The Reserve Bank of India has invited views/comments of all stake-holders and the public at large on the Report of Working Group on Information Security, Electronic Banking, Technology Risk Management and Cyber frauds (Chairman: Shri G. Gopalakrishna, Executive Director, Reserve Bank of India). Comments/suggestions/views may be forwarded latest by February 14, 2011 to the Chief General Manager-in-Charge, Department of Banking Supervision, Central Office, 3rd Floor, Wo

The Reserve Bank of India has today placed on its website the report of the Working Group on information security, electronic banking, technology risk management, and cyber frauds. The Working Group (Chairman: Shri G.Gopalakrishna, Executive Director, RBI) was established following the announcement in the April 2010 Monetary Policy Statement, which recommended enhancing RBI guidelines relating to the governance of IT, information security measures to tackle cyber frau

The TimesofMoney Ltd., 4th Floor, Times Tower Kamala Mills Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai–400013 has, on September 23, 2010, voluntarily surrendered the Certificate of Authorisation given by the Reserve Bank of India. The Reserve Bank of India had, on April 05, 2010, issued Certificate of Authorisation (34/2010) to the TimesofMoney Ltd. under the Payment and Settlement Systems Act, 2007 for operating Payment System for issuance of Pre-paid P

Shri V.Leeladhar, Deputy Governor, Reserve Bank of India today inaugurated the National Electronic Clearing Service (NECS) at a function at the Reserve Bank's National Clearing Centre (NCC), Mumbai. The service aims to centralise the Electronic Clearing Service (ECS) operation and bring in uniformity and efficiency to the system. ECS was introduced in the early nineties and is operational at 74 locations at present, facilitating easy payments and collections for repet

Based on the comments received from public the Reserve Bank of India has modified its earlier draft operating guidelines on mobile payments in India. The modified guidelines are now placed on the website. Comments if any can be e-mailed or faxed to 022-22691557 or letter addressed to Chief General Manager, Reserve Bank of India, Department of Payment and Settlement Systems, Central Office, 14th floor, Central Office Building, SBS Marg, Mumbai 400001 latest by Septembe

The Payment and Settlement Systems Act, 2007 (51 of 2007) and the Payment and Settlement Systems Regulations, 2008 have been notified and have come into effect from August 12, 2008. The Payment and Settlement Systems Act stipulates that no person other than the Reserve Bank, shall commence or operate a payment system except under and in accordance with an authorisation issued by the Reserve Bank under the provisions of the Act. All persons currently operating a paymen

The Reserve Bank of India (RBI) will introduce, from June 25, 2008, 'Speed Clearing' for outstation cheques for all the member banks in the jurisdiction of Brihan-Mumbai Bankers' Clearing House (BBCH). 'Speed Clearing' leverages the technology of core or centralised banking solution (CBS) of banks which enables them to access details of all account holders from any branch. Banks including public sector, private sector, cooperative and foreign banks, which are members

With the rapid growth in the number of mobile phone subscribers in India banks have been exploring the feasibility of using mobile phones as an alternative channel of delivery of banking services. A few banks have started offering information based services like balance enquiry, stop payment instruction of cheques, record of last five transactions, location of nearest ATM/branch etc. Acceptance of transfer of funds instruction for credit to beneficiaries of same/or an

The Reserve Bank of India has today placed on its website draft regulations framed under the Payment and Settlement Systems Act 2007 for public comments. Comments can be sent to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, Shaheed Bhagat Singh Marg, Mumbai (fax number: 022- 22659566) or may be e-mailed latest by May 15, 2008. It may be recalled that the Payment and Settlement Systems Bill was passed by

Recognising the importance of ensuring the safety, security of the payment systems, the Reserve Bank of India (RBI) has put in place three modes of electronic payments i.e. Real time Gross Settlement (RTGS) System, National Electronic Fund Transfer (NEFT) System and Electronic Clearing Service (ECS). Payments by these modes have been steadily growing in the last few years. An internal Working Group set up by the Reserve Bank to examine the various issues related to mi