The facility at present of card-less cash withdrawal through automated teller machines (ATMs) is limited only to a few banks. It is now proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the UPI, the Reserve Bank Chairman (RBI) chairman said in a statement on April 8.
In addition to enhancing ease of transactions, the absence of the need for physical card for such transactions would help prevent frauds such as card skimming, card cloning, etc.
The Bharat bill payment system (BBPS), an interoperable platform for bill payments, has seen an increase in the volume of bill payments and billers over the years.
To further facilitate greate penetration of bill payments through the BBPS and to encourage participation of a greater number of non-bank Bharat Bill Payment Operating Units in the BBPOS it is proposed to reduce the net worth requirement of such entities from Rs. 100 to Rs. 25 crore, the official note said.
The climate change poses certain risks that could have implications for the safety and soundness of financial institutions and as well as financial stability.
To facilitate better understanding and assessment of the potential impact of climate related financial risks by regulated entities, a discussion paper on climate risk and sustainable finance will be published shortly for feedback.
The payment systems play a catalytic role in facilitating financial inclusion and promoting financial stability.
To ensure that our payment systems remain resilient to conventional and emerging risks, specifically those relating to cyber security, it is proposed to issue guidelines on Cyber Resilience and Payment Security Controls for Payment System Operators, the RBI’s official note said.
The conflict in Europe now poses a new and overwhelming challenge, complicating an already uncertain global outlook.
As the daunting headwinds of the geopolitical situation challenge us, the RBI is braced up and prepared to defend the Indian economy with all instruments at its command.
As we have demonstrated over the last two years we are not hostage to any rulebook and no action is off the table when the need of the hour is to safeguard the economy, the RBI’s note said.
