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RBI extends card-on-file tokenisation deadline by 3 months
... was extended by the Reserve Bank of India on September 30th, 2022. Rohingya 20th, 2021. The deadline for card-on- file CoF tokenisation norms was extended by the Reserve Bank of India on September 30th, 2022. The extension of the deadline came as RBI highlighted the fact that transaction processing based on these tokens has begun, but it is yet to gain traction across all categories of merchants. An alternative system in respect of transactions where cardholders can manually enter the card details ...
Updated: 06/24/2022
Forex reserves fall by $5.87 billion to USD 5.58 billion
In the week ending June 17, the country's foreign exchange reserves fell by USD 5.87 billion to USD 590.588 billion, according to RBI data. In the week ending June 17, the country's foreign exchange reserves fell by USD 5.87 billion to USD 590.588 billion, according to RBI data. The data shows that the forex reserves fell in the week due to a dip in foreign current assets FCAs,...
Updated: 06/24/2022
Fintech firms want a sunset clause to stop PPI credit
Industry players are hoping for a reprieve through a sunset clause of at least a year, as the RBI is cracking down on credit facilities provided by non-bank prepaid payment instrument issuers. Industry players are hoping for a reprieve through a sunset clause of at least a year, as the RBI is cracking down on credit facilities provided by non-bank ...
Updated: 06/24/2022
RBI, Bank of Russia to meet this week to discuss bilateral payment system
People familiar with the matter told ET that the Reserve Bank of India RBI and the Bank of Russia are going to meet this week to give the finishing touches to a bilateral payment system that will ensure smooth trade flows between the two nations without the use of global sanctions. People familiar with the matter told ...
Updated: 06/24/2022
Most large merchants comply with RBI’s tokenisation norms
Most of the large merchants have complied with the RBI's card-on-file CoF tokenisation norms and 19.5 crore token has been issued, sources said. Most of the large merchants have complied with the RBI 's card-on-file CoF tokenisation norms and 19.5 crore token has been issued, sources said. The RBI ...
Updated: 06/24/2022
Inflation to fall below 6% in Q4, RBI Deputy Governor says
Inflation is expected to fall below 6 percent in the January-March quarter, as RBI Deputy Governor Michael Debabrata Patra expressed confidence that the monetary policy will be more moderate than the rest of the world. Inflation is expected to fall below 6 percent in the January-March quarter, as RBI Deputy Governor Michael ...
Updated: 06/24/2022
CBDT clarifications on TDS and FAQs on Indian exchanges
... decentralised exchanges is a big issue. Compliance requirements for exchanges should provide comfort to banks, which have been reluctant to work with cryptocurrencies companies. In many instances, they denied services to criptocurrencies businesses because RBI is vehemently opposed to cryptocurrencies. Bitay s Amanjot Malhotra says it is surprising that banks are still not comfortable doing buinsess with cryptocurrencies despite a taxation regime setting in and regulations for the asset class. He believes ...
Updated: 06/24/2022
RBI to collaborate with Indian banks to build blockchain project
The Reserve Bank of India RBI hopes to collaborate with multiple top Indian banks to build a proof-of- concept blockchain project that focuses on trade financing. The Reserve Bank of India RBI hopes to collaborate with multiple top Indian banks to build a proof-of- concept blockchain ...
Updated: 06/24/2022
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