Clarification regarding Implementation of Recommendations of the Working group on Digital Lending
All loan disbursals and repayments are required to be executed only between the bank accounts of borrower and the RE without any pass-through/ pool account of the LSP or any third party.
RBI notifies eligibility norms for Small Finance Banks for Authorised Dealer Category-I.
The eligible SFBs may approach Foreign Exchange Department, Central Office, Reserve Bank of India with their applications along with the supporting documents with regard to their eligibility and a copy of applicant’s banking license and Necessary Board resolution for conducting the activities permitted to an Authorised Dealer Category-I and for obtaining necessary authorisation from the Reserve Bank under section 10(1) of FEMA 1999 for grant of Authorised Dealer Category-I license.
RBI reviews Rupee Interest Rate Derivatives Directions.
Banks in India were permitted, in February 2022, to undertake transactions in the offshore Foreign Currency Settled Overnight Indexed Swap (FCS-OIS) market with non-residents and other market makers with a view to removing the segmentation between onshore and offshore OIS markets and improving the efficiency of price discovery. Standalone Primary Dealers (SPDs) are also market-makers, like banks, in the onshore OIS market. It has now been decided that SPDs authorized under section 10(1) of FEMA,1999 will also be permitted to undertake FCS-OIS transactions directly with non-residents and other market-makers. Necessary directions will be issued shortly.
Measures taken by the Government to protect the interest of investors/account holders in the bank.
The deposit insurance cover of ₹5 lakh is applicable uniformly to all insured banks and their depositors, and is payable to any depositor in respect of deposits held by him/ her in the same right and same capacity at all the branches of an insured bank taken together, in case of liquidation/ failure of a bank.
RBI includes CICs under the scope of the Integrated Ombudsman Scheme, 2021
The RBIOS 2021 shall also be applicable to Credit Information Companies to the extent not specifically excluded under it.
RBI increases policy Repo rate under the Liquidity Adjustment Facility (LAF) by 50 basis.
Consequently, the standing deposit facility (SDF) rate and marginal standing facility (MSF) rate stand adjusted to 5.15 per cent and 5.65 per cent respectively which was decided by the Monetary Policy Committee (MPC). The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation remains within the target going forward, while supporting
RBI notifies statement on developmental and regulatory policies.
RBI proposes to issue draft Reserve Bank of India (Managing Risks and Code of Conduct in Outsourcing of Financial Services) Directions, 2022, for public comments shortly. The scope of these Directions is being expanded to also include RRBs, Local Area Banks (LABs), All India Financial Institutions, Credit Information Companies, and non-scheduled Payments Banks.
Master Direction on External Commercial Borrowings, Trade Credits and Structured Obligations
This Master Direction has been issued to lay down the modalities as to how the foreign exchange business has to be conducted by Authorized Persons [under the Foreign Exchange Management Act (FEMA), 1999], with their customers/constituents to implement the regulations framed thereunder.
Master Directions-Priority Sector Lending (PSL)- Targets and Classification
The Master Directions aims to ensure that the lending policies are aligned with national priorities and are environment friendly to help achieve Sustainable Development Goals (SDGs).
Master Circular on Credit Facilities to Minority Communities
It mandates the setting up of special cell and designating an exclusive officer in each bank to ensure smooth flow of credit to minority communities.
