Now Skip The PIN For Online Card Payments Up To Rs 2,000
Don’t allow account misuse, government warns housewives, artisans
Step Up Vigil To Check Fake Currency Circulation: RBI To Banks
Accept Rs 500, Rs 1,000 notes after scrutiny: RBI
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- RBI Circular dated 06.12.2016-Card Not Present transactions-Relaxation in Addl. Factor of Authentication for payments up to Rs.2000
- RBI Circular dated 06.12.2016 – Requirement of Customer Due Diligence and need for maintenance of records
- RBI Circular dated 02.12.2016 – Aadhaar-based Authentication for Card Present Transactions
- RBI Circular dated 02.12.2016 – Allocation of Bank Notes
- RBI Circular dated 01.12.2016 – Large Exposure Framework
- RBI Circular dated 01.12.2016 – Financing of Infrastructure – Definition of ‘Infrastructure Lending’
>>> RBI Circulars
□ The amended definition of the expression “NPA” under Section 2(1)(o) of the SARFAESI Act is constitutionally valid. – SC Judgment dated 28.01.2015 – Keshavlal Khemchand and Sons Pvt. Ltd. Vs. Union of India & Others >>> Supreme Court Judgements
December 6, 2016
The Reserve Bank of India has allowed banks to give retail customers the option to complete card-not-present transactions worth less than Rs 2,000 without having to enter an additional factor of authentication, or the PIN code, according to a notification on its website.
A card-not-present transaction is one in which a customer does not physically present a card to a merchant. A common example is a purchase made on an e-commerce website using either a debit or a credit card. …
Nov 19, 2016
NEW DELHI: The government cautioned on Friday that the misuse of accounts of housewives, artisans and workers or Jan Dhan accounts to convert black money into new denomination notes would invite prosecution under the Income Tax Act and would be subject to tax and penalty.
A statement issued by the finance ministry said, “A person who allows his or her account to be misused for this purpose can be prosecuted for abetment under the Income Tax Act.” Such tax evasion activities can be made subject to income tax scrutiny and a penalty will be imposed if it is established that the amount deposited was not of the account holder, it added. …
The RBI said the failure of banks in detection and impounding of counterfeit notes and in preventing such currencies from being recirculated will be violative of the directions and “will, therefore, attract penal action”.
October 27, 2016
Mumbai: In an effort to check fake currency circulation, especially of higher denominations, the Reserve Bank of India on Thursday asked banks to put entire banking areas under CCTV surveillance and keep all the recordings that can help identify “unscrupulous elements”. …
The central bank has cautioned the public to subject notes that are accepted to careful scrutiny
Mumbai October 27, 2016
Worried over circulation of fake currency notes of Rs 500 and Rs 1,000 denomination, the RBI on Wednesday asked the public to make it a habit to examine the notes before accepting them in the usual course of transactions.
“It has come to our notice that unscrupulous elements are putting into circulation Fake Indian Currency Notes of higher denominations in the course of normal transactions, taking advantage of the gullible and unsuspecting nature of some members of the public,” the RBI said. …
With cyber criminals becoming savvier by the day, learning how to safeguard yourself is imperative
New Delhi, October 24, 2016
The data breach that has led to an estimated 3.2 million debit cards getting compromised is only a small manifestation of a larger malaise called cyber crime. The breach occurred due to an introduction of malware in the network of a third-party payment processor.
Living in a digital world, we need to be aware of different types of cyber frauds and take steps to safeguard our financial well-being. …
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The discussions are about how to make the process simpler for the poor and more cost-effective for telecom operators
New Delhi September 28, 2016
The Jan-Dhan Yojana is poised for a huge leap by extension of its banking platform to phones not connected to the internet. It is the next big thing on the government’s financial inclusion programme. …
Credit Information Companies (CICs) directed by RBI to provide access to free full credit report, including credit score, to individuals
Sep 02, 2016 : Dtf.in
The Credit Information Companies (CICs) have been directed by the Reserve Bank of India (RBI) to provide access to free full credit report, including credit score, once a year (January-December) to individuals whose credit history is available with the companies.
According to the RBI, “Given the importance of the credit report in an individual’s financial matters, he/she is entitled to have a copy of the report upon request”. Such a report may enable consideration for applying for fresh credit facilities. Further, with a copy of the report in hand, the borrower will have an opportunity to have the errors, if any, in her/his credit history rectified.
The credit information companies should notify on their website the procedure for accessing the report, RBI said.
The four credit information companies in India are CIBIL, Equifax, Experian and Crif High Mark.
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Aug 26, 2016
Mumbai: You can now send money to anyone without even knowing the recipient’s account number using an email-like alias through a mobile banking app. Also, use your favourite app to access your accounts in different banks. …
For creating awareness towards their scheme, to resolve customer grievances against deficiency in banking services
Lucknow August 24, 2016
Reserve Bank of India (RBI) has sought an active partnership with the media for creating awareness towards the Banking Ombudsman (BO) Scheme aimed at resolving customer grievances against deficiency in banking services.
The Scheme, introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995, provides an expeditious forum to bank customers. BO is a senior official appointed by the RBI to redress customer complaints. …
July 15, 2016
Mumbai: In an effort to improve customer service, RBI on Friday asked banks to exchange up to 20 pieces of soiled currency notes with a maximum value of Rs 5,000 over the counter free of charge.
However, if the number of notes to be exchanged is more than 20, banks can levy service charge. …
Jul 13, 2016
IndusInd Bank did something rather attention-grabbing a few weeks back.
It made its brand ambassador Farhan Akhtar recount his experiences with passwords. And then got him to invite people to bid farewell to the passwords of yore, complete with #RIPpassword. …
July 01, 2016
SBI made its debut on social media banking by launching its platform called ‘Mingle’ through which its customers can transact using Facebook and Twitter
Mumbai: The country’s largest lender, State Bank of India (SBI), launched three digital initiatives on Friday and indicated that it may have to prune its branch network once its associates are merged. …
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