Reserve Bank of India

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    Payments & Settlements

    RBI Directs Card Networks to Stop Facilitating Certain B2B Payments

    By Ajoy K Das | 19/02/2024

    Card networks should not enable businesses to use fintech players as intermediaries to make card payments to non-card accepting recipients.

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    KYC & CDD

    RBI Defers Effective Date of Paytm Payments Bank Restrictions

    By Editors | 18/02/2024

    The deferral is to allow customers more time to make alternative arrangements. RBI also released FAQs to clarify the impacts of the restrictions.

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    Payments & Settlements

    India, Nepal Ink Pact to Integrate Fast Payments Systems

    By Ajoy K Das | 16/02/2024

    The RBI has agreed to interlink the UPI with its counterpart in Nepal to enable instant and lower cost cross-border remittances.

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    Trading & Investment

    RBI Allows Banks at GIFT City to Trade on Bullion Exchange

    By Ajoy K Das | 13/02/2024

    Branches of domestic banks in GIFT City can be trading members of IIBX but not for proprietary trades.

    Credit Risk

    India: RBI Deputy Governor Urges NBFCs to Monitor P2P Lending

    By Ajoy K Das | 13/02/2024

    Deputy Governor M Rajeshwar Rao cautioned that shady business practices and breach of licensing conditions in P2P lending in NBFCs were not acceptable.

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    Payments & Settlements

    India Launches UPI Services in Sri Lanka and Mauritius

    By Ajoy K Das | 13/02/2024

    Mauritius is the first country outside Asia where banks will be able to issue RuPay cards, and the first African country to connect to the UPI.

    Conduct, Culture & Accountability

    RBI Increases Cap on Remuneration of Bank Executives

    By Ajoy K Das | 13/02/2024

    The higher cap applies to all private sector banks, including small finance banks, payment banks, and wholly-owned subsidiaries of foreign banks.

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    CBDCs

    RBI to Enable CBDC Programmability, Offline Functionality

    By Ajoy K Das | 10/02/2024

    RBI statement also said it will introduce a new principle-based framework for the authentication of digital payment transactions.

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    Fraud, Scams & Cybercrime

    India: Industry Body to Publish Whitelist of Digital Lenders

    By Ajoy K Das | 09/02/2024

    The Digital Lenders’ Association of India said borrowers will be able to use the list to protect themselves against scammers and fake apps.

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    Supervision & Enforcement

    RBI Issues Directive on Streamlining Internal Compliance Monitoring

    By Ajoy K Das | 01/02/2024

    A review found that internal compliance monitoring is still carried out with “significant manual intervention”.

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