Due to the rising outbreak of Corona epidemic, many RBI (Reserve Bank of India) has made many changes for the bank customer. These changes include check payment, online payment to gold loan.
Gold loan RBI has increased the value of debt on gold jewelery. Now up to 90 percent of the loan will be available on gold. Till now only 75 percent of the total value of gold was available. The bank or non-banking finance company in which you apply for a gold loan, first checks the quality of your gold. The loan amount is decided according to the quality of the gold. Banks usually give loans up to 75 percent of the value of gold.
Check Payment System RBI has made it more secure by making changes in the check payment system. A new system has been implemented by RBI on check payments of 50000 rupees or more. This new system will be called positive pay. Under this system, at the time of issuing the check, based on the information given by the customer, the customer will be contacted before making the check payment to the bank. This new change will prevent the problem of fraud with customers. Under this positive pay system, before giving the check to the beneficiary, you have to share the details of the check, the photo in front of the check and the reverse side with the bank.
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Offline retail payments can now be made through card or mobile devices, even without internet connectivity, through digital connectivity. The Reserve Bank of India (RBI) on Thursday announced the approval of a pilot scheme for offline retail payments to promote digital transactions. Under this project, transactions where debit, credit or mobile devices can be done in places where there is no internet connectivity.
ODR system digital transactions are increasing rapidly in the country, with this the problems are also increasing. Online Dispute Resolution (ODR) system for failed digital transactions. This will be a new solution to settle the dispute related to online transactions. Initially Authorized PSO has to implement ODR system.
The Reserve Bank of India on Thursday included Startups in Priority Sector Lending (PSL). This step will facilitate startups to raise funds from banks. Till now agriculture, MSME, education, housing etc. were included in it.
