RBI updates master directions on Priority Sector Lending (PSL).
Further under para 21, Banks other than SFBs are allowed to extend credit to registered NBFC-MFIs and other MFIs (Societies, Trusts etc.) which are members of RBI recognised SRO for the sector, for on-lending to individuals and also to members of SHGs / JLGs.
RBI notifies Draft master Direction on Information Technology Governance, Risk, Controls and Assurance Practices.
The key focus areas of IT Governance shall include strategic alignment, value delivery, risk management, resource management, performance management and Business Continuity/ Disaster Recovery Management.
SEBI issues Standard Operating Procedure for inter-operable Regulatory Sandbox
Financial products / service providers whose business models / activities / features fall within the remit of more than one financial sector regulator, shall be considered for the testing under IoRS. FinTech Department of RBI shall act as nodal point for receiving applications under IoRS and shall be designated as ‘Coordination Group (CG)’ for IoRS. All the necessary secretarial support shall be provided by them.
RBI has permitted SPDs to offer all foreign exchange market-making facilities
RBI has permitted SPDs to offer all foreign exchange market-making facilities as currently permitted to Category-I Authorized Dealers, subject to prudential guidelines.
RBI reclassifies layers of NBFCs
Statutory Auditors are required to certify the asset size (as on March 31) of all the NBFCs in the Group every year. The certificate shall be furnished to the Department of Supervision of the Reserve Bank under whose jurisdiction the NBFCs are registered.
Regulatory Framework for Asset Reconstruction Companies
The revised framework mandates that ARCs shall undertake due diligence to determine the suitability of the person for the post, based upon track record, integrity and other ‘fit and proper’ criteria. For this purpose, ARCs shall obtain necessary information and declaration from the appointed/ existing directors and MD/ CEO in the prescribed format.
Reserve Bank of India (Unhedged Foreign Currency Exposure) Directions, 2022
The aim of the framework was that the banks should price the risk from Unhedged Foreign Currency Exposure (UFCE) as credit risk premium which may nudge entities to hedge their foreign currency exposures in the market.
RBI guidelines for bank loan ratings
It is recommended that bank loan ratings to not use the declarations issued by the External Credit Assessment Institutions. These guidelines will take effect on March 31, 2023.
Goa Banning of Unregulated Deposit Schemes Rules, 2022
Rs. 1000 shall be the ceiling limit for providing loan to members of self help groups.
RBI launches Advanced Supervisory Monitoring System (DAKSH).
The application will also enable seamless communication, inspection planning and execution, cyber incident reporting and analysis, provision of various MIS reports etc., through a Platform which enables anytime-anywhere secure access.
