A technical upgrade of RTGS, targeted to enhance the resilience and to further improve the Disaster Recovery Time of the RTGS system, is scheduled after the close of business of April 17, 2021. Accordingly, RTGS service will not be available from 00:00 hrs to 14.00 hrs on Sunday, April 18, 2021. The NEFT system will continue to be operational as usual during this period. Member banks may inform their customers to plan their payment operations accordingly. RTGS Members

In August 2019, the Reserve Bank of India (RBI) had issued a framework for processing of e-mandates on recurring online transactions. Initially applicable to cards and wallets, the framework was extended in January 2020 to cover Unified Payments Interface (UPI) transactions as well. The requirement of Additional Factor of Authentication (AFA) has made digital payments in India safe and secure. In the interest of customer convenience and safety in use of recurring onli

The 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 Operators (PSOs): Sr. No. Company’s Name Registered Office Address CoA No. & Date Payment System Authorised Date of Revocation Reason for Revocation 1. RiddiSiddhi Bullions Limited Bullion House, 115, TambaKatta, Opp. Dagina Bazar, Pydhonie, Mum

Reserve Bank had released the framework for authorisation of pan-India Umbrella Entity for retail payments on August 18, 2020 and invited applications from desirous entities. Given the process involved for complying with the framework prescriptions, a timeline of six months was provided therefor, i.e., up to February 26, 2021. 2. Requests have been received from various stakeholders including Indian Banks’ Association for extending the timeline, keeping in view the CO

Today, the Report on Currency and Finance (RCF) for the year 2020-21 was released by the RBI. First published in 1937, the RCF adopted a theme-based approach from 1998-99. After a hiatus between 2014 and 2019, the Report has been revived with this release. The theme of the Report is “Reviewing the Monetary Policy Framework” which assumes topical relevance in the context of the review of the inflation target by March 2021 against the backdrop of structural changes in t

The Reserve Bank of India (RBI) today released the Annual Report of the “Ombudsman Schemes of the Reserve Bank for the year 2019-20”. The Banking Ombudsman Scheme (BOS) was first notified by the Reserve Bank in 1995 under Section 35 A of the Banking Regulation Act, 1949. It is administered by the Reserve Bank through 22 Offices of Banking Ombudsman (OBOs) covering all states and union territories. The Annual Report covers the activities under the Banking Ombudsman Sch

The Reserve Bank today released the Booklet on Payment Systems covering the journey of Payment and Settlement Systems in India during the second decade of the millennium, viz., from the beginning of 2010 till the end of 2020. This Booklet captures the transformation of India in the sphere of payment and settlement systems and describes, inter-alia, the legal and regulatory environment underpinning the digital payments systems, various enablers, payment options availab

Digital lending has the potential to make access to financial products and services more fair, efficient and inclusive. From a peripheral supporting role a few years ago, FinTech led innovation is now at the core of the design, pricing and delivery of financial products and services. While penetration of digital methods in the financial sector is a welcome development, the benefits and certain downside risks are often interwoven in such endeavours. A balanced approach

As announced in the Statement on Developmental and Regulatory Policies as part of the Sixth Bi-monthly Monetary Policy Statement for 2019-20 dated February 06, 2020, the Reserve Bank of India has constructed a composite Digital Payments Index (DPI) to capture the extent of digitisation of payments across the country. The RBI-DPI comprises of 5 broad parameters that enable measurement of deepening and penetration of digital payments in the country over different time p

Under the first cohort of Regulatory Sandbox (RS), two entities commenced testing of their products from November 16, 2020, which was communicated vide Press Release dated November 17, 2020. Remaining four entities selected for the ‘Test Phase’, have started testing of their products as per details below: Sr. No. Sandbox Entity Description 1 Tap Smart Data Information Services Private Ltd. (CityCash) Mumbai The product is a set of Near-Field Communication (NFC) based