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The Reserve Bank of India, abbreviated as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. Owned by the Ministry of Finance, Government of India, it is responsible for the control, issue and maintaining supply of the Indian rupee. It also manages the country's main payment systems and ...
Unified Payments Interface, commonly referred to as UPI, is an Indian instant payment system as well as protocol developed by the National Payments Corporation of India (NPCI) in 2016. The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. [ 1][ 2] It is used on mobile devices to instantly transfer ...
CRIF High Mark Credit Information Services Pvt. Ltd. is an RBI -approved credit bureau in India. [4] [5] It serves retail, agriculture and rural, MSME, commercial and microfinance. [6] [7] [8] The company was incorporated in 2005 and is based in Mumbai. [9] It launched its credit bureau operations in 2010 and has a database of over 120+ crore ...
The Reserve Bank of India’s directive, which goes into effect on Friday, requires banks, financial institutions and payment gateways to obtain additional approval for auto-renewables ...
Local Area Banks can operate and open branches in a maximum of 3 geographically contiguous districts. They are governed by the provisions of the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949 and other relevant statutes. They are to be registered as Public Limited Companies under the Companies Act 1956.
The Reserve Bank of India has informed dozens of fintech startups that it is barring the practice of loading non-bank prepaid payment instruments (PPIs) — prepaid cards, for instance — using ...
India launches Account Aggregator to extend financial services to millions. India’s top banks five years ago built the interoperable UPI rails and enabled over 150 million people in the South ...
National Payments Corporation of India (NPCI) is an Indian state-owned organization that operates retail payments and settlement systems in India. The organization is an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust payment and settlement infrastructure in India.