Statement On Development News Today

The PRAVAAH portal will make it convenient for any individual or entity to apply online for various regulatory approvals

RBI Governor Shaktikanta Das on Tuesday launched three major initiatives of the Reserve Bank of India which include the PRAVAAH portal, the Retail Direct Mobile App and a FinTech Repository.The PRAVAAH portal will make it convenient for any ...

RBI has not expressed any desire to phase out authentication process completely but only the process of AFA (additional factor of authentication)

UPI Lite allows its users to store money in their UPI Lite on-device wallet and make offline payments to merchants without using a UPI PIN.

As per the RBI governor, the consolidation of master guidelines will fine tune the redressal of customers complaints. In November 2021, the RBI announced the Integrated Ombudsman by merging three different ombudsman schemes. The current announcement deals with streamlining the operational aspect of the ombudsman scheme to make it easier for customers to file complaints.

The Reserve Bank of India (RBI) has increased the upper limit of an offline payment transaction from Rs 200. The overall limit for offline transactions on a payment instrument, however, remains Rs 2,000 at all times.

RBI Governor Shaktikanta Das proposed to launch “Conversational Payments” on UPI, that will enable users to engage "in a conversation with an AI-powered system to initiate and complete transactions in a safe and secure environment."

Synopsis Payment banks have been seeking a hike in deposit limits for some time now. Some of the examples of the payment banks are: Paytm Payments Bank, Airtel Payments Bank, India Post Payments Bank etc. Getty Images Payments bank were launched to further provide banking services to the underserved population who are yet to open a bank account with the normal commercial bank. In a bid to give a fillip to digital payments banks, the Reserve Bank of India (RBI) today announced that it has hiked ...

Soon withdraw cash from digital wallets, prepaid cards of non-bank entities SECTIONS Share Synopsis PPIs stand for prepaid payment instruments. Forex cards, digital wallets etc are some examples of PPIs. The statement stated that the necessary instructions will be issued separately in this regard. Getty Images The RBI has also increased the prepaid payment instrument limit to Rs 2 lakh from Rs 1 lakh currently. The Reserve Bank of India (RBI) in its Statement on Development and Regulatory Polic...

All Bank Branches To Be Covered Under Cheque Truncation System By September, Says RBI The Reserve Bank of India (RBI) (PUNIT PARANJPE/AFP/Getty Images)  In a letter written to heads of the bank, the Chief General Manager (CGM) of the Reserve Bank of India, RBI, has asked them to implement image-based cheque truncation system (CTS) across all bank branches by September. This comes in accordance with the Statement on Development and Regulatory policy issued by RBI last month. Currently, 1,50,000...