RBI extends the timeline for submission of entries for financial literacy Ideathon
In view of requests received for an extension of the timeline, the Reserve Bank of India (RBI) is pleased to announce the extension of last date of submission, to April 15, 2024. RBI aim to encourage more students to participate actively and contribute their creative solutions to address financial literacy challenges.
Annual Conference of RBI Ombudsmen
The conference emphasised the necessity of increasing customer awareness about the Scheme and its benefits viz. filing of complaint from anywhere, automatic acknowledgement on registration of online complaint, facility for real-time tracking of the status of complaint, and closure communication intimating the decision of the Ombudsman.
All Agency Banks to remain open for public on March 31, 2024 (Sunday)
RBI has advised all Agency Banks to keep all their branches dealing with government business open on March 31, 2024 (Sunday).
RBI issues a circular that emphasizes the importance of reporting transactions by agency banks to the Reserve Bank of India
RBI has issued a circular that emphasizes the importance of reporting transactions by agency banks to the Reserve Bank of India (RBI). Recently, there have been discussions surrounding the cut-off time for uploading luggage files related to GST, ICEGATE, and TIN 2.0 receipts. The circular delineates the procedures for uploading luggage files pertaining to Goods and Service Tax (GST), Custom and Central Excise Duties (ICEGATE), and Direct Taxes under TIN 2.0 channel. However, there have been instances where agency banks have requested extensions beyond the prescribed cut-off time of 1800 hours.
RBI publishes Reporting and Accounting of Central Government transactions for March 2024
RBI has published the Reporting and Accounting of Central Government transactions for March 2024. The Government of India’s decision to set April 10, 2024, as the closure date for residual transactions in March 2024 underscores the significance of timely reporting. It necessitates special arrangements by receiving branches to ensure that all payments and collections made on behalf of the government towards the end of March are duly recorded within the same financial year. These arrangements, including courier services, facilitate the swift transfer of challans and scrolls to Nodal/Focal Point branches, thereby streamlining the accounting process.
Reserve Bank of India releases the Annual Report of the Ombudsman Scheme
The Reserve Bank of India released the Annual Report of the Ombudsman Scheme for the period April 1, 2022 to March 31, 2023. This is the first full-year report after the launch of Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2021 in November 2021. The Annual Report covers the activities under the RB-IOS, 2021 as well as major developments during the year in consumer education and protection and the way forward.
RBI announces Arrangements with Card Networks for issue of Credit Cards
On a review, it is observed that some arrangements existing between card networks and card issuers are not conducive to the availability of choice for customers. RBI has directed that the card issuers shall not enter into any arrangement or agreement with card networks that restrain them from availing the services of other card networks. Card issuers shall provide an option to their eligible customers to choose from multiple card networks at the time of issue. For existing cardholders, this option may be provided at the time of the next renewal.
Amendment to the Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022
Instructions relating to credit cards shall apply to all credit card issuing Banks and Non-Banking Financial Companies (NBFCs). Instructions relating to debit cards shall apply to every bank operating in India.
RBI FAQs in the Depositor Education and Awareness (DEA) Fund Scheme in 2014
The Reserve Bank of India (RBI), in its constant endeavor to safeguard depositor interests and promote financial literacy, issued FAQs in the Depositor Education and Awareness (DEA) Fund Scheme in 2014. This initiative aims to address unclaimed deposits, educate depositors, and facilitate the refund process in a transparent and efficient manner.
FAQ on UDGAM Portal
In order to facilitate easier access to information regarding unclaimed deposits, the Reserve Bank of India (RBI) has introduced the UDGAM portal – an innovative solution aimed at simplifying the process of locating and reclaiming dormant accounts.
