Guidelines to the Regulated Entities to ensure reasonableness and transparency in disclosure of penal interest
These instructions shall come into effect from January 1, 2024. REs may carry out appropriate revisions in their policy framework and ensure implementation of the instructions in respect of all the fresh loans availed/ renewed from the effective date. In the case of existing loans, the switchover to new penal charges regime shall be ensured on next review or renewal date or six months from the effective date of this circular, whichever is earlier.
Schedules banks directed to maintain incremental cash reserve ratio
The CRR compliance will be reviewed on September 8, 2023 or earlier.
Master Circular for Management of Advances by Primary Urban Co-operative Banks
UCBs are expected to provide relief and rehabilitation assistance, in their area of operation to people affected by natural calamities such as droughts, floods, cyclones, etc. In order to avoid delay in taking relief measures on the occurrence of natural calamity, banks should evolve a suitable policy framework with the approval of the Board of Directors.
Central Government exempts the Regional Rural Bank from the application restrictions on combinations under the Competition Act, 2002
The exemption shall be applicable for a period of five years from the date of publication of this notification in the Official Gazette.
Clarification regarding arrangements with card networks for issue of debit, credit and prepaid cards
Card issuers shall provide an option to their eligible customers to choose any one among the multiple card networks. This option may be exercised by customers either at the time of issue or at any subsequent time.
RBI clarifications for Implementation of Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005
The entities regulated by RBI shall avoid transactions with sanctioned individuals for strict compliance of the Act.
Norms for Remittances to International Financial Services Centers (IFSCs) under the Liberalized Remittance Scheme
It is directed that Authorized Persons may facilitate remittances by resident individuals under purpose ‘studies abroad’ as mentioned in Foreign Exchange Management (Current Account Transactions) Rules, 2000 for payment of fees to foreign universities or foreign institutions in IFSCs for pursuing courses.
Revised Master Direction for Housing Finance Companies
Updated Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021 enabling the Bank to regulate the financial system to the advantage of the country and to prevent the affairs of any Housing Finance Company (HFC) from being conducted in a manner detrimental to the interest of investors and depositors or in any manner prejudicial to the interest of such HFCs
Revised Master Directions – Mortgage Guarantee Companies(MGCs) (Reserve Bank) Directions, 2016
The amended master directions provides that the MGCs shall comply with the instructions contained in circular on ‘Framework for Compromise Settlements and Technical Write-offs’ dated June 08, 2023, as amended from time to time.
FAQ on ‘Framework for Compromise Settlements and Technical Write-offs’
2. The provision enabling banks to enter into compromise settlement in respect of borrowers categorised as fraud or wilful defaulter is not a new regulatory instruction and has been the settled regulatory stance for more than 15 years.
