RBI

Did you know that the first ATM machine in India was set up by HSBC in Mumbai in 1987?

From cheque books and withdrawals to minimum balances, the RBI has made tweaks to many aspects of a basic savings account.

"By the time I bought the tickets, my transaction had increased by 30% of the amount I had initially seen for the movie ticket price. Unfortunately, this practice isn’t merely limited to Paytm or INOX, even cab services and food delivery apps levy this charge,” says Vijay Gopal. #ConsumerRights #RBI

Designed by NID, the new coin for Rs 20 will be shaped like a 27 mm "dodecagon" and have several features to make it easily identifiable for visually-impaired individuals!

India's first indigenous payment ecosystem, the newly-launched National Common Mobility Card can be used to make payments across all segments including the metro, bus, suburban railways as well as shopping!

If you forcefully try to remove the card while mistakenly thinking it got stuck in the ATM slot, the damage to the card might not just be extensive but possibly permanent.

To protect consumers from fraudulent transactions, the Reserve Bank of India has mandated that mobile wallet users will be provided with the same safety as given to regular credit or debit card users.

Since the demonetisation announcement in November 2016, the apex bank has introduced new notes of Rs 200 and Rs 2000 as well as of Rs 10, 50, 100 and 500.

Many had complained of receiving soiled notes, but the banks refused to exchange them, stating that they did not have permission from the Reserve Bank of India (RBI) to do so.

The Indian mobile wallet market has been increasingly growing. Indian consumers are moving away from using cash and relying on the mobile wallets and other digital payment options.