Page 6 - Settlement Systems News Today

RBI says under an arrangement, an intermediary accepts card payments from corporates for their commercial payments and then remits the funds via IMPS/RTGS/NEFT to non-card accepting recipients

The regulator said only one card network has operationalised this arrangement in the country so far.

On Wednesday it was reported that RBI had directed global payment giants Visa and Mastercard to suspend card-based commercial transactions by both small and large businesses due to mounting apprehensions over Know Your Customer (KYC) compliance.

The Reserve Bank, on Thursday, asked card network Visa to stop making payments

Expressing concerns over a payment intermediary operated by a card network, Reserve Bank of India (RBI) has asked the card network to keep all such arrangements under abeyance till further orders. RBI has not named the card network.

India Business News: A day after the RBI instructed payment networks Visa and Mastercard to stop enabling business credit card issuances by fintech aggregators, the centra

That is why Ghana, in its role as the chair of the V20 Group of the world’s most climate-vulnerable nations, raised a clarion call in Dubai for urgent financial and technical support to adapt to climate change while advancing the UN Sustainable Development Goals.

The Central Bank of Bahrain (CBB) has launched the Financial Market Infrastructures (FMIs) and Payment Oversight Framework.

The Indian regulated entities will have to self assess and make disclosures on compliance too according to the Principles of Financial Market Infrastructures (PFMIs)

Central banks should internalize within their payment system oversight function a forward-looking and integrated approach to sustainable resource management, for instance, by adopting "circular economy" principles.