RBI issues list of NBFCs in the Upper Layer (NBFC-UL) for the year 2023-24
In terms of the framework, once an NBFC is classified as NBFC-UL, it shall be subject to enhanced regulatory requirement, at least for a period of five years from its classification in the layer, even in case it does not meet the parametric criteria in the subsequent year/s.
RBI has announced discontinuation of requirement for banks to maintain Incremental Cash Reserve Ratio
On a review, it has been decided to discontinue the I-CRR in a phased manner. Based on an assessment of current and evolving liquidity conditions, it has been decided that the amounts impounded under the I-CRR would be released in stages so that system liquidity is not subjected to sudden shocks and money markets function in an orderly manner. The I-CRR can be completely discontinued by banks by October 7, 2023.
RBI clarification regarding Operation of Pre-Sanctioned Credit Lines at Banks through Unified Payments Interface
Banks may, as per their Board approved policy, stipulate terms and conditions of use of such credit lines. The terms may include, among other items, credit limit, period of credit, rate of interest, etc.
RBI publishes status of withdrawal of ₹2000 denomination banknotes
93% of the ₹2000 banknotes in circulation as on May 19, 2023, have since been returned. Members of the public are requested to utilize the remaining period until September 30, 2023 to deposit and/or exchange the ₹2000 banknotes held with them.
IFSCA issues additional anti money laundering measures under IFSCA (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022
In a cross-border wire transfer where the amount to be transferred exceeds USD 1000, every bank which is an ordering institution shall include in the message or payment instruction that accompanies or relates to the wire transfer. Intermediary Institution shall be required to take all reasonable measures, consistent with straight-through processing, to identify cross-border wire transfers that lack the information required.
IFSCA Banking Handbook on Opening of SNRR account with AD Banks in India
An Indian Banking Unit may open an INR account, in the form of a Special Non-Resident Rupee Account (SNRRA), with an AD Bank in India to defray its administrative expenses.
Revised transaction limits for Small Value Digital Payments in Offline Mode
As announced in the Statement on Development and Regulatory Policies dated August 10, 2023, the upper limit of an offline payment transaction is increased to ₹500.
RBI has directed Regulated Entities to ensure meticulous compliance with the Weapons of Mass Destruction (WMD) and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005
The REs shall take note of the latest version of the UNSC Sanctions lists on DPRK & Iran accessible on the UN Security Council’s website.
RBI directions for EMI based Personal Loans
RBI has reset the Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans. The banks are advised to put in place an appropriate policy framework meeting the requirements for implementation and compliance.
Review of Regulatory Framework for IDF-NBFCs
In order to enable IDF-NBFCs to play a greater role in the financing of the infrastructure sector and to harmonise the regulations governing financing of infrastructure sector by the NBFCs, a review of the guidelines applicable to IDF-NBFCs has been undertaken, in consultation with the Government of India.
