RBI launches nation-wide consumer financial awareness programme
The campaign shall be customised regionally for a better connect. While emphasising information on customer rights, customer protection and grievance redress framework, the campaign will also endeavour to deepen percolation of awareness on protection against digital and electronic financial transaction frauds covering dos and don’ts, safeguards and prevention.
IBUs are directed to follow IFSCA KYC guidelines with immediate effect.
The guidelines shall be applicable to every Regulated Entity which is licensed, recognised or registered by International Financial Services Centres Authority (IFSCA) and also to the Regulated Entities authorised by it, to the extent specified
RBI notifies Eligibility Criteria for offering Internet Banking Facility by Regional Rural Banks, 2022.
The bank shall have a satisfactory track record of regulatory compliance and there shall be no instances of monetary penalty imposed for violation of RBI directives/guidelines during the two preceding financial years.
RBI to launch its first pilot in the Digital Rupee – Wholesale segment from 1st November 2022.
The use of e₹-W is expected to make the inter-bank market more efficient. Settlement in central bank money would reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk. Going forward, other wholesale transactions, and cross-border payments will be the focus of future pilots, based on the learnings from this pilot.
RBI updates master directions on Priority Sector Lending (PSL).
Further under para 21, Banks other than SFBs are allowed to extend credit to registered NBFC-MFIs and other MFIs (Societies, Trusts etc.) which are members of RBI recognised SRO for the sector, for on-lending to individuals and also to members of SHGs / JLGs.
RBI notifies Draft master Direction on Information Technology Governance, Risk, Controls and Assurance Practices.
The key focus areas of IT Governance shall include strategic alignment, value delivery, risk management, resource management, performance management and Business Continuity/ Disaster Recovery Management.
SEBI issues Standard Operating Procedure for inter-operable Regulatory Sandbox
Financial products / service providers whose business models / activities / features fall within the remit of more than one financial sector regulator, shall be considered for the testing under IoRS. FinTech Department of RBI shall act as nodal point for receiving applications under IoRS and shall be designated as ‘Coordination Group (CG)’ for IoRS. All the necessary secretarial support shall be provided by them.
RBI has permitted SPDs to offer all foreign exchange market-making facilities
RBI has permitted SPDs to offer all foreign exchange market-making facilities as currently permitted to Category-I Authorized Dealers, subject to prudential guidelines.
RBI reclassifies layers of NBFCs
Statutory Auditors are required to certify the asset size (as on March 31) of all the NBFCs in the Group every year. The certificate shall be furnished to the Department of Supervision of the Reserve Bank under whose jurisdiction the NBFCs are registered.
Regulatory Framework for Asset Reconstruction Companies
The revised framework mandates that ARCs shall undertake due diligence to determine the suitability of the person for the post, based upon track record, integrity and other ‘fit and proper’ criteria. For this purpose, ARCs shall obtain necessary information and declaration from the appointed/ existing directors and MD/ CEO in the prescribed format.
