20 search results for "rbi"

Policy Update: RBI changes NEFT timings, expands the scope of BBPS, among others

Context On 7 August, the Reserve Bank of India (RBI) announced a slew of policy measures aimed at accelerating the adoption of digital payments in the country. These include, revision of National Electronic Funds Transfer (NEFT) timings to make it a 24×7 facility, expanding the scope of utility bill payments and encouraging more entities to enter the retail payments space. The Central Bank ha...

Member Update: KYC challenges faced by Prepaid Payment Instruments (PPIs)

Context The fintech industry continues to grapple with challenges around e-KYC. The recent circular from Ministry of Finance, dated May 9, 2019, has been much appreciated by the industry. However, the same has been rendered ineffective due to certain requirements in the circular and a lack of common understanding between the regulators and the Unique Identification Authority of India (UIDAI) with ...

Policy Brief: Highlights of the inter-ministerial committee’s report on virtual currencies

Context On 2 November 2017, a high-level inter-ministerial committee headed by the then economic affairs secretary Subhash Chandra Garg was set up to study the issues related to virtual currencies and propose specific action to be taken in this matter. The mandate of the Committee included an examination of the policy and legal framework for the regulation of virtual currencies. The members of the...

NASSCOM’s suggestions to address the KYC challenges faced by Prepaid Payment Instruments (PPIs)

Context The fintech industry continues to grapple with challenges around e-KYC. The recent circular from Ministry of Finance, dated May 9, 2019, has been much appreciated by the industry. However, the same has been rendered ineffective due to certain requirements in the circular and a lack of common understanding between the regulators and the Unique Identification Authority of India (UIDAI) with ...

Policy Update: Launch of Complaint Management System by RBI

08.07.2019 Context In a move aimed at improving its grievance redressal process, the Reserve Bank of India (RBI) launched a Complaint Management System (CMS) portal on 24 June. The portal acts as a single window for lodging complaints against any RBI regulated entity, such as commercial banks, urban co-operative banks, non-banking financial companies (NBFCs), etc. All complaints lodged on the CMS ...

Policy Brief: Highlights of the U. K. Sinha led expert committee report on Micro, Small and Medium Enterprises

Highlights of the U. K. Sinha led expert committee report on Micro, Small and Medium Enterprises 03.07.2019 Context In January, the Reserve Bank of India constituted an eight-member expert committee on micro, small and medium enterprises (MSMEs) headed by former SEBI chairman U.K. Sinha to undertake a comprehensive review of the sector and to propose long-term solutions for its economic and financ...

Computer Software and Information Technology Enabled Services (ITES) Exports for the period 2018-19

The Reserve Bank has launched the 2018-19 round of its annual Survey on Computer Software and Information Technology Enabled Services (ITES) Exports. The survey, conducted since 2002-03, collects data on various aspects of computer services exports as well as exports of information technology enabled services (ITES) and business process outsourcing (BPO). The survey results are released in the pub...

Policy Brief: Highlights of the High Level Committee report on Deepening Digital Payments

Highlights of the High Level Committee report on Deepening Digital Payments 25.06.2019 Context In January, the RBI had constituted a high-level committee headed by Aadhaar architect Nandan Nilekani to set up a robust digital payments ecosystem in the country. The expert panel, which was asked to recommend a medium-term strategy for deepening digital payments, and measures to strengthen safety and ...

RBI publishes ‘Payment and Settlement Systems in India: Vision 2019 – 2021’

Policy Brief 04.06.2019  Context Last month, the Reserve Bank of India (RBI) published its latest vision document titled Payment and Settlement Systems in India: Vision 2019 – 2021 aimed at creating a ‘cash-lite’ economy. The document outlines the road map for enhancing the payments and settlements system in the country for the three-year period spanning from 2019 to 2021 with onus on encouraging ...

Member Consultation: Mandating Importer Exporter Code(IEC) for services exporters/importers

Dear All, The Balance of Payments data published by RBI is the only data source for international services trade statistics. However, information by partner country, categories and sub-categories of services and mode of delivery of services is not available from RBI data, which poses a barrier in understanding the relative strengths and potential of various service sectors. Thus, Department of Com...

NASSCOM’s feedback to the Reserve Bank of India on the Draft Enabling Framework for Regulatory Sandbox

Feedback on the Draft Enabling Framework for Regulatory Sandbox At the outset we would like to congratulate the Reserve Bank of India (RBI) for taking this positive step towards enabling a regulatory sandbox and seeking public comments on the proposed framework.[1] As the representative of the information technology industry, we also thank RBI for this opportunity to present our views and suggesti...

Policy Brief:RBI’s draft enabling framework for regulatory sandbox

NASSCOM Policy Brief   24.04.2019  The Reserve Bank of India’s draft enabling framework for regulatory sandbox   Context In a move to promote technological innovations aimed at financial inclusion, the Reserve Bank of India (RBI) has proposed to set up regulatory sandboxes where startups can test new products, services or business models with customers in a live environment, subject to certain saf...

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