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RBI shall regulate and supervise non-bank PAs and the existing non-bank PAs

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Oversight Framework for Financial Market Infrastructures and Retail Payment Systems released on Saturday, the RBI said: “With a view to safeguard the interests of the customers and users and to ensure that the payments made by the intermediaries using electronic or digital or online payment modes were duly accounted for by the intermediaries receiving such payments and transmitted to the accounts of the merchants or to similar other entities, certain guidelines were issued to banks and payment system operators for addressing a few aspects of the functioning of intermediaries.”

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As such, RBI said that these entities were not subjected to direct regulations for outsourcing arrangements were made applicable to them.

“Based on the feedback received on discussion paper and taking into a ccount the important functions of the intermediaries in the online payments s pace as also keeping in view their role vis-a-vis handling funds, it was decided to (a) regulate in entirety the activities of PAs, and (b) provide baseline technology-related recommendations to PGs.

“Accordingly, the RBI shall regulate and supervise non-bank PAs and t he existing non-bank PAs are also required to submit application seeking for authorisation on or before June 30, 2021. On the other hand, the PGs shall be considered as technology providers or outsourcing partners of banks or non-banks, as the case may be and have been prescribed to put in place certain baseline technology related cyber security controls,” the RBI said.

 

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447 cases of adverse effect reported,Covid-19 vaccine given to 2,24,301 beneficiaries :Govt.

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A total of 2,24,301 beneficiaries have been inoculated with COVID-19 vaccine so far, out of which only 447 adverse events following immunisation (AEFI) were reported, the Union Health Ministry said on day two of the nationwide vaccination drive on Sunday.

Addressing a press briefing, the ministry’s Additional Secretary Manohar Agnani said out of the 447 adverse events following immunisation, only three required hospitalisation.

“Today being Sunday, only six states conducted vaccination drive and in 553 sessions a total of 17,072 beneficiaries were vaccinated,” he said.

The six states where the vaccination drive was carried out on Sunday are Andhra Pradesh, Arunachal Pradesh, Karnataka, Kerala, Manipur and Tamil Nadu, he added.

Agnani said a total of 2,24,301 beneficiaries have been vaccinated till January 17 as per provisional reports, adding that 2,07,229 of them received the jabs on day one of the drive.

“A total of 447 AEFI have been reported on January 16 and 17, out of which only three required hospitalisation. Most of the AEFI reported so far are minor like fever, headache, nausea,” he said.

He said a meeting was held with all states and union territories on Sunday to review the progress of the drive, identify bottlenecks and plan corrective actions.

Prime Minister Narendra Modi rolled out the world’s largest inoculation drive against COVID-19 on Saturday and said the two vaccines being deployed will ensure a “decisive victory” for India against the pandemic.

India has approved two vaccines—Covaxin developed by Bharat Biotech and Covishield from the Oxford/AstraZeneca stable being manufactured by the Serum Institute of India—for emergency use in the country.

According to the government, the shots will be offered first to an estimated one crore healthcare workers and around two coror frontline workers, and then to persons above 50 years of age, followed by persons younger than 50 years of age with associated comorbidities. PTI

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