RBI NOTIFICATION
New RBI credit card rule: Check if your credit card issuer bank is live on BBPS platform; full list of Bharat Bill Payment System billers
New RBI credit card rule:Bharat BillPay is a unified ecosystem that links banks and non-banks in the bill aggregation industry, as well as billers, payment service providers, and retail bill outlets. Below is a list of credit card billers currently active on BBPS as of July 15, 2024.
ET Explains: LRS for foreign currency accounts in GIFT city
That approval for expanding the scope of services potentially multiplies the business opportunity for banks in the GIFT city more than five times. ET explains what LRS is and the different permissible and non-permissible transactions under this program, and how banks and individuals stand to benefit from the new rules.
Residents can open foreign currency a/cs at GIFT City under LRS
Resident Indians can now open foreign currency accounts (FCAs) at Gift City under the liberalized remittances scheme (LRS) for a wider range of purposes. This includes sending gifts to friends abroad, buying property overseas, purchasing insurance, making fixed deposits, paying for education loans, and funding international travel. The Reserve Bank of India (RBI) has expanded the LRS rules at International Financial Services Centres (IFSCs) like Gift City, aligning them with global financial centers.
RBI Floating Rate Savings Bond interest for July-December 2024 announced: What is the latest interest rate, when will you get it?
RBI Floating Rate Savings Bond interest rate announced: The Reserve Bank of India has notified the interest rate of RBI Floating Rate Savings Bond (FRSB) 2020 (Taxable) from July 1 to December 31 2024. As the name suggests, the interest rate of RBI Floating Rate Savings Bonds 2020 (Taxable) is not fixed. The interest rate on RBI floating rate savings bond is reset twice in a year. The interest is payable semi-annually. All you need to know about the latest interest rate of RBI Floating Rate Savings Bond and how you will get it.
Sebi plans to cut red tape for global funds buying its bonds
Sebi is keen to eliminate many of its information requirements — such as disclosure of investor group and beneficial ownership — as these serve to regulate equity and corporate debt investors. Information required by the RBI and revenue departments would remain unchanged.
Allahabad Bank to pay customer Rs 46,000 lost in unauthorised debits from account; RBI rules on customer liability for unauthorised transactions
How to report unauthorized transaction in savings account: As per the guidelines set by the Reserve Bank of India (RBI), customers will bear limited responsibility in case unauthorized electronic transactions result in deductions from their accounts or cards. Let's take a closer look at the RBI regulations.
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Trai meets BFSI regulators, companies to use 160 series for voice calls
The telecom regulator has collaborated with financial sector regulators and top banks to discuss the efficient use and implementation of the newly allocated 160-series numbering series for transactional and service calls. This series aims to reduce pesky calls and prevent fraud by providing easy identification of the calling entity. Entities regulated by RBI, SEBI, IRDAI, and PFRDA will use the 160-series, with central and state government entities using 1600ABCXXX and financial entities using 1601ABCXXX. Additionally, measures like migrating the 140 series to the DLT platform and implementing digital consent scrubbing are expected to control spam calls from 10-digit numbers.
Now autofill your UPI Lite wallet: You will soon get option to have auto debit mandate to maintain UPI Lite balance
UPI Lite: The Reserve Bank of India announced that now UPI Lite wallet is to be integrated with the e-mandate framework. This will help in auto-replenishment of the UPI Lite balance. If the balance in UPI Lite balance goes below a threshold amount, funds will be automatically added. Read here to know more about this feature of UPI Lite.
FASTags, NCMC payments to become easier: You don't have to add money manually for each recharge
New recurring payments rule: The Reserve Bank of India (RBI) announced including recurring payments for Fastag, National Common Mobility Card (NCMC), etc. with auto-replenishment facility under the e-mandate framework.
RBI sets up panel to track online payment frauds; AP Hota to head committee
Along with Hota, representatives of NPCI, State Bank of India, HDFC Bank and ICICI Bank have been made members of the committee. The platform will establish operational guidelines for the proposed processes, determining the extent of data to be provided by reporting entities such as banks and fintechs. The committee will be responsible for defining these guidelines.
RBI's reserves effective guard against Vostro holding swings
Investments of some Russian funds in select securities that were permitted in a specific way are said to have reduced over a period of time indicating that funds are moving out of such securities, mostly short-term Treasury Bills, said market traders.
Banks seek one more month to comply with international card spend rule
Indian lenders are seeking a one-month extension from the government to comply with the Liberalised Remittance Scheme (LRS) for international credit card spends. The scheme allows Indian residents to remit up to $250,000 abroad in a financial year for permissible purposes such as education, travel, and investment. Last year, the government announced that forex transactions through credit cards would be covered under the scheme and charged 20% tax collected at source (TCS) beyond the threshold of ₹7 lakh per fiscal.
Govt bodies and banks to use 160 and 161 numbering series for service calls: DoT
The demarcation will largely benefit financial institutions such as bank to alert customers on use cases such as credit card payment reminders. Previously, subscribers had stopped receiving transactional calls assuming that a number originating from 140 would be spam.
Credit card issued without consent? Here is what you can do
Card issuers are restricted from offering unsolicited credit cards and are required to get the customer's prior and explicit authorisation before issuing the card, according to the Reserve Bank of India (RBI) rules.
Q4 results today: Sun Pharma, Nykaa, Paytm among 162 companies to declare earnings on Wednesday
162 companies to report Q4 earnings on Wednesday. Nykaa expects 24% BPC and Fashion GMV growth, while Paytm faces a revenue decline from RBI actions. Analysts also predict pressure from discounting and lower advertising income.
Nykaa, Paytm to announce Q4 earnings tomorrow. Here's what to expect
Analysts expect Nykaa to continue the stable trend seen in the last few quarters, while Paytm will likely see a decline in core earnings due to RBI's restrictions on the Payment Bank.
4 ways banks are overcharging borrowers on loan interest rates, as per RBI
Date for interest charging by banks: The Reserve Bank of India did onsite review of banks and other financial institutions to check how lenders are charging interest on loans issued to borrowers. The central bank found four instances where banks were following unfair lending practices. Read on to know more about this and what RBI has asked banks to do.
Foreign banks seek leeway on LEF rules for Nostro accounts
At a time when overseas capital flows have been firm, foreign lenders have requested the banking regulator for flexibility in compliance with the central bank's Large Exposures Framework (LEF), particularly in handling certain types of accounts that facilitate global transactions.
FPI investment limit in g-sec unchanged at 6% of outstanding stocks of securities for FY25: RBI
The Reserve Bank on Friday said the limits for FPI investment in government securities, state development loans and corporate bonds will remain unchanged at 6 per cent, 2 per cent and 15 per cent, respectively, of outstanding stocks of securities for the current fiscal. As of now, all investments by eligible investors in the 'specified securities' will be reckoned under the fully accessible route (FAR), the RBI said in a notification.
RBI urges banks for caution on unauthorised forex transactions
The central bank said in a notification on Wednesday that it has come across instances of unauthorised entities offering foreign exchange trading facilities to individuals with promises of disproportionate and exorbitant returns.
RBI announces premature redemption price for SGB: Investors to receive Rs 7325 per unit
The redemption price for SGB shall be based on the simple average of the closing gold price of 999 purity over the previous three business days from the redemption date, as published by the India Bullion and Jewellers Association Ltd (IBJA).
RBI tells online payments firms to track fishy transactions amid Lok Sabha elections
The central bank has also asked payment companies to monitor and report high-value merchant payments during ongoing general elections. In a letter dated April 15, the RBI asked payment system operators (PSOs) to prevent likely misuse of e-fund transfer systems to influence voters or indirectly fund poll candidates.
Tata Group seeks RBI waiver to avoid listing NBFC: Report
Tata Group has requested a waiver from the Reserve Bank of India to avoid listing its holding company and non-banking finance firm, Tata Sons, due to revised RBI regulations in October 2021. The conglomerate needs to list by September 2025 to comply with the regulation. Tata Sons is a systemically important investment company that heavily borrows from the banking system.
RBI directs payment aggregators to undertake due diligence of merchants on boarded
The Delhi High Court has ordered a consortium of 13 lenders, including Punjab National Bank, to upgrade Jindal India Thermal Power's non-performing asset status to standard. The order was passed after Jindal India filed a complaint with the court, claiming that lenders had refused to release its pledged shares.
Banks, LIC, private insurers, tax department open today: Transactions you can do
Working weekend: Bank, insurers and even the tax department are all working this weekend. Here is a look at the various transactions you can conduct today.
RBI Assistant 2023 jobs notification for 450 posts out. Eligibility, exam, salary & other details
The Reserve Bank of India (RBI) has announced the recruitment of 450 assistants. Interested candidates can apply online from September 13 to October 4, 2023. The selection process will consist of a preliminary examination, main examination, and a language proficiency test. Eligible candidates must be citizens of India, Nepal, or Bhutan, and there are age and educational qualification requirements. The starting basic pay for selected candidates will be Rs 20,700 per month, with additional allowances.
Delhi HC dismisses PIL challenging RBI's notification on exchange of Rs 2000 currency notes
The Delhi High Court on Monday dismissed a public interest litigation (PIL) challenging the RBI's decision to withdraw Rs 2,000 denomination banknotes from circulation. A bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad had reserved its order on the PIL on May 30 after hearing the counsels for the petitioner and the RBI.
RBI must repeal notification allowing banks to undertake compromise settlement of wilful defaults: Congress
The Congress party has criticized the Reserve Bank of India's (RBI) decision to allow banks to make a compromise settlement on fraud accounts and wilful defaults. Congress General Secretary Jairam Ramesh has demanded that the RBI immediately repeals its instructions, stating that the new rules mean wilful defaulters who have run away with public money are receiving a "clean chit". The Congress party has claimed that banking frauds have risen 17-fold under the current Modi government.
Delhi HC dismisses PIL against RBI notification allowing exchange of Rs 2,000 note without ID
Delhi High Court on Monday dismissed PIL challenging Reserve Bank of India and State Bank of India notifications, which permits the exchange of Rs 2,000 banknotes without obtaining any requisition slip and identity proof.
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