Understanding New Umbrella Entity (NUE)

To address the ‘risk concentration’ of only one platform and offer consumers more options, the RBI in 2020 invited private companies to bid for a license to set up a new platform.
• NUE (New Umbrella Entity), a digital platform which will be for-profit and be allowed to charge fees for online transactions, unlike the existing system
• The new entity or entities will be able to earn interest from the float that customers maintain in their online shopping accounts

FAQ’s – Cash Withdrawal Facility at Point of Sale (PoS) Terminals

RBI has allowed cash withdrawal facility at POS Terminals. Latest updates on FAQ’s as of May 5,2020.

Guidelines on Merchant Acquiring Business – Regional Rural Banks

RBI allows RRBs to act as merchant acquiring banks using Aadhaar Pay – BHIM app and POS terminals.

Cyber Security controls for Third party ATM Switch Application Service Providers

A number of RBI Regulated Entities (RREs) manage their ATM Switch ecosystem through shared services of third party ATM Switch Application Service Providers (ASPs). Since these service providers also have exposure to the payment system landscape, it is felt that some cyber security controls are required to be put in place by them.

On-tap authorisation: RBI issues guidelines for BBPOU, White Label ATMs

Reserve Bank issued instructions on ‘on tap’ authorisation to entities desirous to function / operate / provide platforms for Bharat Bill Payment Operating Unit (BBPOU); Trade Receivables Discounting System (TReDS); and White Label ATMs (WLAs).

RBI’s new guidelines for ‘failed’ ATM transactions

The Reserve Bank Friday prescribed a turnaround time (TAT) for banks to settle failed transactions for customers and also notified compensations payable for various types of customer complaints.

Withdrawal of Legal Tender Character of the old Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on December 05, 2016)

Dear friends , I have placed the updated details of FAQ’s on Withdrawal of Legal Tender Character of Old Bank Notes (SBN). Please click on the following links for the same: FAQ’s Updated as of 5th Dec 2016

Government of India Bans Rupee 500 & Rupee 1000 notes wef 8th Nov 2016

Summary of the important announcement regarding Banning of 500 & 1000 Rupee Note : 1. Black money issue, 500 rupees and 1000 rupees banned from Midnight. 2. ATM’s wouldn’t wouldn’t work on 9th and 10th November. Rather the withdrawal limit is Rs. 2000 only. 3. All Residents have option till 30th December 2016, to deposit…