Framework for recognition of SROs in Financial Markets
Interested entities seeking recognition as an SRO in financial markets may submit their application through email or to the Chief General Manager, Financial Markets Regulation Department, Reserve Bank of India, Central Office, 9th Floor, Shahid Bhagat Singh Marg, Mumbai – 400 001.
RBI reviews Master Direction – Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017
It has been observed that some of these platforms have adopted certain practices which are violative of the said Directions. Such practices include, among others, violation of the prescribed funds transfer mechanism, promoting peer to peer lending as an investment product with features like tenure linked assured minimum returns, providing liquidity options and at times acting like deposit takers and lenders instead of being a platform. Such violations, when observed, have been dealt with bilaterally by the Reserve Bank of India for remediation. It has been decided to elaborate and clarify certain provisions with some modifications for proper implementation of the Directions.
Framework for recognition of SROs in Financial Markets
Interested entities seeking recognition as an SRO in financial markets may submit their application through email or to the Chief General Manager, Financial Markets Regulation Department, Reserve Bank of India, Central Office, 9th Floor, Shahid Bhagat Singh Marg, Mumbai – 400 001.
RBI directs Credit Institutions and Credit Information Companies shall keep the credit information collected/maintained by them updated regularly on a fortnightly basis
CICs shall provide a list of CIs which are not adhering to the fortnightly data submission timelines to Department of Supervision, Reserve Bank of India, Central Office at half yearly intervals (as on March 31 and September 30 each year) for information and monitoring purposes.
Revised regulatory framework for HFCs and harmonization of regulations applicable to HFCs and NBFCs
Deposit taking NBFCs are required to maintain liquid assets under Section 45-IB of the RBI Act and such liquid assets shall be entrusted for safe custody with specified entities.
New Details on Chhattisgarh SDL 2029 Reissue
The Government of Chhattisgarh on 1st August 2024, notified the reissue of 6.94% Chhattisgarh State Development Loan (SDL) 2029 bonds, initially issued on March 24, 2021. This update is crucial for investors, financial institutions, and anyone interested in state government securities.
RBI releases draft circular on ‘Regulatory Principles for Management of Model Risks in Credit’
The Comments on the draft circular are invited from public/stakeholders by September 4, 2024.
RBI directions for Prudential Treatment of Bad and Doubtful Debt Reserve by Co-operative Banks
With effect from the FY 2024-25, all provisions as per Income Recognition, Asset Classification and Provisioning (IRACP) norms3, whether accounted for under the head “BDDR” or any other head of account, shall be charged as an expense to the P&L account in the accounting period in which they are recognised. The eligibility of such provisions for regulatory capital purposes shall continue to be as defined in the extant guidelines on capital adequacy.
New Punjab Agricultural Produce Markets (General) Amendments Rules 2024
The latest amendment aims to simplify processes for government purchase agencies involved in agricultural markets. By exempting these agencies from the requirements of KYC documentation and bank guarantees, the amendment is set to reduce bureaucratic hurdles and facilitate smoother operations.
Master Directions on Cyber Resilience and Digital Payment Security Controls for non-bank Payment System Operators
It has been decided to issue the final Directions, covering robust governance mechanisms for identification, assessment, monitoring and management of these risks. The Directions also cover baseline security measures for ensuring system resiliency as well as safe and secure digital payment transactions. However, they shall endeavour to migrate to latest security standards. The existing instructions on security and risk mitigation measures for payments done using cards, Prepaid Payment Instruments (PPIs) and mobile banking continue to be applicable as hitherto.
