Master Direction – Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016
The master direction is revised to prevent the affairs of any Systemically Important Non-Deposit taking Non-Banking Financial Company (NBFC-ND-SI) and Deposit taking Non-Banking Financial Company (NBFC-D) from being conducted in a manner detrimental to the interest of investors and depositors or in any manner prejudicial to the interest of such NBFCs.
RBI revises Regulatory Framework for Urban Co-operative Banks (UCBs).
The Committee, inter alia, recommended a four-tiered regulatory framework based on size of deposits of the banks and their area of operations. The differentiated regulatory approach was mainly recommended for key parameters such as net worth, Capital to Risk-weighted Assets Ratio (CRAR), branch expansion and exposure limits. Membership in an Umbrella Organization (UO) also formed a vital part of the recommendations.
Ministry of Finance notifies 7.1% as the rate of interest under the special deposit scheme.
The Special Deposit Scheme was launched with an aim to provide better returns to non-government provident funds, gratuity and superannuation funds, surplus funds of LIC, ESIC etc. The funds invested in SDS grow at the interest rate announced by the government. These funds also earn by investing in government securities and mutual funds.
IFSCA Banking Handbook Conduct of Business Directions- v 4.0.
The direction set out the framework for setting up and permitted activities for Global Administrative Office (GAO) in IFSC. Banking company incorporated in India or outside India and having an IBU or Representative Office (RO) in IFSC is also permitted to set up an GAO. The GAO shall be located in IFSC, but not on the same or contiguous premises as its IBU, unless specifically permitted by the Authority.
RBI allows International Trade Settlement in Indian Rupees (INR).
All exports and imports under this arrangement may be denominated and invoiced in Rupee and the Exchange rate between the currencies of the two trading partner countries may be market determined.
RBI notifies measures to boost forex inflow.
Beginning July 30, 2022 incremental Foreign Currency Non-Resident (Bank) [FCNR(B) and Non-Resident (External) Rupee (NRE) deposits with reference base date of July 1, 2022 will be exempt from the maintenance of Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR). This relaxation will be available for deposits mobilised up to November 4, 2022. Transfers from Non-Resident (Ordinary) (NRO) accounts to NRE accounts shall not qualify for the relaxation.
RBI clarification on Requirement for obtaining prior approval in case of takeover / acquisition of control of non-bank Payment System Operators (PSOs)
The non-bank PSOs shall inform RBI within 15 calendar days of change in management / directors and Sale / Transfer of payment activity to an entity authorized for undertaking similar activity.
RBI Announces Rate of Interest on Floating Rate Savings Bond, 2020 (Taxable) – FRSB 2020 (T) for the Period July 01 – December 31, 2022
Accordingly, the coupon rate on FRSB 2020 (T) for period July 1, 2022 to December 31, 2022 and payable on January 1, 2023 remains at 7.15% (6.80% +0.35%), unchanged from the previous half-year.
RBI directs strict compliance with provisioning Requirement for Investment in Security Receipts (SRs) under Transfer of Loan Exposures Directions
All lending institutions shall put in place a board approved plan to ensure that the provisioning made in each of the financial years is not less than one fifth of the required provisioning on this count.
RBI clarification on Tokenisation of Card Transactions: Permitting Card-on-File Tokenisation (CoFT) Services
It has been decided to extend the timeline for storing of CoF data by three months, i.e., till September 30, 2022, after which such data shall be purged.
