RBI Provides Cash Reserve Ratio relief to banks for 5 years

The Reserve Bank of India(RBI) vide its notification dated 10th February 2020 has announced a special lending window with Cash Reserve Ratio (CRR) exemption which shall commence from February 14 and all incremental loans disbursed under the facility will have CRR exemption for the next five years.

Time limit extended for submitting Form GST TRAN-1

The Central Board of Indirect Taxes and Customs vide its order dated 7th February, 2020, has extended the time limit for submitting the declaration in FORM GST TRAN-1 till March 31, 2020, owing to difficulties encountered by registered persons in filing the form due to technical issues in the common portal.

RBI Proposes a new umbrella entity for retail payment system.

The Reserve Bank of India vide its notification dated 10th February 2020 has issued a draft framework for authorization of a pan-India new umbrella entity (NUE) for retail payment systems. The NUE will operate clearing and settlement systems, identify and manage relevant risks such as settlement, credit, liquidity and operational and preserve the integrity of the systems as well as monitor retail payment system developments and related issues.

Restructuring of advances for Projects under Implementation not to be classified as NPA.

The Reserve Bank of India vide its notification dated 7th February 2020 has revised the guidelines for Deferment of Commencement of Commercial Operations (DCCO) in non-infrastructure and Commercial Real Estate (CRE) projects. If the projects gets delayed for reasons beyond the control of promoter(s), banks are allowed to restructure them by way of revision of DCCO.