India’s central bank creates $66m digital payments infrastructure fund
RBI has made an initial seed contribution of $33 million (RS 250 crore).
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Reserve Bank of India
RBI to build blockchain-based banking platform
The technology would be for banking officials’ use only.
Swift gives short shrift over RBI penalties to Indian banks
It says the failures lie with automated payment processes at the banks.
Reserve Bank of India fines three banks for compliance fails
Axis, UCO and Syndicate Bank found to be at fault.
Judgement day arrives for payments in India
Nation gets ombudsman to help with users’ complaints.
Reserve Bank of India’s governor quits for personal reasons
Tensions with the finance ministry are rumoured to lie behind the departure.
India’s central bank shortlists five vendors for data project
The Reserve Bank of India (RBI) keen to harness the power of big data.
RBI says no to Yes Bank CEO staying on
The forced exit is a result of lack of compliance.
India’s central bank puts a stop to cryptocurrencies
Reserve Bank of India ushers in a new reality for virtual currencies.
India’s central bank issues Swift ultimatum for core banking
With a deadline of 30 April 2018.
India consolidates bill payment system
Reserve Bank of India (RBI), the country’s central bank and regulator, has given National Payments Corporation of India (NPCI) the go-ahead to consolidate payment of local utility and services bills.
Reserve Bank of India unleashes account number portability
Reserve Bank of India (RBI), the country’s central bank and regulator, has asked banks in the country to work towards implementing a system that allows users to port their account from one bank to another, without changing the account number.
India seeks to avoid ATM tears from WannaCry ransomware
The Reserve Bank of India (RBI) is telling the nation’s banks to operate their ATM networks only after the machines receive a Windows update to protect them from the WannaCry ransomware affecting systems across the globe. The computer malware has spread across 150 countries and takes over users’ files with a demand of $300 to […]
RBI investigates blockchain for financial applications in India
The Institute for Development and Research in Banking Technology (IDRBT), set up by the Reserve Bank of India (RBI), has recently issued a whitepaper, “Applications of Blockchain Technology to Banking and Financial Sector in India”. We summarise the report and highlight the key findings.
How can RBI’s latest guidelines help Indian banks combat cybercrime?
Rising cybercrime in India is no secret. According to a report by Symantec, India now ranks third in the world, after the US and China, as a source of malicious activity. In fact, the National Crime Records Bureau data reveals that in the three years up to 2013, registered cases of cyber crime were up 350%, from 966 to 4356. Dubious distinctions both, and give banks and the financial sector in India cause for worry.
Reserve Bank of India to tackle fintech regulations
The Reserve Bank of India (RBI) has put together an inter-regulatory working group (WG) to study the entire gamut of regulatory issues relating to fintech and digital banking in India. The move is designed to help facilitate their development and is the latest in a long list of technological advances in the country. Aside from […]
Reserve Bank of India pushes for ATM revamp
The Reserve Bank of India (RBI) plans an overhaul of the country’s ATMs to enable the processing of EMV chip and PIN cards by 2017. The RBI says while India’s POS infrastructure accepts and processes EMV chip and PIN cards, the ATM infrastructure, “on the whole”, continues to process card transactions based on data from […]
Reserve Bank of India to fund urban cooperative banks’ tech upgrades
The Reserve Bank of India (RBI), the country’s central bank and regulator, has set up a scheme to provide financial assistance to urban cooperative banks (UCBs) for the implementation of core banking solutions. In its First Bi-monthly Monetary Policy Statement-2016-17, the RBI will offer assistance and technology support through the Institute for Development and Research […]
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