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The RBI said, with a view to facilitate cash flow-based lending to MSMEs, it has been decided to include Goods and Services Tax Network (GSTN) as a Financial Information Provider (FIP) under the Account Aggregator (AA) framework.
As a part of these initiatives, during November 2022, the Reserve Bank, in collaboration with its regulated entities, will run a nation-wide consumer financial awareness programme with deeper outreach covering all segments of population, especially those in rural and semi-urban areas
The use case for this pilot is settlement of secondary market transactions in government securities. Use of e₹-W is expected to make the inter-bank market more efficient. Settlement in central bank money would reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk.
‘दक्ष (DAKSH)’ is a web-based end-to-end workflow application through which RBI shall monitor compliance requirements in a more focused manner with the objective of further improving the compliance culture in Supervised Entities (SEs) like Banks, NBFCs, etc.
NPCI said with the linkage of RuPay Credit Card on UPI, customers will benefit from the increased opportunity to use their credit cards, and merchants will benefit from the increase in consumption by being part of the credit ecosystem with the acceptance of credit cards using assets like QR codes.
On July 14, 2021, RBI had imposed restrictions on Mastercard to onboard new customer over lapses found in compliance with RBI’s 2018 circular on Storage of Payment System Data.
Kotak said post the increase in the rates will encourage savings behaviour among consumers and the rate changes will come into effect on June 13, 2022.
The central bank said while UPI would be used for customer authorisation in such transactions, settlement would be through the National Financial Switch (NFS)/ATM Networks.
Six of the eleven applicants were not found suitable by RBI for granting of in-principle approval to set up banks.
The RBI today announced the appointment of Sitikantha Pattanaik and Rajiv Ranjan as its new Executive Directors. Both have an experience of more than three decades in economics field and have been associated with the central bank earlier.