RBI announces NEFT facility will be available round-the-clock for customers

August 7, 2019 2:26 PM

RBI announces NEFT facility will be available round-the-clock for customers

The Reserve Bank of India today announced that the National Electronic Funds Transfer(NEFT) facility will be available round-the-clock for the customers.  Speaking at a press conference after the release of the third bi-monthly policy statement, RBI Governor Shaktikanta Das said the RBI will make available the NEFT system on a 24x7 basis from December 2019.  Currently, NEFT payment system operated by the Reserve Bank as a retail payment system is available for customers from 8 AM to 7 PM on all ...

RBI slaps Rs 26 lakh fine on Mobikwik and Hip Bar

July 30, 2019 9:08 AM

RBI slaps Rs 26 lakh fine on Mobikwik and Hip Bar

The Reserve Bank has imposed a fine of about 26 lakh rupees on two online payment solutions providers for non-compliance of regulatory guidelines. The central bank said in a release that Mobikwik Systems Private Limited has been slapped a fine of 15 lakh rupees while Hip Bar Pvt Ltd faced a fine of 10.85 lakh rupees. It stated that these two prepaid payment instrument (PPI) issuers were levied a monetary penalty for non-compliance of regulatory guidelines.

Data related to payments to be stored only in India: RBI

June 26, 2019 7:50 PM

Data related to payments to be stored only in India: RBI

The Reserve Bank today said all data related to payments must be stored in systems located only in India and data processed abroad will have to be brought back to the country within 24 hours.  The RBI had issued a directive in April 2018 on 'Storage of Payment System Data'. It had advised all system providers to ensure that within a period of six months, the entire data relating to payment systems operated by them is stored in a system only in India.  The RBI said in its Freque...

RBI launches CMS for filing online complaints against banks, NBFCs

June 25, 2019 7:10 AM

RBI launches CMS for filing online complaints against banks, NBFCs

The Reserve Bank of India has launched an application on its website for lodging complaints against banks and NBFCs with a view to improve customer experience in timely redressal of grievances. RBI Governor Shaktikanta Das launched the Complaint Management System (CMS) is a software application yesterday.  Speaking at the launch, the RBI Governor said that it aims to facilitate RBI's grievance redressal process. Mr Das said application also improves transparency by keeping the complaina...

RBI waives off charges for transactions using NEFT, RTGS

June 11, 2019 8:59 PM

RBI waives off charges for transactions using NEFT, RTGS

With an aim to encourage digital transfer of funds, the Reserve Bank has waived off all charges for transactions using National Electronic Funds Transfer - NEFT and Real Time Gross Settlement - RTGS systems. In a press release issued in Mumbai this evening, RBI has advised banks to pass on the benefits to their customers with effect from 1st July, 2019. While announcing the Second Bi-monthly Monetary Policy last week, RBI has issued a Statement on Developmental and Regulatory Policies, mentionin...

Industry body welcomes RBI decision of reducing the repo rate

June 8, 2019 8:08 AM

Industry body welcomes RBI decision of reducing the repo rate

The industry body has welcomed the RBI decision of reducing the repo rate by 25 basis points to 5.75 per cent from six per cent. President of FICCI Sandip Somany said this rate cut will encourage banks to lower their lending rates for both retail and corporate credits. He said, reviving business confidence and consumer confidence in the economy is the need of the hour.             ASSOCHAM President Mr B K Goenka said the measures will rekindle economic growth and improve business sentiments. Mr...

RBI reduces repo rate by 25 basis points; Industry bodies welcome the decision

June 6, 2019 8:57 PM

RBI reduces repo rate by 25 basis points; Industry bodies welcome the decision

The Reserve bank of India in its bi-monthly monetary policy review today reduced the repo rate by 25 basis points to 5.75 per cent from 6.0 per cent with immediate effect. Consequently, the reverse repo rate stands adjusted to 5.50 per cent, and the marginal standing facility rate and the Bank Rate to 6.0 per cent.  The six-member Monetary Policy Committee headed by RBI Governor Shaktikanta Das also unanimously decided to change the stance of monetary policy from neutral to accommodative. Talkin...

RBI pegs inflation rate at 3.0-3.1 % for April-September & 3.4-3.7 % for October-March period

June 6, 2019 2:27 PM

RBI pegs inflation rate at 3.0-3.1 % for April-September & 3.4-3.7 % for October-March period

The RBI has pegged the inflation rate at 3.0-3.1 per cent for April-September and 3.4-3.7 percent for the October-March period. The Monetary policy committee headed by RBI Governor Shaktikanta Das today said a sharp slowdown in investment activity along with a continuing moderation in private consumption growth was matter of concern. He was addressing press conference post announcement of its second bi-monthly monetary policy today. AIR correspondent reports that the RBI governor that the apex b...

RBI extends RTGS timings from 4:30 pm to 6 pm

May 29, 2019 2:31 PM

RBI extends RTGS timings from 4:30 pm to 6 pm

To facilitate high-value fund transfers, the Reserve Bank of India (RBI) has announced an extension of timings for customer transactions through Real Time Gross Settlement (RTGS) by one and half hours from 4:30 PM to 06 PM.  In a notification, issued from Mumbai yesterday, RBI said that new timing will be effective from 1st June.  The RTGS is an online fund transfer system, supported by the RBI, which enables money transaction on a real-time basis.  The minimum amount for the transaction under t...

RBI divests its entire stake in NABARD and NHB

April 24, 2019 9:16 PM

RBI divests its entire stake in NABARD and NHB

Based on the recommendation of second Narasimham Committee, the Reserve Bank has divested its entire stake in National Housing Bank (NHB) and the National Bank for Agriculture and Rural Development (NABARD). In a press release issued from Mumbai on Wednesday, RBI has said that it sold the entire stake worth twenty crore rupees in NABARD and 1,450 crore rupees in NHB in the last quarter of 2018-19, adding that the government is now cent percent holder of both these institutions.