Press Releases - Payment and Settlement Systems - ਆਰਬੀਆਈ - Reserve Bank of India
ਪ੍ਰੈਸ ਰਿਲੀਜ਼
ਨਵੰ 10, 2016
Payment Systems to remain open on Saturday, November 12 and Sunday, November 13, 2016
Consequent to the banks being open for public transactions on Saturday, November 12 and Sunday, November 13, 2016, it has been decided that Payment Systems (RTGS, NEFT, Cheque Clearing, Repo, CBLO and Call markets) shall remain open on Saturday, November 12 and Sunday, November 13, 2016. All participants/member banks are advised to facilitate operations on the above payment systems for their customers on November 12 and 13, 2016 as on regular working days. Banks may g
Consequent to the banks being open for public transactions on Saturday, November 12 and Sunday, November 13, 2016, it has been decided that Payment Systems (RTGS, NEFT, Cheque Clearing, Repo, CBLO and Call markets) shall remain open on Saturday, November 12 and Sunday, November 13, 2016. All participants/member banks are advised to facilitate operations on the above payment systems for their customers on November 12 and 13, 2016 as on regular working days. Banks may g
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ਅਕਤੂ 24, 2016
ATM/Debit Card Data Breach
The Reserve Bank of India convened a meeting today with senior officials from select banks, National Payment Corporation of India and card network operators to review the steps taken by various agencies to contain the adverse fall out of certain card details alleged to have been compromised. It had come to the Reserve Bank’s notice on September 8, 2016 that details of certain cards issued by a few banks had been possibly compromised at Automated Teller Machines (ATMs)
The Reserve Bank of India convened a meeting today with senior officials from select banks, National Payment Corporation of India and card network operators to review the steps taken by various agencies to contain the adverse fall out of certain card details alleged to have been compromised. It had come to the Reserve Bank’s notice on September 8, 2016 that details of certain cards issued by a few banks had been possibly compromised at Automated Teller Machines (ATMs)
ਅਕਤੂ 20, 2016
Expiry of Certificate of Authorization (CoA)
Under the Payment and Settlement Systems Act, 2007, The Reserve Bank of India had issued Certificate of Authorization (CoA) to M/s Done Card Utility Ltd and M/s OSS Payment Solutions Pvt. Ltd to operate semi-closed pre-paid payment instruments services. The CoA were valid till October 31, 2013 and December 31, 2013 respectively. On expiry of the COA, these entities can no longer transact the business of semi-closed pre-paid payment instruments services in India under
Under the Payment and Settlement Systems Act, 2007, The Reserve Bank of India had issued Certificate of Authorization (CoA) to M/s Done Card Utility Ltd and M/s OSS Payment Solutions Pvt. Ltd to operate semi-closed pre-paid payment instruments services. The CoA were valid till October 31, 2013 and December 31, 2013 respectively. On expiry of the COA, these entities can no longer transact the business of semi-closed pre-paid payment instruments services in India under
ਸਤੰ 21, 2016
Issuer under the Payment and Settlement Systems Act, 2007
The amendments to the Payment and Settlement Systems Act, 2007 (PSS Act) notified in May 2015 have brought the Legal Entity Identifier services under the ambit of this Act. Accordingly, the Legal Entity Identifier India Limited (LEIL) shall be the “Issuer” under Section 34A (1) (b) (ii) of the PSS Act for operating Legal Entity Identifier (LEI) services. The provisions of the PSS Act shall apply to the issuer as they apply to, or in relation to, system provider to the
The amendments to the Payment and Settlement Systems Act, 2007 (PSS Act) notified in May 2015 have brought the Legal Entity Identifier services under the ambit of this Act. Accordingly, the Legal Entity Identifier India Limited (LEIL) shall be the “Issuer” under Section 34A (1) (b) (ii) of the PSS Act for operating Legal Entity Identifier (LEI) services. The provisions of the PSS Act shall apply to the issuer as they apply to, or in relation to, system provider to the
ਸਤੰ 02, 2016
Temporary suspension in grant of Authorisations for Pre-paid Payment Instrument (PPI) issuance
The Reserve Bank of India has been authorising non-banks and banks for issuance and operations of Prepaid Payment Instruments (PPI) as per the guidelines framed under the Payment and Settlement Systems Act, 2007 (PSS Act). So far 47 non-bank entities and 45 banks are operating payment systems for PPI. In last couple of years, there has been significant developments in the payments space with emergence of newer technologies, products and players. These developments as
The Reserve Bank of India has been authorising non-banks and banks for issuance and operations of Prepaid Payment Instruments (PPI) as per the guidelines framed under the Payment and Settlement Systems Act, 2007 (PSS Act). So far 47 non-bank entities and 45 banks are operating payment systems for PPI. In last couple of years, there has been significant developments in the payments space with emergence of newer technologies, products and players. These developments as
ਅਗ 30, 2016
Authorisation to operate as a Bharat Bill Payment Operating Unit (BBPOU)
The Reserve Bank of India advises that the applications received from banks and non-banks for authorisation to operate as a BBPOU have been processed and decisions on approval or grant of extension of time till December 31, 2016 for achievement of net worth or return of the application, as applicable, have been communicated to these entities. Non-bank entities whose applications were returned for want of one year domain experience at the time of applying, can seek ext
The Reserve Bank of India advises that the applications received from banks and non-banks for authorisation to operate as a BBPOU have been processed and decisions on approval or grant of extension of time till December 31, 2016 for achievement of net worth or return of the application, as applicable, have been communicated to these entities. Non-bank entities whose applications were returned for want of one year domain experience at the time of applying, can seek ext
ਜੂਨ 23, 2016
RBI publishes “Payment and Settlement Systems in India: Vision-2018”
The Reserve Bank of India has today placed on its website the “Payment and Settlement Systems in India: Vision-2018”. The Vision-2018 aims at building best of class payment and settlement systems for a ‘less-cash’ India. The broad contours of Vision-2018 revolve around 5 Cs – coverage, convenience, confidence, convergence and cost. To achieve these, Vision-2018 will focus on four strategic initiatives such as responsive regulation, robust infrastructure, effective sup
The Reserve Bank of India has today placed on its website the “Payment and Settlement Systems in India: Vision-2018”. The Vision-2018 aims at building best of class payment and settlement systems for a ‘less-cash’ India. The broad contours of Vision-2018 revolve around 5 Cs – coverage, convenience, confidence, convergence and cost. To achieve these, Vision-2018 will focus on four strategic initiatives such as responsive regulation, robust infrastructure, effective sup
ਮਈ 13, 2016
Applications for authorising BBPOUs: Status
The Reserve Bank of India had, on October 20, 2015, invited applications from banks and non-banks for authorisation/approval as Bharat Bill Payment Operating Unit (BBPOU). The date of receipt of these applications was extended from November 20, 2015 to December 18, 2015 Press Release dated November 13, 2015. It was also indicated that the applications received till close of business on November 20, 2015 will be processed earlier by the Reserve Bank of India. As at the
The Reserve Bank of India had, on October 20, 2015, invited applications from banks and non-banks for authorisation/approval as Bharat Bill Payment Operating Unit (BBPOU). The date of receipt of these applications was extended from November 20, 2015 to December 18, 2015 Press Release dated November 13, 2015. It was also indicated that the applications received till close of business on November 20, 2015 will be processed earlier by the Reserve Bank of India. As at the
ਮਾਰਚ 23, 2016
Designated Trade Repository under the Payment and Settlement Systems Act, 2007
The amendments to the Payment and Settlement Systems Act, 2007 (PSS Act) notified in May 2015 have brought the Trade Repository under the ambit of this Act. Accordingly, the Clearing Corporation of India Limited (CCIL) shall be the designated trade repository under Section 34 A (2) of the PSS Act for the OTC interest rate and foreign exchange contracts as mandated by the RBI from time to time. The provisions of the PSS Act shall apply to the designated trade repositor
The amendments to the Payment and Settlement Systems Act, 2007 (PSS Act) notified in May 2015 have brought the Trade Repository under the ambit of this Act. Accordingly, the Clearing Corporation of India Limited (CCIL) shall be the designated trade repository under Section 34 A (2) of the PSS Act for the OTC interest rate and foreign exchange contracts as mandated by the RBI from time to time. The provisions of the PSS Act shall apply to the designated trade repositor
ਮਾਰਚ 08, 2016
RBI Seeks Feedback on Concept Paper on Card Acceptance Infrastructure
The Reserve Bank of India has today placed on its website the Concept Paper on Card Acceptance Infrastructure. Comments may be emailed or sent by post to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai - 400001 on or before April 15, 2016. Background The Reserve Bank’s over-arching Vision for Payment Systems in recent years has been the encouragement of electro
The Reserve Bank of India has today placed on its website the Concept Paper on Card Acceptance Infrastructure. Comments may be emailed or sent by post to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai - 400001 on or before April 15, 2016. Background The Reserve Bank’s over-arching Vision for Payment Systems in recent years has been the encouragement of electro
ਫ਼ਰ 25, 2016
RBI approves SWIFT India Domestic Services Private Limited (SIDSPL) for Domestic Financial Messaging Services in India
The Reserve Bank of India has granted approval to SWIFT India Domestic Services Private Limited (SIDSPL) to provide messaging services for domestic financial transactions in India. Background The decision to permit the use of SWIFT for domestic financial transactions was announced in the Monetary Policy Statement 2012-13. Currently, the messaging for inter-bank transactions in India is through Structured Financial Messaging System (SFMS). Messaging operations of SWIFT
The Reserve Bank of India has granted approval to SWIFT India Domestic Services Private Limited (SIDSPL) to provide messaging services for domestic financial transactions in India. Background The decision to permit the use of SWIFT for domestic financial transactions was announced in the Monetary Policy Statement 2012-13. Currently, the messaging for inter-bank transactions in India is through Structured Financial Messaging System (SFMS). Messaging operations of SWIFT
ਦਸੰ 22, 2015
Payments Banks and Small Finance Banks to apply for Payment Systems Membership after getting Licence
The Reserve Bank of India has clarified that entities that have been granted in-principle approval by it for setting up Payments Banks and Small Finance Banks can apply to the Reserve Bank for membership of any centralised/decentralised payment systems, including Bharat Bill Payment System (BBPS), after receiving the licence for commencement of business under Banking Regulation Act, 1949. The clarification was required as the Reserve Bank had been receiving queries fr
The Reserve Bank of India has clarified that entities that have been granted in-principle approval by it for setting up Payments Banks and Small Finance Banks can apply to the Reserve Bank for membership of any centralised/decentralised payment systems, including Bharat Bill Payment System (BBPS), after receiving the licence for commencement of business under Banking Regulation Act, 1949. The clarification was required as the Reserve Bank had been receiving queries fr
ਦਸੰ 22, 2015
To encourage innovations, RBI institutes “Payment System Innovation Awards”
In order to encourage innovators in India in the area of Payment and Settlement System, the Reserve Bank of India has announced “Payment System Innovation Awards”. Broad areas of innovation which could be considered for the awards are: Payment security including fraud prevention Customer convenience and cost reduction Mobile payments Acceptance /electronic payment infrastructure Use of emerging technologies for payments The contest would be organised by the Institute
In order to encourage innovators in India in the area of Payment and Settlement System, the Reserve Bank of India has announced “Payment System Innovation Awards”. Broad areas of innovation which could be considered for the awards are: Payment security including fraud prevention Customer convenience and cost reduction Mobile payments Acceptance /electronic payment infrastructure Use of emerging technologies for payments The contest would be organised by the Institute
ਨਵੰ 24, 2015
RBI grants ‘in-principle’ approval to NPCI to function as the central unit for Bharat Bill Payment Systems (BBPS)
The Reserve Bank of India has today decided to grant ‘in principle’ approval to the National Payments Corporation of India (NPCI) to function as the Bharat Bill Payment Central Unit (BBPCU) in BBPS. The Bharat Bill Payment System (BBPS), an integrated bill payment system, will function as a tiered structure for operating the bill payment system in the country with a single brand image providing convenience of ‘anytime anywhere’ bill payment to customers. As the centra
The Reserve Bank of India has today decided to grant ‘in principle’ approval to the National Payments Corporation of India (NPCI) to function as the Bharat Bill Payment Central Unit (BBPCU) in BBPS. The Bharat Bill Payment System (BBPS), an integrated bill payment system, will function as a tiered structure for operating the bill payment system in the country with a single brand image providing convenience of ‘anytime anywhere’ bill payment to customers. As the centra
ਨਵੰ 24, 2015
RBI grants “in-principle” approval to three applicants for setting up Trade Receivables Discounting System (TReDS)
In the Union Budget for 2015-16 the Honourable Union Finance Minister had highlighted the need for and use of TReDS for improving flow of funds to MSME sector by reducing the receivables realisation cycles. TReDS will allow SMEs to post their receivables on the system and get them financed. This will not only give them greater access to finance but will also put greater discipline on corporates to pay their dues on time. In line with this, the Reserve Bank of India ha
In the Union Budget for 2015-16 the Honourable Union Finance Minister had highlighted the need for and use of TReDS for improving flow of funds to MSME sector by reducing the receivables realisation cycles. TReDS will allow SMEs to post their receivables on the system and get them financed. This will not only give them greater access to finance but will also put greater discipline on corporates to pay their dues on time. In line with this, the Reserve Bank of India ha
ਨਵੰ 13, 2015
RBI extends last date for receipt of applications for authorising Bharat Bill Payment System Operating Units (BBPOUs)
The Reserve Bank of India has extended the last date for receiving applications for authorising Bharat Bill Payment System Operating Units (BBPOUs), to December 18, 2015 from the earlier November 20, 2015. This has been done keeping in view the difficulties expressed by various entities in meeting the deadline. Applications will now be accepted till the close of business as on December 18, 2015. It may, however, be noted that the applications received till close of bu
The Reserve Bank of India has extended the last date for receiving applications for authorising Bharat Bill Payment System Operating Units (BBPOUs), to December 18, 2015 from the earlier November 20, 2015. This has been done keeping in view the difficulties expressed by various entities in meeting the deadline. Applications will now be accepted till the close of business as on December 18, 2015. It may, however, be noted that the applications received till close of bu
ਅਕਤੂ 20, 2015
RBI invites Applications for authorising Bharat Bill Payment System Operating Units (BBPOUs)
The Reserve Bank of India today invited applications for authorisation from entities currently engaged in bill payments and desirous of operating as Bharat Bill Payment System Operating Units (BBPOUs) under the Bharat Bill Payment System (BBPS). The BBPS will be an authorised payment system operated by National Payment Corporation of India (NPCI). To begin with, under BBPS the BBPOUs will function as entities facilitating collection of repetitive payments for everyday
The Reserve Bank of India today invited applications for authorisation from entities currently engaged in bill payments and desirous of operating as Bharat Bill Payment System Operating Units (BBPOUs) under the Bharat Bill Payment System (BBPS). The BBPS will be an authorised payment system operated by National Payment Corporation of India (NPCI). To begin with, under BBPS the BBPOUs will function as entities facilitating collection of repetitive payments for everyday
ਅਗ 28, 2015
Bank Holiday on Second & Fourth Saturdays from September 1; RBI to offer its Support Services to Banks on Working Saturdays
All scheduled and non-scheduled banks – public, private, foreign, cooperative, regional rural and local area banks – will observe public holiday on second and fourth Saturdays from September 01, 2015; and will observe full working days on Saturdays other than second and fourth Saturdays (referred to as working Saturdays in the Press Release). Consequent to this, the Reserve Bank of India has announced the following changes in its functioning with effect from September
All scheduled and non-scheduled banks – public, private, foreign, cooperative, regional rural and local area banks – will observe public holiday on second and fourth Saturdays from September 01, 2015; and will observe full working days on Saturdays other than second and fourth Saturdays (referred to as working Saturdays in the Press Release). Consequent to this, the Reserve Bank of India has announced the following changes in its functioning with effect from September
ਅਗ 27, 2015
RBI doubles Limits of Cash Withdrawal at POS for Tier III to VI Centres
The Reserve Bank of India has doubled the limit for cash withdrawal at point-of-sale (POS) in Tier III to VI centres from ₹ 1000/- to ₹ 2000/- per day. This facility will be available for debit cards and open system prepaid cards issued only by banks. It is envisaged that the enhanced amount will add to customer convenience and aid re-cycling of cash in Tier III to VI centres even as the push towards a less cash society is pursued. This facility will be reviewed keepi
The Reserve Bank of India has doubled the limit for cash withdrawal at point-of-sale (POS) in Tier III to VI centres from ₹ 1000/- to ₹ 2000/- per day. This facility will be available for debit cards and open system prepaid cards issued only by banks. It is envisaged that the enhanced amount will add to customer convenience and aid re-cycling of cash in Tier III to VI centres even as the push towards a less cash society is pursued. This facility will be reviewed keepi
ਅਗ 19, 2015
RBI grants “in-principle” approval to 11 Applicants for Payments Banks
The Reserve Bank of India has today decided to grant “in-principle” approval to the following 11 applicants to set up payments banks under the Guidelines for Licensing of Payments Banks issued on November 27, 2014 (Guidelines). Aditya Birla Nuvo Limited Airtel M Commerce Services Limited Cholamandalam Distribution Services Limited Department of Posts Fino PayTech Limited National Securities Depository Limited Reliance Industries Limited Shri Dilip Shantilal Shanghvi S
The Reserve Bank of India has today decided to grant “in-principle” approval to the following 11 applicants to set up payments banks under the Guidelines for Licensing of Payments Banks issued on November 27, 2014 (Guidelines). Aditya Birla Nuvo Limited Airtel M Commerce Services Limited Cholamandalam Distribution Services Limited Department of Posts Fino PayTech Limited National Securities Depository Limited Reliance Industries Limited Shri Dilip Shantilal Shanghvi S
ਜੁਲਾ 09, 2015
RBI releases Final Guidelines on PPI for Mass Transit System (PPI-MTS)
The Reserve Bank of India (RBI) today placed on its website the final guidelines on Prepaid Payment Instruments for Mass Transit System (PPI-MTS) enabling the issuance of a separate category of semi-closed prepaid payment instruments for mass transit systems. The PPI-MTS will enhance commuter convenience and will also facilitate the migration to electronic payments in line with the country’s vision of moving to a less-cash society. The PPI-MTS can be used within the m
The Reserve Bank of India (RBI) today placed on its website the final guidelines on Prepaid Payment Instruments for Mass Transit System (PPI-MTS) enabling the issuance of a separate category of semi-closed prepaid payment instruments for mass transit systems. The PPI-MTS will enhance commuter convenience and will also facilitate the migration to electronic payments in line with the country’s vision of moving to a less-cash society. The PPI-MTS can be used within the m
ਮਈ 28, 2015
RBI proposes to introduce PPI for Mass Transit Systems; seeks Comments on Draft Instructions
The Reserve Bank of India has today placed on its website for comments and feedback the draft guidelines on Prepaid Payment Instruments (PPI) for Mass Transit System (PPI-MTS). Comments may be e-mailed or sent by post to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400 001 on or before June 15, 2015. Background The Reserve Bank of India has been receiving re
The Reserve Bank of India has today placed on its website for comments and feedback the draft guidelines on Prepaid Payment Instruments (PPI) for Mass Transit System (PPI-MTS). Comments may be e-mailed or sent by post to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400 001 on or before June 15, 2015. Background The Reserve Bank of India has been receiving re
ਮਾਰਚ 25, 2015
RBI releases Names of Applicants of Trade Receivables Discounting System (TReDS)
The Reserve Bank of India today released the names of applicants who have applied for setting up Trade Receivables Discounting System (TReDS). These are: Sr.No. Name of the entity 1. NSE Strategic Investment Corporation Limited (NSIC) and Small Industries Development Bank of India (SIDBI), Mumbai 2. Trade Receivables Exchange (Group of Banking Professionals), Mumbai 3. Axis Bank Limited, Mumbai 4. Mynd Solutions Pvt. Ltd., Gurgaon, Haryana 5. DICIC Bank of India, Kolk
The Reserve Bank of India today released the names of applicants who have applied for setting up Trade Receivables Discounting System (TReDS). These are: Sr.No. Name of the entity 1. NSE Strategic Investment Corporation Limited (NSIC) and Small Industries Development Bank of India (SIDBI), Mumbai 2. Trade Receivables Exchange (Group of Banking Professionals), Mumbai 3. Axis Bank Limited, Mumbai 4. Mynd Solutions Pvt. Ltd., Gurgaon, Haryana 5. DICIC Bank of India, Kolk
ਮਾਰਚ 13, 2015
RBI Seeks Comments on Draft Circular for Card Payments - Removal of requirement of Additional Factor of Authentication for small value card present transactions
The Reserve Bank of India has today placed on its website the Draft Circular for Card Payments - Removal of requirement of Additional Factor of Authentication for small value card present transactions, for feedback. Comments may be emailed or sent by post to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400001 on or before April 04, 2015. Background The Reser
The Reserve Bank of India has today placed on its website the Draft Circular for Card Payments - Removal of requirement of Additional Factor of Authentication for small value card present transactions, for feedback. Comments may be emailed or sent by post to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400001 on or before April 04, 2015. Background The Reser
ਫ਼ਰ 06, 2015
RBI extends Last Date for Receipt of Applications for setting up of and operating TReDS
The Reserve Bank of India has extended the last date for receiving applications for setting up of and operating the Trade Receivables Discounting System (TReDS), to March 9, 2015. The last date for this was February 13, 2015. This has been done keeping in view the difficulties expressed by various parties in meeting the deadline. Accordingly, applications will be accepted till the close of business as on March 9, 2015. Alpana Killawala Principal Chief General Manager
The Reserve Bank of India has extended the last date for receiving applications for setting up of and operating the Trade Receivables Discounting System (TReDS), to March 9, 2015. The last date for this was February 13, 2015. This has been done keeping in view the difficulties expressed by various parties in meeting the deadline. Accordingly, applications will be accepted till the close of business as on March 9, 2015. Alpana Killawala Principal Chief General Manager
ਦਸੰ 03, 2014
RBI releases Guidelines for setting up of and operating TReDS
The Reserve Bank of India (RBI) today announced the guidelines for setting up and operating the Trade Receivables Discounting System (TReDS). TReDs is a scheme for setting up and operating the institutional mechanism to facilitate the financing of trade receivables of micro, small and medium enterprises (MSMEs) from corporate and other buyers, including government departments and public sector undertakings (PSUs) through multiple financiers. The guidelines outline the
The Reserve Bank of India (RBI) today announced the guidelines for setting up and operating the Trade Receivables Discounting System (TReDS). TReDs is a scheme for setting up and operating the institutional mechanism to facilitate the financing of trade receivables of micro, small and medium enterprises (MSMEs) from corporate and other buyers, including government departments and public sector undertakings (PSUs) through multiple financiers. The guidelines outline the
ਨਵੰ 28, 2014
RBI’s Final Guidelines on Bharat Bill Payment System
The Reserve Bank of India has today released the final Guidelines for implementation of Bharat Bill Payment System (BBPS). In terms of the guidelines, the National Payments Corporation of India (NPCI) will function as the authorised Bharat Bill Payment Central Unit (BBPCU) to set the standards for BBPS processes which need to be adhered to by all operating units (Bharat Bill Payment Operating Units - BBPOUs) under the system. NPCI, as the BBPCU, will also undertake cl
The Reserve Bank of India has today released the final Guidelines for implementation of Bharat Bill Payment System (BBPS). In terms of the guidelines, the National Payments Corporation of India (NPCI) will function as the authorised Bharat Bill Payment Central Unit (BBPCU) to set the standards for BBPS processes which need to be adhered to by all operating units (Bharat Bill Payment Operating Units - BBPOUs) under the system. NPCI, as the BBPCU, will also undertake cl
ਅਗ 21, 2014
RBI releases NG-RTGS Character Set
The Reserve Bank of India has today defined and issued a list of special characters that are allowed (positive list given in Annex I) and a list of characters that are not allowed (negative list given in Annex II) in RTGS (real time gross settlement) messages. This is in order to have uniformity in usage of special characters by Indian banking industry for seamless processing of RTGS messages. All RTGS member participants are advised to strictly follow these lists for
The Reserve Bank of India has today defined and issued a list of special characters that are allowed (positive list given in Annex I) and a list of characters that are not allowed (negative list given in Annex II) in RTGS (real time gross settlement) messages. This is in order to have uniformity in usage of special characters by Indian banking industry for seamless processing of RTGS messages. All RTGS member participants are advised to strictly follow these lists for
ਅਗ 07, 2014
RBI seeks Comments on Draft Guidelines for Implementation of Bharat Bill Payment System (BBPS)
The Reserve Bank of India has today sought comments on Draft Guidelines for Implementation of Bharat Bill Payment System (BBPS). Bill payment is a major component of the retail payment transactions. Over 30,800 million bills amounting to more than `6000 billion are generated each year in the top 20 cities in the country. Though various forms of payments are accepted, cash and cheque payments continue to be predominant, particularly at the Billers’ Own Collection Point
The Reserve Bank of India has today sought comments on Draft Guidelines for Implementation of Bharat Bill Payment System (BBPS). Bill payment is a major component of the retail payment transactions. Over 30,800 million bills amounting to more than `6000 billion are generated each year in the top 20 cities in the country. Though various forms of payments are accepted, cash and cheque payments continue to be predominant, particularly at the Billers’ Own Collection Point
ਜੁਲਾ 22, 2014
RBI Seeks Comments on Draft Guidelines for setting up of and operating Trade Receivables Discounting System (TReDS)
The Reserve Bank of India has today sought feedback on the Draft Guidelines for setting up of and operating Trade Receivables Discounting System (TReDS). Comments may be emailed or sent by post to the Principal Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai - 400001 on or before August 08, 2014. The guidelines are available on RBI website (www.rbi.org.in). Backgro
The Reserve Bank of India has today sought feedback on the Draft Guidelines for setting up of and operating Trade Receivables Discounting System (TReDS). Comments may be emailed or sent by post to the Principal Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai - 400001 on or before August 08, 2014. The guidelines are available on RBI website (www.rbi.org.in). Backgro
ਮਈ 26, 2014
RBI authorises three non-bank entities for white label ATMs
The Reserve Bank of India has recently issued Certificates of Authorisation to the following three non-bank entities for setting up and operating White Label ATMs (WLAs) in India: 1. BTI Payments Private Limited, Bangalore 2. Srei Infrastructure Finance Limited, Kolkata 3. RiddiSiddhi Bullions Limited, Mumbai This is in addition to the four entities already authorised to operate as WLAs, viz Tata Communications Payment Solutions Limited, Mumbai, Prizm Payment Services
The Reserve Bank of India has recently issued Certificates of Authorisation to the following three non-bank entities for setting up and operating White Label ATMs (WLAs) in India: 1. BTI Payments Private Limited, Bangalore 2. Srei Infrastructure Finance Limited, Kolkata 3. RiddiSiddhi Bullions Limited, Mumbai This is in addition to the four entities already authorised to operate as WLAs, viz Tata Communications Payment Solutions Limited, Mumbai, Prizm Payment Services
ਅਪ੍ਰੈ 22, 2014
RBI releases Final Report on Enabling PKI in Payment System Applications
The Reserve Bank of India has today released, on its website, the final Report of the Technical Committee on Enabling Public Key Infrastructure (PKI) in Payment System Applications. It had released the draft report for public comment on February-March 2014. Cognisant of the fact that non-PKI enabled payment systems, such as, clearing (Magnetic Ink Character Recognition (MICR/Non MICR), electronic credit system, credit card and debit cards contributed 75 per cent in vo
The Reserve Bank of India has today released, on its website, the final Report of the Technical Committee on Enabling Public Key Infrastructure (PKI) in Payment System Applications. It had released the draft report for public comment on February-March 2014. Cognisant of the fact that non-PKI enabled payment systems, such as, clearing (Magnetic Ink Character Recognition (MICR/Non MICR), electronic credit system, credit card and debit cards contributed 75 per cent in vo
ਮਾਰਚ 19, 2014
RBI Seeks Feedback on Concept Paper on Trade Receivables and Credit Exchange for Financing MSMEs
The Reserve Bank of India has today sought feedback on the Concept Paper on Trade Receivables and Credit Exchange for Financing Micro, Small and Medium Enterprises (MSMEs). Comments may be emailed or sent by post to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400001 on or before April 20, 2014. The concept paper is available on RBI website (www.rbi.org.in).
The Reserve Bank of India has today sought feedback on the Concept Paper on Trade Receivables and Credit Exchange for Financing Micro, Small and Medium Enterprises (MSMEs). Comments may be emailed or sent by post to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400001 on or before April 20, 2014. The concept paper is available on RBI website (www.rbi.org.in).
ਮਾਰਚ 05, 2014
RBI extends Date for Comments on Report of the Group on Enabling PKI in Payment System Applications to March 15, 2014
The Reserve Bank of India has extended the date for sending comments on Report of the Technical Committee on Enabling Public Key Infrastructure (PKI) in Payment System Applications. The comments may now be emailed or sent by post to the Chief General Manager-In-Charge, Department of Information Technology, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400001 on or before March 15, 2014. Background The Reserve Bank of India had, in
The Reserve Bank of India has extended the date for sending comments on Report of the Technical Committee on Enabling Public Key Infrastructure (PKI) in Payment System Applications. The comments may now be emailed or sent by post to the Chief General Manager-In-Charge, Department of Information Technology, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400001 on or before March 15, 2014. Background The Reserve Bank of India had, in
ਫ਼ਰ 07, 2014
RBI authorises Four Non-Bank Entities to set up White Label ATMS
The Reserve Bank of India has issued Certificate of Authorisation to the following four non-bank entities for setting up and operating White Label ATMs (WLAs) in India: I. Tata Communications Payment Solutions Limited, Mumbai II. Prizm Payment Services Pvt. Ltd., Mumbai III. Muthoot Finance Limited, Kochi IV. Vakrangee Limited, Mumbai Of these, first three WLA operators have already launched their services and Vakrangee Limited is likely to commence its service shortl
The Reserve Bank of India has issued Certificate of Authorisation to the following four non-bank entities for setting up and operating White Label ATMs (WLAs) in India: I. Tata Communications Payment Solutions Limited, Mumbai II. Prizm Payment Services Pvt. Ltd., Mumbai III. Muthoot Finance Limited, Kochi IV. Vakrangee Limited, Mumbai Of these, first three WLA operators have already launched their services and Vakrangee Limited is likely to commence its service shortl
ਫ਼ਰ 07, 2014
RBI releases Report on Enabling PKI in Payment System Applications
The Reserve Bank of India has today released, on its website for public comments, the Report of the Technical Committee on Enabling Public Key Infrastructure (PKI) in Payment System Applications. The comments may be emailed or sent by post to the Chief General Manager-In-Charge, Department of Information technology, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai–400001 on or before February 28, 2014. Cognisant of the fact that non-
The Reserve Bank of India has today released, on its website for public comments, the Report of the Technical Committee on Enabling Public Key Infrastructure (PKI) in Payment System Applications. The comments may be emailed or sent by post to the Chief General Manager-In-Charge, Department of Information technology, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai–400001 on or before February 28, 2014. Cognisant of the fact that non-
ਜਨ 06, 2014
CCIL to issue Unique Identity Codes to Entities in Financial Transactions
The Reserve Bank of India has selected the Clearing Corporation of India Ltd. (CCIL) to act as a Local Operating Unit (LOU) for issuing globally compatible Legal Entity Identifiers (LEIs)in India. The LEI is a 20-character unique identity code assigned to entities which are parties to a financial transaction. As an LOU, CCIL will issue unique identifier codes to all eligible and desirous legal entities participating in financial markets across the globe on a non-profi
The Reserve Bank of India has selected the Clearing Corporation of India Ltd. (CCIL) to act as a Local Operating Unit (LOU) for issuing globally compatible Legal Entity Identifiers (LEIs)in India. The LEI is a 20-character unique identity code assigned to entities which are parties to a financial transaction. As an LOU, CCIL will issue unique identifier codes to all eligible and desirous legal entities participating in financial markets across the globe on a non-profi
ਜਨ 01, 2014
RBI grants Qualified Central Counterparty Status to CCIL
The Reserve Bank has today granted the status of a Qualified Central Counterparty (QCCP) to Clearing Corporation of India Ltd. (CCIL) in the Indian jurisdiction. CCIL has qualified as a QCCP in view of the fact that it is authorised and supervised by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007. It is also subjected, on an on-going basis, to rules and regulations that are consistent with the Principles for Financial Market Infrastructur
The Reserve Bank has today granted the status of a Qualified Central Counterparty (QCCP) to Clearing Corporation of India Ltd. (CCIL) in the Indian jurisdiction. CCIL has qualified as a QCCP in view of the fact that it is authorised and supervised by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007. It is also subjected, on an on-going basis, to rules and regulations that are consistent with the Principles for Financial Market Infrastructur
ਦਸੰ 24, 2013
RBI cautions users of Virtual Currencies against Risks
The Reserve Bank of India has today cautioned the users, holders and traders of Virtual currencies (VCs), including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to. The Reserve Bank has mentioned that it has been looking at the developments relating to certain electronic records claimed to be “Decentralised Digital Currency” or “Virtual Currency” (VCs), such as, Bitcoins,
The Reserve Bank of India has today cautioned the users, holders and traders of Virtual currencies (VCs), including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to. The Reserve Bank has mentioned that it has been looking at the developments relating to certain electronic records claimed to be “Decentralised Digital Currency” or “Virtual Currency” (VCs), such as, Bitcoins,
ਅਕਤੂ 19, 2013
RBI Governor launches new ISO 20022 compliant RTGS System
Dr. Raghuram Rajan, Governor, Reserve Bank of India, today launched the new Real Time Gross Settlement (RTGS) system of the Reserve Bank of India. Complimenting the entire team for successfully completing the project, the Governor said, "The new RTGS system is a great example of what we are capable of when we put our minds to it." He added that payment system like plumbing has to be efficient and ahead of the financial markets to be able to take care of the future dev
Dr. Raghuram Rajan, Governor, Reserve Bank of India, today launched the new Real Time Gross Settlement (RTGS) system of the Reserve Bank of India. Complimenting the entire team for successfully completing the project, the Governor said, "The new RTGS system is a great example of what we are capable of when we put our minds to it." He added that payment system like plumbing has to be efficient and ahead of the financial markets to be able to take care of the future dev
ਅਕਤੂ 09, 2013
RBI appoints Technical Committee on Mobile Banking
The Reserve Bank of India has announced the constitution of a Technical Committee on Mobile Banking, to examine the options/alternatives including the feasibility of using encrypted SMS based funds transfer using an application that can run on any type of handset for expansion of mobile banking in the country. Terms of Reference of the Committee are: a. to conduct an in-depth study of the challenges faced by banks in taking mobile banking forward to the desired level;
The Reserve Bank of India has announced the constitution of a Technical Committee on Mobile Banking, to examine the options/alternatives including the feasibility of using encrypted SMS based funds transfer using an application that can run on any type of handset for expansion of mobile banking in the country. Terms of Reference of the Committee are: a. to conduct an in-depth study of the challenges faced by banks in taking mobile banking forward to the desired level;
ਮਈ 03, 2013
Authorisation under the Payment and Settlement Systems Act, 2007 - Tata Communications Payment Solutions Limited, Mumbai
Tata Communications Payment Solutions Limited, Mumbai; a subsidiary of Tata Communications Limited, has been issued Certificate of Authorisation by the Reserve Bank for setting up and operating White Label ATMs (WLAs) in India. Earlier in June 2012, the Reserve Bank of India had issued policy guidelines permitting non-bank entities to set up and operate WLAs in the country after seeking Authorisation under the Payment and Settlement Systems Act, 2007. Hitherto, only b
Tata Communications Payment Solutions Limited, Mumbai; a subsidiary of Tata Communications Limited, has been issued Certificate of Authorisation by the Reserve Bank for setting up and operating White Label ATMs (WLAs) in India. Earlier in June 2012, the Reserve Bank of India had issued policy guidelines permitting non-bank entities to set up and operate WLAs in the country after seeking Authorisation under the Payment and Settlement Systems Act, 2007. Hitherto, only b
ਮਾਰਚ 07, 2013
XSDs, Rules, Sample Messages, revised FAQ w.r.t ISO 20022 standard Message formats for Next Generation RTGS (NG-RTGS) System
The Reserve Bank of India has placed on its website today, ISO 20022 standard message formats - Rules, XSDs, Mapping Document, API Web Service information and Revised FAQs for Next Generation Real Time Gross Settlement System (NG-RTGS) for wider dissemination. With reference to the earlier press release dated December 28, 2012 on ISO 200022 Standard Message Formats for the Next Generation Real Time Gross Settlement (NG-RTGS) System, the revised messages formats along
The Reserve Bank of India has placed on its website today, ISO 20022 standard message formats - Rules, XSDs, Mapping Document, API Web Service information and Revised FAQs for Next Generation Real Time Gross Settlement System (NG-RTGS) for wider dissemination. With reference to the earlier press release dated December 28, 2012 on ISO 200022 Standard Message Formats for the Next Generation Real Time Gross Settlement (NG-RTGS) System, the revised messages formats along
ਫ਼ਰ 28, 2013
RBI releases Security and Risk Mitigation measures for Electronic Payment Transactions
Payments effected through alternate payment products/channels are gaining traction among the customers, with more and more banks providing such facilities to their customers. In this scenario, it is imperative to ensure safety and security of such transactions effected through these channels. Of late, there have been reports of frauds committed through the electronic payment channels and fraudulent usage of cards both at domestic and international locations. Even whil
Payments effected through alternate payment products/channels are gaining traction among the customers, with more and more banks providing such facilities to their customers. In this scenario, it is imperative to ensure safety and security of such transactions effected through these channels. Of late, there have been reports of frauds committed through the electronic payment channels and fraudulent usage of cards both at domestic and international locations. Even whil
ਜਨ 16, 2013
RBI Report on Uniform Routing Code and Account Number Structure
The Reserve Bank of India, today, released on its website the “Report of Technical Committee constituted to examine uniform routing code and account number structure” in banks in the country. The Committee was formed to look into the feasibility of: (a) doing away with branch identifier in Indian Financial System Code (IFSC); (b) desirability of implementing International Bank Account Number (IBAN) replacing multiple identifiers for all financial transactions; (c) har
The Reserve Bank of India, today, released on its website the “Report of Technical Committee constituted to examine uniform routing code and account number structure” in banks in the country. The Committee was formed to look into the feasibility of: (a) doing away with branch identifier in Indian Financial System Code (IFSC); (b) desirability of implementing International Bank Account Number (IBAN) replacing multiple identifiers for all financial transactions; (c) har
ਦਸੰ 31, 2012
RBI extends Time for Submitting Applications for White Label ATMs
The Reserve Bank of India has extended the date for submission of application for deployment of White Label ATMs up to January 15, 2013. The timeline, however, has been extended only for those entities that satisfy all the other criteria stipulated in the Reserve Bank guidelines dated June 20, 2012, but are waiting for capital infusion from their overseas principals and FIPB permission. The Reserve Bank communicated this in a circular placed on its website today. The
The Reserve Bank of India has extended the date for submission of application for deployment of White Label ATMs up to January 15, 2013. The timeline, however, has been extended only for those entities that satisfy all the other criteria stipulated in the Reserve Bank guidelines dated June 20, 2012, but are waiting for capital infusion from their overseas principals and FIPB permission. The Reserve Bank communicated this in a circular placed on its website today. The
ਦਸੰ 28, 2012
ISO 20022 Standard Message Formats for Next Generation RTG System
The Reserve Bank of India has placed on its website (www.rbi.org.in) today, ISO 20022 standard message formats for Next Generation Real Time Gross Settlement System (NG-RTGS) for wider dissemination. It was announced in the Monetary Policy Statement for 2011-2012 that the Reserve Bank would implement the Next Generation Real Time Gross Settlement (NG-RTGS) System having several advanced features, such as, liquidity management facility, extensible markup language (XML)
The Reserve Bank of India has placed on its website (www.rbi.org.in) today, ISO 20022 standard message formats for Next Generation Real Time Gross Settlement System (NG-RTGS) for wider dissemination. It was announced in the Monetary Policy Statement for 2011-2012 that the Reserve Bank would implement the Next Generation Real Time Gross Settlement (NG-RTGS) System having several advanced features, such as, liquidity management facility, extensible markup language (XML)
ਜੂਨ 29, 2012
RBI implements Web-based Online Trading Module in G-Secs by Gilt Account Holders
The Reserve Bank of India has introduced web-based NDS-OM module for online trading in secondary market of Government securities (G-Secs) by gilt account holders (GAHs). The module, which will facilitate buying and selling of G-secs, is operational from June 29, 2012. The module permits internet-based direct participation of gilt account holders in secondary market for G-secs. As the web-based NDS-OM module is an additional facility to the existing system for trading
The Reserve Bank of India has introduced web-based NDS-OM module for online trading in secondary market of Government securities (G-Secs) by gilt account holders (GAHs). The module, which will facilitate buying and selling of G-secs, is operational from June 29, 2012. The module permits internet-based direct participation of gilt account holders in secondary market for G-secs. As the web-based NDS-OM module is an additional facility to the existing system for trading
ਜੂਨ 08, 2012
Disruption in NEFT Operations on June 5 - 6, 2012: RBI
There was a delay in the processing of transactions in the Reserve Bank of India’s National Electronic Funds Transfer (NEFT) system on June 5, 2012. Due to some technical glitches transactions were relayed to the destination banks with some delay. By late evening of June 6, 2012, these issues were addressed to a large extent. The Reserve Bank, however, continues to monitor and address some residual issues. Meanwhile, to ensure that customers were not unduly inconvenie
There was a delay in the processing of transactions in the Reserve Bank of India’s National Electronic Funds Transfer (NEFT) system on June 5, 2012. Due to some technical glitches transactions were relayed to the destination banks with some delay. By late evening of June 6, 2012, these issues were addressed to a large extent. The Reserve Bank, however, continues to monitor and address some residual issues. Meanwhile, to ensure that customers were not unduly inconvenie
ਅਪ੍ਰੈ 11, 2012
RBI implements Web-based On-line Bidding for Primary Auctions of G-Secs
The Reserve Bank of India has, since February 2012, introduced an additional facility of web-based NDS auction module to facilitate online bidding by Constituents Subsidiary General Ledger clients (CSGL clients)/Gilt account holders (GAHs) in primary auctions of Government Securities (G-Secs). Explaining the module, the Reserve Bank stated that the module permits internet-based direct participation of GAHs in primary auctions of G-Secs. However, the access is subject
The Reserve Bank of India has, since February 2012, introduced an additional facility of web-based NDS auction module to facilitate online bidding by Constituents Subsidiary General Ledger clients (CSGL clients)/Gilt account holders (GAHs) in primary auctions of Government Securities (G-Secs). Explaining the module, the Reserve Bank stated that the module permits internet-based direct participation of GAHs in primary auctions of G-Secs. However, the access is subject
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ਪੇਜ ਅੰਤਿਮ ਅੱਪਡੇਟ ਦੀ ਤਾਰੀਖ: ਜੁਲਾਈ 01, 2024
