Master Direction – Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses
The directions relating to the Opening and Maintenance of Rupee/ Foreign Currency Vostro Accounts of Non-resident Exchange Houses in India are being issued in a consolidated form through the Master Direction.
RBI Monetary Policy Committee resolutions
On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today (December 7, 2022) decided to Increase the policy repo rate under the liquidity adjustment facility (LAF) by 35 basis points to 6.25 per cent with immediate effect.
Banking industry to be public utility service
Services of the industries engaged in the Banking industry to be public utility service for the purposes of the the Industrial Disputes Act of 1947 for further six months.
Central Bank Digital Currency (CBDC) pilot launched by RBI in retail segment has components based on blockchain technology
RBI has launched pilots of CBDC in both Wholesale and Retail segments. The pilot in wholesale segment, known as the Digital Rupee -Wholesale (e₹-W), was launched on November 1, 2022 with use case being limited to the settlement of secondary market transactions in government securities. The pilot in retail segment, known as digital Rupee-Retail (e₹-R), was launched on December 01, 2022. It was launched within a closed user group (CUG) comprising of participating customers and merchants. This pilot segment has components based on blockchain technology.
RBI revises Master Direction – Classification, Valuation, and Operation of Investment Portfolio of Commercial Banks (Directions), 2021
A Master Direction incorporating all the existing guidelines/instructions/directives on the subject has been prepared for reference of the banks.
IFSCA answered FAQs on International Financial Services Centres Authority (Fund Management) Regulations, 2022
The International Financial Services Centres Authority (IFSCA) has answered FAQs on International Financial Services Centres Authority (Fund Management) Regulations, 2022. The FAQs were issued on 9th December, 2022. However, these FAQs are not the interpretation of the law but provide only a simplistic explanation of processes/issues/terms/concepts related to IFSCA (Fund Management) Regulations, 2022. Any queries about the IFSCA (Fund Management) Regulations, 2022 may be addressed to the IFSCA.
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).
