role of regulatory oversight in maintaining the integrity and security of payment systems within the country. What is a card […] - Newsx