Aggregated News From Investment Management Regulators

Banks not to downsize limits for FPS transfers: draft Bank of Russia ordinance

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According to a draft Bank of Russia ordinance, limits that banks set for their customers’ daily operations in the Faster Payments System (FPS) should not be less than 150 thousand rubles.

Banks will have to adjust their limits by 1 October 2021. This will improve the availability of FPS transfers for individuals.

In addition, from 1 April 2022, FPS participants will need to provide their customers with a possibility to pay for goods and services via the SBPay mobile app developed by the NPCS. This app offers a user-friendly way to scan a QR-code and pay via the FPS at any retail and service outlets that accept such payment method.

See PDF here: https://www.cbr.ru/StaticHtml/File/41186/210211-45-1.pdf

This news item was originally published by the Central Bank of the Russian Federation (CBR RU). For more information, please see the Source Link.

Regulator Information

Abbreviation: CBR
Jurisdiction: Russian Federation

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