New Accessibility Rules for Banks to Benefit Persons with Disabilities
These new amendment rules aim to improve accessibility in the banking sector for people with disabilities. The new rules incorporate accessibility standards and guidelines previously notified by the Department of Financial Services by a notification dated February 2, 2024.
IFSC Banking Units (IBUs) permitted to undertake OTC derivatives on Gold and Silver
IFSCA has decided to permit IFSC Banking Units (IBUs) to undertake OTC derivatives on Gold and Silver and offer such derivatives to their clients.
RBI announces the SAARC Currency Swap Framework for the period 2024 to 2027
Under the Framework for 2024-27, a separate INR Swap Window has been introduced with various concessions for swap support in Indian Rupee. The total corpus of the Rupee support is ₹250 billion. The RBI will continue to offer swap arrangement in US$ and Euro under a separate US Dollar/ Euro Swap Window with an overall corpus of US$ 2 billion.
Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2024
The Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2024, represent a significant update to India’s export-import regulatory framework. By emphasizing timely declarations, standardized payment receipts, and flexible yet stringent compliance measures, these regulations aim to facilitate smoother trade operations while safeguarding India’s foreign exchange interests. For exporters and importers, understanding and adhering to these regulations is crucial for seamless international trade and financial transactions.
Reserve Bank of India and ASEAN Countries to Create a Platform to Facilitate Instantaneous Cross-Border Retail Payments
The Reserve Bank of India has now joined the Project Nexus, a multilateral international initiative to enable instant cross-border retail payments by interlinking domestic FPSs. Nexus, conceptualized by the Innovation Hub of the Bank for International Settlements (BIS), aims to connect the FPSs of four ASEAN countries (Malaysia, Philippines, Singapore, and Thailand); and India, who would be the founding members and first mover countries of this platform.
PFRDA allows Same Day Investment of NPS contributions (T+0) received by Trustee Bank
With advancements in technology and a robust system-level interface between TB and CRAs, contributions received by TB till 11 AM (T) on any settlement day will now be considered for same-day investment. Contributions received by TB after 11 AM will be invested on the next day (T+1).
Innovation Sandbox Operating Guidelines
The objective of innovation sandbox is to Promote innovation both in terms of new product and services as well as new ways of delivering existing product and services in financial sector.
RBI Financial Stability Report
The Reserve Bank released the 29th issue of the Financial Stability Report (FSR), which reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on the resilience of the Indian financial system and risks to financial stability.
Reserve Bank’s Database on Indian Economy Portal
The uniform resource locator (URL) domain address of the ‘Database on Indian Economy (DBIE)’ portal of the Reserve Bank is being changed to https://data.rbi.org.in with effect from June 21, 2024. The current URLs, viz., https://dbie.rbi.org.in and https://cimsdbie.rbi.org.in will also get directed to the new URL https://data.rbi.org.in.
RBI Invitation of applications for recognition of Self-Regulatory Organisations (SROs) for NBFCs
It has now been decided to invite applications for recognition of SROs for the NBFC sector under the aegis of the aforesaid omnibus framework. The applicant entity shall fulfil the eligibility criteria and guidelines mentioned under the omnibus framework.
