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RBI Starts LEI for RTGS and NEFT transactions – RBI starts LEI for large value transactions in centralized payment systems of Rs 50 crore and above transactions : The Reserve Bank of India (RBI) has introduced the legal entity identifier (LEI) in a phased manner in the over-the-counter derivative and non-derivative markets as well as […]
RBI introduces new Prepaid Payment Instrument (PPI) for small retails payment like groceries, local shops etc – Reserve Bank of India (RBI) has launched a new digital payment PPI instrument for digital transactions of small value belong to grocery, local shops etc. The maximum limit fixed for new PPI is Rs 10,000 per month and […]
RBI has announced debt relied package for MSME up to loan amounting Rs 25 Crore – The newly appointed Governor of Reserve Bank of India (RBI) Shaktikanta Das has taken the major decision providing the debt relief to MSME as credit to the SME sector was one of the contentious issues raised by government-appointed board members in […]
Reserve Bank of India has made it clear through reply of a Right to Information (RTI) query that Cash-on-delivery (CoD) by services Aggregators/payment intermediaries like Amazon and Flipkart are not authorized under Section 8 of the PSS (Payments and Settlements Systems) Act, 2007. are not authorized under the definition of payment system and system provider of the Payments […]
Post Punjab National Bank (PNB) Fraud the Reserve Bank of India (RBI) has banned the use of letters of undertaking (LoUs) and letters of comfort (LoCs). RBI has issued the fresh directives on issuance of LoUs and LoCs for Banks in India. Banning of instruments may raise the cost of imports by up to half a percentage […]
Post Punjab National Bank Fraud – Reserve Bank of India (RBI) has started the auditing of all the public sector banks for issuance of LoU’s and trande finance business activities. The RBI audit will look after the exisitng process and following of extant guidelines by Foreign Exchange branches of PSB’s. It is believed that majority […]
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