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.

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.

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.

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.