RBI announces additional authentication layer for online international digital payments

Newly appointed RBI Governor Sanjay Malhotra on Friday announced a 25-bps repo rate cut, giving much-needed relief to home and other loan borrowers who have long been waiting for their respective banks to slash rates. It, however, has to be seen how banks respond to RBI rate cut and whether they pass on this benefit to consumers immediately or not.

Besides this rate cut, the RBI governor has also announced some key measures for the banking sector as a whole with an aim to strengthen the regulatory mechanism around digital payments ecosystem and check the cyber frauds.