New US Federal Reserve consumer protection rules on overdrafts through ATMs and debit cards
The US Federal Reserve Board has announced new consumer protection rules that restrict the ability of a debit card issuer to charge fees for overdrafts on ATM or debit card transactions unless the consumer consents.
Prior to opting-in, the consumer must be provided a notice explaining the overdraft services, including fees associated, and the consumer’s choices.
These rules will be effective 1 July 2010.
Click here to access more information on the US Federal Reserve Board consumer protection rules.
The Reserve Bank of India (RBI) has released its Vision 2009-2012 document for the payments systems of India.
The RBI is responsible for authorisation of payments systems under the Payment and Settlement Systems Act 2007, with a role to ensure all payment and settlement systems operating in the country are safe, secure, sound, efficient, accessible and authorised.
The Vision document outlines an Action Plan for the RBI that includes authorisation of payment systems, smooth functioning of existing payment systems, infrastructure building and improvement (in collaboration with the newly established National Payments Corporation of India), promotion of electronic payments and reduction of risks in paper-based clearing.
The Vision also outlines a number of new projects and major initiatives to be taken forward in collaboration with the industry-run National Payments Corporation of India. These include:
• Implementing a new and feature-rich real time gross settlement (RTGS) system
• Establishing India Moneyline – a new system akin to UK Faster Payments
• The India Card – a national domestic debit card to promote competition
• Redesigning the existing bulk electronic system to operate as an automated clearing house (ACH)
• Establishing a national infrastructure for facilitating real-time mobile payments
Click here to access 'Payment Systems in India - Vision 2009-12'.