wordpress blog stats
Connect with us

Hi, what are you looking for?

Banks may need to seek customer consent for receiving deposits, Centre consulting RBI: report

The Central government has written to the RBI seeking its views on a way to enable bank customers to have control over deposits made into their accounts; banks may need to seek customer consent before allowing an incoming transfer to accounts. This was reported by Business Standard. The Finance ministry has reportedly said that banks will need to notify customers when someone tries to deposit money in their accounts, customers will then have to either accept or reject the transfer request. This may be a paid service, and hence may not be open to all customers. Finance Minister Nirmala Sitharaman had indicated of such a service in July: Government will initiate steps to empower account holders to remedy the current situation in which they do not have control over deposit of cash by others in their accounts. — Finance Minister Nirmala Sitharaman in her Budget Speech in July Currently, a recipient's approval/consent is not required for online transfer via NEFT, IMPS, RTGS. As long as the sender has the receiver's account number, IFSC code, he can make transfers. Even under UPI, all that's necessary is the receiver's Virtual Payment Address (VPA), and there can be multiple VPAs linked to a single bank account. The development comes in response to the suspicious deposits made to 37 million Jan-Dhan accounts in the weeks following demonetisation in November 2016. Cash totaling Rs 422 billion was deposited in 37.4 million such accounts between November 8, 2016 and December 30, 2016. In September 2018, the…

Please subscribe/login to read the full story.
Written By

I cover health, policy issues such as intermediary liability, data governance, internet shutdowns, and more. Hit me up for tips.

Free Reads

News

Telecom companies are against a regulatory sandbox, as they think information revealed by businesses during the sandboxing process might be confidential should be out...

News

According to a statement, the executive body of the European Union had also sought internal documents on the risk assessments and mitigation measures for...

News

The newly launched partially open-sourced LLM Grok-1 can be commercially used but not trademarked.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ