Card, online payments made safer; customer liability cut
Govt opens new window for banks, post offices to deposit old notes with RBI
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- RBI Circular dated 06.07.2017 – Customer Protection-Limited Liability of Customers in Unauthorised Electronic Banking Transactions
- RBI Circular dated 03.07.2017-Master Direction – Reserve Bank of India (Relief Measures by banks in areas affected by Natural Calamities) Directions 2017
- RBI Circular dated 03.07.2017-Master Circular – Kisan Credit Card (KCC) Scheme
- RBI Circular dated 03.07.2017-Master Circular-Lead Bank Scheme
- RBI Circular dated 03.07.2017-Master Circular on SHG-Bank Linkage Programme
- RBI Circular dated 03.07.2017-Master Circular – Facility for Exchange of Notes and Coins >>> 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
Jul 7, 2017
MUMBAI: Electronic payments have become safer for consumers with the Reserve Bank of India (RBI) introducing the concept of ‘zero liability’ and ‘limited liability’ for bank customers+ for any card or online fraud. The central bank has also made it mandatory for banks to register all customers for text message alerts and permit reporting of unauthorized transactions through a reply to the alert message.
The proposal to limit customer liability in a fraudulent transaction was floated in a draft circular in August 2016. The RBI has now come out with final guidelines and sought to make rules stricter for banks than originally envisaged. … Continue reading
More: To see the relevant RBI Circular dated 05.07.2017, please click here.
The finance ministry has opened a new one-month window for district cooperative banks, commercial banks and post offices to deposit demonetised notes with RBI
New Delhi: The finance ministry has opened a new one-month window for district cooperative banks, commercial banks and post offices to deposit demonetised Rs500 and Rs1,000 currency notes with the Reserve Bank of India (RBI), provided these notes were collected from customers within the specified time period.
While post offices and commercial banks were allowed to receive the old high-value currency notes till 30 December, district central cooperative banks were allowed to accept these only till 14 November.
In a gazette notification published on Tuesday, the finance ministry said banks and post offices have to give reasons for not depositing the withdrawn notes within the specified time period, “subject to the satisfaction of the RBI”. …
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March 09, 2017
The Reserve Bank of India on Thursday clarified that banks can accept colour-stained notes amid messages circulating on WhatsApp that public sector banks have been asked not to accept coloured Rs.2,000 and Rs.500 notes.
In a statement, the central bank, however, has dissuaded citizens from colouring or dirtying currency notes. …
Jan 23, 2017
NEW DELHI: Keen to push digital payments among the poor and illiterate in rural areas of the country, the government is pushing to popularise Aadhaar Pay which ensures financial transactions by just using fingerprint.
Aadhaar Pay, which is merchant version of the already in use Aadhaar-enabled payment system (AEPS), will become an alternative for all online and card transactions which require password and PIN. …
Jan 13, 2017
New Delhi: Airtel Payments Bank (APB), a joint venture between Bharti Airtel Ltd and Kotak Mahindra Bank Ltd, said it will spend Rs.3,000 crore to develop a pan-India banking network and digital payments ecosystem.
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APB offers 7.25% interest compared to 3-4% offered by conventional banks. Besides the high interest rate, the bank also offers personal accidental insurance of Rs1 lakh with every savings account and free talktime equaling the amount deposited in the payments bank-savings account. …
Financial discipline in usage of your credit card and repayment of loans alone will enhance your credit score
November 18, 2016
In order to avoid situations where a loan turns into a non-performing asset, bankers pay attention to the CIBIL scores before sanctioning any loans. Your CIBIL score or credit score is an important factor in determining whether your loan application will be approved. These scores are computed based on various parameters such as your credit history, payment patterns, defaults, etc. Let us see how one can maintain a good score. …
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. …
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”. …
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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