The RBI said that the regulation would be effective from April 24, 2024. ARCs, as on October 11, 2022, have been provided a glide path to achieve the minimum required Net Owned Fund (NOF) of Rs 300 crore.
This approval will now allow PayU to onboard new merchants on its platform.
The Finance Ministry on Monday announced the sale of government bonds worth Rs 32,000 crore in two categories on April 26 (Friday).
India stands at a crucial juncture in its quest to harness the potential of its demographic dividend. Renowned economist and former RBI Governor Raghuram Rajan’s recent remarks underscore the urgent need for concerted efforts to unlock the benefits of this demographic boon.
Indian stock exchanges are shut Thursday for Eid, with normal trading activities resuming Friday.
With this, India will become part of a small group of countries in the world where RTGS system functions round the clock throughout the year.
Visa also welcomed RBI's plans to pursue a uniform security framework for digital payment channels in the county via the proposed Digital Payment Security Controls Directions.
ICICI Bank was the top gainer in the Sensex pack, rising around 4 per cent, followed by UltraTech Cement, Sun Pharma, Bharti Airtel, HUL, SBI, L&T, Axis Bank and IndusInd Bank.
Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month.
The RBI has also decided to formulate guidelines on dividend distribution by NBFCs keeping in view the increasing significance of NBFCs in the financial system and their interlinkages with different segments.
