RBI to operationalize Central Bank Digital Currency – Retail (e₹-R) Pilot from 1st December 2022.
Payments to merchants can be made using QR codes displayed at merchant locations. The e₹-R would offer features of physical cash like trust, safety and settlement finality
RBI issues notification on basel III framework on liquidity standards.
RBI made this announcement after banks sought clarification on treatment of SDF under the liquidity risk management framework and this circular shall be applicable to all Commercial Banks (excluding Local Area Banks, Regional Rural Banks and Payments Banks).
National Savings Time Deposit (Amendment) Scheme, 2022
The revised rate of interest as provided in the amended scheme shall be applicable to the deposit made on or after 1st day of October, 2022 under the Scheme.
RBI provides for Inclusion of Goods and Service Tax Network (GSTN) as a Financial Information Provider under Account Aggregator Framework
Department of Revenue shall be the regulator of GSTN for this specific purpose and Goods and Services Tax (GST) Returns, viz. Form GSTR-1 and Form GSTR-3B, shall be the Financial Information.
The Small Industries Development Bank of India Pension [Amendment] Regulations, 2022.
The ordinary rate of family pension shall be thirty percent of the Pay, subject to a minimum of Rs. 3,500/- (Rupees Three Thousand Five Hundred only) per month and a maximum of Rs. 24,495/- (Rupees Twenty Four Thousand Four Hundred Ninety Five only) per month.
Nationalized Banks (Management and Miscellaneous Provisions) Amendment Scheme
The amended scheme provides that a whole-time Director, including the Managing Director, shall devote his whole time to the affairs of the nationalized bank and shall hold office for such initial term not exceeding five years and extendable up to a total period, including the initial term, not exceeding ten years, as the Central Government may, after consultation with the Reserve Bank, specify and shall be eligible for re-appointment.
MCA releases BE(A)WARE booklet listing the common modus of financial fraudsters.
The booklet is intended to create awareness among the members of public about the modus operandi adopted by fraudsters to defraud and mislead them, while also informing them about the precautions to be taken while carrying out financial transactions. It emphasizes the need for keeping one’s personal information, particularly the financial information, confidential at all times, be-ware of unknown calls / emails / messages, practicing due diligence while performing financial transactions and changing the secure credentials / passwords from time to time.
NPCI Introduces ‘BHIM App open source license model.
Presently, many banks do not have their own mobile banking app and are missing out on extending the benefits of the country’s largest retail payment system – UPI, to their customer base. NPCI intends to bridge this gap by extending all the readily available features of UPI to these entities through this BHIM App licensing model which will be an economical and quick-to-market solution for these entities.
RBI issues notification on Agency Commission for Direct Tax collection under TIN 2.0 regime.
Agency banks are required to submit their claims for agency commission in the prescribed format to CAS Nagpur in respect of Central government transactions and the respective Regional Office of Reserve Bank of India for State government transactions.
RBI clarification regarding Premature redemption under Sovereign Gold Bond (SGB) Scheme
. The third due date of premature redemption shall be November 17, 2022 according to the notification on sovereign Gold Bond Scheme which states 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.
