Statement on Developmental and Regulatory Policies

The Reserve Bank of India announced several developmental and regulatory policy measures across two main areas: Regulations and Payment Systems/Fintech. \r

Firstly, the revision of the definition of bulk deposits for Scheduled Commercial Banks (excluding RRBs), Small Finance Banks, and Local Area Banks aims to enhance flexibility and align with ALM projections. Secondly, the RBI intends to rationalize export and import regulations under FEMA 1999 to streamline cross-border trade transactions. \r

Additionally, the establishment of a Digital Payments Intelligence Platform aims to mitigate payment fraud risks by leveraging advanced technologies. \r

Furthermore, proposals include the inclusion of recurring payments for Fastag, NCMC, etc. under the e-mandate framework, as well as the introduction of auto-replenishment for UPI Lite wallets. \r

Finally, the RBI Hackathon HARBINGER 2024 will focus on innovative solutions for preventing financial frauds and enhancing inclusivity for persons with disabilities. Detailed guidelines for these measures will be released shortly.