SEBI Mandates banks to disclose divergence in asset classification

The Securities and Exchange Board of India vide notification dated 31st October 2019, has mandated banks to disclose material divergence in the asset classification and such information shall be disclosed within 24 hours of the …

The Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2019

The Insolvency and Bankruptcy Board of India, in its notification dated 25th October 2019 has published The Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2019 to further amend the IBBI (Insolvency …

Businesses over Rs.50 Crore to have electronic payment mode from November 1: CBTD invites applications from payment systems

CBDT has made it mandatory for all businesses whose turnover is more than Rs 50.crore shall have to make arrangement to accept payment through electronic mode from November 1. The CBTD has invited proposals from …

India Ranks 63rd in Global Ease of Doing Business

India has risen 14 places in the World Bank’s latest ease of doing business global rankings, inching closer to its target of being counted as part of the top 50 club.

Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2019

Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2019 has included the definition of Depository Receipt. It has also amended the formalities in relation to verification of certain beneficial owners.

RBI Harmonised Turn Around Time (TAT) and customer compensation for failed transactions

The Reserve Bank of India vide notification dated 20th September, 2019 has finalised the framework on Harmonisation of turnaround time for resolution of customer complaints related to failed transactions across all authorised payment system and …

RBI released Internal Working Group Report to review the Liquidity Management Framework

The Reserve Bank of India in its notification dated 28 September, 2019 released a report on liquidity management framework submitted by an internal working group that was set up to help the central bank manage …

RBI enhances Limit for Classification of Exports under priority Sector

The Reserve Bank of India in its notification dated 20th September, 2019 amended the Para 8 of the “Master Direction on Priority Sector Lending-targets and Classification”. The Master direction was released on July 7, 2016 …

Draft guidelines for ‘on tap’ license has been issued by RBI for small finance banks

The Reserve bank of India on 13th September, 2019 has released on its website the draft guidelines for ‘on tap’ licensing of small finance banks (“SFB”) in the private sector and invited comments from stakeholders …

RBI allows e-mandate on cards for recurring transactions

RBI has decided to permit processing of e-mandate on cards for recurring transactions (merchant payments) with AFA during e-mandate registration, modification and revocation, as also for the first transaction, and simple / automatic subsequent successive …

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