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.
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.
