Press Releases - আৰবিআই - Reserve Bank of India
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Press Releases
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মে’ 29, 2001T + 1 Settlement of SGL transactionsIn the Monetary & Credit Policy 2001-02, it was proposed that from June 2, 2001, all transactions in Government securities settled through the Subsidiary General Ledger (SGL)/Delivery versus Payment (DVP) system would be on T + 1 basis. The feedback from the market participants with whom Reserve Bank has had several rounds of consultation is that the date from which T + 1 settlement will be introduced for Subsidiary General Ledger settled transactions should be coIn the Monetary & Credit Policy 2001-02, it was proposed that from June 2, 2001, all transactions in Government securities settled through the Subsidiary General Ledger (SGL)/Delivery versus Payment (DVP) system would be on T + 1 basis. The feedback from the market participants with whom Reserve Bank has had several rounds of consultation is that the date from which T + 1 settlement will be introduced for Subsidiary General Ledger settled transactions should be co
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জানু 16, 2001Advisory Groups on "Payment and Settlement System" and on "Bankruptcy laws" Submit ReportsIt may be recalled that Standing Committee on International Financial Standards and Codes was constituted in December 1999 in order to identify and monitor developments in global standards and codes, consider aspects of applicability of these standards to Indian financial system, periodically review the status and make available its reports to all concerned organisations in public or private sector. The Standing Committee chaired by Deputy Governor, Reserve Bank of InIt may be recalled that Standing Committee on International Financial Standards and Codes was constituted in December 1999 in order to identify and monitor developments in global standards and codes, consider aspects of applicability of these standards to Indian financial system, periodically review the status and make available its reports to all concerned organisations in public or private sector. The Standing Committee chaired by Deputy Governor, Reserve Bank of In
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ছেপ্তে 27, 2000Advisory Group on Payment and Settlement Systems Submits ReportIt may be recalled that the Governor, Reserve Bank of India constituted a Standing Committee on International Financial Standards and Codes in December 1999 in order to identify and monitor developments in global standards and codes, consider aspects of applicability of these standards to Indian financial system, periodically review the status and make available its reports to all concerned organisations in public or private sector. The Standing Committee chaired by DIt may be recalled that the Governor, Reserve Bank of India constituted a Standing Committee on International Financial Standards and Codes in December 1999 in order to identify and monitor developments in global standards and codes, consider aspects of applicability of these standards to Indian financial system, periodically review the status and make available its reports to all concerned organisations in public or private sector. The Standing Committee chaired by D
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জুন 10, 2000Meeting of the National Payments CouncilThe National Payments Council under the Chairmanship of Deputy Governor, Shri S.P.Talwar met on June 09, 2000 to discuss the latest developments in the Payments System and the future possibilities. The Council members welcomed the passing of the Information Technology (IT) Bill and the grant of one transponder on INSAT 3-B which will augment the capacity of the Indian Financial Network (INFINET). The Council reviewed the ongoing initiatives for implementing the CentraThe National Payments Council under the Chairmanship of Deputy Governor, Shri S.P.Talwar met on June 09, 2000 to discuss the latest developments in the Payments System and the future possibilities. The Council members welcomed the passing of the Information Technology (IT) Bill and the grant of one transponder on INSAT 3-B which will augment the capacity of the Indian Financial Network (INFINET). The Council reviewed the ongoing initiatives for implementing the Centra
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মাৰ্চ 31, 2000RBI sets up Working Group on Priority Areas in Banking TechnologyThe Information Technology applications in the banking and financial sector in India have grown sharply in recent years. IT can be leveraged to bring about significant improvements in a number of areas including decision making, house keeping, customer service, payment flows, etc., in the banking and financial sector. To ensure the accrual of optimal benefits, necessary human resources development measures and requisite steps to beef up security in IT use have to be tThe Information Technology applications in the banking and financial sector in India have grown sharply in recent years. IT can be leveraged to bring about significant improvements in a number of areas including decision making, house keeping, customer service, payment flows, etc., in the banking and financial sector. To ensure the accrual of optimal benefits, necessary human resources development measures and requisite steps to beef up security in IT use have to be t
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জানু 03, 2000Y2K Status on January 3, 2000On January 3, 2000, the first full working day of the year, the Reserve Bank of India, banks and financial institutions have been found to be working satisfactorily on the basis of the reports received.Reserve Bank of India The MICR Cheque processing centre at Mumbai using the state-of-the-art Mainframe has completed processing of at par items clearing successfully today. MICR cheque processing at National Clearing Centres of the RBI at Mumbai, New Delhi, Chennai andOn January 3, 2000, the first full working day of the year, the Reserve Bank of India, banks and financial institutions have been found to be working satisfactorily on the basis of the reports received.Reserve Bank of India The MICR Cheque processing centre at Mumbai using the state-of-the-art Mainframe has completed processing of at par items clearing successfully today. MICR cheque processing at National Clearing Centres of the RBI at Mumbai, New Delhi, Chennai and
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জানু 01, 2000Cheque Processing Systems Successfully roll over to Year 2000On December 31, 1999 the state-of-the-art MICR (Magnetic Ink Character Recognition) cheque processing systems at Mumbai, New Delhi, Chennai and Calcutta continued to operate normally. The centres commenced the normal operations at around 19:00 hours and successfully rolled over to the Year 2000 without any disruption. During the rollover, the hardware, the operating system, the cheque processing application software and associated peripherals like the console, the terOn December 31, 1999 the state-of-the-art MICR (Magnetic Ink Character Recognition) cheque processing systems at Mumbai, New Delhi, Chennai and Calcutta continued to operate normally. The centres commenced the normal operations at around 19:00 hours and successfully rolled over to the Year 2000 without any disruption. During the rollover, the hardware, the operating system, the cheque processing application software and associated peripherals like the console, the ter
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নৱে 01, 1999MICR Cheque Processing Upgraded At four Metros by RBIThe MICR Cheque Processing Systems at the four National Clearing Cells of the Reserve Bank of India at the metropolitan centres at Calcutta, Chennai, Mumbai and New Delhi have been replaced with Y2K compliant state-of-the-art IBM S/390 mainframe system based cheque processing solutions. The MICR cheque processing has become operational at the four National Clearing Cells. The cheques, presented at these four National Clearing Cells, are being processed on the new systThe MICR Cheque Processing Systems at the four National Clearing Cells of the Reserve Bank of India at the metropolitan centres at Calcutta, Chennai, Mumbai and New Delhi have been replaced with Y2K compliant state-of-the-art IBM S/390 mainframe system based cheque processing solutions. The MICR cheque processing has become operational at the four National Clearing Cells. The cheques, presented at these four National Clearing Cells, are being processed on the new syst
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ছেপ্তে 07, 1999RBI sets up Working Group to study the recommendations for SMART Card based Payment System StandardsThe Reserve Bank of India has constituted a Working Group in the Department of Information Technology to study the recommendations on standards for SMART Card based Payment Systems made by the Indian Institute of Technology, Powai. The recommendations have been made in document "SMART Card based Payment System Standards" version 3.0, as part of the "Project SMART Rupees System (SMARS)". The Project SMART Rupees System (SMARS) is a pilot project on SMART Card technolThe Reserve Bank of India has constituted a Working Group in the Department of Information Technology to study the recommendations on standards for SMART Card based Payment Systems made by the Indian Institute of Technology, Powai. The recommendations have been made in document "SMART Card based Payment System Standards" version 3.0, as part of the "Project SMART Rupees System (SMARS)". The Project SMART Rupees System (SMARS) is a pilot project on SMART Card technol
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আগ 31, 1999Meeting of the High Level Working Group on Y2K Related IssuesThe High Level Working Group constituted by the Reserve Bank of India under the Chairmanship of Shri S.P. Talwar, Deputy Governor reviewed the status of Year 2000 readiness and contingency planing of the banking and financial sector in a meeting held on August 31, 1999. The representatives of the Ministry of Finance and Department of Electronics, Government of India were also present during the meeting.There was also discussion of the criticality of clearing and settlThe High Level Working Group constituted by the Reserve Bank of India under the Chairmanship of Shri S.P. Talwar, Deputy Governor reviewed the status of Year 2000 readiness and contingency planing of the banking and financial sector in a meeting held on August 31, 1999. The representatives of the Ministry of Finance and Department of Electronics, Government of India were also present during the meeting.There was also discussion of the criticality of clearing and settl
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জুলাই 22, 1999National Payments CouncilThe first meeting of the National Payments Council constituted by the Reserve Bank of India under the Chairmanship of Deputy Governor, Shri S.P. Talwar to guide the design and development of a modern and efficient Payments and Settlement system for the country was held on July 22, 1999, in Mumbai. The members who attended the meeting included:1.Dr. A.Vasudevan, Executive Director, Reserve Bank of India 2.Shri A.T.Panir Selvam, Chairman, Indian Banks Association3.ShriThe first meeting of the National Payments Council constituted by the Reserve Bank of India under the Chairmanship of Deputy Governor, Shri S.P. Talwar to guide the design and development of a modern and efficient Payments and Settlement system for the country was held on July 22, 1999, in Mumbai. The members who attended the meeting included:1.Dr. A.Vasudevan, Executive Director, Reserve Bank of India 2.Shri A.T.Panir Selvam, Chairman, Indian Banks Association3.Shri
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নৱে 26, 1998Extension of the area of the jurisdiction of Brihanmumbai Bankers Clearing HouseIt has been decided in the meeting of the Standing Committee of BBCH held on November 12, 1998 to extend the area of jurisdiction of Brihanmumbai Bankers Clearing House (BBCH) further so as to include the banks/branches situated in Old Panvel and Badlapur towns with immediate effect. Accordingly, the banks/branches operating in the above areas may participate in the BBCH clearing after the completion of necessary formalities in this regard for which banks have been adIt has been decided in the meeting of the Standing Committee of BBCH held on November 12, 1998 to extend the area of jurisdiction of Brihanmumbai Bankers Clearing House (BBCH) further so as to include the banks/branches situated in Old Panvel and Badlapur towns with immediate effect. Accordingly, the banks/branches operating in the above areas may participate in the BBCH clearing after the completion of necessary formalities in this regard for which banks have been ad
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মাৰ্চ 18, 1998RBI to introduce Electronic Clearing Service (Credit Clearing) in more centresThe Reserve Bank of India has decided to extend the Electronic Clearing Service (ECS - Credit Clearing Scheme) to eight more centres, viz., Bhubaneshwar, Chandigarh, Guwahati, Jaipur, Kanpur, Nagpur, Patna and Thiruvananthapuram with effect from July 1, 1998. It has also been decided to increase the limit on the transaction value under the ECS (Credit) Scheme from the present Rs. 50,000 to Rs. 1,00,000 from that date. With this, the Scheme would cover all the centresThe Reserve Bank of India has decided to extend the Electronic Clearing Service (ECS - Credit Clearing Scheme) to eight more centres, viz., Bhubaneshwar, Chandigarh, Guwahati, Jaipur, Kanpur, Nagpur, Patna and Thiruvananthapuram with effect from July 1, 1998. It has also been decided to increase the limit on the transaction value under the ECS (Credit) Scheme from the present Rs. 50,000 to Rs. 1,00,000 from that date. With this, the Scheme would cover all the centres
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আগ 24, 2023RBI Imposes Monetary Penalty on Paul Merchants Finance Private LimitedThe Reserve Bank of India (RBI) has imposed monetary penalty of ₹30,50,000 (Rupees thirty lakh fifty thousand only) on Paul Merchants Finance Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) dated August 27, 2021 (updated as on November 12, 2021). The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007. This acThe Reserve Bank of India (RBI) has imposed monetary penalty of ₹30,50,000 (Rupees thirty lakh fifty thousand only) on Paul Merchants Finance Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) dated August 27, 2021 (updated as on November 12, 2021). The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007. This ac
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জুলাই 27, 2023RBI-Digital Payments Index for March 2023The Reserve Bank of India (RBI) has been publishing a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) since January 1, 2021 with March 2018 as base to capture the extent of digitisation of payments across the country. The index for March 2023 stands at 395.57 as against 377.46 for September 2022, which was announced on January 31, 2023. The RBI-DPI index has increased across all parameters driven by significant growth in payment infrastructure and pThe Reserve Bank of India (RBI) has been publishing a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) since January 1, 2021 with March 2018 as base to capture the extent of digitisation of payments across the country. The index for March 2023 stands at 395.57 as against 377.46 for September 2022, which was announced on January 31, 2023. The RBI-DPI index has increased across all parameters driven by significant growth in payment infrastructure and p
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জুলাই 05, 2023RBI invites comments on draft circular on Arrangements with Card Networks for issue of Debit, Credit and Prepaid CardsThe Reserve Bank of India has today placed on its website the draft circular on Arrangements with Card Networks for issue of Debit, Credit and Prepaid Cards for feedback from stakeholders. Comments / Feedback, if any, may be sent by email, or by post to the Chief General Manager-in-Charge, Department of Payment and Settlement Systems, Central Office, Reserve Bank of India, 14th Floor, Central Office Building, Shahid Bhagat Singh Road, Mumbai - 400 001, on or before AuThe Reserve Bank of India has today placed on its website the draft circular on Arrangements with Card Networks for issue of Debit, Credit and Prepaid Cards for feedback from stakeholders. Comments / Feedback, if any, may be sent by email, or by post to the Chief General Manager-in-Charge, Department of Payment and Settlement Systems, Central Office, Reserve Bank of India, 14th Floor, Central Office Building, Shahid Bhagat Singh Road, Mumbai - 400 001, on or before Au
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জুন 02, 2023RBI invites comments on draft Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System OperatorsThe Reserve Bank of India has today placed on its website the draft Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators for feedback from stakeholders. Comments / Feedback, if any, may be sent by email, or by post to the Chief General Manager, Department of Payment and Settlement Systems, Central Office, Reserve Bank of India, 14th Floor, Central Office Building, Shahid Bhagat Singh Road, Mumbai - 400 001, on or befThe Reserve Bank of India has today placed on its website the draft Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators for feedback from stakeholders. Comments / Feedback, if any, may be sent by email, or by post to the Chief General Manager, Department of Payment and Settlement Systems, Central Office, Reserve Bank of India, 14th Floor, Central Office Building, Shahid Bhagat Singh Road, Mumbai - 400 001, on or bef
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মাৰ্চ 06, 2023Digital Payments Awareness Week 2023 - Launch of Mission “Har Payment Digital”The Governor, Reserve Bank of India (RBI) today launched the Mission ‘Har Payment Digital’ on the occasion of the Digital Payments Awareness Week (DPAW) 2023. This is part of RBI’s endeavour to make every person in India a user of digital payments. DPAW 2023 will be observed from March 6 to 12, 2023. The campaign theme is “Digital Payment Apnao, Auron ko bhi Sikhao” (Adopt digital payments and Also teach others). Digital payments offer benefits of speed, convenience,The Governor, Reserve Bank of India (RBI) today launched the Mission ‘Har Payment Digital’ on the occasion of the Digital Payments Awareness Week (DPAW) 2023. This is part of RBI’s endeavour to make every person in India a user of digital payments. DPAW 2023 will be observed from March 6 to 12, 2023. The campaign theme is “Digital Payment Apnao, Auron ko bhi Sikhao” (Adopt digital payments and Also teach others). Digital payments offer benefits of speed, convenience,
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মাৰ্চ 03, 2023RBI imposes Monetary Penalty on Amazon Pay (India) Private LimitedThe Reserve Bank of India (RBI) has imposed monetary penalty of ₹3,06,66,000/- (Rupees three crore six lakh sixty six thousand only) on Amazon Pay (India) Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) dated August 27, 2021 (as updated from time to time) and the Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 (as updated from time to time). The pThe Reserve Bank of India (RBI) has imposed monetary penalty of ₹3,06,66,000/- (Rupees three crore six lakh sixty six thousand only) on Amazon Pay (India) Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) dated August 27, 2021 (as updated from time to time) and the Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 (as updated from time to time). The p
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ফেব্ৰু 21, 2023Honorable Prime Ministers of India and Singapore Launch Real-time Payment Systems Linkage between the Two CountriesHon’ble Prime Minister of India, Shri Narendra Modi and Hon’ble Prime Minister of Singapore, Mr. Lee Hsien Loong today witnessed the launch of cross-border linkage between India and Singapore using their respective Fast Payment Systems, viz. Unified Payments Interface (UPI) and PayNow. The facility was launched through token transactions by Reserve Bank Governor, Shri Shaktikanta Das and Managing Director of Monetary Authority of Singapore, Mr. Ravi Menon using the UPHon’ble Prime Minister of India, Shri Narendra Modi and Hon’ble Prime Minister of Singapore, Mr. Lee Hsien Loong today witnessed the launch of cross-border linkage between India and Singapore using their respective Fast Payment Systems, viz. Unified Payments Interface (UPI) and PayNow. The facility was launched through token transactions by Reserve Bank Governor, Shri Shaktikanta Das and Managing Director of Monetary Authority of Singapore, Mr. Ravi Menon using the UP
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ফেব্ৰু 21, 2023Extending UPI for Inbound Travellers to IndiaThe Reserve Bank of India (RBI) had announced in the Statement on Developmental and Regulatory Policies dated February 08, 2023, a facility to enable all in-bound travellers visiting India to make local payments using Unified Payments Interface (UPI) while they are in India. This facility is made available from today. To start with, it is available to travelers from G-20 countries, at select international airports (Bengaluru, Mumbai and New Delhi). Eligible travellersThe Reserve Bank of India (RBI) had announced in the Statement on Developmental and Regulatory Policies dated February 08, 2023, a facility to enable all in-bound travellers visiting India to make local payments using Unified Payments Interface (UPI) while they are in India. This facility is made available from today. To start with, it is available to travelers from G-20 countries, at select international airports (Bengaluru, Mumbai and New Delhi). Eligible travellers
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ফেব্ৰু 15, 2023Applications of Online Payment Aggregators received under the Payment and Settlement Systems Act, 2007 - StatusWith a view to bringing entities undertaking online payment aggregation business within the regulatory fold, Reserve Bank of India (RBI) has issued circulars dated March 17, 2020 and March 31, 2021 on “Guidelines on Regulation of Payment Aggregators and Payment Gateways” (Guidelines). In terms of the Guidelines, online non-bank Payment Aggregators (PAs) – existing as on March 17, 2020 (referred to as existing PAs) – were required to apply to RBI by September 30, 20211With a view to bringing entities undertaking online payment aggregation business within the regulatory fold, Reserve Bank of India (RBI) has issued circulars dated March 17, 2020 and March 31, 2021 on “Guidelines on Regulation of Payment Aggregators and Payment Gateways” (Guidelines). In terms of the Guidelines, online non-bank Payment Aggregators (PAs) – existing as on March 17, 2020 (referred to as existing PAs) – were required to apply to RBI by September 30, 20211
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ফেব্ৰু 14, 2023Reserve Bank of India launches its Second Global Hackathon - HARBINGER 2023Reserve Bank is organising its second global hackathon – “HARBINGER 2023 – Innovation for Transformation” with the theme ‘Inclusive Digital Services’. The Hackathon invites participants to develop solutions that have the potential to make digital financial services accessible to the differently abled, facilitate efficient compliance, extend the reach of Central Bank Digital Currencies and enhance the scalability of blockchains. HARBINGER 2023 invites innovative ideasReserve Bank is organising its second global hackathon – “HARBINGER 2023 – Innovation for Transformation” with the theme ‘Inclusive Digital Services’. The Hackathon invites participants to develop solutions that have the potential to make digital financial services accessible to the differently abled, facilitate efficient compliance, extend the reach of Central Bank Digital Currencies and enhance the scalability of blockchains. HARBINGER 2023 invites innovative ideas
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ফেব্ৰু 03, 2023Payments Infrastructure Development Fund (PIDF) - Status UpdateThe PIDF Scheme, operationalised by the Reserve Bank from January 01, 2021, subsidises deployment of Points of Sale (PoS) infrastructure (physical and digital modes) in tier-3 to tier-6 centres and north eastern states of the country. From August 26, 2021, beneficiaries of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres are also covered. Further, J & K and Ladakh regions are included as special focus areas from June 09, 2022.The PIDF Scheme, operationalised by the Reserve Bank from January 01, 2021, subsidises deployment of Points of Sale (PoS) infrastructure (physical and digital modes) in tier-3 to tier-6 centres and north eastern states of the country. From August 26, 2021, beneficiaries of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres are also covered. Further, J & K and Ladakh regions are included as special focus areas from June 09, 2022.
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জানু 31, 2023Reserve Bank of India announces Digital Payments Index for September 2022The Reserve Bank of India (RBI) has been publishing a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) since January 1, 2021 with March 2018 as base to capture the extent of digitisation of payments across the country. The index for September 2022 stands at 377.46 as against 349.30 for March 2022. The RBI-DPI index has increased across all parameters driven by significant growth in payment infrastructure and payment performance across the country oveThe Reserve Bank of India (RBI) has been publishing a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) since January 1, 2021 with March 2018 as base to capture the extent of digitisation of payments across the country. The index for September 2022 stands at 377.46 as against 349.30 for March 2022. The RBI-DPI index has increased across all parameters driven by significant growth in payment infrastructure and payment performance across the country ove
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জানু 16, 2023RBI releases Discussion Paper on Expected Loss (EL)-based Approach for loan loss provisioning by banksAs part of the Statement on Developmental and Regulatory Policies released on September 30, 2022, RBI had proposed to adopt an expected loss-based approach for loss allowances required to be maintained by banks in respect of their loan exposures. It was announced that a discussion paper on the various aspects of the transition will be issued shortly. Accordingly, RBI has today released the Discussion Paper (DP) that comprehensively examines various issues and proposesAs part of the Statement on Developmental and Regulatory Policies released on September 30, 2022, RBI had proposed to adopt an expected loss-based approach for loss allowances required to be maintained by banks in respect of their loan exposures. It was announced that a discussion paper on the various aspects of the transition will be issued shortly. Accordingly, RBI has today released the Discussion Paper (DP) that comprehensively examines various issues and proposes
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জানু 05, 2023Regulatory Sandbox (RS) - Fourth Cohort on Prevention and Mitigation of Financial Frauds - Test PhaseThe Reserve Bank had announced opening of the Fourth Cohort under Regulatory Sandbox vide Press release dated June 06, 2022 for theme ‘Prevention and Mitigation of Financial Frauds’. 2. The Reserve Bank received nine applications of which six have been selected for the ‘Test Phase’. The entities, as per details below, shall commence testing of their products from February 2023. Sl. No. Sandbox Entity Description 1 Bahwan Cybertek Private Limited The solution ‘rt360 ReThe Reserve Bank had announced opening of the Fourth Cohort under Regulatory Sandbox vide Press release dated June 06, 2022 for theme ‘Prevention and Mitigation of Financial Frauds’. 2. The Reserve Bank received nine applications of which six have been selected for the ‘Test Phase’. The entities, as per details below, shall commence testing of their products from February 2023. Sl. No. Sandbox Entity Description 1 Bahwan Cybertek Private Limited The solution ‘rt360 Re
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জানু 04, 2023RBI releases Annual Report of Ombudsman Schemes, 2021-22The Reserve Bank of India (RBI) released the Annual Report of the Ombudsman Schemes for the period April 01, 2021 – March 31, 2022 today. With the year also marking the launch of Reserve Bank – Integrated Ombudsman Scheme (RB-IOS) on November 12, 2021, the Annual Report covers the activities under the erstwhile Ombudsman Schemes i.e., Banking Ombudsman Scheme, 2006 (BOS), the Ombudsman Scheme for Non-Banking Financial Companies, 2018 (OSNBFC), and the Ombudsman SchemeThe Reserve Bank of India (RBI) released the Annual Report of the Ombudsman Schemes for the period April 01, 2021 – March 31, 2022 today. With the year also marking the launch of Reserve Bank – Integrated Ombudsman Scheme (RB-IOS) on November 12, 2021, the Annual Report covers the activities under the erstwhile Ombudsman Schemes i.e., Banking Ombudsman Scheme, 2006 (BOS), the Ombudsman Scheme for Non-Banking Financial Companies, 2018 (OSNBFC), and the Ombudsman Scheme
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ডিচে 29, 2022Reserve Bank of India imposes Monetary Penalty on Mynd Solutions Private LimitedThe Reserve Bank of India (RBI) has imposed a monetary penalty of ₹13,90,000 (Rupees Thirteen Lakh and Ninety Thousand only) on Mynd Solutions Private Limited (the entity) for not complying with the Guidelines on Trade Receivables Discounting System (TReDS) updated as on July 02, 2018. The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007 (PSS Act). This action is based on deficiencies in reguThe Reserve Bank of India (RBI) has imposed a monetary penalty of ₹13,90,000 (Rupees Thirteen Lakh and Ninety Thousand only) on Mynd Solutions Private Limited (the entity) for not complying with the Guidelines on Trade Receivables Discounting System (TReDS) updated as on July 02, 2018. The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007 (PSS Act). This action is based on deficiencies in regu
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নৱে 30, 2022Reserve Bank of India and Financial Services Agency, Japan exchange Letter of Cooperation in the field of Central Counter PartiesThe Reserve Bank of India (RBI) and the Financial Services Agency (FSA), Japan today exchanged letters of cooperation in the field of Central Counter Parties (CCPs) with the objective of improving mutual cooperation. With this exchange of letters, RBI and FSA are committed to deepen relations between the two countries and strengthen the exchange of information. RBI and FSA also expressed their willingness to hold a dialogue or exchange views about matters of common inThe Reserve Bank of India (RBI) and the Financial Services Agency (FSA), Japan today exchanged letters of cooperation in the field of Central Counter Parties (CCPs) with the objective of improving mutual cooperation. With this exchange of letters, RBI and FSA are committed to deepen relations between the two countries and strengthen the exchange of information. RBI and FSA also expressed their willingness to hold a dialogue or exchange views about matters of common in
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অক্টো 31, 2022RBI imposes Monetary Penalty on Vakrangee LimitedThe Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1,76,00,000 (Rupees One Crore and Seventy Six Lakh only) on Vakrangee Limited (the entity) for non-compliance with certain provisions of the White Label ATM (WLA) directions. The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007 (PSS Act). This action is based on deficiencies in regulatory compliance and is not intended to pronThe Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1,76,00,000 (Rupees One Crore and Seventy Six Lakh only) on Vakrangee Limited (the entity) for non-compliance with certain provisions of the White Label ATM (WLA) directions. The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007 (PSS Act). This action is based on deficiencies in regulatory compliance and is not intended to pron
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অক্টো 20, 2022Revocation of Certificate of Authorisation of GI Technology Private LimitedThe Reserve Bank of India, in exercise of the powers conferred on it under Section 8 of the Payment and Settlement Systems Act, 2007, has revoked the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO): Company’s Name Registered Office Address CoA No. & Date Payment System Authorised Date of Revocation Reason for Revocation GI Technology Private Limited No. C-9, 2nd Floor, Left Wing, Thiru Vika Industrial Estate, Guindy, ChennaiThe Reserve Bank of India, in exercise of the powers conferred on it under Section 8 of the Payment and Settlement Systems Act, 2007, has revoked the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO): Company’s Name Registered Office Address CoA No. & Date Payment System Authorised Date of Revocation Reason for Revocation GI Technology Private Limited No. C-9, 2nd Floor, Left Wing, Thiru Vika Industrial Estate, Guindy, Chennai
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ছেপ্তে 05, 2022Regulatory Sandbox - Fifth Cohort Announcement and Opening of ‘On Tap’ application for Second Cohort on ‘Cross Border Payments’Based upon the feedback received from various stakeholders, and in order to foster continuous innovation in various areas pertaining to fintech as well as to provide testing platform to the different products/ services/ technology which fall under the domain of the Reserve Bank as indicated in para 6.1.3 of the Enabling Framework for Regulatory Sandbox, it is announced that the Fifth Cohort under Regulatory Sandbox will be theme neutral. Innovative products/ services/Based upon the feedback received from various stakeholders, and in order to foster continuous innovation in various areas pertaining to fintech as well as to provide testing platform to the different products/ services/ technology which fall under the domain of the Reserve Bank as indicated in para 6.1.3 of the Enabling Framework for Regulatory Sandbox, it is announced that the Fifth Cohort under Regulatory Sandbox will be theme neutral. Innovative products/ services/
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ছেপ্তে 05, 2022Regulatory Sandbox: ‘On Tap’ application facility for theme ‘Retail Payments’ - Shortlisting of entitiesThe Reserve Bank had announced opening of the ‘On Tap’ application facility for the theme ‘Retail Payments’ under Regulatory Sandbox vide Press release dated October 08, 2021. 2. In this regard, it is informed that the below mentioned two entities have been selected for the ‘Test Phase’: Sl. No. Sandbox Entity Product Description 1 HDFC Bank (in partnership with Crunchfish AB1) The product ‘Offline Retail Payments’ provides capability for customer and merchants to beThe Reserve Bank had announced opening of the ‘On Tap’ application facility for the theme ‘Retail Payments’ under Regulatory Sandbox vide Press release dated October 08, 2021. 2. In this regard, it is informed that the below mentioned two entities have been selected for the ‘Test Phase’: Sl. No. Sandbox Entity Product Description 1 HDFC Bank (in partnership with Crunchfish AB1) The product ‘Offline Retail Payments’ provides capability for customer and merchants to be
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আগ 24, 2022Reserve Bank of India lifts the business restrictions imposed on American Express Banking CorpIn view of the satisfactory compliance demonstrated by American Express Banking Corp. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of new domestic customers have been lifted with immediate effect. Background RBI had, by order dated April 23, 2021, imposed restrictions on American Express Banking Corp. from on-boarding new domestic customersIn view of the satisfactory compliance demonstrated by American Express Banking Corp. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of new domestic customers have been lifted with immediate effect. Background RBI had, by order dated April 23, 2021, imposed restrictions on American Express Banking Corp. from on-boarding new domestic customers
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আগ 18, 2022RBI imposes monetary penalty on Obopay Mobile Technology India Private LimitedThe Reserve Bank of India (RBI) has imposed monetary penalty of ₹5,93,000/- (Rupees five lakh ninety-three thousand only) on Obopay Mobile Technology India Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) dated August 27, 2021 (as updated from time to time) and the Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 (as updated from time to time). TheThe Reserve Bank of India (RBI) has imposed monetary penalty of ₹5,93,000/- (Rupees five lakh ninety-three thousand only) on Obopay Mobile Technology India Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) dated August 27, 2021 (as updated from time to time) and the Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 (as updated from time to time). The
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আগ 17, 2022Reserve Bank of India releases Discussion Paper on Charges in Payment SystemsAs announced in the Statement on Developmental and Regulatory Policies dated December 08, 2021, the Reserve Bank of India (RBI) has today released a discussion paper on “Charges in Payment Systems” for public feedback. Feedback may be provided in respect of questions raised therein, including other relevant suggestions, through email on or before October 3, 2022. 2. The focus of RBI’s initiatives in the payment systems has been to ease frictions which may arise from sAs announced in the Statement on Developmental and Regulatory Policies dated December 08, 2021, the Reserve Bank of India (RBI) has today released a discussion paper on “Charges in Payment Systems” for public feedback. Feedback may be provided in respect of questions raised therein, including other relevant suggestions, through email on or before October 3, 2022. 2. The focus of RBI’s initiatives in the payment systems has been to ease frictions which may arise from s
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জুলাই 27, 2022Reserve Bank of India announces Digital Payments Index for March 2022The Reserve Bank had announced construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as base to capture the extent of digitisation of payments across the country. The index for March 2022 stands at 349.30 as against 304.06 for September 2021, which was announced on January 19, 2022. The RBI-DPI index has demonstrated significant growth representing the rapid adoption and deepening of digital payments across the country inThe Reserve Bank had announced construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as base to capture the extent of digitisation of payments across the country. The index for March 2022 stands at 349.30 as against 304.06 for September 2021, which was announced on January 19, 2022. The RBI-DPI index has demonstrated significant growth representing the rapid adoption and deepening of digital payments across the country in
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জুলাই 19, 2022Regulatory Sandbox (RS): Second Cohort on ‘Cross-Border Payments’ - ExitIn the Second Cohort under the Regulatory Sandbox (RS) with ‘Cross-Border Payments’ as its theme, eight entities commenced testing of their products which was communicated vide Press Release dated September 13, 2021. 2. The following four entities have completed the ‘Test Phase’. Sl. No. Sandbox Entity Description 1 Cashfree Payments India Private Limited The product extends a cross-border payment platform to facilitate the purchase of assets listed on foreign exchangIn the Second Cohort under the Regulatory Sandbox (RS) with ‘Cross-Border Payments’ as its theme, eight entities commenced testing of their products which was communicated vide Press Release dated September 13, 2021. 2. The following four entities have completed the ‘Test Phase’. Sl. No. Sandbox Entity Description 1 Cashfree Payments India Private Limited The product extends a cross-border payment platform to facilitate the purchase of assets listed on foreign exchang
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জুলাই 12, 2022RBI imposes Monetary Penalty on Ola Financial Services Private LimitedThe Reserve Bank of India (RBI) has imposed monetary penalty of ₹1,67,80,000/- (Rupees one crore sixty seven lakh eighty thousand only) on Ola Financial Services Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on PPIs dated August 27, 2021 (as updated from time to time) and the Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 (as updated from time to time). The penalty has been imposedThe Reserve Bank of India (RBI) has imposed monetary penalty of ₹1,67,80,000/- (Rupees one crore sixty seven lakh eighty thousand only) on Ola Financial Services Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on PPIs dated August 27, 2021 (as updated from time to time) and the Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 (as updated from time to time). The penalty has been imposed
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জুলাই 01, 2022Benchmarking India’s Payment Systems - Follow-on exerciseThe Reserve Bank of India today released the report on Benchmarking India’s Payment Systems providing a comparative position of the payments ecosystem in India relative to other major countries. The benchmarking exercise was first carried out in 2019 with respect to the position in 2017. This follow-on benchmarking exercise, covering the same countries and parameters used in the earlier study, was undertaken with respect to the position in 2020. The highlights of theThe Reserve Bank of India today released the report on Benchmarking India’s Payment Systems providing a comparative position of the payments ecosystem in India relative to other major countries. The benchmarking exercise was first carried out in 2019 with respect to the position in 2017. This follow-on benchmarking exercise, covering the same countries and parameters used in the earlier study, was undertaken with respect to the position in 2020. The highlights of the
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জুন 24, 2022Reserve Bank of India encourages cardholders to tokenise their cardsCurrently, many entities, including merchants, involved in an online card transaction chain store card data like card number, expiry date, etc. [Card-on-File (CoF)] citing cardholder convenience and comfort for undertaking transactions in future. While this practice does render convenience, availability of card details with multiple entities increases the risk of card data being stolen/misused. There have been instances where such data stored by merchants, etc., haveCurrently, many entities, including merchants, involved in an online card transaction chain store card data like card number, expiry date, etc. [Card-on-File (CoF)] citing cardholder convenience and comfort for undertaking transactions in future. While this practice does render convenience, availability of card details with multiple entities increases the risk of card data being stolen/misused. There have been instances where such data stored by merchants, etc., have
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জুন 17, 2022Payments Vision 2025The Reserve Bank of India (RBI) has today placed on its website the “Payments Vision 2025”. The Payments Vision 2025 has the core theme of ‘E-Payments for Everyone, Everywhere, Everytime’ (4Es) and aims to provide every user with safe, secure, fast, convenient, accessible and affordable e-payment options. Payments Vision 2025 has been prepared after considering the inputs from various stakeholders and guidance from the Board for Regulation and Supervision of Payment aThe Reserve Bank of India (RBI) has today placed on its website the “Payments Vision 2025”. The Payments Vision 2025 has the core theme of ‘E-Payments for Everyone, Everywhere, Everytime’ (4Es) and aims to provide every user with safe, secure, fast, convenient, accessible and affordable e-payment options. Payments Vision 2025 has been prepared after considering the inputs from various stakeholders and guidance from the Board for Regulation and Supervision of Payment a
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জুন 16, 2022Reserve Bank of India lifts the business restrictions imposed on Mastercard Asia / Pacific Pte. LtdIn view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated July 14, 2021, on on-boarding of new domestic customers have been lifted with immediate effect. Background RBI had, by order dated July 14, 2021, imposed restrictions on Mastercard Asia / Pacific Pte. Ltd. from on-boarding new domestic cIn view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated July 14, 2021, on on-boarding of new domestic customers have been lifted with immediate effect. Background RBI had, by order dated July 14, 2021, imposed restrictions on Mastercard Asia / Pacific Pte. Ltd. from on-boarding new domestic c
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জুন 09, 2022Payments Infrastructure Development Fund (PIDF) - Status UpdateThe PIDF Scheme, operationalised by the Reserve Bank from January 01, 2021, subsidises deployment of Points of Sale (PoS) infrastructure (physical and digital modes) in tier-3 to tier-6 centres and north eastern states of the country. From August 26, 2021, beneficiaries of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres are also covered. 2. The contribution to the PIDF is made by the Reserve Bank, authorised card networks and carThe PIDF Scheme, operationalised by the Reserve Bank from January 01, 2021, subsidises deployment of Points of Sale (PoS) infrastructure (physical and digital modes) in tier-3 to tier-6 centres and north eastern states of the country. From August 26, 2021, beneficiaries of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres are also covered. 2. The contribution to the PIDF is made by the Reserve Bank, authorised card networks and car
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জুন 06, 2022Reserve Bank Announces Opening of Fourth Cohort under the Regulatory SandboxThe Reserve Bank had announced the theme for the Fourth Cohort under the Regulatory Sandbox (RS) as ‘Prevention and Mitigation of Financial Frauds’ vide Press Release dated October 08, 2021. It now announces opening of application window for the Fourth Cohort to eligible entities. 2. The application for the Fourth Cohort may be submitted from June 15, 2022 to August 01, 2022. A scanned copy of the application together with enclosures (maximum size 10 MB), may be forwaThe Reserve Bank had announced the theme for the Fourth Cohort under the Regulatory Sandbox (RS) as ‘Prevention and Mitigation of Financial Frauds’ vide Press Release dated October 08, 2021. It now announces opening of application window for the Fourth Cohort to eligible entities. 2. The application for the Fourth Cohort may be submitted from June 15, 2022 to August 01, 2022. A scanned copy of the application together with enclosures (maximum size 10 MB), may be forwa
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জুন 06, 2022Regulatory Sandbox (RS) - Third Cohort on MSME Lending - Test PhaseThe Reserve Bank had announced opening of the Third Cohort under Regulatory Sandbox vide Press release dated September 13, 2021 for MSME Lending. The Reserve Bank received 22 applications of which eight entities have been selected for the ‘Test Phase’. The entities, as per details below, shall commence testing of their products in June 2022. Sl. No. Sandbox Entity Description 1 FinAGG Technologies Private Limited The product ‘Quick Cash Flow’ is a cash flow based digiThe Reserve Bank had announced opening of the Third Cohort under Regulatory Sandbox vide Press release dated September 13, 2021 for MSME Lending. The Reserve Bank received 22 applications of which eight entities have been selected for the ‘Test Phase’. The entities, as per details below, shall commence testing of their products in June 2022. Sl. No. Sandbox Entity Description 1 FinAGG Technologies Private Limited The product ‘Quick Cash Flow’ is a cash flow based digi
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জুন 02, 2022RBI announces results of its First Global Hackathon - HARBINGER 2021The Reserve Bank had launched its first global hackathon - “HARBINGER 2021 – Innovation for Transformation” with the theme ‘Smarter Digital Payments’ which was communicated vide Press Release dated November 09, 2021. The hackathon received encouraging response with 363 proposals submitted by teams from within India and from 22 other countries including the USA, UK, Sweden, Singapore, Philippines, and Israel. The Hackathon ran in three phases with shortlisting of propoThe Reserve Bank had launched its first global hackathon - “HARBINGER 2021 – Innovation for Transformation” with the theme ‘Smarter Digital Payments’ which was communicated vide Press Release dated November 09, 2021. The hackathon received encouraging response with 363 proposals submitted by teams from within India and from 22 other countries including the USA, UK, Sweden, Singapore, Philippines, and Israel. The Hackathon ran in three phases with shortlisting of propo
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মে’ 17, 2022Cancellation of Certificate of AuthorisationThe Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO): Company's Name Registered Office Address CoA No. & Date Payment System Authorised Date of Cancellation Reason for Cancellation Edenred (India) Private Limited (Earlier Accor Services Private Limited) Kalpataru Prime, Unit 3 & 4, Level 4The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO): Company's Name Registered Office Address CoA No. & Date Payment System Authorised Date of Cancellation Reason for Cancellation Edenred (India) Private Limited (Earlier Accor Services Private Limited) Kalpataru Prime, Unit 3 & 4, Level 4
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মাৰ্চ 25, 2022Framework for Geo-Tagging of Payment System Touch PointsAs announced in the Statement on Developmental and Regulatory Policies released with the bi-monthly Monetary Policy Statement 2021-22 on October 08, 2021, the Reserve Bank of India (RBI) has today released the Framework for geo-tagging of payment system touch points. RBI is focused on deepening of digital payments and providing inclusive access to all citizens of the country. To achieve this objective, it is imperative that robust payment acceptance infrastructure isAs announced in the Statement on Developmental and Regulatory Policies released with the bi-monthly Monetary Policy Statement 2021-22 on October 08, 2021, the Reserve Bank of India (RBI) has today released the Framework for geo-tagging of payment system touch points. RBI is focused on deepening of digital payments and providing inclusive access to all citizens of the country. To achieve this objective, it is imperative that robust payment acceptance infrastructure is
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