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Customers of all banks can make <keyword id="4623764" type="PERSON" weightage="20" keywordseo="neft-transactions">NEFT transactions</keyword> anytime on all days from December 16, 2019. The facility to be made available from December 16 by all banks under the instructions of <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>, the new system will lift the existing restrictions on the NEFT transactions out of bank hours and on weekends. What the new announcement by RBI means At present, the NEFT transactions booked beyond the working hours of the banks will be completed eventually when the bank resumes its functions. Hence the customers cannot transact using NEFT system out of bank hours. Lifting these constraints, RBI has announced on Wednesday, December 4, 2019 that customers of all banks can use the NEFT facility round the clock even on weekends with effect from Monday, December 16, 2019. How <keyword id="8423700" type="UNKNOWN" weightage="20" keywordseo="rbi-will-support-neft">RBI will support NEFT</keyword> out of bank hours RBI has said in a statement that the NEFT transactions after the usual bank hours will be initiated automatically with the support of using 'Straight Through Processing (STP)' modes by the banks. The existing method of adding new beneficiary to a bank account and returning the transactions within 2 hours following the settlement to the originating bank will continue as it is, RBI said in a press meeting. <keyword id="2983497" type="PERSON" weightage="20" keywordseo="RBI-statement">RBI statement</keyword> on the revised system An RBI statement on the revised system said, "All provisions of NEFT procedural guidelines will be applicable for NEFT 24x7 transactions as well. Member banks are also advised to initiate necessary action and ensure the availability of all necessary infrastructural requirements at their end for providing seamless NEFT 24x7 facility to their customers. Banks may disseminate information on the extended timings for NEFT to all their customers." Businesses have welcomed this move by the RBI as the new extension of the NEFT hours can help support some crucially important transactions out of the bank hours.

RBI Says NEFT Transactions Can Be Done 24 X 7 From December 16, 2019

In a business friendly move, the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> on Friday said that Real Time Gross Settlement System (<keyword id="6356014" type="ORGANIZATION" weightage="20" keywordseo="rtgs">RTGS</keyword>), used for large value transactions, will be made available round-the-clock from December. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month. <keyword id="64190" type="POSITION" weightage="20" keywordseo="RBI-Governor">RBI Governor</keyword> Shaktikanta Das said that to support the ongoing efforts aimed at global integration of Indian financial markets, facilitate India's efforts to develop international financial centres and to provide wider payment flexibility to domestic corporate and institutions, it has been decided to make RTGS available round-the-clock on all days. "With this, India will be one of the very few countries globally with a 24x7x365 large value real time payment system," he said after the the meeting of the <keyword id="6375120" type="ORGANIZATION" weightage="20" keywordseo="monetary-policy-committee">Monetary Policy Committee</keyword> (<keyword id="6369693" type="UNKNOWN" weightage="20" keywordseo="MPC">MPC</keyword>). The round-the-clock RTGS facility will be made effective from December 2020. From July 2019, <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> stopped levying charges on transactions through NEFT and RTGS, with an aim to promote digital transactions in the country. RTGS is meant for large-value instantaneous fund transfers while NEFT is used for fund transfers of up to Rs 2 lakh. The central bank has also decided to grant perpetual validity for Certificate of Authorisation (CoA) issued to Payment System Operators (PSOs) to reduce licensing uncertainties. Currently, the RBI issues "on-tap" authorisation under the Payment and Settlement Systems Act, 2007 to non-banks issuing Prepaid Payment Instruments (PPIs), operating White Label ATMs (WLAs) or the Trade Receivables Discounting Systems (TReDS), or participating as Bharat Bill Payment Operating Units (BBPOUs). Authorisation, including renewal of authorisation, of such PSOs has been largely for specified periods of up to five years. While such limited period licences were necessitated in the initial period of evolution of the payment system, it can lead to business uncertainty for the PSOs and involves avoidable use of regulatory resources in the process of renewal, the Governor said. "To reduce licensing uncertainties and enable PSOs to focus on their business and optimise utilisation of scarce regulatory resources, it has been decided to grant authorisation for all PSOs (both new applicants as well as existing PSOs) on a perpetual basis, subject to certain conditions," Das said. He also pointed out that RBI's oversight framework has gradually developed into a more mature and comprehensive system, which clearly lays out its oversight expectations and the methodologies adopted for oversight of PSOs. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/rbis-mpc-keeps-the-policy-rates-unchanged-to-maintain-accommodative-stance-for-inflation/articleshow/78566955.cms">RBI says it has decided to 'look through' the current 'high inflation' as it won’t last long⁠ but leaves interest rates unchanged</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-beats-accenture-to-become-the-worlds-most-valuable-it-services-company/articleshow/78566487.cms">TCS beats Accenture to become the world’s most valuable IT services company — but this not the first time it has raced ahead</a> <a href="https://www.businessinsider.in/india/news/union-minister-ram-vilas-paswan-dies-at-74/articleshow/78558640.cms">India's consumer affairs minister Ram Vilas Paswan passes way at 74</a> <a href="https://www.businessinsider.in/science/space/news/mars-will-appear-bigger-redder-and-brighter-on-october-13-and-wont-get-this-close-to-earth-again-until-2035/articleshow/78556539.cms">Mars will appear bigger, redder, and brighter on October 13 — and won’t get this close to Earth again until 2035</a>

RTGS will be available 24/7 starting December this year

Mumbai, May 22 () The Reserve Bank, which has been operating from a war-room at a secret facility here since March 19 with skeletal staff, has increased the deployed manpower to 150 now, as the monetary authority continues to insulate the nation's financial system from the disruptions due to the coronavirus pandemic. The facility, part of the RBI's business contingency plan (BCP), was up and running within 24 hrs of the central bank taking a decision to this effect. The war-room was being manned by just about 120 most critical staff from the RBI, along with 60 key personnel from its 600-people strong workforce of its external vendor and around 70 facility staff. As the lockdown has been extended, the RBI deputed an additional 30 staff recently, taking the total strength to 150, a central bank official told on Friday. Mumbai was shuttered almost a fortnight before the national lockdown from March 25. Taking into consideration the criticality of the situation, RBI Governor Shaktikanta Das took the decision to set up a war-room on March 18. Since mid-March, only around 10 per cent of staff have been attending the central office that houses around 2,000 people, according to RBI union sources. Addressing the media on Friday, wherein the RBI cut the repo rate by 40 basis points to 4 per cent, Governor Das profusely thanked the staffers manning the war-room. "I would like to thank my colleagues who have been working tirelessly in our fight against the COVID-19. A special word of praise for our team of over 200 officers, staff and other service providers who are working 24x7 in isolation to keep the essential RBI services available to the nation," Das said. He also praised the selfless work of doctors, healthcare and medical staff, police and law enforcement agencies, functionaries and personnel in government and private sector, banks and other financial institutions and their families. The war-room operation is so controlled for the sake of security and health of the personnel as also of the system. The BCP manual allows only half of the deputed staff to be present at any given time, with the rest on standby. "This is the first of its kind BCP implementation by any central bank and is also the first in our history as even during the World War II, we did not have any such facility," an RBI official had told in March. The most critical RBI functions like debt and reserve management, and monetary operations are being run from the war-room now. On a normal day, these critical operations are handled by around 1,500 employees. The war-room also operates other RBI data centres that run critical systems like SFMS (structured financial messaging system), RTGS and NEFT, e-Kuber that handles the Centre's and states' transactions, inter-bank transactions, market and monetary policy instruments operations, treasury operations, currency inventory and distribution management, RBI website, e-mail and over 35 other applications. "This BCP model is a first in the financial system perhaps anywhere in the world as the normal BCP is for software and hardware problems, fire or other natural calamities and no one has such a plan as RBI has put in place to fight the pandemic. "What is also unique is that no national institution or central bank has a BCP for pandemics where people also maintain social distancing in accordance with established protocols. This includes donning hazmat suits too," the official had explained. On a normal day, the Reserve Bank, that handles billions of transactions, is served by around 14,000 employees across the central office and 31 regional offices. The three most critical functions moved to the war-room -- debt management, reserve management and monetary operations -- are handled by around 1,500 people on a normal day. Explaining how they operationalised the war-room, the official said first they hired the facility exclusively to accommodate around 120 RBI personnel and around 60 IT service providers who are supported by around 70 facility staff. All these people are isolated within the secret facility on a continuous basis and cannot move out except for extreme contingencies. Under the minimum staffing plan of the BCP playbook, two batches are formed and the second batch is kept on standby. A backup replacement pool is also in place. All the staff at the secret location are in hazmat suits, the official added. Again, this is first time that vendors gave been put on the location as on normal days they work onsite and stay back round the clock. These systems, operated through multiple data centres, have to stay live notwithstanding any exogenous disruption, the official noted. The BCP playbook is designed to ensure that all critical functions of the financial system continue function round-the-clock. The novel coronavirus virus has killed around 3,600 people in the country and infected close to 1.2 lakh, while across the world over 5.2 million have been infected and over 3.32 lakh have died.. BEN ABM

RBI fortifies war-room with more manpower as COVID-19 rages on

New Delhi, Mar 11 () Yes Bank on Wednesday said its inward real-time gross settlement (RTGS) services have been enabled to allow customers to make payments towards their credit card dues and loan obligations from other bank accounts. The announcement comes a day after its customers were allowed inward IMPS and NEFT services for the same purposes. RTGS is used for payments of over Rs 2 lakh, while payments below this amount can be made using NEFT. Besides, loan and credit cards repayments to the bank can also be done through IMPS from other bank accounts. "Inward RTGS services have been enabled. You can make payments towards YES BANK Credit Card dues and loan obligations from other bank accounts," the bank said in a tweet on Wednesday. Meanwhile, in 'moratorium-related FAQs' posted on its website, crisis-hit Yes Bank has said services such as online remittances, clearing of cheques and demand drafts as well as outward payment of EMIs will continue to remain under restriction during the moratorium period. However, if an employer has a current account with Yes Bank and wants to pay salaries to employees, there will not be any problem in doing so. As per the FAQs, Yes Bank said outward online remittances, including RTGS and NEFT, are still suspended. "All clearing activities are suspended as of now." "Your EMIs (equated monthly instalments) will be honoured up to the prescribed limit, subject to reinstatement of clearing activities," it said. On March 5, the Reserve Bank of India (RBI) in consultation with the government put a moratorium on Yes Bank till April 3, citing serious financial mismanagement at the private sector lender. During the period, customers are not allowed to withdraw more than Rs 50,000. The bank on Tuesday allowed inward IMPS and NEFT services to enable its customers to make payments towards Yes Bank credit card EMIs and loans through other bank accounts. The move came after its customers complained that they were not able to make payments towards their Yes Bank credit and loan repayments and were anxious about being levied a penalty for no fault of theirs. Besides, within the limit of Rs 50,000, the Mumbai-headquartered lender has also allowed its customers to withdraw money from its own as well as other bank ATMs. In the FAQs, on a query as to what will happen if someone has written and issued cheques to clients, Yes Bank responded, "All clearing activities are suspended as of now as per the directive. Your cheques already issued will not be honoured till the clearing activities are restarted or further directive from regulator." On another query as to what will happen if someone has already dropped a cheque at Yes Bank counter, it said that as all the clearing activities are suspended, "Yes Bank DD/cheques will not be presented in clearing till further instructions or till reinstatement of clearing activities." However, on a query what if an employer holds a current account with Yes Bank and needs to make withdrawal of more than Rs 50,000 to pay salaries to employees, the lender said it can be done. "Yes Bank current account can be debited for more than Rs 50,000 towards disbursement of salaries in the accounts maintained with Yes Bank only," it clarified. Further, it also said transfer from one Yes Bank account to another will be allowed without any restriction. "However, customers can withdraw in a sum up to an aggregate of Rs 50,000 from all these accounts in the moratorium period till April 3, 2020," it added. If one wishes to liquidate a standalone fixed deposit in Yes Bank, it said the branches can liquidate standalone fixed deposits (FDs) amounting less than Rs 20,000 along with interest and pay in cash as per process. "For FDs equal to or above Rs 20,000 (along with interest) but less Rs 50,000 (along with interest), branches can issue demand draft (DD) to customers, however that DD can be presented for clearing only once the clearing services are re-instated," it said. Since the bank was placed under the moratorium on March 5, a sense of panic gripped among customers across the country, who were seen queuing up at bank branches and ATMs to withdraw money. Yes Bank said its ATMs are functional and customers can withdraw money from there. Services such as digital payments supported by Yes Bank also faced outages in the initial stages, which now have been restored. Among others, prepaid meal and forex cards services are also affected due to the sudden oversight on the private sector lender. During the moratorium period, Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. The RBI has initiated a draft reconstruction scheme for the private sector lender according to which State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan by infusing capital of Rs 2,450 crore. On Monday, Yes Bank's RBI-appointed administrator Prashant Kumar hoped that the moratorium on the bank would be lifted by this weekend. KPM HRS

Yes Bank users can now make over Rs 2 lakh payments towards loans, credit cards via other bank a/cs

New Delhi, Dec 28 () In a bid to promote digital payments, Finance Minister Nirmala Sitharaman on Saturday said no MDR charges will be applicable on transactions through homegrown RuPay and UPI platforms beginning January 1, 2020.
Department of Revenue (DoR) will soon notify RuPay and UPI as the prescribed mode of payment for digital transactions without any Merchant Discount Rate (MDR), she said after meeting with CEOs of public sector banks here.
Accordingly, all companies with a turnover of Rs 50 crore or more will be mandated by DoR to provide the facility of payment through RuPay Debit card and UPI QR code to their customers, she said.
MDR is the cost paid by a merchant to a bank for accepting payment from their customers via digital means. The merchant discount rate is expressed in percentage of the transaction amount.
"After extensive consultation with stakeholders, banks and so on. I'm happy to say that announcement which was made in the budget will see the notification coming on January 1, 2020 whereby those modes which are getting notified will not have charges under the MDR being levied on them," she said.
Indigenously developed digital payment medium like RuPay and BHIM UPI will now have edge over the payment gateway promoted by foreign companies.
In her Budget speech in July, Sitharaman had proposed that businesses should offer low cost digital modes of payment such as BHIM UPI, UPI QR Code, Aadhaar Pay, Debit Cards, NEFT, RTGS etc. to their customers, and no charge or MDR shall be imposed on customers to promote digital payment.
"I, therefore, propose that the business establishments with annual turnover more than Rs 50 crore shall offer such low-cost digital modes of payment to their customers and no charges or Merchant Discount Rate shall be imposed on customers as well as merchants.
"RBI and banks will absorb these costs from the savings that will accrue to them on account of handling less cash as people move to these digital modes of payment," she had said.
She further said that all banks will also start a campaign to popularise RuPay Debit card and UPI in order to strengthen the digital payment eco-system and move towards less-cash economy.
The finance minister said the government has already amended two laws -- Income Tax Act and the Payments and Settlement Systems Act, 2007 -- to give effect to these provisions.
The meeting was attended chief executive of Indian Banks' Association and representatives of leading private sector banks.
Finance Secretary, Revenue Secretary, Electronics and Information Technology Secretary, CBI Director, RBI representative and the chief executive officer of NPCI were also present in the meeting.
Besides, the minister launched a common e-auction platform to sell attached assets of defaulters for improved realisation of value.
The platform is equipped with property search features and navigational links to all PSB e-auction sites, provides single-window access to information on properties up for e-auction as well as facility for comparison of similar properties, and also contains photographs and videos of uploaded properties.
As per the latest data, a total of 35,000 properties have been uploaded on the platform by PSBs.
PSBs have attached assets worth over Rs 2.3 lakh crore over the last three financial years.
To strengthen banks, in addition to the recent infusion of Rs 60,314 crore, additional infusion of Rs 8,855 crore (Rs 4,360 crore to Indian Overseas Bank, Rs 2,153 crore to Allahabad Bank, Rs 2,142 crore to UCO Bank and Rs 200 crore to Andhra Bank) has been approved and would be released shortly.
Having improved asset quality and internal resource generation, PSBs are now fully poised to support prudential credit growth towards a USD 5 trillion economy by 2025. DP DP BAL
BAL

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RBI Says NEFT Transactions Can Be Done 24 X 7 From December 16, 2019

BI India Bureau

RTGS will be available 24/7 starting December this year

PTI

RBI fortifies war-room with more manpower as COVID-19 rages on

PTI

Yes Bank users can now make over Rs 2 lakh payments towards loans, credit cards via other bank a/cs

PTI

No MDR charges applicable on payment via RuPay, UPI from Jan 1: FM

PTI

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