Monsoon Safety Protocols for Factories: Ensuring Workplace Security
As the monsoon season approaches, ensuring the safety of factory workers becomes paramount. The Inspectorate of Factories and Boilers, Goa, has issued comprehensive guidelines to safeguard employees and maintain operational integrity during adverse weather conditions.
RBI approves new tools for Prevention and Mitigation of Financial Frauds through regulatory sandbox
RBI has announced that in the Fourth Cohort of the Regulatory Sandbox (RS) with ‘Prevention and Mitigation of Financial Frauds’ as its theme, three have been found viable.
Statement on Developmental and Regulatory Policies
RBI has issued Statement on Developmental and Regulatory Policies. This Statement sets out various developmental and regulatory policy measures relating to (i) Regulations; and (ii) Payment Systems and FinTech.
RBI announces HaRBInger 2024 – Innovation for Transformation
Registration for HaRBInger 2024 starts from June 07, 2024. More details about the event are available at link.
RBI conducts conference of Non-Banking Financial Companies
The conference urged NBFCs to bolster governance and assurance functions and maintain constant vigil against potential risks and vulnerabilities. In the highly dynamic and challenging environment in which financial entities operate, they are exposed to a multitude of risks that can impact their financial and operational resilience. It inter-alia highlighted cybersecurity and operational risks; credit risks from rule-based credit models; and liquidity risks. The conference conveyed the Reserve Bank’s Supervisory expectations from the regulated entities to ensure independent and meaningful assurance functions as well as fair and transparent conduct towards customers.
RBI conducts conference of Urban Co-operative Banks (UCBs)
The conference outlined the Reserve Bank’s Supervisory expectations and asserted that effective assurance functions play a crucial role in safeguarding the financial soundness of banks, as well as upholding the trust of their customers and other stakeholders. The conference stressed upon the need to identify and manage the emerging risks as well as the changing dynamics of the traditional risks, for which the internal control systems should be continuously updated and strengthened. It emphasized that the Reserve Bank would continue to follow its zero-tolerance policy towards poor governance practices, if any, identified in the UCBs in line with its overall approach to the financial sector.
RBI conference with Asset Reconstruction Companies
The conference emphasized that setting the right tone from the top is crucial in fostering a culture of integrity and ethical conduct. It highlighted several supervisory concerns in the functioning of ARCs. Conference urged the ARCs to adopt a regulation plus approach where there is compliance with both the letter of the regulation and also its spirit. Boards should accord due importance to assurance functions, namely, risk management, compliance and internal audit. These functions play a critical role in identifying and mitigating risks, ensuring compliance with laws and regulations as well as safeguarding the organization’s reputation.
Master Direction – RBI Margining for Non-Centrally Cleared OTC Derivatives Directions, 2024
The directive encompasses various derivative contracts, including foreign exchange, interest rate, and credit derivatives, emphasizing risk mitigation strategies for non-centrally cleared transactions. Its application extends to entities regulated by financial sector regulators, ensuring comprehensive coverage across the financial spectrum.
NSE Discontinues Reporting requirement of Summary of Settlement of Clients’ Funds
NSE has decided to ease out compliance of members by discontinuing the reporting requirement of settlement summary data with immediate effect.
RBI consultation with major stakeholders in UPI ecosystem
The various suggestions received will be examined and suitable action will be initiated in due course by the Reserve Bank.
