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RBI Introduces New Digital PPI for Retails, Grocery Payments

RBI introduces new Prepaid Payment Instrument (PPI) for small retails payment like groceries, local shops etc - Reserve Bank of India (RBI) has launched a new digital payment PPI instrument for digital transactions of small value belong to grocery, local...

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After Agri, Debt Waiver for MSME Also !

RBI has announced debt relied package for MSME up to loan amounting Rs 25 Crore - The newly appointed Governor of Reserve Bank of India (RBI) Shaktikanta Das has taken the major decision providing the debt relief to MSME as credit to...

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RBI Doesn’t Authorize Flipkart, Amazon etc Cash-on-delivery Deals

Reserve Bank of India has made it clear through reply of a Right to Information (RTI) query that Cash-on-delivery (CoD) by services Aggregators/payment intermediaries like Amazon and Flipkart are not authorized under Section 8 of the PSS (Payments and Settlements Systems) Act,...

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RBI bans LoUs and LoCs issuance by Banks

Post Punjab National Bank (PNB) Fraud the Reserve Bank of India (RBI) has banned the use of letters of undertaking (LoUs) and letters of comfort (LoCs). RBI has issued the fresh directives on issuance of  LoUs and LoCs for Banks in India....

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RBI Starts Audit of Public Sector Banks For LoU’s & Trade Finance Activities

Post Punjab National Bank Fraud - Reserve Bank of India (RBI) has started the auditing of all the public sector banks for issuance of LoU's and trande finance business activities. The RBI audit will look after the exisitng process and...

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