NEFT

With the Home Ministry mandating SBI to report all details of overseas donors, including purpose of remittances on daily basis, the Reserve Bank of India (RBI) on Thursday made necessary changes in NEFT and RTGS systems for Foreign Contribution (Regulation) Act (FCRA) related transactions. Under the FCRA, foreign contributions must be received only in the "FCRA account" of State Bank of India (SBI), New Delhi Main Branch (NDMB). The contributions to the FCRA account are received directly from foreign banks through SWIFT and from Indian intermediary banks through NEFT and RTGS systems. In a circular, the RBI said in terms of extant requirements of the Ministry of Home Affairs (MHA), the donor details such as name, address, country of origin, amount, currency, and purpose of remittance are required to be captured in such transactions and SBI is required to report the same to MHA on daily basis. "...necessary changes have been introduced in NEFT and RTGS systems," RBI said, adding the

Court also asks Centre to file a reply in the case in six weeks; next hearing on March 20

In CBDC, the core banking will have a one-time debit for currency purchase, but all subsequent transactions, which move from wallet to wallet

The RBI has asked for feedback and suggestions before October 3

Charges for payment services should be reasonable and competitively determined for users while also providing optimal revenue stream for the intermediaries, states the discussion paper

The Reserve Bank has issued directions to the banks for smooth clearing operation and asked them to participate in it

National Electronic Fund Transfer, or NEFT, is now a preferred mode of transaction for everyone. The RBI-managed NEFT has made near-real-time movement of funds easy. But how does the system operate?

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Wallets have also made a comeback, with rising transaction volumes

Centralised Payment Systems' access will also help lower cost of payments for non-banks, reduce their dependence on banks, says RBI

Cash withdrawal through ATMs, transactions through NEFT and RTGS also decline

If you planning an online money transfer using the banking system between Saturday midnight and Sunday, you are well advised to either cancel or postpone such transfers

Will help those who can't ensure minimum balance

In a major move in the online payments segments, the RBI has decided to allow payment system operators to take direct membership of Centralised Payment Systems (CPS), such as RTGS and NEFT

Central payment system constitutes real-time gross settlement (RTGS) and national electronic fund transfer (NEFT).

That the efforts towards digitization have been very successful is clear from the steady fall in the share of paper clearing

These contributions have been allowed as per Section 46(1)(b) of the Disaster Management Act, 2005

RBI on Thursday imposed a month-long moratorium on YES Bank citing "serious deterioration in its financial position"

Transactions via NEFT and RTGS were affected for almost 12 hours beginning Monday midnight

You need to inform to the insurance company about any changes or modification you have done to the insured vehicle, says expert