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.
Guidelines on treatment of Dividend Equalisation Fund (DEF)- Primary (Urban) Co-operative Banks (UCBs)
“Declaration of Dividends by UCBs” dated July 05, 2012 ibid prohibit dividend payments from previously accumulated profits or reserves and mandate that dividend can only be paid by the banks from net profit of the current year after making all statutory and other provisions and after adjustment for accumulated losses in full. It is also observed that UCBs have been considering the balances in DEF as part of Tier-II capital. In order to provide a better treatment of these balances for regulatory capital purposes, it has been decided, as a onetime measure, to permit UCBs to transfer the balances in the DEF to general reserves/free reserves. The credit balances in general reserves/free reserves, shall qualify as Tier-I capital.
Draft directions on Due Diligence of AePS Touchpoint Operators
Comments / feedback on the draft directions may be sent by email or by post to the Chief General Manager-in-Charge, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400001, on or before August 31, 2024.
Framework on Alternative Authentication Mechanisms for Digital Payment Transactions
Comments / feedback on the draft framework may be sent by email or by post to the Chief General Manager-in-Charge, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400001, on or before September 15, 2024.
Single National Software Network
The ERP (Enterprise Resource Planning) based common national software brings about efficiency in PACS performance through Common Accounting System (CAS) and Management Information System (MIS).
RBI reviews the framework for Domestic Money Transfer
The remitting bank shall obtain and keep a record of the name and address of the beneficiary for all Cash Pay-out Service.
RBI releases draft circular on Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR)
Comments on the draft circular are invited from banks and other stakeholders by August 31, 2024.
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.
