Press Releases - Payment and Settlement Systems - RBI - Reserve Bank of India
Press Releases
Feb 14, 2023
Reserve Bank of India launches its Second Global Hackathon - HARBINGER 2023
Reserve Bank is organising its second global hackathon – “HARBINGER 2023 – Innovation for Transformation” with the theme ‘Inclusive Digital Services’. The Hackathon invites participants to develop solutions that have the potential to make digital financial services accessible to the differently abled, facilitate efficient compliance, extend the reach of Central Bank Digital Currencies and enhance the scalability of blockchains. HARBINGER 2023 invites innovative ideas
Reserve Bank is organising its second global hackathon – “HARBINGER 2023 – Innovation for Transformation” with the theme ‘Inclusive Digital Services’. The Hackathon invites participants to develop solutions that have the potential to make digital financial services accessible to the differently abled, facilitate efficient compliance, extend the reach of Central Bank Digital Currencies and enhance the scalability of blockchains. HARBINGER 2023 invites innovative ideas
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Feb 03, 2023
Payments Infrastructure Development Fund (PIDF) - Status Update
The PIDF Scheme, operationalised by the Reserve Bank from January 01, 2021, subsidises deployment of Points of Sale (PoS) infrastructure (physical and digital modes) in tier-3 to tier-6 centres and north eastern states of the country. From August 26, 2021, beneficiaries of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres are also covered. Further, J & K and Ladakh regions are included as special focus areas from June 09, 2022.
The PIDF Scheme, operationalised by the Reserve Bank from January 01, 2021, subsidises deployment of Points of Sale (PoS) infrastructure (physical and digital modes) in tier-3 to tier-6 centres and north eastern states of the country. From August 26, 2021, beneficiaries of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres are also covered. Further, J & K and Ladakh regions are included as special focus areas from June 09, 2022.
Jan 31, 2023
Reserve Bank of India announces Digital Payments Index for September 2022
The Reserve Bank of India (RBI) has been publishing a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) since January 1, 2021 with March 2018 as base to capture the extent of digitisation of payments across the country. The index for September 2022 stands at 377.46 as against 349.30 for March 2022. The RBI-DPI index has increased across all parameters driven by significant growth in payment infrastructure and payment performance across the country ove
The Reserve Bank of India (RBI) has been publishing a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) since January 1, 2021 with March 2018 as base to capture the extent of digitisation of payments across the country. The index for September 2022 stands at 377.46 as against 349.30 for March 2022. The RBI-DPI index has increased across all parameters driven by significant growth in payment infrastructure and payment performance across the country ove
Jan 16, 2023
RBI releases Discussion Paper on Expected Loss (EL)-based Approach for loan loss provisioning by banks
As part of the Statement on Developmental and Regulatory Policies released on September 30, 2022, RBI had proposed to adopt an expected loss-based approach for loss allowances required to be maintained by banks in respect of their loan exposures. It was announced that a discussion paper on the various aspects of the transition will be issued shortly. Accordingly, RBI has today released the Discussion Paper (DP) that comprehensively examines various issues and proposes
As part of the Statement on Developmental and Regulatory Policies released on September 30, 2022, RBI had proposed to adopt an expected loss-based approach for loss allowances required to be maintained by banks in respect of their loan exposures. It was announced that a discussion paper on the various aspects of the transition will be issued shortly. Accordingly, RBI has today released the Discussion Paper (DP) that comprehensively examines various issues and proposes
Jan 05, 2023
Regulatory Sandbox (RS) - Fourth Cohort on Prevention and Mitigation of Financial Frauds - Test Phase
The Reserve Bank had announced opening of the Fourth Cohort under Regulatory Sandbox vide Press release dated June 06, 2022 for theme ‘Prevention and Mitigation of Financial Frauds’. 2. The Reserve Bank received nine applications of which six have been selected for the ‘Test Phase’. The entities, as per details below, shall commence testing of their products from February 2023. Sl. No. Sandbox Entity Description 1 Bahwan Cybertek Private Limited The solution ‘rt360 Re
The Reserve Bank had announced opening of the Fourth Cohort under Regulatory Sandbox vide Press release dated June 06, 2022 for theme ‘Prevention and Mitigation of Financial Frauds’. 2. The Reserve Bank received nine applications of which six have been selected for the ‘Test Phase’. The entities, as per details below, shall commence testing of their products from February 2023. Sl. No. Sandbox Entity Description 1 Bahwan Cybertek Private Limited The solution ‘rt360 Re
Jan 04, 2023
RBI releases Annual Report of Ombudsman Schemes, 2021-22
The Reserve Bank of India (RBI) released the Annual Report of the Ombudsman Schemes for the period April 01, 2021 – March 31, 2022 today. With the year also marking the launch of Reserve Bank – Integrated Ombudsman Scheme (RB-IOS) on November 12, 2021, the Annual Report covers the activities under the erstwhile Ombudsman Schemes i.e., Banking Ombudsman Scheme, 2006 (BOS), the Ombudsman Scheme for Non-Banking Financial Companies, 2018 (OSNBFC), and the Ombudsman Scheme
The Reserve Bank of India (RBI) released the Annual Report of the Ombudsman Schemes for the period April 01, 2021 – March 31, 2022 today. With the year also marking the launch of Reserve Bank – Integrated Ombudsman Scheme (RB-IOS) on November 12, 2021, the Annual Report covers the activities under the erstwhile Ombudsman Schemes i.e., Banking Ombudsman Scheme, 2006 (BOS), the Ombudsman Scheme for Non-Banking Financial Companies, 2018 (OSNBFC), and the Ombudsman Scheme
Dec 29, 2022
Reserve Bank of India imposes Monetary Penalty on Mynd Solutions Private Limited
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹13,90,000 (Rupees Thirteen Lakh and Ninety Thousand only) on Mynd Solutions Private Limited (the entity) for not complying with the Guidelines on Trade Receivables Discounting System (TReDS) updated as on July 02, 2018. The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007 (PSS Act). This action is based on deficiencies in regu
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹13,90,000 (Rupees Thirteen Lakh and Ninety Thousand only) on Mynd Solutions Private Limited (the entity) for not complying with the Guidelines on Trade Receivables Discounting System (TReDS) updated as on July 02, 2018. The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007 (PSS Act). This action is based on deficiencies in regu
Nov 30, 2022
Reserve Bank of India and Financial Services Agency, Japan exchange Letter of Cooperation in the field of Central Counter Parties
The Reserve Bank of India (RBI) and the Financial Services Agency (FSA), Japan today exchanged letters of cooperation in the field of Central Counter Parties (CCPs) with the objective of improving mutual cooperation. With this exchange of letters, RBI and FSA are committed to deepen relations between the two countries and strengthen the exchange of information. RBI and FSA also expressed their willingness to hold a dialogue or exchange views about matters of common in
The Reserve Bank of India (RBI) and the Financial Services Agency (FSA), Japan today exchanged letters of cooperation in the field of Central Counter Parties (CCPs) with the objective of improving mutual cooperation. With this exchange of letters, RBI and FSA are committed to deepen relations between the two countries and strengthen the exchange of information. RBI and FSA also expressed their willingness to hold a dialogue or exchange views about matters of common in
Oct 31, 2022
RBI imposes Monetary Penalty on Vakrangee Limited
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1,76,00,000 (Rupees One Crore and Seventy Six Lakh only) on Vakrangee Limited (the entity) for non-compliance with certain provisions of the White Label ATM (WLA) directions. The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007 (PSS Act). This action is based on deficiencies in regulatory compliance and is not intended to pron
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1,76,00,000 (Rupees One Crore and Seventy Six Lakh only) on Vakrangee Limited (the entity) for non-compliance with certain provisions of the White Label ATM (WLA) directions. The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007 (PSS Act). This action is based on deficiencies in regulatory compliance and is not intended to pron
Oct 20, 2022
Revocation of Certificate of Authorisation of GI Technology Private Limited
The Reserve Bank of India, in exercise of the powers conferred on it under Section 8 of the Payment and Settlement Systems Act, 2007, has revoked the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO): Company’s Name Registered Office Address CoA No. & Date Payment System Authorised Date of Revocation Reason for Revocation GI Technology Private Limited No. C-9, 2nd Floor, Left Wing, Thiru Vika Industrial Estate, Guindy, Chennai
The Reserve Bank of India, in exercise of the powers conferred on it under Section 8 of the Payment and Settlement Systems Act, 2007, has revoked the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO): Company’s Name Registered Office Address CoA No. & Date Payment System Authorised Date of Revocation Reason for Revocation GI Technology Private Limited No. C-9, 2nd Floor, Left Wing, Thiru Vika Industrial Estate, Guindy, Chennai
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Page Last Updated on: August 02, 2024
