RBI relaxes restrictions for participation of Indian Banks on India International Bullion Exchange IFSC Limited (IIBX)
RBI has allowed Branch/subsidiary/joint venture of an Indian bank in GIFT-IFSC to act as a Trading Member (TM)/Trading and Clearing Member (TCM) of IIBX, and Indian banks authorized to import gold/silver to act as Special Category Client1 (SCC) of IIBX.
Reserve Bank has cautioned members of public against frauds in the name of KYC updation
RBI once again urges the members of public to exercise caution and due care to prevent loss and safeguard themselves from malicious practices.
RBI directs banks to Streamline Internal Compliance monitoring function
The RE, based on the size and complexity of its operations, may decide on the tools/ mechanism it would prefer to deploy for monitoring of compliance and development of the unified dashboard. Accordingly, REs are advised to carry out a comprehensive review of the existing internal compliance tracking and monitoring processes and institute necessary changes to existing systems or implement new systems latest by June 30, 2024.
Conference of Directors of select UCBs of Southern Zone
Discussions during the conference revolved around approaches to strengthen cybersecurity, inculcating a culture of cyber awareness and implementing measures to protect and respond to cyber-attacks effectively.
Finance (Ways and Means-II) Department
The Government of Tamil Nadu has announced the auction of securities totaling 3000 crore, comprising 7-year securities (1000 crore), 10-year securities (1000 crore), and 30-year securities (1000 crore). The auction will be conducted by the Reserve Bank of India (RBI) at its Mumbai Office in Fort on January 30, 2024.
Report titled “Finances of Panchayati Raj Institutions”
This report has been prepared in the Division of Local Finances in the Department of Economic and Policy Research. It is available on the Reserve Bank’s website (www.rbi.org.in). Comments and suggestions on the Report may be sent to the Director, Division of Local Finances, Department of Economic and Policy Research, Reserve Bank of India, M. M. Marg, Mumbai Central, Mumbai – 400 008. Comments can also be forwarded via e-mail.
RBI convenes Conference of Internal Ombudsmen of select Regulated Entities
The Conference included a presentation on the context, challenges and coordinated approach for an empowered Internal Ombudsman and experience sharing sessions by Managing Directors, Executive Directors and Internal Ombudsmen of regulated entities.
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.
