Withdrawal of ₹2000 Denomination Banknotes – Status
Members of the public are requested to avail the facility of sending the ₹2000 banknotes through post offices of India Post. This will obviate the need for travel to RBI Offices for deposit / exchange of the ₹2000 banknotes.
RBI issues circular on Regulation of Payment Aggregator – Cross Border
RBI has issued a draft circular on processing and settlement of small value export and import related payments facilitated by Online Export-Import Facilitators (OEIFs) was issued for comments on April 7, 2022, by the Foreign Exchange Department of RBI under the Foreign Exchange Management Act, 1999. As the activities of OEIFs / Online Payment Gateway Service Providers (OPGSPs) are more aligned with payments, the guidelines have been redrafted taking into consideration the feedback received on the April 07, 2022.
RBI guidelines concerning the process of changing the names of co-operative banks
Guidelines mandates that after obtaining the NOC from the relevant RBI office, cooperative banks must approach the Central Registrar of Co-operative Societies (CRCS) or Registrar of Co-operative Societies (RCS) for amendment in their bye-laws.
Draft Master Direction on Managing Risks and Code of Conduct in Outsourcing of Financial Services
Comments / Feedback, if any, may be sent by email with the subject line “Comments on draft Master Direction on Managing Risks and Code of Conduct in Outsourcing of Financial Services”, by November 28, 2023.
Credit Information Companies (CICs) and Credit Institutions (CIs) to implement a compensation framework
The compensation framework will come into effect six months from the date of this circular. CICs and CIs are directed to establish the necessary systems and processes to adhere to the framework within this period. Failure to comply with these guidelines can result in penal actions under the provisions of CICRA, 2005.
PFRDA mandates Instant Bank Account Verification
Penny Drop Verification involves depositing a small amount of money into the customer’s bank account and then asking the customer to confirm the deposit. By verifying the amount of the deposit, the bank can ensure that the account information provided by the customer is correct.
Master Direction – Reserve Bank of India (Non-Banking Financial Company– Scale Based Regulation) Directions, 2023
RBI, in supersession of the Non-Banking Financial Company–Non-Systemically Important Non-Deposit taking (Reserve Bank) Directions, 2016 and Non-Banking Financial Company–Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016, has issued the Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023.
Prevention of Money-laundering (Maintenance of Records) Third amendment Rules, 2023
The principal officer of a reporting entity under the rules shall, on being satisfied that the transaction is suspicious, furnish the information promptly in writing by fax or by electronic mail to the Director.
Prompt Corrective Action(PCA) Framework for Government NBFCs
The Framework has since been reviewed and it has been decided to extend the same to Government NBFCs with effect from October 1, 2024, based on the audited financials of the NBFC as on March 31, 2024, or thereafter.
RBI seeks to develop a Master Direction on internal ombudsman
RBI has initiated development of a consolidated Master Direction on internal ombudsman to bring uniformity in matters like timeline for escalation of complaints to IOs, exclusions, temporary absence of the Internal Ombudsman, minimum qualifications for appointing an Internal Ombudsman and updation of reporting formats, in addition to introduction of the post of Deputy Internal Ombudsman. These instructions are expected to further strengthen the IO mechanism and in turn, the grievance redress system in REs.
