RBI publishes Draft Reserve Bank of India (Margining for Non-Centrally Cleared OTC Derivatives) Directions, 2022.
The Initial margin shall be calculated at the outset of a transaction and thereafter on a regular and consistent basis upon changes in the potential future exposure including, but not limited to, when trades are added to or subtracted from the portfolio, on occurrence of a significant market disruption, and when the Initial Margin model (if applicable) is recalibrated.
RBI issues notification on processing of e-mandates for recurring transactions.
The e-mandate framework prescribed an Additional Factor of Authentication (AFA), inter alia, while processing the first transaction in case of e-mandates / standing instructions on cards, prepaid payment instruments and Unified Payments Interface. For subsequent transactions with transaction values up to ₹5,000/- (AFA limit), prescription of AFA was waived.
RBI publishes the report of Regulations Review Authority (RRA 2.0).
The report, inter alia, contains recommendations on ease of compliance and reduction in regulatory burden, streamlining of reporting mechanism and dissemination and ease of accessibility of regulatory instructions.
Discontinuation of requirement to file Statement for reporting of non-resident guarantees
It is clarified that ‘Statement for reporting of non-resident guarantees issued and invoked in respect of fund and non-fund based facilities between two persons resident in India has now been decided to be discontinued with effect from the quarter ending June 2022.
RBI notifies guidelines for Doorstep Banking by Urban Co-operative banks (UCBs).
UCBs are further advised to take into account the various risks that may arise on account of offering Doorstep Banking Services to customers either directly through own employees or through agents and take all necessary steps to manage the same.
RBI enhances housing loan limits for co-operative banks.
Accordingly, the limit for StCBs/DCCBs having assessed net worth less than ₹100 crore t shall stand revised from 20 lakh to ₹50 lakh and for the StCBs/DCCBs having assessed net worth equal to or more than ₹100 crore it shall be ₹75 lakh.
RBI hikes Repo Rate by 50 basis points.
The Rural cooperative banks can now extend finance to commercial real estate (loans to residential housing projects) within existing aggregate housing finance limit of 5% of total assets.
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.
