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.
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.
