Reserve Bank of India (Unhedged Foreign Currency Exposure) Directions, 2022
The aim of the framework was that the banks should price the risk from Unhedged Foreign Currency Exposure (UFCE) as credit risk premium which may nudge entities to hedge their foreign currency exposures in the market.
RBI guidelines for bank loan ratings
It is recommended that bank loan ratings to not use the declarations issued by the External Credit Assessment Institutions. These guidelines will take effect on March 31, 2023.
Goa Banning of Unregulated Deposit Schemes Rules, 2022
Rs. 1000 shall be the ceiling limit for providing loan to members of self help groups.
RBI launches Advanced Supervisory Monitoring System (DAKSH).
The application will also enable seamless communication, inspection planning and execution, cyber incident reporting and analysis, provision of various MIS reports etc., through a Platform which enables anytime-anywhere secure access.
RBI mandates Internal Ombudsman mechanism for Credit Information Companies
All Credit Information Companies (CICs) holding a Certificate of Registration shall appoint Internal Ombudsman (IO) at the apex of their internal grievance redress mechanism by April 1, 2023.
RBI revises matrix for calculation of late submission fee for FEMA returns
The new matrix shall come into effect immediately for the delayed filings made on or after the date of this circular.
RBI hikes Repo Rate by another 50 basis points to 5.9%
Consequently, the standing deposit facility (SDF) rate stands adjusted to 5.65 per cent and the marginal standing facility (MSF) rate and the Bank Rate to 6.15 per cent. The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation remains within the target going forward, while supporting growth.
Karnataka Protection of Interest of Depositors in Financial Establishments (Amendment) Act, 2022
When trying an offence under this Act, the Special Court may also try an offence, other than an offence under this Act, with which the accused may, under the Code of Criminal Procedure, 1973, be charged at the same trial.
Multi-lingual audio notification facility in MANI (Mobile Aided Note Identifier) App
This App, which identifies the denomination of banknotes through audio notification in Hindi and English, is now capable of notifying the banknote denomination in 11 other languages (Assamese, Bengali, Gujarati, Kannada, Malayalam, Marathi, Odia, Punjabi, Tamil, Telugu, Urdu).
RBI notifies the Framework for Compliance Function and Role of Chief Compliance Officer in Primary (Urban) Co-operative Banks (UCBs).
The Compliance Function shall ensure strict observance of all statutory and regulatory requirements for the UCB, including standards of conduct, managing conflict of interest, treating customers fairly and ensuring the suitability of customer service.
