Rbi New Payments System

The Reserve Bank of India (RBI) is developing a new lightweight and portable Payment and Settlement System (LPSS). The system will be independent of traditional technologies and can be operated from anywhere with a small number of staff.

The RBI had imposed curbs on American Express Banking Corp for not following its new ruled on "Storage of Payment System Data" in May last year.

RBI took action against the payment system operator for violating norms on the storage of payment systems data.

Mr Sankar is likely to succeed B.P. Kanungo who retired last month as the deputy governor in charge of currency management, external investments, operations, payment and settlement system

The two companies have been found guilty of not complying with RBI's directions on 'Storage of Payment System Data', according to the RBI.

At present, National Payments Corporation of India (NPCI) is an umbrella organisation for retail payments systems.

New RTGS timings: Payments system RTGS is primarily meant for transactions of Rs 2 lakh and above. RTGS enables instantaneous transfer of funds according to applicable timings. The RBI has announced an extension in the timings applicable to RTGS transfers by one-and-a-half hours, with effect from June 1, 2019.

As the opposition scaled up its attacks on the government after the Reserve Bank of India revealed that only 1 per cent of demonetised currency did not return to the system, the government appears to have shifted the goalpost.

As India's banking sector expands with entry of new players in different avatars, veteran banker Uday Kotak feels policymakers must think about ways to deal with a situation when a bank goes belly-up.

The Reserve Bank of India (RBI) will soon be releasing a new vision document for the development of payment systems in the country, which will spell out the broader direction of regulation, its Deputy Governor R Gandhi said on Tuesday.

The Reserve Bank of India (RBI) on Thursday introduced a new type of pre-paid instrument of up to Rs 2,000 for "Mass Transit System" to facilitate migration from cash-based payments to electronic ones.

The Reserve Bank of India (RBI) is developing a new lightweight and portable Payment and Settlement System (LPSS). The system will be independent of traditional technologies and can be operated from anywhere with a small number of staff.

The RBI had imposed curbs on American Express Banking Corp for not following its new ruled on "Storage of Payment System Data" in May last year.

RBI took action against the payment system operator for violating norms on the storage of payment systems data.

Mr Sankar is likely to succeed B.P. Kanungo who retired last month as the deputy governor in charge of currency management, external investments, operations, payment and settlement system

The two companies have been found guilty of not complying with RBI's directions on 'Storage of Payment System Data', according to the RBI.

At present, National Payments Corporation of India (NPCI) is an umbrella organisation for retail payments systems.

New RTGS timings: Payments system RTGS is primarily meant for transactions of Rs 2 lakh and above. RTGS enables instantaneous transfer of funds according to applicable timings. The RBI has announced an extension in the timings applicable to RTGS transfers by one-and-a-half hours, with effect from June 1, 2019.

As the opposition scaled up its attacks on the government after the Reserve Bank of India revealed that only 1 per cent of demonetised currency did not return to the system, the government appears to have shifted the goalpost.

As India's banking sector expands with entry of new players in different avatars, veteran banker Uday Kotak feels policymakers must think about ways to deal with a situation when a bank goes belly-up.

The Reserve Bank of India (RBI) will soon be releasing a new vision document for the development of payment systems in the country, which will spell out the broader direction of regulation, its Deputy Governor R Gandhi said on Tuesday.

The Reserve Bank of India (RBI) on Thursday introduced a new type of pre-paid instrument of up to Rs 2,000 for "Mass Transit System" to facilitate migration from cash-based payments to electronic ones.