Neft

RBI makes changes in NEFT, RTGS for daily reporting of foreign remittances

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

Delhi HC seeks RBI response on implementation of Uniform Banking Code

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

CBDC more anonymous than traditional e-transactions: IDFC First Bank CEO

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

RBI moots 'tiered' charge on payments through UPI, seeks public feedback

The RBI has asked for feedback and suggestions before October 3

RBI seeks public feedback on charges in payment systems by Oct 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

Banks to conduct special clearing ops on Mar 31 for govt accounts' closure

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

What is NEFT and how it works?

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?

TMS Ep129: KYC challenges, digital transactions, Raamdeo Agrawal, NEFT

What are the KYC challenges facing financial institutions? How have digital transactions changed in India? What opportunity does Raamdeo Agrawal see in markets? What is NEFT? All answers here

Statsguru: From UPI to IMPS, mapping digital transactions in India

Wallets have also made a comeback, with rising transaction volumes

RBI allows wallets, white label card networks to access RTGS, NEFT systems

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

Digital Payment transactions decline in May from March-April levels

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

Bank NEFT transfers will not be operational coming weekend

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

E-wallets are similar to bank accounts, but more convenient: Experts

Will help those who can't ensure minimum balance

RBI decides to open up RTGS, NEFT facilities for payment system operators

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

RBI allows card issuers, white label ATMs to take direct membership in CPS

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

Retail cheque payments down to a trickle in FY20 to 2.96%: RBI data

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

Govt announces norms for contributions by individuals, institutions to NDRF

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

YES Bank customers shocked over moratorium; ATMs, branches run our of cash

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

Hit by technical glitch for 12 hrs, RTGS, NEFT transactions restored at RBI

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

Reader's corner: Can motor insurance policy be transferred to a new car?

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