RBI revises Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021
The revised master direction is issued for the purpose of enabling the Bank to regulate the financial system to the advantage of the country and to prevent the affairs of any Housing Finance Company (HFCs) from being conducted in a manner detrimental to the interest of investors and depositors or in any manner prejudicial to the interest of such HFCs.
NPCI issues a Notification regarding Mandating IIN Validation and Check Transaction Status API for Banks and Plazas
Plazas shall fetch a list of active participants from NPCI via Banks on a daily basis using the ‘List Participant’ API and enable IIN Validation for all tags being scanned. This will put a check on Fraudulent IIN Tag Transactions and speed up the update of new participant member details in the ecosystem.
PFRDA notifies NPS/APY Functionalities released by CRAs during Quarter II (FY 2022-23)
The Central Record Keeping Agencies (CRAs) have been given responsibilities to develop new functionalities or utilities, establish new processes, and offer multiple models of interface for the uploading offices. Additionally, a list of functionalities that have been developed and made available by CRAs during Quarter II of the current FY 2022-23.
Master Direction – Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses
The directions relating to the Opening and Maintenance of Rupee/ Foreign Currency Vostro Accounts of Non-resident Exchange Houses in India are being issued in a consolidated form through the Master Direction.
RBI Monetary Policy Committee resolutions
On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today (December 7, 2022) decided to Increase the policy repo rate under the liquidity adjustment facility (LAF) by 35 basis points to 6.25 per cent with immediate effect.
Banking industry to be public utility service
Services of the industries engaged in the Banking industry to be public utility service for the purposes of the the Industrial Disputes Act of 1947 for further six months.
Central Bank Digital Currency (CBDC) pilot launched by RBI in retail segment has components based on blockchain technology
RBI has launched pilots of CBDC in both Wholesale and Retail segments. The pilot in wholesale segment, known as the Digital Rupee -Wholesale (e₹-W), was launched on November 1, 2022 with use case being limited to the settlement of secondary market transactions in government securities. The pilot in retail segment, known as digital Rupee-Retail (e₹-R), was launched on December 01, 2022. It was launched within a closed user group (CUG) comprising of participating customers and merchants. This pilot segment has components based on blockchain technology.
RBI revises Master Direction – Classification, Valuation, and Operation of Investment Portfolio of Commercial Banks (Directions), 2021
A Master Direction incorporating all the existing guidelines/instructions/directives on the subject has been prepared for reference of the banks.
IFSCA answered FAQs on International Financial Services Centres Authority (Fund Management) Regulations, 2022
The International Financial Services Centres Authority (IFSCA) has answered FAQs on International Financial Services Centres Authority (Fund Management) Regulations, 2022. The FAQs were issued on 9th December, 2022. However, these FAQs are not the interpretation of the law but provide only a simplistic explanation of processes/issues/terms/concepts related to IFSCA (Fund Management) Regulations, 2022. Any queries about the IFSCA (Fund Management) Regulations, 2022 may be addressed to the IFSCA.
NPCI circular on RuPay Credit Cards linked to UPI
To enable the linking of credit cards on UPI, the ecosystem will have to enhance its tech platforms. While the issuers will enable the linking of credit card accounts at the customer’s end, the acquirers will enable the acceptance of linked credit cards at the merchant’s end.
