central bank | Pixr8 News

The RBI ordered all payment system operators in the territory of India to stop exporting their financial data outside the country. While announcing its bi-monthly monetary policy statement, the RBI also pointed out that in order to facilitate their access to all payment data for supervisory purposes, payment system operators are bound to keep all related data collected they possess stored exclusively within the territory of India. The RBI further announced that it is granting six months to all payment system operators to transition to this new policy and make necessary amendments to their systems. Additionally, all regulated financial institutions, including banks will not be allowed to provide any financial services to businesses dealing with virtual currencies (VCs) such as bitcoin...

BEIJING, (Xinhua) -- China's central bank released detailed regulations of online payment services by non-bank institutions on Monday in the latest effort to contain possible risks in the booming Internet finance industry. The new rules require real-name registration for all non-bank payment accounts and classifies them into three categories depending on the security levels. The size of payments allowed through such accounts will then range from 1,000 yuan (155 U.S. dollars) to 200,000 yuan per year. Transactions through banking payment platforms would not be restricted by the regulation, the central bank said.. The aim of the policy is partly to avoid large sums of money being deposited in third-party payment accounts, which are beyond the protection of bank deposit insurance and...

Tag: central bank

RBI Issues Two New Policies to Payment Operators

Due to string of fraud cases in recent years, China Central Bank introduced rules on online payment