Stock exchange subsidiaries authorized to administer and supervise IAs
The wholly owned subsidiaries of stock exchange is authorized by SEBI to supervise IAs, including both onsite and offsite, redress grievance of clients and IAs and to take administrative action including issuing warning and reference to SEBI for enforcement action.
RBI Revises instructions on opening of current account by banks
No bank shall open current accounts for customers who have availed credit facilities in the form of cash credit (CC)/ overdraft (OD) from the banking system.
RBI permits pilot scheme to provide offline payment using cards, wallets mobile, etc
under the pilot scheme, authorized Payment System Operators will be able to provide offline payment solutions using cards, wallets or mobile devices for remote or proximity payments.
RBI announces online dispute resolution system for digital payments
RBI has directed the payment System Operators (PSOs) and their participants to implement an ODR system for disputes and grievances related to failed transactions in their respective payment systems by 1st January 2021.
RBI enhances Loan To Value ratio from 75% to 90%
The enhanced LTV ratio will be applicable up to 31st March 2021 to enable the borrowers to tide over their temporary liquidity mismatches on account of COVID 19.
RBI issues Resolution Framework for COVID-19 related stress
The Prudential Framework provides a window for lenders to implement a viable resolution plan in respect of eligible corporate exposures and personal loans. Lending institutions must ensure that the resolution is provided only to the borrowers having stress on account of COVID-19. The policy so framed must, inter alia, specify the eligibility of borrowers to be considered for the resolution.
RBI extends Scheme of Restructuring of Advances for MSME Sector
Existing ‘standard’ loans to MSMEs must be restructured without a downgrade in the asset classification, subject to specified conditions.
RBI introduces ASISO Facility for end-of-day LAF Operations
Banks can set a specific amount or range to maintain as balances at the end of the day, in their current accounts with the RBI. Based on this set amount, MSF and Reverse Repo Bids will be generated automatically at the end of the day.
Aadhaar Authentication for Good Governance (Social Welfare, Innovation, Knowledge) Rules, 2020
The Central Government may allow Aadhaar authentication to The Ministry or the Department of the Government of India or the State Government, on a voluntary basis for Usage of digital platforms to ensure good governance, Prevention of dissipation of social welfare benefits, or for enablement of innovation and the spread of knowledge.
Government of Andhra Pradesh revises minimum wages for industrial workers
The average State Industrial workers Consumer Price Index number in Andhra Pradesh for the half year ending December 2019, is fixed as 1393 CPI points applicable w.e.f 01.04.2020 to 30.09.2020. The managements shall pay minimum wages accordingly.
