Topic: NEFT
NEFT, RTGS facility for Post Office Savings Account
The Department of Post has recently rolled out the NEFT and RTGS facility for Post Office Savings Bank Account (POSB) holders. The NEFT facility has been made available...
Legal Entity Identifier System
The Reserve Bank of India recently announced the introduction of Legal Entity Identifier System. What is Legal Entity Identifier System? The Reserve Bank of India introduced the Legal...
Finance minister: MDR charges not applicable for RuPay and UPI from 2020
On December 28, 2019, Finance Minister Nirmala Sitaraman announced that Merchant Discount Rate (MDR) will not be applicable on bank transactions made through RuPay and UPI platforms. Highlights...NEFT to be available 24X7
The Reserve Bank of India has announced that the National Electronic Funds Transfer (NEFT) facility will be available round-the-clock basis from December 2019. At present NEFT payment system...
RBI Report pushes for Digital Transactions
The Reserve Bank of India (RBI) report Payment and Settlement: The Plumbing in the Architecture of India s Financial System makes the following observations about digital payments: India...
RBI Monetary Policy review: Repo rate lowest since 2010
The Reserve bank of India (RBI) in its bi-monthly monetary policy review reduced repo rate by 25 basis points to 5.75% from current 6.0% with immediate effect. This...
RBI scraps charges on NEFT and RTGS Transfers
The Reserve Bank of India (RBI) s scrapped the charges on fund transfers through RTGS and NEFT. The RBI has taken the decision to boost digital transactions and...
Recommendations of the Nilekani Panel for strengthening Digital Payments
The panel headed by Nandan Nilekani has submitted the recommendations to the Reserve Bank of India (RBI) for strengthening digital payments ecosystem. Recommendations of the Nilekani Panel The...
