RBI to mandate interoperability among prepaid payments instruments: Shaktikanta Das
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Last Updated: Apr 07, 2021, 01:19 PM IST
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Governor Shaktikanta Das on Wednesday said prepaid payments instruments (PPIs) were given the option to become interoperable, wherein customers of one company can send funds to customers of other PPIs or banks, in 2018 in cases where a full KYC is done.
PTI
Making its displeasure on prepaid payments instruments issuers not adopting interoperability, the Reserve Bank on Wednesday said it will make it mandatory for such companies to make provisions for letting their customers transact with others after doing a full-KYC (know your customer). The central bank also doubled the maximum balance a single account in a payments bank can carry to Rs 2 lakh at the end of the day.
RBI to set up panel to undertake comprehensive review of ARCs
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Last Updated: Apr 07, 2021, 01:11 PM IST
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After enactment of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act in 2002, regulatory guidelines for ARCs were issued in 2003 to enable development of this sector and to facilitate smooth functioning of these companies.
Agencies
In the latest Budget, Finance Minister Nirmala Sitharaman announced setting up of Asset Reconstruction Company and Asset Management Company to tackle stressed assets.
To facilitate smooth functioning of Asset Reconstruction Companies (ARCs), the Reserve Bank on Wednesday decided to set up a panel to undertake a comprehensive review of the working of such institutions. In the latest Budget, Finance Minister Nirmala Sitharaman announced setting up of Asset Reconstruction Company and Asset Management Company to tackle stressed assets.
RBI extends NEFT, RTGS money transfer facility beyond banks. Details here
RBI extends NEFT, RTGS money transfer facility beyond banks. Details here
The RBI s proposal to extend NEFT and RTGS money transfer facilities will be a big boost to digital payment services. Here is all you need to know:
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UPDATED: April 7, 2021 13:00 IST
The central bank said that the aim is to encourage participation of non-banks across payment systems. (Photo: Reuters)
The Reserve Bank of India on Wednesday said that National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) facilities will be extended to non-bank payment system operators.
As of now, only banks were allowed to use RTGS and NEFT payment facilities. With RBI’s announcement, these money transfer systems will be extended to Prepaid Payment Instrument (PPI) issuers, card networks, white-label ATM operators and Trade Receivables Discounting System (TReDS) platforms.
RBI raises maximum balance limit for payments banks to Rs 2 lakh, opens RTGS, NEFT for payment operators
The decision has been taken to further financial inclusion and to expand the ability of payments banks to cater to the growing needs of customers. FILE PHOTO: A security guard s reflection is seen next to the logo of the Reserve Bank Of India (RBI) at the RBI headquarters in Mumbai (Reuters photo)
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Updated: Apr 7, 2021, 01:37 PM IST
In a major move in the online payments segments, the Reserve Bank of India (RBI) on Wednesday increased the maximum end-of-day balance limit for payment banks from Rs 1 lakh per individual to Rs 2 lakh with immediate effect.
RBI allows RTGS, NEFT facilities to non-banking payment firms
The RBI today announced that it is proposing to enable non-bank payment systems like PPIs, card networks, wide-level ATM operators, among others to take direct membership in the Centralised Payment Systems
BusinessToday.In | April 7, 2021 | Updated 12:33 IST
The RBI also increased the maximum end-of-day balance limit for payment banks to Rs 2 lakh. Earlier, the limit was Rs 1 lakh
The Reserve Bank of India on Wednesday expanded Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) facilities to non-bank payment system firms. The move could potentially benefit users of fintech firms such as Paytm, PhonePe, and others.