Card transactions in Contactless mode - Relaxation in requirement of Additional Factor of Authentication

Contactless card transactions and e-mandates on cards (and UPI) for recurring transactions have enhanced customer convenience in general while benefitting from increased use of technology. These are also well-suited to make payments in a safe and secure manner, especially during the current pandemic. 

The recent instructions on disablement of contactless feature on cards and empowering customers to control the limits on their cards have also brought in added safety for users. 

To further the adoption of digital payments in a safe and secure manner, it is proposed to enhance, at the discretion of the user, the limits for contactless card transactions and e-mandates for recurring transactions through cards (and UPI) from ₹2,000 to ₹5,000 from January 1, 2021. Operational instructions will be issued separately by RBI.

Bihar Student Credit Card Scheme: ( Education loan Scheme for higher studies for Students of Bihar)

Hello Friends

Government of Bihar has launched a very good education loan scheme for Students of Bihar. There is no interference of Bank for this loan scheme. The scheme will be helpful in growth of Gross Enrolment Ratio in higher studies and youth employment.

Qualifications and conditions for availing the benefits of the scheme:

• Applicants are enrolled for higher education or selected for enrollment in a teaching institute recognized by the concerned regulatory agency of the state of Bihar, other state or central government.

• Applicants should be a resident of Bihar and must have passed 12th or equivalent examination from any government recognized institution located in the state.

• The applicant should not get any kind of allowance / scholarship / student credit card / education loan or any kind of assistance from any other source.

• The applicant should not be more than 25 years of age on the date of application.

• This loan will be given for general courses of higher education and various vocational / technical courses B.A / B.Sc./Engineering / M.B.B.S / Management / Law etc.

You can click in the below link for more details and online application .https://www.7nishchay-yuvaupmission.bihar.gov.in/guidelines

 

24x7 Availability of Real Time Gross Settlement (RTGS) System from 14th December 2020

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Welcome you all to my Blog "Banker For You"

Here I come with a good news from RBI. The Reserve Bank of India Vide its Circular RBI/2020-21/70 DPSS (CO) RTGS No.750/04.04.016/2020-21 Dated 04.12.2020 released that, it has been decided to make RTGS available round the clock on all days of the year with effect from 00:30 hours on December 14, 2020.

Further all the members are advised as under

1. RTGS shall be available for customer and inter-bank transactions round the clock, except for the interval between ‘end-of-day’ and ‘start-of-day’ processes, whose timings would be duly broadcasted through the RTGS system.

2. RTGS shall continue to be governed by the RTGS System Regulations, 2013, as amended from time to time. The revised Regulations are available on RBI’s website at: https://www.rbi.org.in/Scripts/Bs_viewRTGS.aspx.

3. Intra-Day Liquidity (IDL) facility shall be made available to facilitate smooth operations. The Intra-Day Liquidity (IDL) availed, if any, shall be reversed before the ‘end-of-day’ process begins.

3. Members are advised to put in place necessary infrastructure to provide RTGS round the clock to their customers. RTGS transactions undertaken after normal banking hours are expected to be automated using ‘Straight Through Processing (STP)’ modes.

4. Members are further advised to disseminate information on the extended availability of RTGS to all their customers.

5. This directive is issued under Section 10 (2) read with Section 18 of Payment and Settlement Systems Act, 2007 (Act 51 of 2007).

The RBI has already make the NEFT available for 24*7. Since in NEFT the transactions settles in batches it take longer time than RTGS to settle the transaction. Now after 24x7 Availability of Real Time Gross Settlement (RTGS) System from 14th December 2020, all the transaction above Rs.2.00 lakhs will settle in real time.

Now the account holder/customer of the Bank need not to wait for opening of the during holidays. They must avail the net Banking facility and do their transaction as per their convenient.