 Mastercard announced the launch of Identity Check Express, a next-generation, mobile-first authentication solution that aims to redefine the e-commerce journey for Indian consumers. Mastercard Identity Check Express combines the latest technology, including device intelligence and behavioural biometrics, with the latest EMV 3-D Secure and FIDO authentication standards to deliver an uninterrupted mobile payment experience. |
| Source: The Livemint |
 The Reserve Bank of India will make available the National Electronic Funds Transfer system on a 24×7 basis from December 2019 as per the Payment System Vision 2021 document. Presently, the transfer of funds via NEFT can only be done during banks’ working hours. The facility of electronic transfer of funds is available from 8 am to 7 pm on all working days, except the second and the fourth Saturday of the month. The move will revolutionize the retail payments system of the country. It will also reduce the number of cheques while making payments and will also increase efficiency in businesses. |
| Source: The Live Mint |
| The Reserve Bank of India has decided to set up a “Central Payment Fraud Registry”. The registry will track frauds in the payment systems. Under this registry, payment system participants will be provided access to it for near-real time fraud monitoring. The aggregated fraud data will be published to educate customers on emerging risks. Currently, banks report all banking frauds to the Central Fraud Monitoring Cell of the Reserve Bank of India. |
| Source: The Live Mint |
 The Reserve Bank of India has imposed a collective penalty of Rs 11 crore on 7 public sector banks. The penalty has been imposed for non-compliance with certain provisions of directions issued by RBI on ‘Code of Conduct for Opening and Operating Current Accounts. |
The penalties on 7 banks are as follows:
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| RBI has also imposed a fine of Rs 1 crore on Corporation Bank for non-compliance of norms related to cyber security framework for banks, frauds classification and reporting. |
| Source: The Live Mint |
 RBI has imposed a penalty of Rs 50 lakh on Punjab National Bank (PNB) for the delay in reporting of fraud observed from the fraud monitoring report-1 submitted by Punjab National Bank on July 10, 2018, in the account of Kingfisher Airlines Limited. |
| Source: The Business Standard |
 The State Bank of India’s (SBI) Shanghai branch is now connected to China’s National Advance Payment System (CNAPS). SBI is the only Indian bank to have obtained the license to do business in local currency and also inducted to the CNAPS by the People’s Bank of China (PBOC). SBI Shanghai can also offer the real-time transfer of local funds within China by routing them through the PBOC. The CNAPS, launched in 2008 by People’s Bank of China (PBOC) provides real-time settlement services for all payments. |
| Source: The Economic Times |
 The Reserve Bank of India (RBI) allowed “Bank of China” to offer regular banking services in the country. Banks falling under this schedule have to adhere to the norms of the RBI. ‘Bank of China Limited’ has been included in the 2nd Schedule to the Reserve Bank of India Act, 1934. |
| Source: The Livemint |
 The postal department has decided to convert the India Post Payments Bank into a small finance bank. This bank will provide micro credit at the doorsteps to individuals and SME’s. The postal department has also target the milestone of 1 crore accounts for IPPB in 100 days. India Post will partner with Common Service Centre to provide a suite of citizen centric services such as banking, remittance, insurance, DBT, bill and tax payments etc at post offices. |
| Source: The Economic Times |
 The Reserve Bank of India has relaxed norms for end-use of money raised through external commercial borrowings for corporates as well as liquidity starved non banking lenders. The liberalisation will be applicable to ECBs taken for working capital, general corporate purpose loans or repayment of rupee loans. |
| Source: The News On Air |
 The Reserve Bank of India has imposed a penalty on two online payment solutions providers Mobikwik Systems and Hip Bar for non compliance of regulatory guidelines. Mobikwik Systems Private Limited has been slapped a fine of Rs 15 lakh while Hip Bar Pvt Ltd faced a fine of Rs 10.85 lakh. |
| Source: The Economic Times |
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