RBI announces Opening of Fourth Cohort under the Regulatory Sandbox on the theme ‘Prevention and Mitigation of Financial Frauds’
It now announces opening of application window for the Fourth Cohort to eligible entities. The application for the Fourth Cohort may be submitted from June 15, 2022 to August 01, 2022.
Reserve Bank of India (Variation Margin) Directions, 2022.
The Non-resident financial entities having an AANA of outstanding NCCDs of USD 3 billion and above, on a consolidated group wide basis and Other non-resident entities having an AANA of outstanding NCCDs of USD 8 billion and above, on a consolidated group wide basis shall be classified as Foreign Covered Entities under these Directions.
RBI notifies amendment to Bharat Bill Payment System (BBPS) guidelines.
The objective of the BBPS is to implement an integrated bill payment system in the country that offers interoperable and accessible bill payment services to customers through a network of agents, enabling multiple payment modes, and providing instant confirmation of payment. Hence, it has been decided that the existing players (both banks & non-banks) catering to the requirements of bill payments as well as aggregation of payment services will be a part of BBPS.
RBI allows Interoperable Card-less Cash Withdrawal (ICCW) at ATMs.
Card-less cash withdrawal through ATMs is a permitted mode of transaction offered by a few banks in the country on an on-us basis (for their customers at their own ATMs). The absence of need for a card to initiate cash withdrawal transactions would help in containing frauds like skimming, card cloning, device tampering, etc.
RBI clarification regarding New Definition of Micro, Small and Medium Enterprises
It is clarified that the existing Entrepreneurs Memorandum (EM) Part II and Udyog Aadhaar Memorandum (UAM) of the MSMEs obtained till June 30, 2020 shall remain valid till June 30, 2022 for classification as MSMEs.
Third tranche of interim recommendations of Regulations Review Authority of RBI
RRA had recommended withdrawal of an additional 239 circulars in the third tranche. With this, the total number of circulars which stand withdrawn would be 714.
RBI allows banks to lend to NBFCs for priority sector loans on an on-going basis.
To ensure continuation of the synergies that have been developed between banks and NBFCs in delivering credit to the specified priority sectors, it has been decided to allow the above facility on an on-going basis.
Ease of compliances for encouraging banking companies for enhancement in family pension
Banks can pay dividend before unamortised expenditure on account of enhancement in family pension is written off.
RBI has decided to increase the cash reserve ratio.
CRR is a percentage of a bank’s total deposits that it needs to maintain as liquid cash. By making changes in the CRR rate, RBI is able to keep inflation at its desired level and control and monitor money flow in the banking system.
RBI relaxes compliances for NBFCs
RBI relaxes compliances for Non-profit NBFCs.
