RBI Mandate

Amazon cancels one month subscription for Prime, in compliance with RBI's mandate. In compliance with RBI’s recent notification/mandate on recurring transactions, Amazon has declared to discontinue the one-month plan for its Amazon…

This news has been around since last 2 years (read below), however, banks have started implementing it across India with effect from 1st June, 2015. According to notice put up in State Bank of India, they will not accept any notes that…

Reserve Bank of India has issued guidelines for seeking license required for opening Small Banks and Payment Banks in India; along with request for suggestions and opinions from general public on this decision. As per the announcement…

Reserve Bank of India (RBI) issued an advisory for all Indian citizens against a fake website which is offering to open savings bank account: RBI Savings Account. The fake website also offers users to apply for a credit card online! As…

This news will definitely come as a big relief to credit card companies operating in India. In November last year, RBI had come out with a directive that said that Indian Banks who issued credit cards to consumers, will need to implement…

Current RBI Governor Dr. Raghuram Rajan thinks unconventional and totally out of the box. This was yet again demonstrated as the RBI issued two initiatives which will certainly bring cheers from the ‘aam junta’. Initiative 1: Minors…

Reserve Bank of India is making life tough for Indian banks, especially the ones who issue credit cards to customers. According to a new notification, RBI has told banks that the bank credit card swipe machines will need to have biometric…

RBI had come up with number of policy changes earlier this year for overseas debit and credit card transactions to curb spate of online banking transaction frauds. Some of the major changes included mandatory enablement of EMV chip &…