Master Direction on Outsourcing of IT Services
Comments / feedback from REs and other stakeholders may be submitted by July 22, 2022 through email with the subject line ‘Feedback on Master Direction on Outsourcing of IT Services’. The final Master Direction shall be issued by Reserve Bank after considering the feedback received.
RBI extends the timeline for implementing certain provisions related to credit and debit cards.
Card-issuers shall seek One Time Password (OTP) based consent from the cardholder for activating a credit card, if the same has not been activated by the customer for more than 30 days from the date of issuance. If no consent is received for activating the card, card-issuers shall close the credit card account without any cost to the customer within seven working days from date of seeking confirmation from the customer.
Ministry of Finance notifies discount on the Sovereign Gold Bond Scheme 2022-23.
The Gold Bonds issued under this Scheme can be invested by a Trust, HUFs, Charitable Institutions, Universities, or an individual resident in India, individual, or on behalf of a minor child, or jointly with any other persons.
RBI publishes Draft Reserve Bank of India (Margining for Non-Centrally Cleared OTC Derivatives) Directions, 2022.
The Initial margin shall be calculated at the outset of a transaction and thereafter on a regular and consistent basis upon changes in the potential future exposure including, but not limited to, when trades are added to or subtracted from the portfolio, on occurrence of a significant market disruption, and when the Initial Margin model (if applicable) is recalibrated.
RBI issues notification on processing of e-mandates for recurring transactions.
The e-mandate framework prescribed an Additional Factor of Authentication (AFA), inter alia, while processing the first transaction in case of e-mandates / standing instructions on cards, prepaid payment instruments and Unified Payments Interface. For subsequent transactions with transaction values up to ₹5,000/- (AFA limit), prescription of AFA was waived.
RBI publishes the report of Regulations Review Authority (RRA 2.0).
The report, inter alia, contains recommendations on ease of compliance and reduction in regulatory burden, streamlining of reporting mechanism and dissemination and ease of accessibility of regulatory instructions.
Discontinuation of requirement to file Statement for reporting of non-resident guarantees
It is clarified that ‘Statement for reporting of non-resident guarantees issued and invoked in respect of fund and non-fund based facilities between two persons resident in India has now been decided to be discontinued with effect from the quarter ending June 2022.
RBI notifies guidelines for Doorstep Banking by Urban Co-operative banks (UCBs).
UCBs are further advised to take into account the various risks that may arise on account of offering Doorstep Banking Services to customers either directly through own employees or through agents and take all necessary steps to manage the same.
RBI enhances housing loan limits for co-operative banks.
Accordingly, the limit for StCBs/DCCBs having assessed net worth less than ₹100 crore t shall stand revised from 20 lakh to ₹50 lakh and for the StCBs/DCCBs having assessed net worth equal to or more than ₹100 crore it shall be ₹75 lakh.
RBI hikes Repo Rate by 50 basis points.
The Rural cooperative banks can now extend finance to commercial real estate (loans to residential housing projects) within existing aggregate housing finance limit of 5% of total assets.
