Utkarsh 2022

It is a three- year road map for medium term objective to be achieved for improving
regulation, supervision of RBI. It was recently finalised by the RBI. This medium-term
strategy is in line with Global central banks’ plan to strengthen regulatory and supervisory
mechanism.

Mission Statement
To promote the economic and financial well-being of people in India in terms of price and
financial stability.

Fair and universal access to financial services.

Robust, dynamic and responsive financial intermediation structure.

Core purpose
It reflects the Reserve Bank of India’s commitment to the Nation.

 To foster confidence in the internal and external value of the Rupee and contribute to
macro-economic stability.

 To regulate markets and institutions under its ambit, to ensure financial system
stability and consumer protection.

 To promote the integrity, efficiency, inclusiveness and competitiveness of the financial

and payment systems.

 To ensure efficient management of currency as well as banking services to the

Government and banks.

 To support balanced, equitable and sustainable economic development of the country.

Values
 Public Interest
 Integrity and Independence
 Responsiveness and Innovation
 Diversity and Inclusiveness
 Introspection and Pursuit of Excellence

Vision Statements
Vision 1: Excellence in performance of statutory and other functions.

Vision 2: Strengthened trust of Citizens and other Institutions in the RBI.

Vision 3: Enhanced relevance and significance in National and Global roles.

Vision 4: Transparent, accountable and ethics driven internal governance.

Vision 5: Best-in-class and environment friendly digital as well as physical infrastructure.

Vision 6: Innovative, dynamic and skilled human resources.

 Payment Systems
ATM/White Label ATM
ATMs set up, owned and operated by non-banks are called WLAs. Non-bank ATM operators
are authorised under the Payment & Settlement Systems Act, 2007 by the Reserve Bank of
India (RBI).

The rationale to allow non-bank entities to set up WLAs has been to increase the geographical
spread of ATMs for increased / enhanced customer service, especially in semi-urban / rural
areas.

A transaction carried out at an ATM of the card issuing bank is called an On-Us transaction.
A transaction carried out at any other ATM is called an Off-Us transaction. For instance, if a
card issued by bank A is used at an ATM of bank A then it is an On-Us transaction; if the card
is used at a WLA or at an ATM of any other bank, the transaction is Off-Us.

Free Transactions at ATM :-)

ON US TRANSACTIONS – A minimum of 5 free transactions.

OFF US TRANSACTIONS – A minimum of 3 free transactions in SIX metros (Kolkata,

Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad)

If not metro, then a minimum of 5 free transactions.

**Includes both financial and non-financial transactions (OFF US)

**The above does not apply to BSBDA as the number of withdrawals from BSBDA is subject
to the conditions associated with such accounts.

**Charges cannot exceed Rs. 20/ transaction + applicable taxes.

Banks / WLA Operators are required to display the name(s) and the contact number(s) of
concerned officer(s) / toll free number(s) / help desk number(s) in the ATM premises.

In the case of a failed ATM transaction, the banks have been mandated to re-credit the
customer’s account within 5 calendar days from the date of the failed transaction.

Yes, the card issuing bank has to pay compensation of Rs. 100/- per day for delay in re-
crediting the customer’s amount beyond 5 calendar days from the date of the failed ATM
transaction. The compensation has to be credited to the account of the customer without any
claim being made by the customer.

If card expires or account is closed, A card upon expiry of its validity or closure of the
underlying account, should be cut into four pieces through the magnetic strip / chip before
disposing it off.
TReDs
TReDS is an electronic platform for facilitating the financing / discounting of trade receivables
of Micro, Small and Medium Enterprises (MSMEs) through multiple financiers. These
receivables can be due from corporates and other buyers, including Government Departments
and Public Sector Undertakings (PSUs).

Participants on TReDS platform:

Sellers : MSMEs Only.

Buyers : Corporates, Government Departments, PSUs and any other entity can
participate as buyers in TReDS.

Financiers : Banks, NBFC - Factors and other financial institutions as permitted by the
Reserve Bank of India (RBI), can participate as financiers in TReDS.

Authorisation is required to be obtained from RBI under the Payment and Settlement Systems
(PSS) Act, 2007 to set up and operate TReDS platform.

TReDS entities are to adhere to the KYC norms as issued by the RBI.

Default handling is outside the purview of TReDS platform.

A settlement file provides information as to how much amount has to be debited from and
credited to the accounts of participants (sellers, buyers and financiers), due on a particular
date / time. In other words, it indicates how much a financier has to pay to an MSME seller,
and how much a buyer owes to the financier on a particular date / time. The TReDS entities
generate the settlement file and send the same to existing payment systems (for instance,
National Automated Clearing House) for actual payment of funds.

Factoring is a financial service in which the business entity sells its bill receivables to a third
party at a discount in order to raise funds.

 Recourse factoring is an agreement between the client and the factor in which the
client is required to buy back the unpaid bills receivable from the factor. Thus, the
credit risk stays with the client in case of non-payment by the debtor.

 Under non-recourse factoring, the client and the factor enter into an agreement where
the factor shall bear the obligation of absorbing those bills receivable which remain
unpaid. Thus, the business remains unaffected by the unpaid invoices.

The transactions processed under TReDS are “without recourse” to the MSMEs.

A Factoring Unit (FU) is a standard nomenclature used in TReDS for invoice(s) or bill(s) of
exchange. Each FU represents a confirmed obligation of the corporates or other buyers,
including Government Departments and PSUs.

In TReDS, FU can be created either by the MSME seller or the buyer. If MSME seller creates
it, the process is called factoring; if the same is created by corporates or other buyers, it is
called as reverse factoring.

The TReDS could deal with both receivables factoring as well as reverse factoring.
RTGS
The acronym 'RTGS' stands for Real Time Gross Settlement, which can be explained as a
system where there is continuous and real-time settlement of fund-transfers, individually on
a transaction by transaction basis (without netting). 'Real Time' means the processing of
instructions at the time they are received; 'Gross Settlement' means that the settlement of
funds transfer instructions occurs individually.

Considering that the funds settlement takes place in the books of the Reserve Bank of India,
the payments are final and irrevocable.

The RTGS service window for customer transactions is available to banks from 7 am to 6 pm
on a working day, for settlement at the RBI end. However, the timings that the banks follow
may vary from bank to bank.

The RTGS system is primarily meant for large value transactions. The minimum amount to be
remitted through RTGS is ₹ 2,00,000/- with no upper or maximum ceiling.

a) Inward transactions – Free, no charge to be levied.

b) Outward transactions – ₹ 2,00,000/- to 5,00,000/-: not exceeding ₹ 24.50/-;(exclusive of

tax, if any)
Above ₹ 5,00,000/-: not exceeding ₹ 49.50/-. (exclusive of tax, if any)

Banks may decide to charge a lower rate but cannot charge more than the rates prescribed
by RBI.

RTGS is a credit-push system i.e., transactions can be originated by the payer / remitter /
sender only to pay / transfer / remit funds to a beneficiary. It cannot be used to draw funds
from another account.

Unique Transaction Reference (UTR) number is a 22-character code used to uniquely

identify a transaction in RTGS system.
NEFT
National Electronic Funds Transfer (NEFT) is a nation-wide centralised payment system owned
and operated by the Reserve Bank of India (RBI).

FSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a
bank-branch participating in the NEFT system. It’s a 11-digit code with the first 4 alpha
characters representing the bank, and the last 6 characters representing the branch. The 5th
character is 0 (zero). IFSC is used by the NEFT system to identify the originating / destination
banks / branches and also to route the messages appropriately to the concerned banks /
branches.

Person having no bank account can remit funds through NEFT to a beneficiary having a bank
account, with another NEFT member bank. Such cash remittances will, however, be restricted
to a maximum of ₹ 50,000/- per transaction.

Indo-Nepal Remittance Facility is a cross-border remittance scheme to transfer funds from

India to Nepal, enabled under the NEFT Scheme. The scheme was launched to provide a safe
and cost-efficient avenue to migrant Nepalese workers in India to remit money back to their
families in Nepal. A remitter can transfer funds up to Rs. 50,000 from any of the NEFT-
enabled branches in India. The beneficiary would receive funds in Nepalese Rupees.

NEFT is a credit-push system.

NEFT Clearing Centre, operated by National Clearing Cell, Reserve Bank of India, Mumbai.

The NEFT system is available round the clock throughout the year on all days, i.e., on
24x7x365 basis. NEFT presently operates in batches on half-hourly intervals throughout the
day. In case of non-availability of NEFT for any reason, appropriate message will be
broadcasted by RBI to all system participants. (24x7x365, 30 min. interval)

Funds can also be t/f to NRE and NRO accounts subject to FEMA and Wire Transfer Guidelines
(Non-residential external a/c and Non-residential ordinary a/c)
PPI
PPIs are instruments that facilitate (a) purchase of goods and services, including financial
services, (b) remittances, (c) funds transfers, etc., against the value stored in / on such
instruments.

PPI issuers are companies incorporated in India and registered under the Companies Act,
1956 / Companies Act, 2013. A company can issue and operate PPIs after receiving
authorisation from RBI.

A holder of a PPI is an individual who obtains / purchases the PPI from the PPI issuer.
However, in case of a Gift PPI, any other intended / targeted beneficiary, though not being
the purchaser, can also be a holder.

Types of PPI:

a. Closed System PPIs: These are PPIs issued by an entity for facilitating the purchase of
goods and services from that entity only. No cash withdrawals are permitted. These
instruments cannot be used for payment or settlement for third party services. The
issuance and operation of such instruments is not classified as a payment system and
does not require approval / authorisation from the RBI.

b. Semi-closed System PPIs: These are PPIs issued by banks (approved by RBI) and non-
banks (authorised by RBI) for purchase of goods and services, including financial
services, remittance facilities, etc., for use at a group of clearly identified merchant
locations / establishments which have a specific contract with the issuer (or contract
through a payment aggregator / payment gateway) to accept the PPIs as payment
instruments. These instruments do not also permit cash withdrawal (except, full KYC),
irrespective of whether they are issued by banks or non-banks.

c. Open System PPIs: These are PPIs issued by banks (approved by RBI) for use at any
merchant for purchase of goods and services, including financial services, remittance
facilities, etc. Cash withdrawal at ATMs / Points of Sale (PoS) terminals / Business
Correspondents (BCs) is also allowed through these PPIs.

Semi-closed PPIs can be of three types:

a. PPIs upto ₹ 10,000/- where minimum details of PPI holder are obtained (minimum-
detail PPI)

b. PPIs upto ₹ 10,000/- with loading only from bank account

c. PPIs upto ₹ 1,00,000/- where KYC of PPI holder is completed (full-KYC PPI)

Open System PPIs can be issued only by banks, who have RBI approval to issue such PPIs.
There is only one type of open system PPI i.e. PPI with balance upto ₹ 1,00,000/-,which can
be issued after completing KYC of the PPI holder (full-KYC PPI).

PPIs can be loaded / reloaded by cash (not permitted inPPIs with loading only from bank
account), by debit to a bank account, by a credit / debit card, orfrom other PPIs. The
loading / reloading of PPIs shall be through payment instruments issued by entities regulated
in India and shall be in Indian Rupees (INR) only.

The cash loading of PPIs is limited to ₹ 50,000/- per month subject to overall limit of the PPI
(not permitted in PPIs with loading only from bank account). The limit on loading of PPIs via
electronic / online means is subject to overall limit of the PPI.
PPIs for Mass Transit Systems (PPI-MTS) cannot exceed ₹ 3000 at any point of time.

Gift PPIs, such prepaid gift instrument shall not exceed ₹ 10,000.

The salient features of semi-closed ‘full-KYC’ PPIs are as follows:

a) Reloadable in nature.

b) The amount outstanding shall not exceed ₹ 1,00,000/- at any point of time.

c) There are no limits prescribed for total credits or debits during a month.

d) They can be used for purchase of goods and services as well as funds transfer.

Minimum-detail PPIs:

a) The amount loaded during any month shall not exceed ₹ 10,000/-

b) The total amount loaded during the financial year shall not exceed ₹ 1,00,000/-.

c) The amount outstanding at any point of time shall not exceed ₹ 10,000/-.

d) The total amount debited during any given month shall not exceed ₹ 10,000/-.

PPIs with loading only from bank account:

a) The amount loaded during any month shall not exceed ₹ 10,000/-.

b) The total amount loaded during the financial year shall not exceed ₹ 1,20,000/-.

c) The amount outstanding at any point of time shall not exceed ₹ 10,000/-.

d) Loading / Reloading shall be from a bank account and / or credit card.

e) The minimum-detail PPIs existing as on December 24, 2019 can be converted to this
PPI, if desired by the PPI holder.

The salient features of Open System PPIs are as follows:

a) Reloadable in nature.

b) The amount outstanding shall not exceed ₹ 1,00,000/- at any point of time.

c) Can be used for purchase of goods and services, funds transfer and cash
withdrawal.
Cash Withdrawal Facility at Point of Sale (PoS) Terminals
Under the facility of cash withdrawal at PoS terminals, cardholders can withdraw cash using
their debit cards and open system prepaid cards issued by banks in India. However, credit
cards cannot be used under this facility. Cash can also be withdrawn at PoS terminals through
Unified Payments Interface (UPI) as well as through use of electronic cards that are linked
with overdraft facility provided along with Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts.

Under this facility, a cardholder can withdraw cash up to ₹2,000/- per day per card in Tier III
to VI centres. At Tier I and II centres, the withdrawal limit is ₹1,000/- per day per card.

Charges, if any, levied on cash withdrawals shall not exceed 1% of the transaction amount.

This facility is not available at all places, only at establishments designated by the acquirer
bank after proper due diligence. The availability of this facility is to be clearly indicated by the
merchant along with any charges payable by the customer.

Under this facility, cash can be withdrawn from PoS terminal(s) at designated merchant
establishment(s), irrespective of the fact whether the card issuer and the acquiring bank are
same or not.

The acquirer banks (other than local area banks) may, based on the approval of their Board,
provide cash withdrawal facility at PoS terminals. The local area banks shall require the
approval of RBI for providing this facility.
Tokenisation
Tokenisation refers to replacement of actual card details with an alternate code called the
“token”, which shall be unique for a combination of card, token requestor and device.

Conversion of the token back to actual card details is known as de-tokenisation.

A tokenised card transaction is considered safer as the actual card details are not shared with
the merchant during transaction processing.

Tokenisation has been allowed through mobile phones and / or tablets for all use cases /
channels (e.g., contactless card transactions, payments through QR codes, apps etc.

The feature of tokenisation is restricted to mobile phones and / or tablets only.

Tokenisation and de-tokenisation can be performed only by the authorised card network.

Normally, in a tokenised card transaction, parties / stakeholders involved are merchant, the
merchant’s acquirer, card payment network, token requestor, issuer and customer. However,
an entity, other than those indicated, may also participate in the transaction.

Storage of Payment System Data

‘Storage of Payment System Data’ advising all system providers to ensure that, within a
period of six months, the entire data relating to payment systems operated by them is stored
in a system only in India.

Applicability of the direction

 The directions are applicable to all Payment System providers authorised / approved by
the Reserve Bank of India (RBI) to set up and operate a payment system in India
under the Payment and Settlement Systems Act, 2007.

 Applicable to all banks operating in India.

 The directions are also applicable in respect of the transactions through system
participants, service providers, intermediaries, payment gateways, third party vendors
and other entities (by whatever name referred to) in the payments ecosystem, who are
retained or engaged by the authorised / approved entities for providing payment
services.

 The responsibility to ensure compliance with the provisions of these directions would be
on the authorised / approved PSOs to ensure that such data is stored only in India as
required under the above directions.

The entire payment data shall be stored in systems located only in India, except in cases
clarified herein.

The data should include end-to-end transaction details and information pertaining to payment
or settlement transaction that is gathered / transmitted / processed as part of a payment
message / instruction.

The System Audit Report (SAR), from a CERT-In empanelled Auditor, should inter-alia include
Data Storage, Maintenance of Database, Data Backup Restoration, Data Security, etc.

The data may be shared with the overseas regulator, if so required, depending upon the
nature / origin of transaction with due approval of RBI.
For cross border transaction data, consisting of a foreign component and a domestic
component, a copy of the domestic component may also be stored abroad, if required.

The payment data sent abroad for processing should be deleted abroad within the prescribed
time line and stored only in India. The data stored in India can be accessed / fetched for
handling customer disputes whenever required.

Card Transactions
Cards can be classified on the basis of their issuance, usage and payment by the card holder.
There are three types of cards (a) debit cards (b) credit cards and (c) prepaid cards.

A card can be swiped (Magnetic-Stripe card), dipped (Chip based card) or tapped (Contactless
Near Field Communication {NFC} Card) at a POS terminal.

A CP transaction is a card transaction that is carried out through physical presence of card at
the point of transaction. It is also known as face-to-face or a proximity payment
transaction. A CNP transaction does not require the card to be physically presented at the
point of transaction. It is also called as a remote transaction.

The Magnetic Stripe card stores card data on the magnetic stripe present on the card while
the data in EMV Chip & PIN cards is stored in a chip on the card. In a Contactless NFC card,
the card is read by keeping the card near the card reader. The EMV Chip & PIN cards and
Contactless NFC cards are considered to be safer when compared to Magnetic Stripe cards.

All CP and CNP transactions on cards issued in India are secured with Additional Factor of
Authentication (AFA). This AFA can be in any form and few commonly used forms are PIN,
dynamic one-time password (OTP), static code, etc. The requirement of AFA is not mandatory
for transactions where outflow of foreign exchange is contemplated. Similarly, in case of CP
transactions (except ATM transactions) using NFC contactless technology, transactions for a
maximum value of ₹ 2,000/- per transaction are allowed to be undertaken without AFA
requirement, subject to explicit consent from the customer and adherence to EMV standards.

RBI has mandated that banks may issue new debit and credit cards only for domestic usage
unless international use is specifically sought by the customer. Such cards enabling
international usage will have to be essentially EMV Chip & PIN enabled. The banks have also
been instructed to convert all existing Magnetic Stripe cards to EMV Chip & PIN cards before
December 31, 2018.
The Ombudsman Scheme for Digital Transactions, 2019
The Scheme is being introduced under Section 18 Payment and Settlement Systems Act,
2007, with effect from January 31, 2019.

The Ombudsman for Digital Transactions is a senior official appointed by the Reserve Bank of
India to redress customer complaints against System Participants as defined in the Scheme
for deficiency in certain services covered under the grounds of complaint specified under
Clause 8 of the Scheme.

The Appellate Authority is vested with a Deputy Governor-in-Charge of the department of the
RBI implementing the Scheme.

The compensation amount, if any, which can be awarded by the Ombudsman, for any loss
suffered by the complainant, is limited to the amount arising directly out of the act or
omission or commission of the System Participant, or 20 lakh whichever is lower. The
compensation shall be over and above the disputed amount.

As on date, 21 Ombudsman for Digital Transactions have been appointed with their
offices located mostly in state capitals. The addresses and contact details of the offices of the
Ombudsman for Digital Transactions is provided under Annex I of the Scheme.

‘System Participant’ means any person other than a bank participating in a payment system
as defined under Section 2 of the Payment and Settlement Systems Act, 2007 excluding a
‘System Provider’. ‘System Provider’ means and includes a person who operates an
authorised payment system

Electronic Clearing System

ECS is an electronic mode of payment / receipt for transactions that are repetitive and
periodic in nature. ECS is used by institutions for making bulk payment of amounts towards
distribution or for bulk collection of amounts. Essentially, ECS facilitates bulk transfer of
monies from one bank account to many bank accounts or vice versa. ECS includes
transactions processed under National Automated Clearing House (NACH) operated by
National Payments Corporation of India (NPCI).

Primarily, there are two variants of ECS - ECS Credit and ECS Debit:

ECS Credit is used by an institution for affording credit to a large number of beneficiaries (for
instance, employees, investors etc.).

ECS Debit is used by an institution for raising debits to a large number of accounts (for
instance, consumers of utility services, borrowers, investors in mutual funds etc.).

Based on the geographical location of branches covered, there are three broad categories of
ECS Schemes:

Local ECS – this is operating at 81 centres / locations across the country. At each of these
ECS centres, the branch coverage is restricted to the geographical coverage of the clearing
house, generally covering one city and/or satellite towns and suburbs adjoining the city.

Regional ECS – this is operating at 9 centres / locations at various parts of the country. RECS
facilitates the coverage all core-banking-enabled branches in a State or group of States and
can be used by institutions desirous of reaching beneficiaries within the State / group of
States.

National ECS – this is the centralized version of ECS Credit which was launched in October
2008. The Scheme is operated at Mumbai and facilitates the coverage of all core-banking
enabled branches located anywhere in the country.
MICR is an acronym for Magnetic Ink Character Recognition. The MICR Code is a numeric
code that uniquely identifies a bank-branch participating in the ECS Credit scheme. This is a
9-digit code to identify the location of the bank branch; the first 3 characters represent the
city, the next 3 the bank and the last 3 the branch. The MICR Code allotted to a bank branch
is printed on the MICR band of cheques issued by bank branches.

Cheque Truncation System

Truncation is the process of stopping the flow of the physical cheque issued by a drawer at
some point by the presenting bank en-route to the paying bank branch. In its place an
electronic image of the cheque is transmitted to the paying branch through the clearing
house, along with relevant information like data on the MICR band, date of presentation,
presenting bank, etc. Cheque truncation thus obviates the need to move the physical
instruments across bank branches, other than in exceptional circumstances for clearing
purposes. This effectively eliminates the associated cost of movement of the physical
cheques, reduces the time required for their collection and brings elegance to the entire
activity of cheque processing.

Cheques continue to be the prominent mode of payments in the country. Reserve Bank of
India has therefore decided to focus on improving the efficiency of the cheque clearing cycle.
Offering Cheque Truncation System (CTS) is a step in this direction.

The new approach envisioned as part of the national roll-out is the grid-based approach.
Under this approach the entire cheque volume in the country which was earlier cleared
through 66 MICR Cheque Processing locations is consolidated into the 3 grids in New Delhi,
Chennai and Mumbai.

Collection of Instruments
Local Cheques

Local cheques are payable within the jurisdiction of the clearing house and will be presented
through the clearing system prevailing at the centre.

Under grid-based Cheque Truncation System clearing, all cheques drawn on bank branches
falling within in the grid jurisdiction are treated and cleared as local cheques.

If there is any delay in credit, beyond the period specified above, customer is entitled to
receive compensation at the rate specified in the CCP of the concerned collecting bank. In
case, no rate is specified in the CCP for delay in realisation of local cheques, compensation at
savings bank interest rate has to be paid for the corresponding period of delay.

Outstation Cheques

Maximum timeframe for collection of cheques drawn on state capitals/major cities/other

locations are 7/10/14 days respectively.

If there is any delay in collection beyond this period, customer is entitled to receive
compensation at the rate specified in the Cheque Collection Policy (CCP) of the concerned
bank. In case the rate is not specified in the CCP, interest rate on Fixed Deposits for the
corresponding maturity to be paid. Banks' cheque collection policy also indicates the limit up
to which outstation cheques are given immediate/instant credit.
 About RBI
The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions
of the RBI Act, 1934.

The Central Office of the Reserve Bank was initially established in Kolkata but was
permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and
where policies are formulated.

Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully
owned by the Government of India.

Central Board

The Reserve Bank's affairs are governed by a central board of directors. The board is
appointed by the Government of India in keeping with the Reserve Bank of India Act.

Official

 A Governor and not more than 4 Dy. Governors 8(1)(a)

Non-Official

 10 Directors to be nominate by CG 8(1)(c)

 2 Govt. Official to be nominated by CG 8(1)(d)
 4 Directors to nominated, one from each of the four local boards 8(1)(b)

Local Boards

One each for the for regions of the country in Mumbai, Kolkata, Chennai and New Delhi.

Should consist of 5 member each, appointed by the CG for a term of 4 years (2 terms max.).

To advise the Central Board on local matters and to represent territorial and economic
interests of local cooperative and indigenous banks; to perform such other functions as
delegated by Central Board from time to time.

Board for Financial Supervision

The primary objective of BFS is to undertake consolidated supervision of the financial sector
comprising Scheduled Commercial and Co-operative Banks etc.

Consists of 4 Directors from Central Board as Members and is chaired by the Governor. The
Dy. Governors are ex-officio members.

Acts Administered by RBI

 Reserve Bank of India Act, 1934

 Public Debt Act, 1944/Government Securities Act, 2006
 Government Securities Regulations, 2007
 Banking Regulation Act, 1949
 Foreign Exchange Management Act, 1999
 Securitisation and Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002 (Chapter II)
 Credit Information Companies (Regulation) Act, 2005
 Payment and Settlement Systems Act, 2007
 Payment and Settlement Systems Regulations, 2008 and Amended up to 2011 and
BPSS Regulations, 2008
 The Payment and Settlement Systems (Amendment) Act, 2015 - No. 18 of 2015
 Factoring Regulation Act, 2011
Functions of RBI

1. Manager of Foreign Exchange (regulates FEMA 1999)

2. Issuer of Currency.
3. Banker to Banks & the Government.
4. Developmental Roles
5. Regulator and Supervisor of Payment and Settlement Systems.
6. Regulator and Supervisor of Financial System.
7. Monetary Authority (formulates, implements & monitors m-policy)

CFO is Sudha Balakrishnan.

Gov and Dy. Gov

Shaktikanta Das

B.P Kanungo

M.D. Patra

M.K. Jain

Fully owned subsidiaries

Deposit Insurance and Credit Guarantee Corporation of India (DICGC)

Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL)

Reserve Bank Information Technology Private Limited (ReBIT)

Indian Financial Technology and Allied Services (IFTAS)