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Number of debit cards fell 11% year-on-year in June

Friday, August 23, 2019, 9:57 AM

The number of debit cards in circulation dropped over 11% between June 2018 and June 2019 to 837 million, as per data released by the Reserve Bank of India (RBI) and shared by payment service provider Worldline in a recent report. The drop in cards outstanding was a result of mass closure of zero-balance accounts, Worldline said.
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RTGS money transfer timing changes from August 26

Thursday, August 22, 2019, 1:00 PM

In order to promote digital transactions, the Reserve Bank of India (RBI) has extended the customer transactions timing for Real Time Gross Settlement (RTGS) system by an hour. Now, you can transfer funds through the RTGS system from 7 am instead of 8 am from 26 August, RBI said in a notification.
 
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RBI may ask lenders to link loans to repo rate

Tuesday, August 20, 2019, 9:10 PM

The Reserve Bank of India (RBI) is considering asking banks to link loans to an external benchmark such as the repo rate to improve transmission of policy rates and foster economic growth, said central bank governor Shaktikanta Das. Currently, banks price their loans based on their marginal cost of funds-based lending rate. RBI cut the repo rate from 5.75% to 5.40% in August.

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