RBI publishes “’Technology Vision for Cyber Security’ for Urban Co-operative Banks – 2020-2023”.

The document has been formalized based on inputs from various stakeholders and it envisages to achieve its objective through a five-pillared strategic approach GUARD.

The Income-tax (21st Amendment) Rules, 2020

The amendment has made the procedure for application by a banking company or insurer for a certificate under section 195(3) of the Income – tax Act, 1961, for receipt of interest and other sums without …

IBBI publishes the Insolvency and Bankruptcy Board of India (Annual Report) Amendment Rules, 2020.

The issue of the final Separate Audit Report (SAR) in English with Audit Certificate to Insolvency and Bankruptcy Board of India shall be 31st October and the submission of the annual report and audited accounts …

RBI Publishes Draft Rupee Interest Rate Derivatives (Reserve Bank) Directions, 2020.

These Directions shall apply to all Rupee IRD transactions entered into from the date the Directions come into effect. Existing Directions will continue to be applicable to Rupee IRD transactions undertaken in accordance with the …

RBI to automate income recognition Asset Classification & Provisioning processes in banks.

To ensure the completeness and integrity of the automated asset classification (classification of advances/investments as NPA/NPI and their upgradation), provisioning calculation, and income recognition processes, banks are advised to put in place/upgrade their systems to …

NABARD advices banks to upload five returns on steps taken by banks to Anti-Money Laundering and Counter Financing of Terrorism

Banks are now required to upload five returns focusing on the steps taken by banks with regard to Anti-Money Laundering and Counter Financing of Terrorism.

RBI issues revised priority sector lending guidelines.

The revised guidelines have been framed to address regional disparities in the flow of priority sector credit and higher weightage have been assigned to incremental priority sector credit in ‘identified districts’ where priority sector credit …

RBI Announces Measures to Foster Orderly Market Conditions.

The Reserve Bank will conduct term repo operations for an aggregate amount of ₹100,000 crore at floating rates in the middle of September to assuage pressures on the market on account of advance tax outflows.

IBBI notifies the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020

The Amendment Regulation states that a corporate person must appoint an insolvency professional as liquidator. Such liquidator may be replaced with another insolvency professional as liquidator. However, this replacement must be made through an appointment …

CBDT directs banks to refund charges levied on UPI transactions since 1st January 2020.

CBDT has directed banks to refund the charges collected on or after January 1, 2020, on transactions carried out through electronic modes and not to impose charges on any future transactions carried through electronic mode.

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