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    • #237147

      As per the Government of India Gazette Notification dated March 4, 2020, Oriental Bank of Commerce and United Bank of India amalgamated with Punjab National Bank with effect from April 01, 2020.

      [See the full post at: Whether your Banks have permission to provide Mobile Banking Services?]

    • #237160

      Clearing Corporation of India Limited (CCIL)

      CCIL was set up in April 2001 by banks, financial institutions and primary dealers, to function as an industry service organisation for clearing and settlement of trades in money market, government securities and foreign exchange markets.

      The Clearing Corporation plays the crucial role of a Central Counter Party (CCP) in the government securities, USD–INR forex exchange (both spot and forward segments) and Triparty Repo markets. CCIL plays the role of a central counterparty whereby, the contract between buyer and seller gets replaced by two new contracts – between CCIL and each of the two parties. This process is known as ‘Novation’. Through novation, the counterparty credit risk between the buyer and seller is eliminated with CCIL subsuming all counterparty and credit risks. In order to minimise these risks, that it exposes itself to, CCIL follows specific risk management practices which are as per international best practices. In addition to the guaranteed settlement, CCIL also provides non-guaranteed settlement services for rupee derivatives such as Interest Rate Swaps.

      CCIL is also providing a reporting platform and acts as a trade repository (CCIL-TR) for Over the Counter (OTC) products. Legal Entity Identifier India Ltd., is a wholly owned subsidiary of CCIL, acting as a Local Operating Unit for issuing Legal Entity Identifiers (LEI) in India.

      Both CCIL and CCIL-TR are recognised as financial market infrastructures. CCIL is granted the status of a Qualified Central Counterparty (QCCP) and is subjected, on an on-going basis, to rules and regulations that are consistent with the Principles for Financial Market Infrastructures (PFMIs) issued by the Committee on Payment and Settlement Systems (CPSS) and International Organisation of Securities Commissions (IOSCO).

    • #237161

      Bharat Bill Payment System

      Bharat Bill Payment System (BBPS) is an integrated bill payment system that offers interoperable and accessible bill payment services with a single brand image, providing convenience of ‘anytime anywhere’ bill payment to customers. BBPS facilitates collection of repetitive (monthly, bi-monthly, quarterly etc.) payments for everyday utility services provided by utility service providers in categories like electricity, telecom, DTH, gas, water bills, etc. and also other repetitive payments like insurance premium, mutual funds, school fees, institution fees, credit cards, fastag recharge, local taxes, housing society payments, etc., at one single window. BBPS transaction can be initiated through multiple payment channels like, internet banking, mobile banking, PoS (Point of Sale terminal), mobile wallets, kiosk, ATM, bank branch, agents and business correspondents. BBPS facilitates various payment modes viz, cards (credit, debit and prepaid), NEFT, UPI, wallets, Aadhaar based payments and cash. Mobile prepaid recharges was permitted as a biller category to facilitate the customers with more options to recharge.
      The participants in the BBPS include authorised entities, such as, the Bharat Bill Payment Central Unit (BBPCU), the Bharat Bill Payment Operating Units (BBPOUs) as well as their agents, payment gateways, banks, billers and service providers, and other entities, including authorised prepaid payment instrument issuers, as required under the BBPS. National Payments Corporation of India (NPCI) is the only entity authorised by RBI as BBPCU and it sets necessary operational, technical and business standards for the entire system and its participants, and also undertakes clearing and settlement activities. BBPOUs are RBI authorised operational units working in adherence to the standards set by the BBPCU.

    • #237162

      RBI appoints Shri Manoranjan Mishra as new Executive Director

      Date : Nov 01, 2023

      The Reserve Bank of India (RBI) has appointed Shri Manoranjan Mishra as Executive Director (ED) with effect from November 01, 2023.

      Prior to being promoted as ED, Shri Mishra was serving as Chief General Manager in the Department of Regulation.

      Shri Mishra has experience of over three decades in the Reserve Bank having worked in the areas of regulation of banks and NBFCs, supervision of banks and currency management. He has served as a member in several Working Groups at the national and international levels contributing to formulation of regulatory/ supervisory policies.

      As Executive Director, Shri Mishra will look after 1. Enforcement Department, 2. Risk Monitoring Department, 3. Department of External Investments & Operations.

      Shri Mishra is a post graduate in Economics and MBA (banking and Finance). He also holds a master’s degree in Finance and Financial Regulation from Aston Business School, UK.

      (Yogesh Dayal)
      Chief General Manager

      Press Release: 2023-2024/1224

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