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The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword>) on Thursday has directed all the credit information companies to appoint an internal ombudsman by April 1, 2023. The RBI, in its Statement of Developmental and Regulatory Policies, on August 5, 2022 had called for bringing credit information companies under the internal ombudsman framework to strengthen and improve the efficiency of the internal grievance redressal mechanisms. According to the central bank, the internal ombudsman shall be either a retired or a serving officer, not below the rank of deputy general manager or equivalent in any financial sector regulatory body, credit information companies, a non-banking financial company (<keyword id="6355260" type="General" weightage="20" keywordseo="nbfc" source="Orion">NBFC</keyword>) or bank, with necessary skills and experience of at least seven years in banking, non-banking finance, financial sector regulation or supervision, credit information, or consumer protection. The appointment will be for a fixed term of not less than three years, but not exceeding five years. The internal ombudsman cannot be removed before the completion of the contracted term without the RBI's explicit approval. In case the vacancy arises on account of reasons beyond control, the credit information company shall appoint a new internal ombudsman, within three months from the date of the vacancy arising. The RBI also said that the scope of the internal audit of credit information companies shall exclude any assessment of the correctness of decisions taken by the internal ombudsman. The internal ombudsman shall report to the Managing Director or Chief Executive Officer administratively, and to the Board functionally.

RBI directs credit information companies to appoint internal ombudsman

<ul><li>The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has removed the charges levied to process any online transaction through <keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="NEFT">NEFT</keyword> and <keyword id="6356014" type="ORGANIZATION" weightage="20" keywordseo="rtgs">RTGS</keyword> system. </li><li>The Central Bank has also decided to set up a committee to review the charges for using the ATM machine. </li></ul>The Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) today paved the way for cheaper online fund transfers as it removed charges levied on NEFT and RTGS transactions. And, banks will be expected to make it cheaper for customers to perform these transactions too. “In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the Reserve Bank for transactions processed in the RTGS and NEFT systems. Banks will be required, in turn, to pass these benefits to their customers. Instructions to banks in this regard will be issued within a week,” RBI said on Thursday. The Reserve Bank levies minimum charges on banks for transactions routed through its RTGS and NEFT. Banks, in turn, levy charges on their customers. The decision to scrap the fees levied on RTGS transaction comes days after RBI extended the timings for doing RTGS transaction. Currently, the fee for transferring funds using RTGS varies according to the time. There is no fee between 8 am to 11 am. The fee for transfer of funds during 11 am to 1 pm is ₹2 whereas from 1 pm to 6 pm is ₹5. The fee for transaction after 6 pm is ₹10. Review ATM Charges The Central Bank has also decided to set up a committee to review the charges for using the ATM machine. The committee will be chaired by Chief Executive Officer, Indian Banks’ Association (IBA), who will examine the entire issue related to ATM charges and fees. “Usage of ATMs by the public has been growing significantly. There have, however, been persistent demands to change the ATM charges and fees,” the central bank said in a statement. Earlier today, The Reserve Bank of India decided to reduce the repo rate for the commercial banks by 25 basis points (bps) to 5.75% in its second monetary policy review of the current fiscal. The RBI changed its monetary policy stance from neutral to accommodative, ruling out the chances of a rate increase. See also: <a href="https://www.businessinsider.in/rbi-cuts-repo-rate-by-25-bps-as-largely-expected/articleshow/69671872.cms">RBI surprises markets with a change in stance — aims to revive India's 'animal spirits'</a> <a href="https://www.businessinsider.in/rbi-to-extend-rtgs-deadline-to-6-p-m-from-june-1/articleshow/69553735.cms">RBI to extend RTGS deadline to 6 p.m. from June 1</a>

RBI moves to make online bank transfer cheaper, to review ATM charges

The <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has told the <keyword id="6355014" type="ORGANIZATION" weightage="20" keywordseo="Delhi-High-Court">Delhi High Court</keyword> that the cap on the number of withdrawals from ATMs by banking customers without being charged is a policy decision taken in public interest. 
 A bench of Chief Justice <keyword id="2206646" type="PERSON" weightage="20" keywordseo="G-Rohini">G Rohini</keyword> and Justice <keyword id="803423" type="PERSON" weightage="20" keywordseo="Sangita-Dhingra-Sehgal">Sangita Dhingra Sehgal</keyword> was also informed by RBI that the ATM facility was made available with a view to reduce "cash usage and increase electronic transactions in the country". 
 RBI was responding to public interest litigation (<keyword id="6355791" type="ORGANIZATION" weightage="20" keywordseo="PIL">PIL</keyword>) filed by advocate <keyword id="1684541" type="PERSON" weightage="20" keywordseo="Swati-Aggarwal">Swati Aggarwal</keyword>, seeking directions to allow banking customers to make an unlimited number of transactions free of any charge on their own bank ATMs, according to a news agency. 
 
India's central banking institution, which controls the monetary policy of the rupee, however, opposed the PIL, saying it is "not maintainable and is liable to be dismissed, as RBI has not violated any laws of the land". 
 
"The PIL is not meant to be a weapon to challenge the financial or economic decisions which are taken by the RBI in exercise of their administrative/ statutory powers and in the public interest...," RBI's counsel said. 
 
On this, the bench has asked the RBI to file an affidavit with regard to its contention made before it by next date of hearing, December 5. 
 
The RBI's oral submissions were made after the high court on last date of hearing had questioned its decision to put a cap on withdrawals by banking customers using their ATM cards, saying account holders were being "unnecessarily taxed". 
 As per RBI's new guidelines, bank customers in six metros -- Delhi, Mumbai, Chennai, <keyword id="6354925" type="COMPANY" weightage="20" keywordseo="Kolkata">Kolkata</keyword>, Hyderabad and <keyword id="6354321" type="CITY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword> -- are allowed to withdraw money free of charge only five times a month and every transaction beyond this limit will be charged Rs 20 per use. 
 
Image- India Times

RBI feels account holders were
being "unnecessarily taxed” by putting cap on ATM withdrawal

The Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) on Thursday barred Kanpur-based People's Co-operative Bank from granting fresh loans and accepting deposits for six months, due to its weak financial position. The RBI also said no withdrawal of amount of a depositor will be allowed from the co-operative bank. "As from the close of business on June 10, 2020, the bank shall not, without prior approval of RBI in writing grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise," the RBI said in a release. The central bank has barred the co-operative bank from selling, transferring or disposing any of its properties or assets. "In particular, no amount of the total balance across all savings bank or current accounts or any other account of a depositor may be allowed to be withdrawn," the central bank said. These directions will remain in force for six months from the close of business on June 10 and are subject to review, it said. The central bank, however, clarified that the directions should not be construed as cancellation of banking licence of the co-operative bank. The bank will continue to undertake banking business with restrictions till its financial position improves, it said.

RBI bars People's Co-operative Bank from granting fresh loans and accepting deposits for six months

New Delhi, May 22 () Finance Minister Nirmala Sitharaman on Friday said the RBI's decision to cut the benchmark lending rate will make loans affordable amid the COVID-19 crisis. The RBI on Friday reduced the repo rate by 40 basis points to a historic low of 4 per cent, besides extending loan moratorium for all retail and commercial borrowers by another three months till August 31. "The RBI decision, not just this one even earlier, has been very timely, well thought through and made a lot of difference then and I guess even now it will make a lot of difference to the sentiment which prevails and also immediately make affordable liquidity available," Sitharaman told DD News. "The extension of the moratorium is something which all of us have waited for, and I only welcome the decision of the RBI like the last time. It is timely and purpose serving," she added. DP ABM ABM

RBI's rate cut will make loans affordable: FM 

NEW DELHI: The government on Sunday left it to RBI to decide on <keyword id="6371181" type="UNKNOWN" weightage="20" keywordseo="interest-rates">interest rates</keyword> even as the two have begun discussions on putting in place a new monetary policy framework, which is a fresh mechanism to fix rates. 
 
While the government wants Parliament to set the inflation target under the proposed plan, RBI has already gone ahead and begun work towards a glide path, which targets 8% retail inflation by next January and 6% by January 2016. 
 On Sunday, <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">finance minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, who spoke at the RBI board meeting, did not comment directly on RBI's plan but made it clear that it was the central bank, which will decide on rates. "On last two occasions RBI has announced its policy on interest rates, I had, on the same evening, issued clear statement. I think that is very clear. This is the issue which the Reserve Bank decides and I am sure they will factor in various circumstances," he told reporters after meeting. 
 
Although some viewed it as a "prod" from the government to cut rates, since taking charge Jaitley has maintained that RBI is the final authority on deciding when the time is ripe to tweak rates. 
 "<keyword id="130" type="POSITION" weightage="20" keywordseo="Governor">Governor</keyword>, RBI has already stated that RBI will not hold interest rates high any longer than is necessary and if disinflation proceeds as warranted, there will eventually be room to cut rates. Going forward, the RBI should examine the liquidity situation, inflation and growth in setting policy rates," the <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">finance</keyword> minister had said on Tuesday, when RBI had left policy rates unchanged, while signaling more liquidity infusion into the system. 
 
 
 After the board meeting, RBI governor <keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> was more emphatic in saying that time was not ripe. "At this point, uncertainty is two way... Then, of course, if news come on either side we can change what the policy is. But, as of now we think the policy is on target. This is contingent on data coming in," he said. 
 In recent weeks, inflation, industrial production and trade data have been positive but RBI's main worry stems from <keyword id="67286" type="UNKNOWN" weightage="20" keywordseo="Food-inflation">food inflation</keyword> due to weak monsoon rains in several parts of the country. 
 
On the monetary policy framework, Rajan said that so far preliminary discussions have been held and indicated that a final outcome will take time.

New Monetary Policy Framework Under Way

The <a href="http://www.businessinsider.in/searchresult.cms?query=RBI&amp;sortorder=effectivedate">Reserve Bank of India </a>(RBI) has some good news for <keyword id="6358031" type="UNKNOWN" weightage="20" keywordseo="digital-wallets">digital wallets</keyword>. In the backdrop of rising popularity of <a href="http://www.businessinsider.in/searchresult.cms?query=UPI&amp;sortorder=effectivedate">Unified Payment Interface</a> (<keyword id="6358921" type="COMPANY" weightage="20" keywordseo="UPI">UPI</keyword>), or payment through digital wallets, the RBI has decided to make digital wallets inter-operable. 
 
At present, digital wallets such as <a href="http://www.businessinsider.in/searchresult.cms?query=paytm&amp;sortorder=effectivedate">Paytm</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=Mobikwik&amp;sortorder=effectivedate">MobiKwik</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=PhonePe&amp;sortorder=effectivedate">PhonePe</a>, etc can access the UPI network through partner banks to facilitate bank-to-bank money transfers. 
 Once the RBI gives a nod to inter-operation of digital wallets, you will be able to send money directly to <keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword> from your FreeCharge wallet and vice-versa. 
 
“RBI is expected to issue guidelines shortly on interoperability and 'know your customer' (KYC) norms for digital wallet companies. RBI will also decide on the interchange fees between the wallets for them to be able to access the UPI framework,” ET quoted two people as saying. 
 
Online money transfer and payments are gaining popularity in India and the Indian Government is also pushing for Aadhaar-based payment platform and another instrument for transactions using QR codes. 
 Bipin Preet Singh, chief executive of <keyword id="143842" type="UNKNOWN" weightage="100" keywordseo="Mobikwik">MobiKwik</keyword>, told ET, “The company is keen to partner with other financial networks to develop a collaborative financial services platform." 
 
"We are hearing that the process (of opening up UPI for digital wallets) is likely to be fast-tracked. Since the (prepaid payment instruments, or digital wallets) are also issued licences by RBI, the logical step is to open the UPI infrastructure to them and make it more inclusive," Ritesh Pai, country head for digital banking at Yes Bank, which has partnered with Flipkart-owned payments venture PhonePe, told ET. 
 
As per the RBI data, UPI network registered about 4.2 million transactions worth Rs 1,900 crore in February.

Soon, you’ll be able to pay on MobiKwik via Paytm wallet and vice-versa. Here’s how

<ul class="summary-list"><li><keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword>'s central bank confirmed on Monday that <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> and exchanges are not banned.</li><li>A three-year-old circular that barred banks from <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> transactions is no longer valid, the RBI said.</li><li>"The new RBI circular clearly confirms the right to do business with crypto firms," crypto exchange ZebPay's co-CEO said.</li></ul>India's central bank clarified on Monday that an old order forbidding financial institutions from supporting cryptocurrency transactions had been struck down by the country's highest court in 2020, allowing investors to breathe a sigh of relief.<a href="https://rbi.org.in/Scripts/BS_CircularIndexDisplay.aspx?Id=12103">In a new note</a>, the regulator said banks should not cite its <a href="https://www.rbi.org.in/scripts/FS_Notification.aspx?Id=11243&amp;fn=2&amp;Mode=0p;Mode=0">2018 circular</a> as a reason to disallow trades in digital currencies as it had been "set aside by the Hon'ble Supreme Court" last year."The circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from," the note stated.The latest order, addressed to all commercial and co-operative banks, followed local media reports that some financial firms, including the country's largest banks, had advised investors against dealing in digital currencies."It's amazing to see @RBI clarifying &amp; helping solve uncertainty for crypto in India," Nischal Shetty, founder and CEO of Indian crypto exchange founder WazirX, <a href="https://twitter.com/NischalShetty/status/1399579000624713732">said in a tweet</a>. "There are over 1.5 crore Indians in crypto. This news has brought joy and confidence to everyone in the sector."Read More: <a href="https://www.businessinsider.com/crypto-trader-shares-favorite-strategies-bullish-sectors-bitcoin-ether-defi-2021-5" target="_blank" rel="noopener noreferrer">A senior crypto trader at a $500 million digital asset manager shares his favorite trading strategies to generate 'riskless profits' - and the 3 sectors of the nascent market that he is most bullish on</a>Still, the RBI order directs institutions to continue to perform due diligence processes before providing services. "This is positive news for the entire crypto industry - businesses, stakeholders, and investors," Avinash Shekhar, co-CEO of crypto exchange ZebPay, told Insider. "Investing in crypto has always been 100% legal in India and the new RBI circular clearly confirms the right to do business with crypto firms."He added that the RBI's communication about due diligence is a welcome move that could strengthen the relationship with banking and payment gateway partners, and make crypto investments accessible to more Indian investors.The crypto industry in India still awaits further direction from the government in the form of a <a href="https://www.cnbc.com/2021/03/15/india-plans-cryptocurrency-ban-will-penalize-miners-and-traders.html">new law</a> that reportedly address criminal possession, issuance, and crypto mining.<a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> was little changed on Tuesday, trading 1% higher around $36,196. The digital token is up 25% so far this year.

You Searched For "rbi news" and got 8 results

RBI directs credit information companies to appoint internal ombudsman

IANS

RBI moves to make online bank transfer cheaper, to review ATM charges

Preeti Soni

RBI feels account holders were being "unnecessarily taxed” by putting cap on ATM withdrawal

BI India Bureau

RBI bars People's Co-operative Bank from granting fresh loans and accepting deposits for six months

PTI

RBI's rate cut will make loans affordable: FM

PTI

New Monetary Policy Framework Under Way

Times Of India

Soon, you’ll be able to pay on MobiKwik via Paytm wallet and vice-versa. Here’s how

BI India Bureau

India's central bank confirms cryptocurrencies aren't banned - and says its 2018 order barring banks from crypto transactions is no longer valid

Shalini Nagarajan

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