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 With this, the total number of circulars which stand withdrawn would be 714.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.
RBI issues notification on Review of Minimum Investment Grade Credit Ratings for Deposits of NBFCs.
As per the earlier notification dated in 2016, non-banking finance companies with net owned funds of 25 lakh rupees and above need to obtain a minimum investment grade or other specified credit ratings for fixed deposits from any one of the approved credit rating agencies at least once a year to accept public deposits.
Modified Interest Subvention Scheme for Short Term Loans for Agriculture and Allied Activities
Government of India has approved the continuation of the Interest Subvention Scheme (ISS) with modifications for the financial year 2021-22.
RBI notifies master direction for issuance of credit cards.
These directions cover the general and conduct regulations relating to credit, debit and co-branded cards which shall be read along with prudential, payment and technology & cyber security related directions applicable to credit, debit and co-branded cards, as issued by the Reserve Bank.
