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The Reserve Bank on Thursday proposed to create a <keyword id="22711172" type="General" weightage="20" keywordseo="public-repository" source="keywords">public repository</keyword> of <keyword id="21305551" type="General" weightage="100" keywordseo="digital-lending-apps" source="keywords">digital lending apps</keyword> in a bid to address the problems arising from mushrooming <keyword id="22711171" type="General" weightage="20" keywordseo="unauthorised-players" source="keywords">unauthorised players</keyword> in the segment. In another significant move, the central bank proposed to introduce a facility of "<keyword id="22710839" type="General" weightage="20" keywordseo="Delegated-Payments" source="keywords">Delegated Payments</keyword>" in UPI to enable an individual to allow another individual to make <keyword id="19957378" type="General" weightage="20" keywordseo="UPI-transactions" source="keywords">UPI transactions</keyword>. In a <keyword id="13144094" type="General" weightage="20" keywordseo="post-monetary-policy-review" source="Orion">post-monetary policy review</keyword> address, <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> <keyword id="20595794" type="General" weightage="20" keywordseo="Governor-Shaktikanta-Das" source="keywords">Governor Shaktikanta Das</keyword> said the central bank has taken several measures for the orderly development of the <keyword id="12577431" type="General" weightage="20" keywordseo="digital-lending-ecosystem" source="Orion">digital lending ecosystem</keyword> in India. In a bid to address the problems arising from unauthorised digital lending apps (DLAs), he said the RBI proposes to create a public repository of DLAs deployed by its regulated entities. "The regulated entities (REs) will report and update information about their DLAs in this repository. This measure will help the consumers to identify the unauthorised lending apps," Das said. On introduction of 'Delegated Payments' through UPI, the Governor said the facility would enable an individual (primary user) to allow another individual (secondary user) to make UPI transactions up to a limit from the primary user's bank account without the need for the secondary user to have a separate bank account linked to UPI. This, he added, will further deepen the reach and usage of digital payments. The central bank also announced an increase in the transaction limit for tax payments through UPI to Rs 5 lakh. Currently, the transaction limit for UPI is Rs 1 lakh, except for certain categories of payments which have higher transaction limits. "It has now been decided to enhance the limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh per transaction. This will further ease tax payments by consumers through UPI," Das said. The Governor also announced measures to speed up cheque payment which will benefit both the payer and the payee. At present, cheque clearing through Cheque Truncation System (CTS), operates in a batch-processing mode and has a clearing cycle of up to two working days. "It is proposed to reduce the clearing cycle by introducing continuous clearing with 'on-realisation-settlement' in CTS," Das said. This means that cheques will be cleared within a few hours on the day of presentation.

RBI to set up public repository of digital lending apps to check unauthorised players

Mumbai, Mar 30 () The Reserve Bank of India (RBI) on Monday said special clearing operations will be carried out by banks and other eligible financial entities on Tuesday for annual closing of government accounts and for the special measures in the wake of the coronavirus pandemic. Referring to special measures announced earlier on Saturday, the RBI said taking into account the current unprecedented situation across the country to tackle the Covid 19 situation, various arrangements are put in place. The RBI has divided time slot for transactions of central and state governments; and announced special measures for the current financial year 2019-20. Normal clearing timings as applicable to any working Tuesday shall be followed on March 31, 2020, the RBI said in a notification. Further, to facilitate accounting of all the government transactions for the current financial year (2019-20) by March 31, 2020, it has been decided to conduct a special clearing exclusively for government cheques at all clearing houses across the country on March 31, 2020, RBI said. With regard to CTS (cheque truncation system) grids in Chennai, Mumbai and New Delhi, presentation clearing will be held between 5 am and 5:30 pm, while return clearing will happen between 7 pm and 7:30 pm. Those under Express Cheque Clearing System (ECCS) centres, the presentation clearing is to happen one hour after normal working hours keeping in view operational convenience at local centre and for return clearing, it will happen half an hour/one hour after presentation clearing keeping in view the operational convenience at local centre. "It is mandatory for all banks to participate in the special clearing on March 31, 2020. All member banks of clearing houses are required to keep their inward clearing processing infrastructure open during special clearing hours and maintain sufficient balance in their clearing settlement account to meet settlement obligations arising out of the special clearing," RBI said. It also asked the banks to be prepared to participate in RTGS (real-time gross settlement) on March 31, 2020. All government transactions done by agency banks for the financial year 2019-20 must be accounted for within the same financial year, it said. Under the special clearing window, all agency banks are directed to keep their designated branches open for over-the-counter transactions related to government transactions up to the normal working hours on March 31. "Transactions through National Electronic Funds Transfer (NEFT) will continue up to 2400 hours as hitherto on March 31, 2020," it added. Regarding reporting of central and state government transactions to the RBI, including uploading of GST/ e-receipts luggage files, the reporting window on March 31, 2020, will be extended and kept open till 1200 hours on April 1, 2020. All the scheduled commercial banks, including regional rural banks; urban and state co-operative banks, district central co-operative banks, local area banks, payment banks and small finance banks, would be part of this special clearing session. KPM HRS

Banks' special clearing operations for closure of govt a/cs to be carried out on Tuesday: RBI

Mumbai, Feb 6 () Following are the highlights of RBI's sixth bi-monthly monetary policy statement, 2019-20: * Policy rate kept unchanged at 5.15 pc * GDP growth for 2020-21 fiscal pegged at 6 pc * Upward bias expected in overall food prices on account of vegetables, pulses * Accommodative stance to revive growth maintained; inflation to remain elevated in short-run * Retail inflation projection revised upwards to 6.5 pc for January-March quarter * Breakout of Coronavirus may impact tourist arrivals, global trade * Rationalisation of personal income tax rates in the 2020-21 Budget to support domestic demand * Need for adjustment in interest rates on small saving schemes outlined * Pricing of loans by banks for the medium enterprises to be linked to an external benchmark effective April 1 * Time for restructuring of GST-registered MSME loans extended till December 2020, from March 2020 at present * Revised regulations for housing finance companies to be issued * RBI to periodically publish a composite 'Digital Payments Index' (DPI) from July 2020 to capture the extent of digitisation of payments * Framework for a Self-Regulatory Organisation (SRO) for digital payments to be issued * Pan India Cheque Truncation System (CTS) to be made operational by September * Extension of date of commencement of commercial operations of project loans for commercial real estate, delayed for reasons beyond the control of promoters, by one year, allowed * Crude prices likely to remain volatile * Foreign exchange reserves stood at USD 471.4 billion on February 4, 2020 * Net FDI rose to USD 24.4 billion in April-November 2019, against USD 21.2 billion a year ago * Net foreign portfolio investment (FPI) stood at USD 8.6 billion in 2010-20 (till February 4) as against net outflows of USD 14.2 billion in the year ago period * All six members of Monetary Policy Committee vote in favour of maintaining status quo on interest rate * Next meeting of the MPC scheduled during March 31, April 1 and 3, 2020. JD ANSANS

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RBI to set up public repository of digital lending apps to check unauthorised players

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Banks' special clearing operations for closure of govt a/cs to be carried out on Tuesday: RBI

PTI

Highlights of RBI's sixth bi-monthly monetary policy statement for 2019-20

PTI

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