News and Articles

RBI issues FAQs for clarifications on data localisation circular

Submitted by dhananjay on Wed, 06/26/2019 - 23:00

Mumbai : Reserve Bank (RBI) on Wednesday released FAQs for clarity on issues raised by Payment System Operators (PSOs) related to it's Data Localization directive dated April 06, 2018. Its intended to facilitate and ensure expeditious compliance by all PSOs, says RBI.

FAQs are as below.

1. Applicability of the direction

The directions are applicable to all Payment System providers authorised / approved by the Reserve Bank of India (RBI) to set up and operate a payment system in India under the Payment and Settlement Systems Act, 2007.

Commerce Minister holds meeting with E-Commerce and Tech Companies for consultations on Data Protection Bill

Submitted by dhananjay on Tue, 06/18/2019 - 23:21

New Delhi : Union Minister of Commerce and Industry & Railways, Piyush Goyal, held an extensive consultation with tech industry and e-Commerce companies in New Delhi yesterday. E-Commerce and tech companies across all segments, who have businesses in India and foreign MNCs, participated in the interactive session with Commerce& Industry Minister, Secretary Department for Promotion of Industry and Internal Trade (DPIIT), Secretary Department of Commerce, Secretary Ministry of Electronics and Information Technology (MeitY) and Deputy Governor of Reserve Bank of India (RBI).

Making Aadhaar people friendly, Union Cabinet Approves 'The Aadhaar and Other Laws (Amendment) Bill, 2019'

Submitted by dhananjay on Wed, 06/12/2019 - 21:52

New Delhi : In a major move aimed at making Aadhaar making people friendly, the Union Cabinet, chaired by the Prime Minister Narendra Modi has approved “The Aadhaar and Other Laws (Amendment) Bill, 2019” to replace the Aadhaar and Other Laws (Amendment) Ordinance, 2019. The amendments proposed are the same as those contained in the Ordinance promulgated by President on 2nd March, 2019.  The Bill will be introduced in ensuing session of Parliament.

The decision is expected to go a long way in meeting the people friendly and citizen centric nature of Aadhaar.

Impact:

Memorandum of Understanding between India and Finland in the area of Cyber Security

Submitted by dhananjay on Wed, 06/12/2019 - 21:43

New Delhi : The Union Cabinet, chaired by the Prime Minister Narendra Modi, was apprised of a Memorandum of Understanding on the cooperation in the area of Cyber Security between India and Finland.

The MoU intends to promote closer cooperation for exchange of knowledge and experience in detection, resolution and prevention of security related incidents between India and Finland.

The MoU was signed in January, 2019.
[PIB]

RBI imposes penalty of Rs.3.05 crore on Vodafone m-pesa, Rs.1 crore each on My Mobile, Phonepe & GI Technology and Rs. 5 lakh on Y-Cash

Submitted by dhananjay on Fri, 05/03/2019 - 22:25

Mumbai : In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed monetary penalty on the following five Prepaid Payment Instrument (PPI) Issuers for non-compliance of regulatory guidelines, says a press release from RBI.

Name of the PPI Issuer, order date and penalty details are as below.