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RBI Says Cash-On-Delivery Deals Not Allowed

25Jul By AnkitaNo Comments

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RBI Says Cash-On-Delivery Deals Not Allowed

The most convenient payment option Cash-on-delivery (Cod) provided by several online retailers such as Flipkart and Amazon may be a regulatory grey area as per the Reserve Bank of India's (RBI's) response to a Right to Information (RTI) query. The RBI has said that e-commerce platforms are "not authorised" to collect money from customers on behalf of third-party vendors in cash-on-delivery (CoD) deals. RBI made the statement in a reply to an RTI query. “Aggregators/payment intermediaries like Amazon and Flipkart are not authorised under Section 8 of the PSS (Payments and Settlements Systems) Act, 2007,” mentioned the apex bank in response to the report. The statement by the RBI could be a critical blow to the e-commerce industry in the country. According to the reports over half of th...

21 PSBs Witness Loss of Rs. 25,775 Cr due to Bank Frauds in FY 2018

Twenty-one government banks have witnessed a big loss which amounted to Rs. 25,775 crore due to frauds in the banking sector during the financial year 2017-18. The highest amount of loss has been incurred by Punjab National Bank (PNB) totaling Rs 6461.13 crore during the fiscal that ended on the 31st March this year. This was told by Chandrasekhar Gaud to the Press Trust of India, who had filed the RTI with the Reserve Bank of India. The reply which was sent to him did not mention any details regarding any particular case of banking fraud. At present, the Central Bureau of Investigation is scrutinizing one of the biggest baking frauds presumably involving Nirav Modi and Mehul Choksi (diamond merchants) and PNB officials. The investigating agency has filed two charge sheets in the spe...

RTI Revealed How Much Narendra Modi Government Spent Over Skill Development And The Number is Quite Shocking

Prafful Sarda, very young Pune Based RTI Activist & owner of an Event management company had filed an RTI application with NSDC (National Skill Development Corporation) on following issues: 1) How much money allotted to NSDC in last 2 years 2) How much money spent in last 2 years (Through NSDC) 3) State-wise distribution Details 4) How much money allotted and Spent during 2004-2014 After Formation of Modi Govt, first time NSDC has been allotted with independent ministry, headed by Rajiv Pratap Rudy. As per BJP manifesto, Hon. Prime-minister Narendra Modi kept his word & allotted handsome fund for skill development to support people who are willing to work hard but lack of education they are not able to earn their daily bread & butter. Minister Rajiv Pratap Rud...