RBI issues two circulars: Transition to CoF, payment aggregator norms to be eased
Jul 29, 2022
The
Reserve Bank of India (RBI) on Thursday released guidelines to ease the
transition to new norms on card-on-file (CoF) tokenisation and licensing of
payment aggregators (PAs) in two separate notifications.
While reiterating that with effect from October 1, no entity in the card
transaction chain, other than card issuers and card networks, shall store CoF
data, the central bank notified two interim measures. Other than the card
issuer and the card network, the merchant or its PA involved in settlement can
save the CoF data for a maximum period of four days after the transaction date
or till the settlement date, whichever is earlier. This data shall be used only
for settlement of such transactions, and must be purged thereafter, the RBI
said.
Digital lending entities should only carry out activities for which they have licenses: Shaktikanta Das
Jul 23, 2022
Reserve
Bank of India (RBI) Governor Shaktikanta Das on Friday said digital lending
players should only carry out activities for which they have licenses and
violations are not acceptable.
Last month, RBI had asked non-bank Prepaid Payment Instrument (PPI) issuers not
to load their wallets and cards from credit lines or preset borrowing limits.
“The (digital lending) firms should operate under the licenses granted to them.
If they are doing anything beyond that then they should seek our permission.
Reserve Bank implementing central digital currency in phases: RBI executive director Ajay Kumar Choudhary
Jul 21, 2022
The
Reserve Bank of India is in the process of implementing the Central Bank Digital
Currency (CBDC) in a phased manner for the wholesale and retail segments, said
its executive director. The CBDC will be a sovereign-backed digital currency.
Passage of the Finance Bill 2022 has enabled RBI to conduct a pilot and
subsequent issuance of CBDC, Choudhary while delivering a keynote address at
'PICUP Fintech Conference & Awards' by industry association FICCI on
Wednesday.
Choudhary said RBI has fostered innovation and it is keeping a close eye on the
benefits and risks associated with innovative products and services offered by
fintechs. "The challenge for policymakers is to maximise the benefits of
fintech while minimising the potential risk," he said.
RBI says products of 4 entities viable for cross border payments under regulatory sandbox
Jul 20, 2022
Products
offered by four entities for ‘cross border payments’ have been found viable by
the Reserve Bank of India (RBI) after they completed the test phase under the
regulatory sandbox scheme.
Regulatory sandbox usually refers to live testing of new products or services
in a controlled/test regulatory environment for which regulators may (or may
not) permit certain relaxations for the limited purpose of the testing.
RBI liberalises norms to boost forex inflows, shore up falling Rupee
Jul 07, 2022
The Reserve Bank of India
on Wednesday announced measures to diversify and expand the sources of forex
funding with an aim to mitigate volatility and dampen global spillovers,
including letting foreign investors invest in short-term corporate debt and
allowing the purchase of more government securities under the fully accessible
route.
The measures taken by the central bank come against the backdrop of the Rupee
depreciating by 4.1% against the US dollar during the current financial year so
far (up to July 5) amid the ongoing geopolitical tensions.
“The global outlook is clouded by recession risks. Consequently, high risk
aversion has gripped financial markets, producing surges of volatility,
sell-offs of risk assets and large spillovers, including flights to safety and
safe haven demand for the US dollar. As a result, emerging market economies are
facing retrenchment of portfolio flows and persistent downward pressures on
their currencies," the RBI said while announcing the new measures to boost
forex inflows.
RBI’s regulations need periodic review to align them with evolving industry practices: RRA
Jun 14, 2022
RBI’s
Regulations Review Authority has suggested all regulations of the central bank
should underline the rationale and be reviewed periodically to align them with
evolving industry practices and financial landscape.
Regulations Review Authority (RRA 2.0) was set-up by the Reserve Bank of India
in April last year with the objective of reducing the compliance burden on
Regulated Entities (REs) by streamlining the regulatory instructions and rationalising
reporting requirements.
RBI hikes repo rate by 50 bps as inflationary pressures intensify; retains GDP forecast
Jun 08, 2022
The Reserve Bank of India
(RBI) Governor on Wednesday announced that the Monetary Policy Committee voted
unanimously to hike the benchmark interest rate by 50 bps with immediate
effect. The RBI also left its FY23 GDP growth forecast unchanged at 7.2%.
The policy repo rate now stands at 4.90%, still below its pre-pandemic level.
Standing Deposit Facility (SDF) and Marginal Standing Facility (MSF) rates have
been raised by 50 bps. SDF rate stands adjusted to 4.65%, MSF rate adjusted to
5.15%.
On the inflation front, the RBI revised its projection to 6.7% from the earlier
estimate of 5.7% as the protracted nature of the Russia-Ukraine war puts
pressure on commodity prices globally.
Appellate tribunals, a few rate revisions on GST Council agenda
Feb 16, 2023
After
a gap of over seven months, the Goods and Services Tax (GST) Council is
scheduled to hold an in-person meeting on February 18, where it is likely to
pave the way for the setting up appellate tribunals for the comprehensive
indirect tax.
According to sources close to the development, the GST Council, chaired by the
Union finance minister Nirmala Sitharaman, is expected to consider two key
reports, including one on the setting up GST Appellate Tribunals and another
report on plugging revenue leakages in evasion prone sectors like pan masala in
the coming meet
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