RBI relaxes current account norms, extends deadline to implement new rules. Check details
3 years, 4 months ago

RBI relaxes current account norms, extends deadline to implement new rules. Check details

India TV News  

The Reserve Bank of India on Wednesday issued guidelines for the implementation of the circular on the opening of current accounts by banks. The central bank has given banks time until October end to implement the new rules on current accounts issued in 2020. In the case of borrowers who have not availed of the CC/OD facility from any bank, there is no restriction on the opening of current accounts by any bank if exposure of the banking system to such borrowers is less than ₹5 crore. In the case of borrowers who have not availed of the CC/OD facility from any bank and the exposure of the banking system is ₹5 crore or more but less than ₹50 crore, there is no restriction on lending banks to such borrowers from opening a current account. The restriction applies to borrowers in case they avail the CC/OD facility since all operations that can be carried out from a current account can also be carried out from a CC/OD account as banks in a CBS environment follow a one-bank-one-customer model as against a one-branch-one-customer model.

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History of this topic

Credit Card: RBI Extends Deadline to Implement New Rules to October 1; Know the Changes
2 years, 6 months ago

Credit Card: RBI Extends Deadline to Implement New Rules to October 1; Know the Changes

News 18  

The Reserve Bank of India on Tuesday extended the timeline to implement various provisions related to credit card issuance till October 1. Moreover, the terms and conditions for payment of credit card dues, including the minimum amount due, shall be stipulated, the Reserve Bank of India said. Credit Card Rules to Change from July 1 Earlier in April, the Reserve …

RBI’s new credit card rules: There’s now an option to change your billing cycle
2 years, 7 months ago

RBI’s new credit card rules: There’s now an option to change your billing cycle

Live Mint  

The Reserve Bank of India recently issued credit card regulations aimed at safeguarding the interests of customers. As part of the 26-page document, the central bank stated that cardholders must be provided a one-time option to modify the billing cycle of the credit card as per their convenience. The beginning of the billing cycle till the payment due date is …

RBI defers tokenisation deadline by six months
3 years ago

RBI defers tokenisation deadline by six months

The Hindu  

The Reserve Bank of India has decided to defer the implementation of tokenisation of debit and credit cards for online transactions by a further six months following representations from stakeholders. “The timeline for storing of CoF data is extended by six months till June 30, 2022; post this, such data shall be purged,” the central bank said on Thursday. “In …

RBI defers rules on auto debit transactions till Oct
3 years, 8 months ago

RBI defers rules on auto debit transactions till Oct

Live Mint  

The Reserve Bank of India on Wednesday deferred new rules on automatic debit by six months, in a relief to banks, customers and the digital payments ecosystem unprepared for the 31 March deadline. A central bank notification said the industry has not fully implemented the new framework it announced in August 2019, and that “non-compliance will be dealt with seriously”. …

RBI extends timeline for processing of recurring online transactions till Sept 30
3 years, 8 months ago

RBI extends timeline for processing of recurring online transactions till Sept 30

India TV News  

The Reserve Bank of India on Wednesday extended the timeline for the processing of recurring online transactions till September 30, 2021. RBI had directed all banks including RRBs, NBFCs, and payment gateways to comply with AFA for automatic recurring payment by March 31, 2021, in order to make digital transaction safe and protect customers from fraudulent transactions. To prevent any …

RBI Extends Deadline for New Guidelines on Auto-Payment of Bills, Subscriptions to Sep 30
3 years, 8 months ago

RBI Extends Deadline for New Guidelines on Auto-Payment of Bills, Subscriptions to Sep 30

News 18  

The Reserve Bank of India had recently announced that automatic payment of things like bills and subscriptions will not be allowed starting April 1, directing all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions using cards or Prepaid Payment Instruments or Unified Payments Interface under arrangements/practices not compliant with AFA would not be continued beyond …

Online automatic transactions will not fail from April 1, RBI extends deadline by 6 months
3 years, 8 months ago

Online automatic transactions will not fail from April 1, RBI extends deadline by 6 months

India Today  

The Reserve Bank of India has now extended the timeline for implementation of new guidelines for automatic payment system by six months. Previous reports had noted that the RBI had refused to grant an extension to banks following which banks started notifying customers about failure in automatic recurring payments from April 1. For transactions above Rs 5000, banks will also …

CII Asks RBI to Relook Circular on Opening of Current Accounts
4 years, 2 months ago

CII Asks RBI to Relook Circular on Opening of Current Accounts

News 18  

Industry body CII has urged the Reserve Bank to reconsider its circular regarding opening of current accounts saying that the guidelines are likely to disrupt the servicing of clients by banks leading to inefficiencies and delays. "While the guidelines announced by RBI are of appropriate intent, they are likely to disrupt the ongoing servicing of clients by Banks/ NBFCs/ HFCs …

Foreign Banks Expressing Concerns Over RBI's New Current Account Norms: Senior Banker
4 years, 3 months ago

Foreign Banks Expressing Concerns Over RBI's New Current Account Norms: Senior Banker

News 18  

The Reserve Bank’s new guidelines on current account have made the foreign banks jittery, as they will not be able to garner nil-interest funds from corporate in the name of providing better services than their domestic counterparts, said a senior banker. So far, foreign banks used to manage the large current accounts of India Inc with virtually little or no …

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