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Press Releases
ଅକ୍ଟୋବର 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
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ଅଗଷ୍ଟ 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
ଅଗଷ୍ଟ 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
ଅଗଷ୍ଟ 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
ଜୁଲାଇ 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
ମଇ 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
ମାର୍ଚ୍ଚ 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
ମାର୍ଚ୍ଚ 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
ଫେବୃଆରୀ 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
ଡିସେମ୍ବର 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
ନଭେମ୍ବର 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
ଅଗଷ୍ଟ 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
ଅଗଷ୍ଟ 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
ଜୁଲାଇ 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
ମଇ 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
ଅପ୍ରେଲ 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
ମାର୍ଚ୍ଚ 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).
ମାର୍ଚ୍ଚ 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
ଫେବୃଆରୀ 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
ଫେବୃଆରୀ 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-
ଜାନୁଆରୀ 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
ଜାନୁଆରୀ 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
ଡିସେମ୍ବର 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,
ଅକ୍ଟୋବର 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
ଅକ୍ଟୋବର 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;
ମଇ 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
ମାର୍ଚ୍ଚ 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
ଫେବୃଆରୀ 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
ଜାନୁଆରୀ 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
ଡିସେମ୍ବର 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
ଡିସେମ୍ବର 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)
ଜୁନ 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
ଜୁନ 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
ଅପ୍ରେଲ 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
ଫେବୃଆରୀ 14, 2012
RBI releases Draft Guidelines for White Label Automated Teller Machines (WLAs)
The Reserve Bank of India today released on its website, the "Draft Circular for Deployment of White Label Automated Teller Machines (WLAs)". The Reserve Bank has sought views/comments on the draft circular from banks, authorised ATM network operators, non-bank entities and members of public. The key features of the draft circular are: Non-bank entities proposing to set up WLAs would have to make an application to the Reserve Bank for seeking authorisation under the P
The Reserve Bank of India today released on its website, the "Draft Circular for Deployment of White Label Automated Teller Machines (WLAs)". The Reserve Bank has sought views/comments on the draft circular from banks, authorised ATM network operators, non-bank entities and members of public. The key features of the draft circular are: Non-bank entities proposing to set up WLAs would have to make an application to the Reserve Bank for seeking authorisation under the P
ଅପ୍ରେଲ 07, 2011
RBI revokes the Authorisation granted to Kaizen Automation Private Ltd;
Mumbai for issuance of prepaid cards known as ‘Go Mumbai’ cards
Mumbai for issuance of prepaid cards known as ‘Go Mumbai’ cards
In exercise of the powers conferred under Section 8 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has revoked the Authorisation granted to Kaizen Automation Private Limited, B-601-602, Citi Point, Andheri, Kurla Road, J. B. Nagar, Near Kohinoor Continental, Andheri (East), Mumbai-400059 for issuance and operation of prepaid cards known as ‘Go Mumbai’ cards, with immediate effect. J.D. Desai Assistant Manager Press Release : 2010-2011/1455
In exercise of the powers conferred under Section 8 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has revoked the Authorisation granted to Kaizen Automation Private Limited, B-601-602, Citi Point, Andheri, Kurla Road, J. B. Nagar, Near Kohinoor Continental, Andheri (East), Mumbai-400059 for issuance and operation of prepaid cards known as ‘Go Mumbai’ cards, with immediate effect. J.D. Desai Assistant Manager Press Release : 2010-2011/1455
ମାର୍ଚ୍ଚ 11, 2011
RBI refuses Issue of Authorisation to Zoha Inc, USA to Operate Cross Border Money Transfer Service in India
The Reserve Bank of India has refused the authorisation application of Zoha Inc, 291-Grove Street, Jersey City, New Jersey, 07302, USA to operate payment system for cross-border in-bound money transfer services. It has asked Zoha Inc, USA to wind-up their existing services for cross border money transfer to India with immediate effect. The Reserve Bank has refused the authorisation application of Zoha Inc in exercise of the powers conferred on the Reserve Bank under s
The Reserve Bank of India has refused the authorisation application of Zoha Inc, 291-Grove Street, Jersey City, New Jersey, 07302, USA to operate payment system for cross-border in-bound money transfer services. It has asked Zoha Inc, USA to wind-up their existing services for cross border money transfer to India with immediate effect. The Reserve Bank has refused the authorisation application of Zoha Inc in exercise of the powers conferred on the Reserve Bank under s
ଫେବୃଆରୀ 01, 2011
RBI seeks comments on Report of Working Group on Information Security, Electronic Banking Technology, Risk Management and Cyber Frauds
The Reserve Bank of India has invited views/comments of all stake-holders and the public at large on the Report of Working Group on Information Security, Electronic Banking, Technology Risk Management and Cyber frauds (Chairman: Shri G. Gopalakrishna, Executive Director, Reserve Bank of India). Comments/suggestions/views may be forwarded latest by February 14, 2011 to the Chief General Manager-in-Charge, Department of Banking Supervision, Central Office, 3rd Floor, Wo
The Reserve Bank of India has invited views/comments of all stake-holders and the public at large on the Report of Working Group on Information Security, Electronic Banking, Technology Risk Management and Cyber frauds (Chairman: Shri G. Gopalakrishna, Executive Director, Reserve Bank of India). Comments/suggestions/views may be forwarded latest by February 14, 2011 to the Chief General Manager-in-Charge, Department of Banking Supervision, Central Office, 3rd Floor, Wo
ଜାନୁଆରୀ 21, 2011
RBI Releases Report of Working Group on Information Security, Electronic Banking, Technology Risk Management and Cyber Frauds
The Reserve Bank of India has today placed on its website the report of the Working Group on information security, electronic banking, technology risk management, and cyber frauds. The Working Group (Chairman: Shri G.Gopalakrishna, Executive Director, RBI) was established following the announcement in the April 2010 Monetary Policy Statement, which recommended enhancing RBI guidelines relating to the governance of IT, information security measures to tackle cyber frau
The Reserve Bank of India has today placed on its website the report of the Working Group on information security, electronic banking, technology risk management, and cyber frauds. The Working Group (Chairman: Shri G.Gopalakrishna, Executive Director, RBI) was established following the announcement in the April 2010 Monetary Policy Statement, which recommended enhancing RBI guidelines relating to the governance of IT, information security measures to tackle cyber frau
ଅକ୍ଟୋବର 01, 2010
Surrendering Certificate of Authorisation
The TimesofMoney Ltd., 4th Floor, Times Tower Kamala Mills Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai–400013 has, on September 23, 2010, voluntarily surrendered the Certificate of Authorisation given by the Reserve Bank of India. The Reserve Bank of India had, on April 05, 2010, issued Certificate of Authorisation (34/2010) to the TimesofMoney Ltd. under the Payment and Settlement Systems Act, 2007 for operating Payment System for issuance of Pre-paid P
The TimesofMoney Ltd., 4th Floor, Times Tower Kamala Mills Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai–400013 has, on September 23, 2010, voluntarily surrendered the Certificate of Authorisation given by the Reserve Bank of India. The Reserve Bank of India had, on April 05, 2010, issued Certificate of Authorisation (34/2010) to the TimesofMoney Ltd. under the Payment and Settlement Systems Act, 2007 for operating Payment System for issuance of Pre-paid P
ସେପ୍ଟେମ୍ବର 29, 2008
National Electronic Clearing Service inaugurated
Shri V.Leeladhar, Deputy Governor, Reserve Bank of India today inaugurated the National Electronic Clearing Service (NECS) at a function at the Reserve Bank's National Clearing Centre (NCC), Mumbai. The service aims to centralise the Electronic Clearing Service (ECS) operation and bring in uniformity and efficiency to the system. ECS was introduced in the early nineties and is operational at 74 locations at present, facilitating easy payments and collections for repet
Shri V.Leeladhar, Deputy Governor, Reserve Bank of India today inaugurated the National Electronic Clearing Service (NECS) at a function at the Reserve Bank's National Clearing Centre (NCC), Mumbai. The service aims to centralise the Electronic Clearing Service (ECS) operation and bring in uniformity and efficiency to the system. ECS was introduced in the early nineties and is operational at 74 locations at present, facilitating easy payments and collections for repet
ସେପ୍ଟେମ୍ବର 19, 2008
Mobile Banking Transactions in India - Operative Guidelines for Banks
Based on the comments received from public the Reserve Bank of India has modified its earlier draft operating guidelines on mobile payments in India. The modified guidelines are now placed on the website. Comments if any can be e-mailed or faxed to 022-22691557 or letter addressed to Chief General Manager, Reserve Bank of India, Department of Payment and Settlement Systems, Central Office, 14th floor, Central Office Building, SBS Marg, Mumbai 400001 latest by Septembe
Based on the comments received from public the Reserve Bank of India has modified its earlier draft operating guidelines on mobile payments in India. The modified guidelines are now placed on the website. Comments if any can be e-mailed or faxed to 022-22691557 or letter addressed to Chief General Manager, Reserve Bank of India, Department of Payment and Settlement Systems, Central Office, 14th floor, Central Office Building, SBS Marg, Mumbai 400001 latest by Septembe
ସେପ୍ଟେମ୍ବର 01, 2008
Payment and Settlement Systems Act, and Regulations come into effect
The Payment and Settlement Systems Act, 2007 (51 of 2007) and the Payment and Settlement Systems Regulations, 2008 have been notified and have come into effect from August 12, 2008. The Payment and Settlement Systems Act stipulates that no person other than the Reserve Bank, shall commence or operate a payment system except under and in accordance with an authorisation issued by the Reserve Bank under the provisions of the Act. All persons currently operating a paymen
The Payment and Settlement Systems Act, 2007 (51 of 2007) and the Payment and Settlement Systems Regulations, 2008 have been notified and have come into effect from August 12, 2008. The Payment and Settlement Systems Act stipulates that no person other than the Reserve Bank, shall commence or operate a payment system except under and in accordance with an authorisation issued by the Reserve Bank under the provisions of the Act. All persons currently operating a paymen
ଜୁନ 20, 2008
RBI to introduce Speed Clearing for Outstation Cheques in Mumbai
The Reserve Bank of India (RBI) will introduce, from June 25, 2008, 'Speed Clearing' for outstation cheques for all the member banks in the jurisdiction of Brihan-Mumbai Bankers' Clearing House (BBCH). 'Speed Clearing' leverages the technology of core or centralised banking solution (CBS) of banks which enables them to access details of all account holders from any branch. Banks including public sector, private sector, cooperative and foreign banks, which are members
The Reserve Bank of India (RBI) will introduce, from June 25, 2008, 'Speed Clearing' for outstation cheques for all the member banks in the jurisdiction of Brihan-Mumbai Bankers' Clearing House (BBCH). 'Speed Clearing' leverages the technology of core or centralised banking solution (CBS) of banks which enables them to access details of all account holders from any branch. Banks including public sector, private sector, cooperative and foreign banks, which are members
ଜୁନ 12, 2008
Mobile Payments in India - Operative Guidelines for Banks
With the rapid growth in the number of mobile phone subscribers in India banks have been exploring the feasibility of using mobile phones as an alternative channel of delivery of banking services. A few banks have started offering information based services like balance enquiry, stop payment instruction of cheques, record of last five transactions, location of nearest ATM/branch etc. Acceptance of transfer of funds instruction for credit to beneficiaries of same/or an
With the rapid growth in the number of mobile phone subscribers in India banks have been exploring the feasibility of using mobile phones as an alternative channel of delivery of banking services. A few banks have started offering information based services like balance enquiry, stop payment instruction of cheques, record of last five transactions, location of nearest ATM/branch etc. Acceptance of transfer of funds instruction for credit to beneficiaries of same/or an
ଅପ୍ରେଲ 25, 2008
RBI invites Public Comments on draft Regulations on Payment and Settlement Systems
The Reserve Bank of India has today placed on its website draft regulations framed under the Payment and Settlement Systems Act 2007 for public comments. Comments can be sent to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, Shaheed Bhagat Singh Marg, Mumbai (fax number: 022- 22659566) or may be e-mailed latest by May 15, 2008. It may be recalled that the Payment and Settlement Systems Bill was passed by
The Reserve Bank of India has today placed on its website draft regulations framed under the Payment and Settlement Systems Act 2007 for public comments. Comments can be sent to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, Shaheed Bhagat Singh Marg, Mumbai (fax number: 022- 22659566) or may be e-mailed latest by May 15, 2008. It may be recalled that the Payment and Settlement Systems Bill was passed by
ଫେବୃଆରୀ 18, 2008
ATMs of Banks: Fair Pricing and Enhanced Access
The Approach Paper on "ATMs of Banks: Fair Pricing and Enhanced Access" was placed on the website on 24th December 2007 for public comments. The comments received from the public as also banks were mostly in favour of the approach suggested in the paper.A paper examining the public comments and proposed guidelines in the form of circular to be issued to banks has been placed today on the RBI website. Comments can be e-mailed or faxed to 022-22659566 or letter addresse
The Approach Paper on "ATMs of Banks: Fair Pricing and Enhanced Access" was placed on the website on 24th December 2007 for public comments. The comments received from the public as also banks were mostly in favour of the approach suggested in the paper.A paper examining the public comments and proposed guidelines in the form of circular to be issued to banks has been placed today on the RBI website. Comments can be e-mailed or faxed to 022-22659566 or letter addresse
ଫେବୃଆରୀ 18, 2008
Use of electronic mode of payment for large value transactions
Recognising the importance of ensuring the safety, security of the payment systems, the Reserve Bank of India (RBI) has put in place three modes of electronic payments i.e. Real time Gross Settlement (RTGS) System, National Electronic Fund Transfer (NEFT) System and Electronic Clearing Service (ECS). Payments by these modes have been steadily growing in the last few years. An internal Working Group set up by the Reserve Bank to examine the various issues related to mi
Recognising the importance of ensuring the safety, security of the payment systems, the Reserve Bank of India (RBI) has put in place three modes of electronic payments i.e. Real time Gross Settlement (RTGS) System, National Electronic Fund Transfer (NEFT) System and Electronic Clearing Service (ECS). Payments by these modes have been steadily growing in the last few years. An internal Working Group set up by the Reserve Bank to examine the various issues related to mi
ନଭେମ୍ବର 02, 2007
RBI Introduces a System of Annual Review of
Payment and Settlement Systems in India
Payment and Settlement Systems in India
The Reserve Bank of India has today placed on its website the first Annual Report on the Payment and Settlement Systems in India. While there has been a number of initiatives for spreading the payment system network such as National Electronic Funds Transfer (NEFT) System, Electronic Clearing Services (ECS), Real Time Gross Settlement (RTGS) System and National Financial Switch (NFS), the feedback received showed that the level of awareness and familiarity with paymen
The Reserve Bank of India has today placed on its website the first Annual Report on the Payment and Settlement Systems in India. While there has been a number of initiatives for spreading the payment system network such as National Electronic Funds Transfer (NEFT) System, Electronic Clearing Services (ECS), Real Time Gross Settlement (RTGS) System and National Financial Switch (NFS), the feedback received showed that the level of awareness and familiarity with paymen
ଅକ୍ଟୋବର 19, 2007
RBI places on Website enhanced Draft on Financial Sector Technology Vision document (2008-2010) for comments
A vision document on technology and the financial sector was published in the public domain of the Reserve Bank of India's website in July 2005. With rapid changes in technology and the achievement of the plans outlined, this vision document was taken up for improvement and has since been enhanced to cover the immediate short term period between 2008 and 2010. Reserve Bank of India has today placed on its website (www.rbi.org.in) the revised draft Financial Sector Tec
A vision document on technology and the financial sector was published in the public domain of the Reserve Bank of India's website in July 2005. With rapid changes in technology and the achievement of the plans outlined, this vision document was taken up for improvement and has since been enhanced to cover the immediate short term period between 2008 and 2010. Reserve Bank of India has today placed on its website (www.rbi.org.in) the revised draft Financial Sector Tec
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