Payment and Settlement Systems Act Current Affairs, GK & News

Legal Entity Identifier System

January 12, 2021

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 Entity Identifier system for all payment transactions of fifty crores and above through NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement). The system is ..

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Information Technology (Security of Prepaid Payment Instruments) Rules 2017 –Draft

June 6, 2017

In March, 2017 the Union Government has come up with Information Technology (Security of Prepaid Payment Instruments) Rules for digital transactions made through prepaid payment instruments in order to make them secure and address privacy issues. The rules have been framed by the Ministry of electronics and information technology. The ministry has invited public comments ..

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