News: Reserve Bank of India(RBI) has constituted a working group on digital lending — including online platforms and mobile apps. Facts: Objective: The working group will study digital lending activities in the regulated and unregulated financial sector so that an appropriate regulatory approach can be put in place. Composition: The working group comprises six members–four… Continue reading RBI constituted Jayant Kumar Dash committee to study Digital lending activities
Tag: ECO_4
RBI unveils guidelines for Payment Infrastructure Development Fund
News: Reserve Bank of India(RBI) has announced operational guidelines for the Payments Infrastructure Development Fund (PIDF) scheme. Facts: Objectives of the Fund: To increase the number of acceptance devices multi-fold in the country. To benefit the acquiring banks / non-banks and merchants by lowering overall acceptance infrastructure cost. To increase payments acceptance infrastructure by adding… Continue reading RBI unveils guidelines for Payment Infrastructure Development Fund
Digital technology worsen financial exclusion in rural India
Synopsis- Internet Services’ base payment system is worsening the financial exclusion prevalent in rural India. Introduction Financial Exclusion in rural India Internet services have provided much comfort to the user. But for the majority of the rural population digital technology has become troublesome due to a lack of technical knowledge and nexus of service providers, middlemen, government officials, and… Continue reading Digital technology worsen financial exclusion in rural India
Report on Trend and Progress of Banking in India 2019-20
News: Reserve Bank of India has released the Report on Trend and Progress of Banking in India 2019-20. Facts: About the report: The report is a statutory publication in compliance with Section 36 (2) of the Banking Regulation Act, 1949. Purpose: It presents the performance of the banking sector, including co-operative banks, and non-banking financial institutions during 2019-20… Continue reading Report on Trend and Progress of Banking in India 2019-20
RBI launches Digital payments index to track transactions
News: Reserve Bank of India(RBI) has launched a composite Digital Payments Index(DPI). Facts: Objective: To capture the extent of digitisation of payments across the country given the sharp pick-up in digital transactions seen in the recent past. Parameters: The index comprises five broad parameters with varying weights to measure the penetration of digital payments.The five key parameters include:… Continue reading RBI launches Digital payments index to track transactions
What is Positive Pay Mechanism?
Source: The Indian Express News: From January 1, 2021, the Reserve Bank of India (RBI) will introduce the ‘Positive Pay System’ for cheque transactions above Rs 50,000 in a bid to enhance safety and eliminate frauds. Facts: Positive Pay Mechanism: It involves a process of reconfirming key details of large-value cheques. Process: Under this, the issuer of the… Continue reading What is Positive Pay Mechanism?
RBI allows RRBs to access LAF, MSF windows
Source: Click here News: Reserve Bank of India(RBI) has allowed regional rural banks (RRBs) to access the liquidity adjustment facility(LAF), marginal standing facility(MSF) and call or notice money markets with the aim to facilitate better liquidity management for these lenders. Facts: Liquidity Adjustment Facility(LAF): It is a facility extended by the Reserve Bank of India to the banks… Continue reading RBI allows RRBs to access LAF, MSF windows
India Post Payments Bank launches its digital payments services ‘DakPay’
Source: Click here News: Department of Posts (DoP) and India Post Payments Bank(IPPB) has unveiled a new digital payment app ‘DakPay’. Facts: DakPay: To facilitate easy digital transactions and other banking services through the trusted Postal (‘Dak’) network across the nation to cater to the financial needs(‘Pay’) of various sections of the society. Significance: The App is launched as… Continue reading India Post Payments Bank launches its digital payments services ‘DakPay’
Farm and Banking Reform
Context: There is some risk necessary to reform Banking and Agriculture sectors. Contents1 What are the recently announced reforms in Farming and Banking sector?2 Can MSP ensure farm income and Agri-growth?3 What do the laws propose to do?4 What is immediate response of common people?5 How future will be different for Agriculture?6 What can be… Continue reading Farm and Banking Reform
India and UN-Based Better Than Cash Alliance organizes learning on fintech solutions
Source: Click here News: India and UN-Based Better Than Cash Alliance organized a joint Peer learning exchange on fintech solutions for responsible digital payments at the last mile. Facts: Better Than Cash Alliance: It was created in 2012 as a partnership of governments, companies and international organizations that accelerates the transition from cash to responsible digital payments. Launched… Continue reading India and UN-Based Better Than Cash Alliance organizes learning on fintech solutions
