Payment and Settlement Systems Act Current Affairs, GK & News

RBI: New guidelines for payment activities

The Reserve Bank of India (RBI) issued new guidelines for payment activities in India. Guidelines were issued under Section 10 (2) & Section 18 of “Payment and Settlement Systems Act of 2007”. What are the new directives? Non-bank payment system operators (PSOs) will need to take approval of the central bank before the takeover or ..

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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 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

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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