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Effective from October 1, 2021, some banks are not approving any standing instruction given at a merchant website/app unless the process is RBI compliant
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At least 30 firms are learnt to have submitted their proposals, sources said, indicating that the number of applicants could increase before the September 30 deadline for existing and new non-bank firms to apply.
Soon you will need to keep your debit, credit card handy to make payments online India Published: Friday, February 26, 2021, 11:33 [IST] New Delhi, Feb 26: The debit and credit card numbers contain 16 digits and it is not easy to remember. It is even harder when people use more than one card. As per the new rules of the Reserve Bank of India, you many have an option, but to take the card with you wherever you go. Representational Image The RBI has mandated that merchants, e-commerce websites and payment aggregators will not be allowed to store the card details of the online customers. These r...
‘Depositors reeling under the impact of interest rate cuts’ January 24, 2021 × The All India Bank Depositors’ Association (AIBDA) has told the Reserve Bank of India (RBI) that depositors are reeling under the impact of interest rate cuts and that there are no compelling reasons for it to reduce the repo rate. In its pre-monetary policy representation to the RBI Governor Shaktikanta Das, AIBDA also underscored the charges imposed for debit card use when transactions are declined at ATM or POS due to insufficient funds in the account should be rationalised. Further, the association reque...