The Payment and Settlement Systems (Amendment) Regulations, 2022.
The returns and documents as required by the Bank shall be submitted by the system provider in the form specified by the Bank from time to time.
RBI clarification on Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances for financial institutions
Loan accounts classified as NPAs may be upgraded as ‘standard’ asset only if entire arrears of interest and principal are paid by the borrower. NBFCs shall have time till September 30, 2022 to put in place the necessary systems to implement this provision.
RBI has notified the operational instructions for transactions in credit default swap (CDS).
As per the instruction, Selling of CDS protection by all FPIs shall be subject to a limit specified by the Reserve Bank from time to time. The aggregate limit of the notional amount of CDS sold by FPIs shall be 5% of the outstanding stock of corporate bonds. Clearing Corporation of India Ltd.
RBI publishes Reserve Bank of India (Credit Derivatives) Directions, 2022.
Residents and non-residents who are eligible to invest in corporate bonds and debentures under the Foreign Exchange Management (Debt Instruments) Regulations 2019 will be eligible to participate in the credit derivatives market.
RBI reviews Rupee Interest Rate Derivatives Directions.
Non-residents may also undertake FCS-OIS transactions with the market-makers having AD Cat-I license for purposes other than hedging interest rate risk. These transactions may be undertaken directly with a market-maker in India, or by way of a ‘back-to-back’ arrangement through a foreign branch of the market-maker or through their IBUs.
RBI Statement on Developmental and Regulatory Policies
Banks in India are allowed to undertake transactions in the offshore Foreign Currency Settled Overnight Indexed Swap (FCS-OIS) market with non-residents and other market makers. Banks may participate through their branches in India, their foreign branches or through their IFSC Banking Units.
RBI Announces Redemption Price For Premature Redemption For Sovereign Gold Bonds.
It has been notified, that the forthcoming due date of premature redemption of the above tranche shall be February 08, 2022. Further, the redemption price of SGB is based on the simple average closing gold price of 999 purity of the week (Monday-Friday) preceding the date of redemption.
RBI Cautions against unauthorised forex trading platforms.
RBI cautions the public 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 authorised by the RBI shall render themselves liable for penal action under the FEMA.
RBI urges public to practice safe digital banking amid rising cyber frauds.
It has come to the notice of Reserve Bank of India that unscrupulous elements are defrauding and misleading members of public by using innovative modus operandi including social media techniques, mobile phone calls, etc. In view of this, the Reserve Bank cautions members of public to be aware of fraudulent messages, spurious calls, unknown links, false notifications, unauthorized QR Codes, etc. promising help in securing concessions / expediting response from banks and financial service providers in any manner.
The National Bank for Financing Infrastructure and Development General Rules, 2022.
Every director, other than a director who is an officer of the Central Government or is a whole-time director, shall be entitled to receive such sitting fee for attending meetings of the Board and committees as may be determined by the Board on the recommendation of the Nomination and Remuneration Committee, subject to such fee not exceeding such limit as may apply in respect of sitting fee applicable to a director of a company under the Companies Act, 2013.
