RBI mandates Internal Ombudsman mechanism for Credit Information Companies
All Credit Information Companies (CICs) holding a Certificate of Registration shall appoint Internal Ombudsman (IO) at the apex of their internal grievance redress mechanism by April 1, 2023.
RBI revises matrix for calculation of late submission fee for FEMA returns
The new matrix shall come into effect immediately for the delayed filings made on or after the date of this circular.
RBI hikes Repo Rate by another 50 basis points to 5.9%
Consequently, the standing deposit facility (SDF) rate stands adjusted to 5.65 per cent and the marginal standing facility (MSF) rate and the Bank Rate to 6.15 per cent. The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation remains within the target going forward, while supporting growth.
Karnataka Protection of Interest of Depositors in Financial Establishments (Amendment) Act, 2022
When trying an offence under this Act, the Special Court may also try an offence, other than an offence under this Act, with which the accused may, under the Code of Criminal Procedure, 1973, be charged at the same trial.
Multi-lingual audio notification facility in MANI (Mobile Aided Note Identifier) App
This App, which identifies the denomination of banknotes through audio notification in Hindi and English, is now capable of notifying the banknote denomination in 11 other languages (Assamese, Bengali, Gujarati, Kannada, Malayalam, Marathi, Odia, Punjabi, Tamil, Telugu, Urdu).
RBI notifies the Framework for Compliance Function and Role of Chief Compliance Officer in Primary (Urban) Co-operative Banks (UCBs).
The Compliance Function shall ensure strict observance of all statutory and regulatory requirements for the UCB, including standards of conduct, managing conflict of interest, treating customers fairly and ensuring the suitability of customer service.
RBI enables Bharat Bill Payment System (BBPS) to process cross-border inbound Bill Payments
It has been decided to allow foreign inward remittances received under the Rupee Drawing Arrangement (RDA), to be transferred to the KYC compliant bank account of the biller (beneficiary) through Bharat Bill Payment System (BBPS), through electronic mode, such as, NEFT, IMPS.
Alert List of entities which are not authorized to deal in forex and to operate electronic trading platforms for forex transactions
Members of the public are once again cautioned not to undertake forex transactions on unauthorised ETPs or remit/deposit money for such unauthorised transactions. Resident persons undertaking forex transactions for purposes other than those permitted under the FEMA or on ETPs not authorized by the RBI shall render themselves liable for legal action under the FEMA.
Revised Prudential Norms for Credit Guarantee Schemes (CGS)
The revised scheme provides that where the terms of the guarantee schemes restrict the maximum permissible claims through features like specified extent of guarantee coverage, clause on first loss absorption by member lending institutions (MLI), payout cap, etc., the zero percent risk weight shall be restricted to the maximum permissible claim.
RBI issues notification on incentives for improving service to non-chest branches.
However, through this notification, it has been clarified that the amount levied on cash deposited by non-chest bank branches to the Currency Chests are exclusive of applicable taxes.
