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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

SBI to launch digital-only bank in India

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 […]

India’s proposed m-wallet rules don’t hinder Samsung Pay launch


While the Indian government works toward a digital economy, the Reserve Bank of India (RBI) is soliciting feedback through 31 March on guidelines for prepaid payment instruments (PPI) that could adversely affect issuers of prepaid products, including mobile wallets. Banking Technology‘s sister publication Paybefore reports that the biggest sticking points with industry players pertain to […]

India to open payment interface, ease transactions between m-wallets


As India’s war on cash wages on, mobile wallets continue to reap the rewards. Although some experts suggested the advent of the Reserve Bank of India’s (RBI) Unified Payment Interface (UPI) platform could make mobile wallets obsolete, a new plan for interoperability could be a boon for Paytm, MobiKwik, Freecharge and other mobile wallet providers. […]

RBI investigates blockchain for financial applications in India

RBI examines blockchain opportunities for 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 […]