RBI operating on regulations to slash Fraud in electronic Transactions

RBI Working on Regulations to Curb Fraud in Electronic Transactions

The RBI is operating to put in location a regulatory framework to cope with customer criticism and legal responsibility troubles bobbing up out of frauds in electronic transactions, government stated Tuesday.

the matter is being further tested by way of the RBI to put in vicinity a regulatory framework for addressing purchaser criticism and legal responsibility problems springing up out of such frauds,” Minister of state for Finance Jayant Sinha stated during the query Hour within the Rajya Sabha.

He said the Banking Codes and standards Board of India (BCSBI) had in 2014 come out with arecommendation of proscribing the customer liabilities in case of frauds taking area via electronicchannels.

Replying to supplementaries, Sinha said there was too much of coins transaction in the Indian financial system.

“87 percentage transaction occurs in India in coins, which isn’t the case in different countries. so muchuse of coins transaction isn’t always proper…this will increase value of coping with exceptinconvenience,” he said and underlined authorities‘s committment to encourage cashless monetarytransactions.

The RBI in its ‘price machine imaginative and prescient document 2012-15′ for ushering in a less coinsfinancial system counseled drawing up of a policy framework setting up roles and obligations of banks and clients in electronic transactions to minimise fruads, restoration duties and 0 legal responsibilitysafety to increase client self belief.

The file had also advised drawing up a method for disincentivising utilization of cheques above a surethreshold restrict by way of clients and company which might also consist of prescribing a cut off limitfor cheques cleared thru clearing residence arrangements.

Sinha said a white paper became positioned with the aid of the department for public comments in 2013. “based totally at the reaction from the general public, the branch has no longer initiated any furthermovement“.

Sinha similarly said the government had pop out with a white paper on disincentivising paper cheques and sought public comments on it.

however, the comments had been not very encouraging. The charges levied for digital transactions operated by way of the financial institution are low and obvious,” he introduced.

Sinha in addition said that country wide payments organization of India (NPCI) has been given in-precept approval to be the Bharat invoice fee critical Unit (BBPCU) under Bharat invoice fee device(BBPS), an included bill payment device.

BBPS is an incorporated invoice payment machine to characteristic as a tiered structure for operatinginvoice fee system in India with a single emblem picture, presenting convenience of ‘each timeeverywhereinvoice price to clients.

the existing scope of BBPS will include application invoice bills consisting of strength, water, gasoline,phone and Direct-to-home (DTH).

we’re brining a revolution in virtual charge,” Sinha stated list numerous projects taken by using thegovernment to carry down the extent of coins transactions inside the united states. “when we’ve cash inmovement in financial system, we create a drag. If we move to digital, we will dispose of thosedifficulties,” he added.

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Tags: Cashless bills, India, internet, on line shopping, RBI

Chile Taxi Drivers Protest Against Uber as Regulations Remain Murky

Chile Taxi Drivers Protest Against Uber as Regulations Remain Murky

Taxi drivers in Chile protested on Thursday against ride-hailing app Uber, as authorities indicated they were considering more regulatory oversight to deal with car-sharing services.

Blocking an avenue in downtown Santiago, the taxi drivers’ demonstration was the latest in a series around the globe against the service, which critics say is unsafe, skirts labor laws and depresses wages.

“I don’t have a problem that they work – we all have a right to earn money – but this has reduced our business a lot,” said taxi driver Jaime Poblete Soto, 30. “The (drop in customers) has become very obvious.”

On Wednesday, a similar anti-Uber protest took place in the Argentine city of Cordoba, and in late March four men torched an Uber vehicle in Nairobi, Kenya.

Massive Uber protests have also taken place in recent months in Brazil, Mexico, France and several other nations.

Uber Chile, which started in December 2014 and now has around 10,000 registered drivers, according to the company, has repeatedly called on national authorities to establish a clearer regulatory framework for ride-sharing apps.

As of now, the company said, drivers operate in a legal gray zone.

“What we do isn’t covered by current law, so we’ve asked for help in trying to find a way to regulate this, but we’ve been told ‘no,'” said Carlos Schaaf, chief executive of Uber Chile.

“But it’s something we continue discussing with lawmakers and local government.”

Transport Minister Andres Gomez-Lobos said that if a vehicle were caught carrying passengers for pay outside current rules it would be sanctioned.

However, he also said that Uber could be brought within Chile’s existing regulations if there is “broad agreement” in Congress.

Many Uber users, meanwhile, remain unapologetic about their use of the app.

“Many times you take a taxi to the same place, and sometimes it costs 1,000 pesos, sometimes 1,500, sometimes 2,000,” said Karen Salazar, a 25-year-old Uber user, referring to amounts between $1.50 and $3.00.

“So you don’t trust taxis… but Uber isn’t like that.”

© Thomson Reuters 2016

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Tags: Apps, Uber, Uber App, Uber Taxi App