Enhanced Security for International Transactions
The Reserve Bank of India (RBI) has announced a new measure to enhance the security of online payments, specifically focusing on cross-border “Card Not Present” (CNP) transactions. This measure introduces an Additional Factor of Authentication (AFA) to provide an extra layer of security for international transactions using Indian-issued cards. The initiative aims to reduce fraud and increase customer confidence in digital payments. By aligning the security standards of international transactions with those of domestic ones, the RBI ensures a safer and more reliable payment experience for users.
Empowering Girls: Odisha’s BBBP Initiatives
Odisha has launched several initiatives under the “Beti Bachao Beti Padhao” (BBBP) scheme to empower girls and prevent child marriage. Programs like “Nirbhaya Kadhi” and “Mo Gelha Jhia” in Ganjam combat sex selection and female foeticide. “Kalpana Avijan” in Dhenkanal focuses on monitoring adolescent girls to prevent child marriage, while the “Veerangana” scheme in Deogarh boosts girls’ confidence through martial arts training. These initiatives have effectively reduced child marriages and raised awareness about girls’ rights, contributing to the overall empowerment of young girls in the state.
RBI Cuts Repo Rate to 6.25%
The Reserve Bank of India (RBI) has reduced the repo rate by 25 basis points to 6.25%, marking the first cut in nearly five years. This policy shift aims to boost economic activity by making borrowing more affordable, thereby encouraging spending and investment. The decision reflects the RBI’s response to current economic conditions and its commitment to balancing growth with inflation management.
RBI Grants NDS-OM Platform Access to Non-Bank Brokers
The Reserve Bank of India (RBI) has introduced a significant policy change by granting non-bank brokers registered with the Securities and Exchange Board of India (SEBI) access to the Negotiated Dealing System-Order Matching (NDS-OM) platform. This initiative aims to enhance market accessibility and liquidity for government securities, allowing non-bank brokers to facilitate trades on behalf of their clients. By bridging the gap between small investors and government bonds, the policy encourages more active trading and improves price discovery in the government securities market.
Debate Over Oil Exploration in Dibru Saikhowa National Park
The debate on oil exploration in Assam’s Dibru Saikhowa National Park has intensified after Oil India Limited (OIL) proposed using Extended Reach Drilling (ERD) technology for research and development (R&D) studies. Previous requests were denied due to environmental concerns. The Environment Ministry’s Forest Advisory Committee (FAC) has recommended the R&D proposal with strict conditions to assess the impact on biodiversity without actual extraction. The Wildlife Institute of India (WII) supports this study, emphasizing the need for actual drilling to evaluate above-ground biodiversity effects.
RBI Introduces ‘bank.in’ Domain to Combat Financial Fraud
To address the rising cases of financial fraud, the Reserve Bank of India (RBI) has introduced the ‘bank.in’ internet domain. Announced during the recent Monetary Policy Committee meeting, this initiative aims to enhance cybersecurity by enabling customers to easily verify the authenticity of bank websites, thereby reducing phishing risks and other cyber threats. The Institute for Development and Research in Banking Technology (IDRBT) will oversee the domain’s management, with registrations set to commence in April 2025. This measure is expected to significantly bolster the security and trustworthiness of online banking in India.