RBI – Digital Payments Index for March 2024
The RBI-DPI index has increased across all parameters driven by significant growth in payment performance and payment infrastructure across the country over the period.
RBI issues Prompt Corrective Action (PCA) Framework for Primary (Urban) Co-operative Banks
The Reserve Bank of India issued a Prompt Corrective Action (PCA) Framework for Primary (Urban) Co-operative Banks (UCBs). The provisions of the PCA Framework will be effective from April 1, 2025.
Regulatory Sandbox – Fifth Cohort (Theme Neutral) – Test Phase
The Reserve Bank received twenty-two applications of which five have been selected for the ‘Test Phase’. The entities shall commence testing of their solutions from August 2024.
Extension of timeline for submission of applications for Third Global Hackathon of Reserve Bank of India
Keeping in view the requests received, it has been decided to extend the timeline for registration and submission of applications up to July 31, 2024.
Reserve Bank of India clarifies on impact of outage in Microsoft Services on its Regulated Entities
The Reserve Bank has issued an Advisory today to its Regulated Entities for taking necessary steps to remain alert and ensure operational resilience and continuity.
Consultation Paper on Proposed Legal Provisions for Summary Proceedings
The comments are invited on the proposals in the consultation paper. The comments/ suggestions should be submitted latest by August 06, 2024.
The Labour Department of Chandigarh Issues Important Updates for Shops and Commercial Establishments
The Labour Department of Chandigarh on June 26th, 2024, issued the notification regarding the permission to keep the shops and Commercial Establishments open all 365 days and operate 24 hours.
Key Updates:
Conditions for opening of shops
Security after 10 pm
Women employees not to work after 8pm
Anti-Harassment Measures
Holiday and Wages
Revised Master Directions on Fraud Risk Management in the Regulated Entities
These Master Directions have been prepared based on a comprehensive review of the earlier Master Directions, Circular and emerging issues. These Master Directions are principle-based and strengthen the role of the Board in overall governance and oversight of fraud risk management in the Regulated Entities (REs).
RBI update on “Measuring Productivity at the Industry Level-The India KLEMS [Capital (K), Labour (L), Energy (E), Material (M) and Services (S)] Database”
The database, which has KLEMS data for an additional year, i.e., 2022-23, is expected to aid the analysis of productivity trends in India at disaggregated industry levels.
RBI Conference for the Statutory Auditors and Chief Financial Officers (CFOs) of Commercial Banks and All India Financial Institutions
The Conference included technical sessions from Guest Speakers from the industry and the Chief General Managers of the Reserve Bank covering expectations from statutory auditors and CFOs, cyber-security, internal controls in financial reporting and usage of data analytics in auditing.
