Tagged: RBI

RBI-Rules-For-Credit-Debit-Cards

RBI Starts New Security Rules For Credit/Debit Cards

The new rules for credit/debit cards that Reserve Bank of India (RBI) issued in January, will come into force on Monday. The new rules will increase security by reducing frauds. Also, they will boost convenience of the user and security of transactions.

RBI rules for credit/debit cards

According to new rules,only domestic card transactions at ATMs and PoS terminals will be allowed at the time of issuance/reissuance of card. For international transactions, online transactions, card-not-present transactions and contactless transactions, the card holders will have to separately set up services on their cards.

These rules will come into force on March 16 and will be applicable to both the old and new cards. Old card holders have time to decide whether they need all services. Presently these services are provided with all cards but after the new rules, customers would have to ask for the services.

Also, the RBI directed the banks to allow mobile baking and net banking service to enable limit and enable and disable service 24×7. As soon as a customer makes changes in his/her credit/debit card service, his/her bank will notify him/her … Read the rest

RBI-In-2020

Foreign Analysts Fear Revision Of Rates By RBI In 2020

Analyst said on Monday that RBI could hike rates this year because of possible inflationary impact the economy would have while trying to meet the fiscal deficit target of 3.5% for FY2020-21.

The analysts pointed towards the finance minister Nirmala Sitharaman discussing disinvestment where the government under-performed to achieve the 3.8% fiscal deficit target in FY2019-20.

Analysis of growth

The government wants to push the growth but with the help of a clause that allows the government to stretch its commitments under the Fiscal Responsibility and Budget Management Act by 0.5%. But it would show that the government missed the target for the third consecutive year.

Analysts of foreign brokerage Bank of America welcomed the government’s stand while flagging risks to the target. They see a 0.30% if GDP upside risk to the fiscal deficit target because of high disinvestment assumption of Rs. 2.10 lakh crore in FY21 that is almost three times of FY20’s Rs. 65,000 crore.

Goldman Sachs analysis

The analysts said that the achievement of government relies on privatization initiatives. They also said that if the estimates of revenue collections don’t materialize, … Read the rest