NPCI circular on RuPay Credit Cards linked to UPI
To enable the linking of credit cards on UPI, the ecosystem will have to enhance its tech platforms. While the issuers will enable the linking of credit card accounts at the customer’s end, the acquirers will enable the acceptance of linked credit cards at the merchant’s end.
Redemption Price for premature redemption of SGB due on December 09, 2022
The premature redemption of a Gold Bond may be permitted after the 5th year from the date of issue of such Gold Bond on the date on which interest is payable. Accordingly, the first due date of premature redemption of the above tranche shall be December 09, 2022.
RBI Statement on Developmental and Regulatory Policies
The scope of BBPS shall be expanded to include all categories of payments and collections, both recurring and non-recurring in nature. This will make the platform accessible to a wider set of individuals and businesses who can benefit from the transparent and uniform payments experience, faster access to funds, and improved efficiency.
Revised Master Direction – Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021
Revised Master Direction – Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021 shall be applicable to Scheduled Commercial Banks, Regional Rural Banks, Primary (Urban) Co-operative Banks/State Co-operative Banks/ Central Co-operative Banks, All India Financial Institutions (NABARD, NHB, EXIM Bank, and SIDBI), Small Finance Banks, and All Non-Banking Finance Companies (NBFCs) including Housing Finance Companies (HFCs).
Operations of subsidiaries and branches of Indian banks and All India Financial Institutions (AIFIs) in foreign jurisdictions and in International Financial Services Centers (IFSCs)
The foreign branches/foreign subsidiaries of Indian banks/AIFIs can deal in financial products, including structured financial products, which are not available or are not permitted by the Reserve Bank in the domestic market without prior approval of Reserve Bank.
CCIL issues consultation paper: ‘ Transitioning Outstanding MIFOR Swaps Post Index Cessation – Proposed Cash Computation Methodology and Operational Aspects of Transition’
The consultation paper details CCIL’s proposed conversion process, feedback to CCIL’s consultation paper, proposed cash compensation methodology, operational aspects of transition, etc. Members are requested to send their comments and feedback on the proposal, specifically to the Consultation Questions in Section 8 of this paper. The feedback may be sent by email to the Chief Risk Officer, CCIL, latest by 15th December, 2022, at rmd@ccilindia.co.in
NPCI Clarifies on the Implementation of Its Guidelines on volume cap for TPAPs in UPI
The present Circular extends the timeline for compliance by existing TPAPs who exceed the volume cap. The extension is for a period of two years, i.e. up to 31st December 2024. Thereafter the TPAPs will have to comply with the volume cap.
RBI clarification regarding Redemption Price for premature redemption under Sovereign Gold Bond (SGB) Scheme
Premature redemption of Gold Bond may be permitted after fifth year from the date of issue of such Gold Bond on the date on which interest is payable. Accordingly, the first due date of premature redemption of the above tranche shall be December 03, 2022 (December 04, 2022 being a Sunday).
Central government expands the scope of Prevention of Money-laundering Act, 2002
The Central Government has clarified that a person engaged in providing services in relation to sale or purchase of real estate and having annual turnover of Rupees twenty lakhs and above, shall qualify as a “person carrying on designated business or profession” for the purposes of the Prevention of Money-laundering Act, 2002.
Revised lending and deposit rates for scheduled commercial banks
Revised lending and deposit rates of scheduled commercial banks – November 2022.
