Common and Uncommon Questions Faced by NBFCs in SDD Maintenance
Structured Digital Databases (SDDs) have become integral to the operations of financial institutions, including Non-Banking Financial Companies (NBFCs). These institutions face unique challenges and requirements when it comes to maintaining their SDDs, driven by the distinct nature of their activities and regulatory environments.
New Aim to Improve Transparency in Rural Development
Government of Uttar Pradesh issued a critical notification addressing tax evasion concerns related to the Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) and other centrally and state-funded schemes operating within Gram Panchayats.
Major Reform in EPS Pension Disbursement: What You Need to Know About the New Centralized Pension Payment System
With the new CPPS, pensioners will have the flexibility to receive their pension from any bank, at any branch, across any location in India
EPS Pensioners to get pension from any bank, any branch, anywhere in India from 1st January 2025
By enabling pensioners to receive their pensions from any bank, any branch, anywhere in the country, this initiative addresses the long-standing challenges faced by pensioners and ensures a seamless and efficient disbursement mechanism. The CPPS would also ensure disbursement of pension throughout India without any need for transfer of Pension Payment Orders (PPO) from one office to another even when the Pensioner moves from one location to another or changes his bank or branch.
New Co-operative Revival Fund Scheme, 2024
The primary objective is to provide financial assistance to co-operative societies that are facing operational difficulties due to inefficiencies or liquidity problems.
New Payment Channel through BBPS Transforms NPS Contribution Experience
The Bharat Bill Payment System (BBPS) is a widely used platform in India for processing various bill payments. With the recent update, BBPS now supports NPS contributions, allowing subscribers to use multiple payment applications such as BHIM, PhonePe, and others to make their NPS payments
RBI cautions against Fraudulent Activities in its name
RBI has directed to not share account login details, personal information, copies of KYC documents, card information, PIN, password, OTP, etc. with unidentified persons or agencies. Further, such details should not be shared through unverified/unauthorised websites or applications.
Self-Regulatory Organization(s) recognized in the FinTech Sector
The Reserve Bank had issued the ‘Framework for Self-Regulatory Organisation(s) in the FinTech Sector’ (Framework) and invited applications for recognition as Self-Regulatory Organisation in the FinTech Sector (SRO-FT). The SRO-FT should guide the conduct of its members, ensure that they adhere to industry standards, comply with relevant laws and regulations, and maintain high ethical standards.
Scheme for Trading and Settlement of Sovereign Green Bonds in the International Financial Services Centre in India
The Scheme shall apply to investments in Sovereign Green Bonds issued by the Government of India by eligible investors in the IFSC in India.
RBI Processing of e-mandates for recurring transactions
A-replenishment of balances in FASTag and National Common Mobility Card (NCMC), which are recurring in nature but without any fixed periodicity, would be facilitated under the e-mandate framework. It has been decided to include auto-replenishment of FASTag and NCMC, as and when the balance falls below a threshold set by the customer, under the e-mandate framework.
