Page-47 of RBI
Chip-and-PIN cards
With an aim to minimize frauds, RBI has mandated that Banks must adopt Aadhaar as additional authentication or move to EMV (Euro pay MasterCard Visa) chip and pin technology to ensure security in card-based payment transactions. The apex bank made ..
Month: Current Affairs - February, 2014
‘NACH-ready payments services’ hub for India, launched by Polaris Financial Technology
Polaris Financial Technology announced the launch of its NACH-ready India payments solution. With the emergence of NACH, a high rate of adoption is anticipated to make it imperative for banks to have a strategic roadmap for the adoption of NACH. ..
Month: Current Affairs - February, 2014
Muthoot Finance launched its first White-Label ATM
Indian gold loan company, Muthoot Finance Ltd became the first and only Non-Banking Finance Company (NBFC) to have obtained license for setting-up WLAs in India. The Muthoot Group launched its first White-Label ATM at its corporate office in New Delhi ..
Month: Current Affairs - February, 2014
India Post to install 3000 ATMs,1.35 lakh mirco-ATMs by Sept 15, 2014
In a bid to start a commercial banking, India Post has drawn a plan to install approx 3,000 ATMs and 1.35 lakh micro-ATMs at the post offices across the country for savings account holders by September 2015. On this plan, ..
Month: Current Affairs - January, 2014
UoC became the first public university in the world to accept Bitcoin in tuition fees
The University of Cumbria in northwest England became the first public university in the world to accept the online currency Bitcoin as payment for fees. The acceptance of Bitcoin will initially be limited to the two programmes that address complementary ..
Month: Current Affairs - January, 2014
RBI reviewed norms on restructuring of advances by NBFCs
The Reserve Bank of India (RBI) issued norms for loans restructured by Non-Banking Finance Companies (NBFCs), to create a level-playing field between NBFCs and other commercial banks. The new norms are based on the recommendations of the Mahapatra committee. Till ..
Month: Current Affairs - January, 2014
RBI likely to hold interest rates steady while announcing the monetary policy on January 28, 2014
Reserve Bank of India (RBI) will probably hold interest rates steady while announcing the monetary policy on January 28, 2014. On January 28, 2014 the Reserve Bank of India (RBI) will release the third quarter review of monetary policy for ..
Month: Current Affairs - January, 2014
RBI: Currency notes issued before 2005 to be withdrawn from circulation
The Reserve Bank of India (RBI) has decided to withdraw all currency notes issued prior to 2005, including Rs 500 and Rs 1,000 denominations. As per the RBI, pre-2005 notes can be identified easily as these notes do not have ..
Month: Current Affairs - January, 2014
Urjit R Patel Committee suggests adoption of new CPI for Anchoring Monetary Policy
The Expert Committee to Revise and Strengthen the Monetary Policy Framework, headed by RBI Deputy Governor Urjit R Patel submitted its report to RBI Governor Dr. Raghuram Rajan. Recommendations of the Urjit R Patel committee: RBI should adopt the new ..
Month: Current Affairs - January, 2014
“Dexter”: A virus in the Indian Online Banking System detected by CERT
The Computer Emergency Response Team (CERT-India) detected a “black” private information stealing virus in the Indian online banking transactions space. The virus is especially more threatening for the users of credit cards who make payments at the shopping counters. The ..