Reserve Bank of IndiaIndia Hind/ hend >hindia. Bharat Varsha (Jambudvipa used in Mahavamsha) is the name of this land mass. The people of this land are Sanatan Dharmin and they always defeated invaders. Indra (10000 yrs) was the oldest deified King of this land. Manu's jurisprudence enlitened this land. Vedas have been the civilizational literature of this land. Guiding principles of this land are : सत्यं वद । धर्मं चर । स्वाध्यायान्मा प्रमदः । The place also been called Hindusthan in Pesia. The word Hendu is mentioned in Avesta. Read more takes supervisory action on Mastercard AsiaAsia Central Asia Kazakhstan Kyrgyzstan Tajikistan Turkmenistan Uzbekistan Eastern Asia China China–Hong Kong China–Macao China–Taiwan Japan Mongolia North Korea South Korea Southern Asia Afghanistan Bangladesh Bhutan British Indian Ocean Territory India Iran Maldives Nepal Pakistan Sri Lanka South-Eastern Asia Brunei Cambodia East Timor Indonesia Laos Malaysia Myanmar Philippines Singapore Thailand Vietnam Western Asia Armenia Azerbaijan Bahrain Cyprus Georgia Iraq Israel Jordan Kuwait Lebanon Oman Palestine Qatar Saudi Arabia Syria Turkey United Arab Emirates Yemen / PacificPacific Australia and New Zealand Australia Christmas Island Cocos (Keeling) Islands New Zealand Norfolk Island Melanesia Fiji New Caledonia Papua New Guinea Solomon Islands Vanuatu Micronesia Guam Kiribati Marshall Islands Micronesia Nauru Northern Mariana Islands Palau Polynesia American Samoa Cook Islands French Polynesia Niue Pitcairn Samoa Tokelau Tonga Tuvalu Wallis and Futuna Pte. Ltd.
The Reserve Bank of India (RBI) has today imposed restrictions on Mastercard Asia / Pacific Pte. Ltd. (Mastercard) from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021. Notwithstanding lapse of considerable timeTime χρόνος. Judicial: Where any expression of it occurs in any Rules, or any judgment, order or direction, and whenever the doing or not doing of anything at a certain time of the day or night or during a certain part of the day or night has an effect in law, that time is, unless it is otherwise specifically stated, held to be standard time as used in a particular country or state. (In Physics, time and Space never exist actually-“quantum entanglement”) यमः , पुं, (यमयति नियमयति जीवानां फलाफलमिति । यम् + अच् । विश्वे च कलयत्येव यः सर्व्वायुश्च सन्ततम् । अतीव दुर्निवार्य्यञ्च तं कालं प्रणमाम्यहम् ॥यमैश्च नियमैश्चैव यः करोत्यात्मसंयमम् । स चादृष्ट्वा तु मां याति परं ब्रह्म सनातनम् ॥ and adequate opportunities being given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data. This order will not impact existing customers of Mastercard. Mastercard shall advise all card issuing banks and non-banks to conform to these directions. The supervisory action has been taken in exercise of powers vested in RBI under Section 17 of the Payment and Settlement Systems Act, 2007 (PSS Act).
Mastercard is a Payment System Operator authorised to operate a Card Network in the country under the PSS Act.
Background
In terms of RBI circular on Storage of Payment System Data dated April 6, 2018, all System Providers were directed to ensure that within a period of six months the entire data (full end-to-end transaction details / information collected / carried / processed as part of the message / payment instruction) relating to payment systems operated by them is stored in a system only in India. They were also required to report compliance to RBI and submit a Board-approved System Audit Report conducted by a CERT-In empanelled auditor within the timelines specified therein.
(Yogesh Dayal)
Chief General Manager
Storage of Payment System Data(Circular)
RBI/2017-18/153
DPSS.CO.OD No.2785/06.08.005/2017-2018
6 April 2018
The Chairman and Managing Director / Chief Executive Officers,
Authorised Payment Systems /
All Scheduled CommercialCommercial Profit-making economic activities, such as the production, consumption, exchange, and distribution of goods and services, are primarily undertaken to earn money or a livelihood.
Key Features > (1) Involve sale and exchange of goods and services for consideration (money or value), (2) Aim to earn profit and ensure business growth, (3) Include risk-bearing and creation of utility, (4) Economic in nature and satisfy customer needs.
Commercial Activities > Earning profit, Business growth, Serving society, Achieving market leadership. Banks including RRBs /
Urban Co-operative Banks / State Co-operative Banks /
DistrictDistrict India has 800 districts under 29 federal states and 8 union territories.
Adilabad Agar-Malwa Agra Ahilyanagar Ahmedabad Aizawl Ajmer Akola Alappuzha Aligarh Alipurduar Alirajpur Alluri Sitharama Raju Almora Alwar Ambala Ambedkar Nagar Amethi Amravati Amreli Amritsar Amroha Anakapalli Anand Ananthapuramu Anantnag Anjaw Annamayya Anugul Anuppur Araria Ariyalur Arvalli Arwal Ashoknagar Auraiya Aurangabad Ayodhya Azamgarh Bagalkote Bageshwar Baghpat Bahraich Bajali Baksa Balaghat Balangir Baleshwar Ballari Ballia Balod Balodabazar-Bhatapara Balotra Balrampur Balrampur-Ramanujganj Banas Kantha Banda Bandipora Banka Bankura Banswara Bapatla Bara Banki Baramulla Baran Bareilly Bargarh Barmer Barnala Barpeta Barwani Bastar Basti Bathinda Beawar Beed Begusarai Belagavi Bemetara Bengaluru Rural Bengaluru Urban Betul Bhadohi Bhadradri Kothagudem Bhadrak Bhagalpur Bhandara Bharatpur Bharuch Bhavnagar Bhilwara Bhind Bhiwani Bhojpur Bhopal Bichom Bidar Bijapur Bijnor Bikaner Bilaspur Bilaspur Birbhum Bishnupur Biswanath Bokaro Bongaigaon Botad Boudh Budaun Budgam Bulandshahr Buldhana Bundi Burhanpur Buxar Cachar Central Chamarajanagar Chamba Chamoli Champawat Champhai Chandauli Chandel Chandigarh Chandrapur Changlang Charaideo Charkhi Dadri Chatra Chengalpattu Chennai Chhatarpur Chhatrapati Sambhajinagar Chhindwara Chhotaudepur Chikkaballapura Chikkamagaluru Chirang Chitradurga Chitrakoot Chittoor Chittorgarh Chumoukedima Churachandpur Churu Coimbatore Cooch Behar Cuddalore Cuttack Dadra And Nagar Haveli Dahod Dakshin Bastar Dantewada Dakshin Dinajpur Dakshina Kannada Dhenkanal Dholpur Dhubri Dhule Dibang Valley Dibrugarh Didwana-Kuchaman Dima Hasao Dimapur Dindigul Dindori Diu Doda Dr. B.R. Ambedkar Konaseema Dumka Dungarpur Durg East East Garo Hills East Godavari East Jaintia Hills East Kameng East Khasi Hills East Siang East Singhbum Eastern West Khasi Hills Eluru Ernakulam Erode Etah Etawah Faridabad Faridkot Farrukhabad Fatehabad Fatehgarh Sahib Fatehpur Fazilka Ferozepur Firozabad Gadag Gadchiroli Gajapati Ganderbal Gandhinagar Ganganagar Gangtok Ganjam Garhwa Gariyaband Gaurela-Pendra-Marwahi Gautam Buddha Nagar Gaya Ghaziabad Ghazipur Gir Somnath Giridih Goalpara Godda Golaghat Gomati Gonda Gondia Gopalganj Gorakhpur Gumla Guna Guntur Gurdaspur Gurugram Gwalior Gyalshing Hailakandi Hamirpur Hamirpur Hanumakonda Hanumangarh Hapur Harda Hardoi Haridwar Hassan Hathras Haveri Hazaribagh Hingoli Hisar Hnahthial Hojai Hooghly Hoshiarpur Howrah Hyderabad Idukki Imphal East Imphal West Indore Jabalpur Jagatsinghapur Jagitial Jaipur Jaisalmer Jajapur Jalandhar Jalaun Jalgaon Jalna Jalore Jalpaiguri Jammu Jamnagar Jamtara Jamui Jangoan Janjgir-Champa Jashpur Jaunpur Jayashankar Bhupalapally Jehanabad Jhabua Jhajjar Jhalawar Jhansi Jhargram Jharsuguda Jhunjhunu Jind Jiribam Jodhpur Jogulamba Gadwal Jorhat Junagadh Kabeerdham Kachchh Kaimur (Bhabua) Kaithal Kakching Kakinada Kalaburagi Kalahandi Kalimpong Kallakurichi Kamareddy Kamjong Kamle Kamrup Kamrup Metro Kancheepuram Kandhamal Kangpokpi Kangra Kannauj Kanniyakumari Kannur Kanpur Dehat Kanpur Nagar Kapurthala Karaikal Karauli Karbi Anglong Kargil Karimganj Karimnagar Karnal Karur Kasaragod Kasganj Kathua Daman Damoh Dangs Darbhanga Darjeeling Darrang Datia Dausa Davanagere Deeg Dehradun Deogarh Deoghar Deoria Devbhumi Dwarka Dewas Dhalai Dhamtari Dhanbad Dhar Dharashiv Dharmapuri Dharwad Dhemaji Katihar Katni Kaushambi Kendrapara Kendujhar Keyi Panyor Khagaria Khairagarh-Chhuikhadan-Gandai Khairthal-Tijara Khammam Khandwa (East Nimar) Khargone (West Nimar) Khawzawl Kheda Kheri Khordha Khowai Khunti Kinnaur Kiphire Kishanganj Kishtwar Kodagu Koderma Kohima Kokrajhar Kolar Kolasib Kolhapur Kolkata Kollam Kondagaon Koppal Koraput Korba Korea Kota Kotputli-Behror Kottayam Kozhikode Kra Daadi Krishna Krishnagiri Kulgam Kullu Kumuram Bheem Asifabad Kupwara Kurnool Kurukshetra Kurung Kumey Kushinagar Lahaul And Spiti Lakhimpur Lakhisarai Lakshadweep District Lalitpur Latehar Latur Lawngtlai Leh Ladakh Leparada Lohardaga Lohit Longding Longleng Lower Dibang Valley Lower Siang Lower Subansiri Lucknow Ludhiana Lunglei MAUGANJ Madhepura Madhubani Madurai Mahabubabad Mahabubnagar Mahasamund Mahendragarh Mahesana Mahisagar Mahoba Mahrajganj Maihar Mainpuri Majuli Malappuram Malda Malerkotla Malkangiri Mamit Mancherial Mandi Mandla Mandsaur Mandya Munger Murshidabad Muzaffarnagar Muzaffarpur Mysuru Nabarangpur Nadia Nagaon Nagapattinam Nagarkurnool Nagaur Nagpur Nainital Nalanda Nalbari Nalgonda Namakkal Namchi Namsai Nanded Nandurbar Nandyal Narayanpet Narayanpur Manendragarh-Chirmiri-Bharatpur(M C B) Mangan Mansa Marigaon Mathura Mau Mayiladuthurai Mayurbhanj Medak Medchal Malkajgiri Meerut Meluri Mirzapur Moga Mohla-Manpur-Ambagarh Chouki Mokokchung Mon Moradabad Morbi Morena Mulugu Mumbai Mumbai Suburban Mungeli Narmada Narmadapuram Narsimhapur Nashik Navsari Nawada Nayagarh Neemuch New Delhi Nicobars Nirmal Niuland Niwari Nizamabad Noklak Noney North North 24 Parganas North And Middle Andaman North East North Garo Hills North Goa North Tripura North West Ntr Nuapada Nuh Pakke Kessang Pakur Pakyong Palakkad Palamu Palghar Pali Palnadu Palwal Panch Mahals Panchkula Pandhurna Panipat Panna Papum Pare Parbhani Parvathipuram Manyam Paschim Bardhaman Paschim Medinipur Pashchim Champaran Patan Pathanamthitta Pathankot Patiala Patna Pauri Garhwal Peddapalli Perambalur Peren Phalodi Phek Pherzawl Pilibhit Pithoragarh Poonch Porbandar Prakasam Pratapgarh Pratapgarh Prayagraj Puducherry Pudukkottai Pulwama Pune Purba Bardhaman Ranipet Ratlam Ratnagiri Rayagada Reasi Rewa Rewari Ri Bhoi Rohtak Rohtas Rudraprayag Rupnagar S.A.S Nagar Sabar Kantha Sagar Saharanpur Saharsa Sahebganj Saitual Sakti Salem Salumbar Samastipur Samba Purba Medinipur Purbi Champaran Puri Purnia Purulia Rae Bareli Raichur Raigad Raigarh Raipur Raisen Rajanna Sircilla Rajgarh Rajkot Rajnandgaon Rajouri Rajsamand Ramanagara Ramanathapuram Ramban Ramgarh Rampur Ranchi Ranga Reddy Sambalpur Sambhal Sangareddy Sangli Sangrur Sant Kabir Nagar Saraikela Kharsawan Saran Sarangarh-Bilaigarh Satara Satna Sawai Madhopur Sehore Senapati Seoni Sepahijala Serchhip Shahdara Shahdol Shahid Bhagat Singh Nagar Shahjahanpur Shajapur Shamator Shamli Sheikhpura Sheohar Sheopur Shi Yomi Shimla Shivamogga Shivpuri Shopian Shrawasti Siaha Siang Siddharthnagar Siddipet Sidhi Sikar Simdega Sindhudurg Singrauli Sirmaur Sirohi Sirsa Sitamarhi Sitapur Sivaganga Sivasagar Siwan Solan Solapur Sonbhadra Sonepur Sonipat Sonitpur Soreng South South 24 Parganas South Andamans South East South Garo Hills South Goa South Salmara Mancachar South Tripura South West South West Garo Hills South West Khasi Hills Sri Muktsar Sahib Sri Potti Sriramulu Nellore Sri Sathya Sai Srikakulam Srinagar Sukma Sultanpur Sundargarh Supaul Surajpur Surat Surendranagar Surguja Suryapet Tamenglong Tamulpur Tapi Tarn Taran Tawang Tehri Garhwal Tengnoupal Tenkasi Thane Thanjavur The Nilgiris Theni Thiruvallur Thiruvananthapuram Thiruvarur Thoothukkudi Thoubal Thrissur Tikamgarh Tinsukia Tirap Tiruchirappalli Tirunelveli Tirupathur Tirupati Tiruppur Tiruvannamalai Tonk Tseminyu Tuensang Tumakuru Udaipur Udalguri Udham Singh Nagar Udhampur Udupi Ujjain Ukhrul Warangal Wardha Washim Wayanad West West Garo Hills West Godavari West Jaintia Hills West Kameng West Karbi Anglong West Khasi Hills West Siang West Singhbhum West Tripura Wokha Y.S.R. Yadadri Bhuvanagiri Yadgir Yamunanagar Yavatmal Zunheboto Umaria Una Unakoti Unnao Upper Siang Upper Subansiri Uttar Bastar Kanker Uttar Dinajpur Uttara Kannada Uttarkashi Vadodara Vaishali Valsad Varanasi Vellore Vidisha Vijayanagara Vijayapura Vikarabad Viluppuram Virudhunagar Visakhapatnam Vizianagaram Wanaparthy Central Co-operative Banks /Payment Banks / Small Finance Banks and Local Area Banks
Madam / Sir,
Storage of Payment System Data
Please refer to paragraph 4 of the Statement on DevelopmentDevelopment ανάπτυξη and Regulatory Policies of the First Bi-monthly Monetary Policy Statement for 2018-19 dated April 5, 2018. In recent times, there has been considerable growth in the payment ecosystem in the country. Such systems are also highly technology dependent, which necessitate adoption of safety and security measures, which are best in class, on a continuous basis.
2. It is observed that not all system providers store the payments data in India. In order to ensure better monitoring, it is important to have unfettered supervisory access to data stored with these system providers as also with their service providers / intermediaries/ third party vendors and other entities in the payment ecosystem. It has, therefore, been decided that:
All system providers shall ensure that the entire data relating to payment systems operated by them are stored in a system only in India. This data should include the full end-to-end transaction details / information collected / carried / processed as part of the message / payment instruction. For the foreign leg of the transaction, if any, the data can also be stored in the foreign country, if required.
System providers shall ensure compliance of (i) above within a period of six months and report compliance of the same to the Reserve Bank latest by October 15, 2018.
System providers shall submit the System Audit Report (SAR) on completion of the requirement at (i) above. The audit should be conducted by CERT-IN empaneled auditors certifying completion of activity at (i) above. The SAR duly approved by the Board of the system providers should be submitted to the Reserve Bank not later than December 31, 2018.
3. The directive is issued under Section 10(2) read with Section 18 of Payment and Settlement Systems Act 2007, (Act 51 of 2007).
Yours faithfully
(Nanda S. Dave)
Chief General Manager-in-charge
Date : Apr 05, 2018
Statement on Developmental and Regulatory Policies
This Statement sets out various developmental and regulatory policy measures for strengthening regulation and supervision; broadening and deepening financial markets; improving currency management; promoting financial inclusion and literacy; and, facilitating data management.
I. Regulation and Supervision
1. Mandatory Loan Component in Working Capital Finance
With a view to promoting greater credit discipline among working capital borrowers, it is proposed to stipulate a minimum level of ‘loan component’ in fundFund The term refers to assets of every kind, whether corporeal or incorporeal, tangible or intangible, movable or immovable, however acquired, and legal documents or instruments in any form, including electronic or digital, evidencing title to, or interest in, such assets. based working capital finance for larger borrowers. Draft Guidelines are being issued for feedback in this regard.
2. Countercyclical Capital Buffer
The framework on countercyclical capital buffer (CCCB) was put in place by the Reserve Bank in terms of guidelines issued on February 5, 2015 wherein it was advised that the CCCB would be activated as and when the circumstances warranted, and that the decision would normally be pre-announced with a lead time of four quarters. The framework envisages the credit-to-GDPGDP Gross domestic product is the measure of the size of a country’s economy and is used to indicate the health of that economy. If it is growing fast that means resources available to people in the country – goods and services, wages and profits – are increasing. gap as the main indicator, which may be used in conjunction with other supplementary indicators, viz., the Credit-Deposit (C-D) ratio for a moving period of three years (given its correlation with the credit-to-GDP gap and GNPA growth), industrial outlook (IO) assessment index (with due note of its correlation with GNPA growth), and interest coverage ratio (noting its correlation with the credit-to-GDP gap). Based on the review and empirical testing of CCCB indicators, it has been decided that it is not necessary to activate CCCB at this point in time.
3. Deferment of IndianIndia Hind/ hend >hindia. Bharat Varsha (Jambudvipa used in Mahavamsha) is the name of this land mass. The people of this land are Sanatan Dharmin and they always defeated invaders. Indra (10000 yrs) was the oldest deified King of this land. Manu's jurisprudence enlitened this land. Vedas have been the civilizational literature of this land. Guiding principles of this land are : सत्यं वद । धर्मं चर । स्वाध्यायान्मा प्रमदः । The place also been called Hindusthan in Pesia. The word Hendu is mentioned in Avesta. Read more AccountingAccounting It is the process of recording, summarizing, analyzing, and reporting financial transactions of a business or individual. Types of Accounts > Assets- Things you own (cash, property) Liabilities- Things you owe (loans, bills) Equity- Owner’s stake in the business Revenue- Money you earn (sales, services) Expenses- Costs to run the business Standards (Ind AS) implementation
Scheduled Commercial Banks (SCBs), excluding Regional Rural Banks (RRBs), were required to implement Indian Accounting Standards (Ind AS) from April 1, 2018 vide our Circular dated February 11, 2016. However, necessary legislative amendments – to make the format of financial statements, prescribed in the Third Schedule to Banking Regulation Act 1949, compatible with accountsAccounting It is the process of recording, summarizing, analyzing, and reporting financial transactions of a business or individual. Types of Accounts > Assets- Things you own (cash, property) Liabilities- Things you owe (loans, bills) Equity- Owner’s stake in the business Revenue- Money you earn (sales, services) Expenses- Costs to run the business under Ind AS – are under consideration of the Government. In view of this, as also the level of preparedness of many banks, it has been decided to defer implementation of Ind AS by one year by when the necessary legislative changes are expected.
4. Storage of Payment System Data
In recent times, the payment ecosystem in India has expanded considerably with the emergence of new payment systems, players and platforms. Ensuring the safety and security of payment systems data by adoption of the best global standards and their continuous monitoring and surveillance is essential to reduce the risks from data breaches while maintaining a healthy pace of growth in digital payments.
It is observed that at present only certain payment system operators and their outsourcing partners store the payment system data either partly or completely in the country. In order to have unfettered access to all payment data for supervisory purposes, it has been decided that all payment system operators will ensure that data related to payment systems operated by them are stored only inside the country within a period of 6 months. Detailed instructions will be issued in this regard within one week.
II. Financial Markets
5. Access for Non-residents into the IRS Market
Rupee Interest Rate Swap (IRS) market, while it is the most liquid among interest rate derivative markets, still lacks depth to enable large banks to manage risks. Thin participation and consequent absence of divergence of views result in pricing inefficiencies, which further discourages participation. At the same time, it is understood that there is an active market for Rupee interest rate swaps offshore. Also, Indian market has witnessed increasing participation from non-resident players like FPIs in debt. With a view to develop a deep IRS market that accommodates divergent participants, it is proposed to permit non-residents access to the Rupee IRS market in India. Detailed draft regulation will be issued for public comments by end of May 2018.
6. Introduction of Rupee Swaptions
In December 2016, RBI introduced Rupee Interest Rate Options (IRO), following the recommendations of the P.G. Apte Working Group. Only plain vanilla Interest Rate Options were allowed initially. Subsequently, market participants including corporates have expressed the need for swaptions to effectively manage interest rate risk. Fixed Income MoneyMoney Χρήματα, νόμισμα (currency), Old French monoie, Pecunia, Money supply, Reserve money, Monetary System, Money-laundering, Electronic Money, Money Transfer, Promissory notes. Coin of Alexander (330 B.C.E). Dematerialized form is Paper Currency( In USA 1600 CE and in 1861 in India). Money makes men. Balance of Payments, Net borrowing. Euro, Dollar, INR. Market and Derivative Association of India (FIMMDA) has conveyed a similar request on behalf of its members. It is, therefore, proposed to permit interest rate swaptions in Rupees so as to enable better timing flexibility for those seeking to hedge interest rate risk. The directions will be issued by end of April 2018.
7. Review of Separate Trading of Registered Interest and Principal Securities (STRIPS) directions
The Reserve Bank introduced the Separate Trading of Registered Interest and Principal Securities (STRIPS) in Government Securities in April, 2010. After some initial interest, the product did not find much favour with the market. With a view to encouraging trading in STRIPS by making it more aligned with market requirements and to meet the diverse needs of the investors, it is proposed to review these guidelines. The revised directions will be issued by end of April 2018.
8. Legal Entity Identifier (LEI) for Non-individual Market Participants
The Legal Entity Identifier (LEI) code has been conceived as a key measure to improve the quality and accuracy of financial data systems for better risk management post the Global Financial Crisis. The LEI is a 20-character unique identity code assigned to entities who are parties to a financial transaction. RBI has already implemented the LEI code for all market participants in Over-the-Counter (OTC) derivative products in interest rate, currency and credit markets. It was also made applicable for large corporate borrowers. Continuing with this endeavour to improve transparency in financial markets, it is proposed to implement the LEI mechanism for all financial market transactions undertaken by non-individuals, in interest rate, currency or credit markets. Draft directions will be issued by end of April 2018.
9. Introduction of Single Master Form for Reporting of Foreign Direct Investment in India
Foreign Direct Investment in India, on a repatriable basis, is made by non-residents through eligible instruments such as Equity Shares, Compulsory Convertible Preference shares, Compulsorily Convertible Debentures, Share Warrants etc., issued by the investee company or by contributing to the capital of a Limited Liability Partnership (LLP). At present, the reporting of the above transactions resulting in foreign investment are in a disintegrated manner across various platforms/modes. The Reserve Bank plans to introduce an online reporting by June 30, 2018 via a Single Master Form which would subsume all reporting requirements, irrespective of the instrument through which the foreign investment is made.
10. Reporting by Authorised Dealers
Currently, transactions under Liberalised Remittance Scheme (LRS) are being permitted by Authorised Dealer (AD) banks based on the declaration made by the remitter. As such, it is difficult for the AD banks to monitor/ensure that a remitter has not breached the prescribed limit by approaching multiple AD banks. With the objective of improved monitoring and ensuring compliance with the LRS ceilings, it has been decided to put in place a system for daily reporting of individual transactions by banks. This will, inter alia, enable the AD Banks to view the remittances already sent by an individual before allowing further remittance thus obviating the possibility of a remitter breaching the LRS limit by approaching multiple AD banks. Detailed instructions in this regard will be issued shortly.
III. Currency Management
11. Norms for Cash-in-Transit (CIT) IndustryIndustries A group of productive organizations or companies, participate in economic activities, and GDP > High-technology, Petroleum, Steel, Motor vehicles, Aerospace, Telecommunications, Chemicals, Electronics, Agribusiness, Food processing, Information technology, Artificial intelligence, Consumer goods, Lumber, Retail, Healthcare, Financial services, Mining, Renewable energy, Quantum computing, Space technology, Defence, Biotechnology, Pharmaceutical, and Promotion of Self-Regulatory Organisation by CIT Industry
In the Statement on Developmental and Regulatory Policies of February 7, 2018, the Reserve Bank had announced a time frame to implement the recommendations of the two high level inter-agency committees constituted by it to suggest measures for improvement of currency management, including security of movement of treasure. The Committees, inter alia, had recommended stipulation of minimum standards for cash logistics industry and promotion of a Self-Regulatory Organisation (SRO) for the industry.
i) Under the ‘Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services’ issued by the Reserve Bank in November 2006, cash management and logistics at the bank level has largely been outsourced to Cash-in-Transit (CIT) companies and Cash Replenishment Agencies (CRAs). There is, however, no regulation or supervision for this industry at present. With a view to promote healthy growth of the sector and mitigate risks associated with movement of currency through these agencies, Reserve Bank will require the banks to ensure that the CIT companies/CRAs engaged by them meet minimum prescribed standards. The instructions to the banks in this regard will be issued within a month.
ii) In order to ensure compliance with minimum standards for the CIT industry and other applicable laws, the Bank will encourage the cash management industry to promote a Self-Regulatory Organisation (SRO) for undertaking development work along with self-regulation of the industry, till such time that an appropriate legislative structure is put in place.
12. Central Bank Digital Currency
Rapid changes in the landscape of the payments industry along with factors such as emergence of private digital tokens and the rising costsCosts Subject to any written law, costs are at the discretion of the Court, and the Court has the power to determine all issues relating to the costs of or incidental to all proceedings, including by whom and to what extent the costs are to be paid, at any stage of the proceedings or after the conclusion of the proceedings. Generally “Costs” includes charges, disbursements, expenses, fees, and remuneration. Costs in any matter are payable from the date of the order of the Court unless the parties otherwise agree. The costs of a third-party funding contract are not recoverable as part of the costs of, or costs. of managing fiat paper/metallic money have led central banks around the worldWorld Κόσμος to explore the option of introducing fiat digital currencies. While many central banks are still engaged in the debate, an inter-departmental group has been constituted by the Reserve Bank to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency. The Report will be submitted by end-June 2018.
13. Ring-fencing regulated entities from virtual currencies
Technological innovations, including those underlying virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system. However, Virtual Currencies (VCs), also variously referred to as crypto currencies and crypto assets, raise concerns of consumer protection, market integrity and money launderingMoney Laundering UN Vienna 1988 Convention: The conversion or transfer of property, knowing that such property is derived from any offense(s), for the purpose of concealing or disguising the illicit origin of the property or of assisting any person who is involved in such offense(s) to evade the legal consequences of his actions (Read more), among others.
Reserve Bank has repeatedly cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies. In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately.
IV. Financial Inclusion and Literacy
14. Tailored Financial Literacy Content
A ‘one size fits all’ approach for imparting financial education to various target groups is sub-optimal. Financial education contents sought to be delivered to diverse target groups need to be customized to meet their typical target groups. The Reserve Bank is in the process of developing tailored financial literacy contents for five specified target groups’ viz. Farmers, Small entrepreneurs, SchoolSchool Σχολή > such as Σχολή Βυζαντινής Μουσικής children, Self Help Groups and Senior Citizens, that can be used by the trainers. The contents in the form of five booklets will be released within 15 days.
15. Revamping of the Lead Bank Scheme
The Lead Bank Scheme was started to ensure economic development of the districtsDistrict India has 800 districts under 29 federal states and 8 union territories. Adilabad Agar-Malwa Agra Ahilyanagar Ahmedabad Aizawl Ajmer Akola Alappuzha Aligarh Alipurduar Alirajpur Alluri Sitharama Raju Almora Alwar Ambala Ambedkar Nagar Amethi Amravati Amreli Amritsar Amroha Anakapalli Anand Ananthapuramu Anantnag Anjaw Annamayya Anugul Anuppur Araria Ariyalur Arvalli Arwal Ashoknagar Auraiya Aurangabad Ayodhya Azamgarh Bagalkote Bageshwar Baghpat Bahraich Bajali Baksa Balaghat Balangir Baleshwar Ballari Ballia Balod Balodabazar-Bhatapara Balotra Balrampur Balrampur-Ramanujganj Banas Kantha Banda Bandipora Banka Bankura Banswara Bapatla Bara Banki Baramulla Baran Bareilly Bargarh Barmer Barnala Barpeta Barwani Bastar Basti Bathinda Beawar Beed Begusarai Belagavi Bemetara Bengaluru Rural Bengaluru Urban Betul Bhadohi Bhadradri Kothagudem Bhadrak Bhagalpur Bhandara Bharatpur Bharuch Bhavnagar Bhilwara Bhind Bhiwani Bhojpur Bhopal Bichom Bidar Bijapur Bijnor Bikaner Bilaspur Bilaspur Birbhum Bishnupur Biswanath Bokaro Bongaigaon Botad Boudh Budaun Budgam Bulandshahr Buldhana Bundi Burhanpur Buxar Cachar Central Chamarajanagar Chamba Chamoli Champawat Champhai Chandauli Chandel Chandigarh Chandrapur Changlang Charaideo Charkhi Dadri Chatra Chengalpattu Chennai Chhatarpur Chhatrapati Sambhajinagar Chhindwara Chhotaudepur Chikkaballapura Chikkamagaluru Chirang Chitradurga Chitrakoot Chittoor Chittorgarh Chumoukedima Churachandpur Churu Coimbatore Cooch Behar Cuddalore Cuttack Dadra And Nagar Haveli Dahod Dakshin Bastar Dantewada Dakshin Dinajpur Dakshina Kannada Dhenkanal Dholpur Dhubri Dhule Dibang Valley Dibrugarh Didwana-Kuchaman Dima Hasao Dimapur Dindigul Dindori Diu Doda Dr. B.R. Ambedkar Konaseema Dumka Dungarpur Durg East East Garo Hills East Godavari East Jaintia Hills East Kameng East Khasi Hills East Siang East Singhbum Eastern West Khasi Hills Eluru Ernakulam Erode Etah Etawah Faridabad Faridkot Farrukhabad Fatehabad Fatehgarh Sahib Fatehpur Fazilka Ferozepur Firozabad Gadag Gadchiroli Gajapati Ganderbal Gandhinagar Ganganagar Gangtok Ganjam Garhwa Gariyaband Gaurela-Pendra-Marwahi Gautam Buddha Nagar Gaya Ghaziabad Ghazipur Gir Somnath Giridih Goalpara Godda Golaghat Gomati Gonda Gondia Gopalganj Gorakhpur Gumla Guna Guntur Gurdaspur Gurugram Gwalior Gyalshing Hailakandi Hamirpur Hamirpur Hanumakonda Hanumangarh Hapur Harda Hardoi Haridwar Hassan Hathras Haveri Hazaribagh Hingoli Hisar Hnahthial Hojai Hooghly Hoshiarpur Howrah Hyderabad Idukki Imphal East Imphal West Indore Jabalpur Jagatsinghapur Jagitial Jaipur Jaisalmer Jajapur Jalandhar Jalaun Jalgaon Jalna Jalore Jalpaiguri Jammu Jamnagar Jamtara Jamui Jangoan Janjgir-Champa Jashpur Jaunpur Jayashankar Bhupalapally Jehanabad Jhabua Jhajjar Jhalawar Jhansi Jhargram Jharsuguda Jhunjhunu Jind Jiribam Jodhpur Jogulamba Gadwal Jorhat Junagadh Kabeerdham Kachchh Kaimur (Bhabua) Kaithal Kakching Kakinada Kalaburagi Kalahandi Kalimpong Kallakurichi Kamareddy Kamjong Kamle Kamrup Kamrup Metro Kancheepuram Kandhamal Kangpokpi Kangra Kannauj Kanniyakumari Kannur Kanpur Dehat Kanpur Nagar Kapurthala Karaikal Karauli Karbi Anglong Kargil Karimganj Karimnagar Karnal Karur Kasaragod Kasganj Kathua Daman Damoh Dangs Darbhanga Darjeeling Darrang Datia Dausa Davanagere Deeg Dehradun Deogarh Deoghar Deoria Devbhumi Dwarka Dewas Dhalai Dhamtari Dhanbad Dhar Dharashiv Dharmapuri Dharwad Dhemaji Katihar Katni Kaushambi Kendrapara Kendujhar Keyi Panyor Khagaria Khairagarh-Chhuikhadan-Gandai Khairthal-Tijara Khammam Khandwa (East Nimar) Khargone (West Nimar) Khawzawl Kheda Kheri Khordha Khowai Khunti Kinnaur Kiphire Kishanganj Kishtwar Kodagu Koderma Kohima Kokrajhar Kolar Kolasib Kolhapur Kolkata Kollam Kondagaon Koppal Koraput Korba Korea Kota Kotputli-Behror Kottayam Kozhikode Kra Daadi Krishna Krishnagiri Kulgam Kullu Kumuram Bheem Asifabad Kupwara Kurnool Kurukshetra Kurung Kumey Kushinagar Lahaul And Spiti Lakhimpur Lakhisarai Lakshadweep District Lalitpur Latehar Latur Lawngtlai Leh Ladakh Leparada Lohardaga Lohit Longding Longleng Lower Dibang Valley Lower Siang Lower Subansiri Lucknow Ludhiana Lunglei MAUGANJ Madhepura Madhubani Madurai Mahabubabad Mahabubnagar Mahasamund Mahendragarh Mahesana Mahisagar Mahoba Mahrajganj Maihar Mainpuri Majuli Malappuram Malda Malerkotla Malkangiri Mamit Mancherial Mandi Mandla Mandsaur Mandya Munger Murshidabad Muzaffarnagar Muzaffarpur Mysuru Nabarangpur Nadia Nagaon Nagapattinam Nagarkurnool Nagaur Nagpur Nainital Nalanda Nalbari Nalgonda Namakkal Namchi Namsai Nanded Nandurbar Nandyal Narayanpet Narayanpur Manendragarh-Chirmiri-Bharatpur(M C B) Mangan Mansa Marigaon Mathura Mau Mayiladuthurai Mayurbhanj Medak Medchal Malkajgiri Meerut Meluri Mirzapur Moga Mohla-Manpur-Ambagarh Chouki Mokokchung Mon Moradabad Morbi Morena Mulugu Mumbai Mumbai Suburban Mungeli Narmada Narmadapuram Narsimhapur Nashik Navsari Nawada Nayagarh Neemuch New Delhi Nicobars Nirmal Niuland Niwari Nizamabad Noklak Noney North North 24 Parganas North And Middle Andaman North East North Garo Hills North Goa North Tripura North West Ntr Nuapada Nuh Pakke Kessang Pakur Pakyong Palakkad Palamu Palghar Pali Palnadu Palwal Panch Mahals Panchkula Pandhurna Panipat Panna Papum Pare Parbhani Parvathipuram Manyam Paschim Bardhaman Paschim Medinipur Pashchim Champaran Patan Pathanamthitta Pathankot Patiala Patna Pauri Garhwal Peddapalli Perambalur Peren Phalodi Phek Pherzawl Pilibhit Pithoragarh Poonch Porbandar Prakasam Pratapgarh Pratapgarh Prayagraj Puducherry Pudukkottai Pulwama Pune Purba Bardhaman Ranipet Ratlam Ratnagiri Rayagada Reasi Rewa Rewari Ri Bhoi Rohtak Rohtas Rudraprayag Rupnagar S.A.S Nagar Sabar Kantha Sagar Saharanpur Saharsa Sahebganj Saitual Sakti Salem Salumbar Samastipur Samba Purba Medinipur Purbi Champaran Puri Purnia Purulia Rae Bareli Raichur Raigad Raigarh Raipur Raisen Rajanna Sircilla Rajgarh Rajkot Rajnandgaon Rajouri Rajsamand Ramanagara Ramanathapuram Ramban Ramgarh Rampur Ranchi Ranga Reddy Sambalpur Sambhal Sangareddy Sangli Sangrur Sant Kabir Nagar Saraikela Kharsawan Saran Sarangarh-Bilaigarh Satara Satna Sawai Madhopur Sehore Senapati Seoni Sepahijala Serchhip Shahdara Shahdol Shahid Bhagat Singh Nagar Shahjahanpur Shajapur Shamator Shamli Sheikhpura Sheohar Sheopur Shi Yomi Shimla Shivamogga Shivpuri Shopian Shrawasti Siaha Siang Siddharthnagar Siddipet Sidhi Sikar Simdega Sindhudurg Singrauli Sirmaur Sirohi Sirsa Sitamarhi Sitapur Sivaganga Sivasagar Siwan Solan Solapur Sonbhadra Sonepur Sonipat Sonitpur Soreng South South 24 Parganas South Andamans South East South Garo Hills South Goa South Salmara Mancachar South Tripura South West South West Garo Hills South West Khasi Hills Sri Muktsar Sahib Sri Potti Sriramulu Nellore Sri Sathya Sai Srikakulam Srinagar Sukma Sultanpur Sundargarh Supaul Surajpur Surat Surendranagar Surguja Suryapet Tamenglong Tamulpur Tapi Tarn Taran Tawang Tehri Garhwal Tengnoupal Tenkasi Thane Thanjavur The Nilgiris Theni Thiruvallur Thiruvananthapuram Thiruvarur Thoothukkudi Thoubal Thrissur Tikamgarh Tinsukia Tirap Tiruchirappalli Tirunelveli Tirupathur Tirupati Tiruppur Tiruvannamalai Tonk Tseminyu Tuensang Tumakuru Udaipur Udalguri Udham Singh Nagar Udhampur Udupi Ujjain Ukhrul Warangal Wardha Washim Wayanad West West Garo Hills West Godavari West Jaintia Hills West Kameng West Karbi Anglong West Khasi Hills West Siang West Singhbhum West Tripura Wokha Y.S.R. Yadadri Bhuvanagiri Yadgir Yamunanagar Yavatmal Zunheboto Umaria Una Unakoti Unnao Upper Siang Upper Subansiri Uttar Bastar Kanker Uttar Dinajpur Uttara Kannada Uttarkashi Vadodara Vaishali Valsad Varanasi Vellore Vidisha Vijayanagara Vijayapura Vikarabad Viluppuram Virudhunagar Visakhapatnam Vizianagaram Wanaparthy/states by establishing coordination between the banks and government agencies. The Scheme was last reviewed by a “High Level Committee” under Smt Usha Thorat, erstwhile Deputy Governor of Reserve Bank of India, as the Chairperson in 2009. In view of several changes that have taken place in the financial sector over the years, Reserve Bank of India had constituted a “Committee of Executive Directors” of the Bank to study the efficacy of the Scheme and suggest measures for its improvement. The Committee has since submitted its recommendations and it has been decided to realign the Lead Bank Scheme based on the recommendations to make it more relevant. Instructions on the revised scheme would be issued to the banks within 15 days.
V. Data Management
16. Creation of RBI Data Sciences Lab
It is critical for a full-service Central Bank, such as the RBI, with diverse responsibilities –inflationInflation It measures the change in prices of goods and services in the economy. A drop in inflation means that prices are now rising more slowly. Combined with wages now growing faster than prices, this makes the cost of living more affordable, because one can buy more with the money he earned. Lower inflation provides a sense of stability for businesses, which is important to empower them to make decisions about their future. management, currency management, debt management, reserves management, banking regulation and supervision, financial inclusion, financial market intelligence and analysis, and overall financial stability – to employ relevant data and apply the right filters for improving its forecasting, nowcasting, surveillance and early-warning detection abilities that all aid policy formulation. In the backdrop of ongoing explosion in information gathering, computing capability and analytical toolkits, policy making benefits not only from data collected through regulatory returns and surveys but also from large volumes of structured and unstructured real-time information sourced from consumer interactions in the digital world. Accordingly, it has been decided to gainfully harness the powerPower The amount of energy transferred or converted per unit of time. In the International System of Units, the unit of it is the watt, equal to one joule per second. The capacity of energy infrastructure is rated using watts, which indicate its potential to supply or consume energy in a given period of time. A Power-plant rated at 100 MW has the potential to produce 100 MWh if it operates for one hour. of Big Data analytics by setting up a Data Sciences Lab within the RBI that will comprise experts and budding analysts, internal as well as lateral, who are trained inter alia in Computer ScienceScience επιστήμη, Data Analytics, Statistics, Economics, Econometrics and/or Finance. It is envisaged that the unit will become operational by December 2018.
Jose J. Kattoor
Chief General Manager