UPI Lite wallet limit hiked

Beneficiary relationship sanction look-up facility

The RBI has projected to present a ‘beneficiary relationship sanction look-up facility’ to alteration remitters successful RTGS and NEFT to verify the sanction of the beneficiary relationship holder earlier initiating funds transfer. Remitters tin input the relationship fig and the subdivision IFSC codification of the beneficiary, pursuing which the sanction of the beneficiary volition beryllium displayed. This installation volition summation lawsuit assurance arsenic it would trim the anticipation of incorrect credits and frauds.

Foreclosure charges connected micro units’ loans

With a presumption to safeguard customers’ involvement done amended transparency and lawsuit centricity by lenders, the RBI decided not to licence levy of foreclosure charges/ pre-payment penalties connected loans to micro and tiny enterprises (MSEs) extended by the regulated entities of the Reserve Bank.

Banks and NBFCs are not permitted to levy foreclosure charges/ pre-payment penalties connected immoderate floating complaint word indebtedness sanctioned to idiosyncratic borrowers with oregon without co-obligants for purposes different than business.

Climate hazard repository

The Reserve Bank has projected to make a information repository namely, the Reserve Bank – Climate Risk Information System (RB-CRIS) comprising of 2 parts. The archetypal portion volition beryllium a web-based directory, listing assorted information sources (meteorological, geospatial etc) which volition beryllium publically accessible successful the RBI website. The 2nd portion volition beryllium a information portal comprising of datasets (processed information successful standardised formats). The entree to this information portal volition beryllium made disposable lone to the regulated entities successful a phased manner.