A technical upgrade of RTGS, targeted to enhance the resilience and to further improve the Disaster Recovery Time of the RTGS system, is scheduled after the close of business of April 17, 2021.

It is proposed to constitute a committee to undertake a comprehensive review of the working of ARCs in the financial sector ecosystem, RBI Governor Shaktikanta Das said

The RBI today announced that it is proposing to enable non-bank payment systems like PPIs, card networks, wide-level ATM operators, among others to take direct membership in the Centralised Payment Systems

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Paytm founder and Chief Executive Officer Vijay Shekhar Sharma said the company sees the NUE system to play out as a great opportunity for payments in the country

In August last year, the central bank had unveiled the framework for setting up umbrella entities for operating pan-India retail payments systems and invited applications from eligible companies.

Banks' ability to transform themselves with speed and agility to survive the next revolution will determine the winners and losers

The New Umbrella Entity (NUE) will be jointly promoted by a Reliance unit and Infibeam Avenues Ltd's subsidiary So Hum Bharat, while Google and Facebook will hold a smaller stake in the NUE license

Requests have been received from various stakeholders including Indian Banks' Association for extending the timeline, keeping in view the COVID-19 related disruptions and inconveniences, RBI said.

18,000 odd branches which are outside the centralised clearing system called cheque truncation system will come under it by September, says Reserve Bank of India

In India, the regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks, says RBI

The Insurance Regulatory and Development Authority of India (Irdai) had issued MISP guidelines in 2017 with the intention of streamlining the process and bringing the practices of vehicle insurance, being sold by automotive dealers under the provisions of the Insurance Act, 1938

Earlier the Reserve Bank of India (RBI) has announced that that this will provide a fillip to India's digital payments initiative

Round the clock availability of RTGS will provide extended flexibility to businesses for effecting payments and will enable introduction of additional settlement cycles in ancillary payment systems, says RBI

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

The changes are expected to be for the better.  So, from RTGS, LPG cylinder price to policy premiums, here is what all is going to change.

RBI Governor Shaktikanta Das said, 'With this, India will be one of the very few countries globally with a 24x7x365 large value real-time payment system,'

NPCI, which owns and operates the UPI payment system, is like a regulator for retail payments. ICBC is among 131 investors offered shares in NPCI though it is yet to subscribe to its quota

India was suffering from a twin problem of workers not having any social security because of the country's labour laws and companies not wanting to hire more workers for fear of the same laws that disincentivised labour-intensive production, said the PM

In FY2020, the share of paper clearing in total retail payments plunged to just 2.96 per cent in terms of volume and to 20.08 per cent in terms of value, RBI data showed