The new measure will facilitate smooth completion of the government borrowing programme, RBI governor Shaktikanta Das said. With this move, India joins a select club of a few countries that have this facility.
Read more about RBI monetary policy announcements: Highlights and key takeaways on Business Standard. This is the fourth time in a row that MPC has decided to keep the policy rate unchanged at 4%. The central bank had slashed the repo rate by 115 basis points since late March 2020 to support growth
Synopsis
As per the RBI statement, the major payment operators are required to set-up the mechanism by September, 2021. Going forward, the facility of registering and resolving the customer complaints through the helpline shall be considered, the statement added.
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Guidelines will be issued on outsourcing for Operators and Participants of Authorised Payment Systems.
In another move to strengthen the digital payment services, the RBI Governor Shaktikanta Das has announced the setting up of a 24X7 helpline for digital payment services. The announcement was made via Statement on Development and Regulatory policy issued today.
As per the governor’s speech, “With enhanced penetration and efficiency of digital payments, major payment system operators would be required to facilitate setting-up of a centralised industry-wide 24x7 helpline for addressing customer queries in respect of various digital payment products and give information on available grievance redress me
RBI may bring uniform regulation for all microfinance lenders
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Synopsis
While RBI did not specify anything more, captains of the microfinance sectors expect the activity-based regulation to replace the current framework of institution-based regulation to put all microfinance lenders on the same platform.
Monetary Policy highlights: RBI restores CRR, allows online access to government securities market
Kolkata: Reserve Bank of India said it would streamline regulations for banks and microfinance companies to enhance delivery of last mile credit and strengthen consumer protection.
While RBI did not specify anything more, captains of the microfinance sectors expect the activity-based regulation to replace the current framework of institution-based regulation to put all microfinance lenders on the same platform.