RBI issues Credit/Investment Concentration Norms
NBFC-BL shall put in place an internal Board approved policy for credit/investment concentration limits for both single borrower/party and single group of borrowers/parties. In case of NBFC UL, to be eligible as a credit risk transfer instrument, guarantees shall be direct, explicit, irrevocable and unconditional.
Draft circular on ‘Review of regulatory framework for HFCs and harmonization of regulations applicable to HFCs and NBFCs’
Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021 has prescribed periodicity of IS Audit is prescribed. It is now advised that the Audit Committee must ensure that an Information System Audit is conducted as per the periodicity prescribed in Master Direction on Information Technology Governance, Risk, Controls and Assurance Practices dated November 07, 2023, as amended from time to time.
Draft Framework for Self-Regulatory Organization(s) in the FinTech Sector
Comments / Feedback from stakeholders and members of the public on the draft framework may be sent by end February 2024, through e-mail. The final framework will be issued taking into account stakeholder and public responses.
IFSCA allows finance companies and units to function as Credit Institutions
These entities are allowed to Lend in the form of loans, commitments and guarantees, credit enhancement, securitisation, financial lease, sale and purchase of portfolios and Factoring and forfaiting of receivables.
RBI revises Master Direction – Risk Management and Interbank Dealings
RBI has amended the Master Direction – Risk Management and Interbank Dealings dated July 5, 2016 to revise the provisions regarding Risk Management and Inter-Bank Dealings – Hedging of foreign exchange risk. These Directions shall come into effect from April 05, 2024
Master Direction – Reserve Bank of India (Internal Ombudsman for Regulated Entities) Directions, 2023
RBI has issued Master Direction – Reserve Bank of India (Internal Ombudsman for Regulated Entities) Directions, 2023 which mandates regulated entities to appoint an internal ombudsan and explains his obligations.
RBI revises Master Direction – Reserve Bank of India (Commercial Paper and Non-Convertible Debentures of original or initial maturity upto one year) Directions, 2024
The roles and responsibilities of the IPA, Debenture Trustee and Credit Rating Agency (CRA) with respect to the operations in CP and NCD markets are set out in the directions.
RBI releases draft circular on declaration of dividend by banks and remittance of profits to Head Office by foreign bank branches in India
Comments on the draft circular are invited from banks, market participants, and other stakeholders by January 31, 2024 by email.
RBI issues revised instructions for Inoperative Accounts /Unclaimed Deposits in Banks
RBI has issued comprehensive guidelines on the measures to be put in place by the banks covering various aspects of classifying accounts and deposits as inoperative accounts and unclaimed deposits, as the case may be, periodic review of such accounts and deposits, measures to prevent fraud in such accounts/deposits, grievance redressal mechanism for expeditious resolution of complaints, steps to be taken for tracing the customers of inoperative accounts/ unclaimed deposits including their nominees/ legal heirs for re-activation of accounts, settlement of claims or closure and the process to be followed by them.
Revised methodology for assessing the systemic importance of banks and identification of the D-SIBs
2. Detailed guidelines as per the revised methodology will be shared in the Guidance Note and Excel Sheet provided to banks included in the annual assessment each year.
