RBI permits to ease e-commerce [ Current Affairs ]


About Reserve Bank of India (RBI): It was established on 1st April 1935. It is the India’s Dominant Banking Institution. It controls the financial policy of Indian rupee. It plays an important role in development strategy of the government of India.

  • It is handled by 21 member central board of directors.
  • Its headquarters are in Mumbai, Maharastra.

About e - commerce:

  • It is the exchange of goods and products or services using computer networking such as internet.
  • Also known as electronic commerce.
  • It provides mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems.

About RBI helping e - commerce:

  • The Reserve Bank of India allowed banks to process and settles import and export related payments by online payment service providers.
  • This would ease the local business that depends on online payment as primary payment mechanism.

- Published on: September 27, 2015