RBI releases Guidelines on Establishment of Digital Banking Units (DBUs).
The Scheduled Commercial Banks (other than RRBs, PBs and LABs) with past digital banking experience are permitted to open DBUs in Tier 1 to Tier 6 centres, unless otherwise specifically restricted, without having the need to take permission from Reserve Bank of India in each case.
Master Circular for consolidating prudential guidelines on Basel III capital adequacy issued to banks
Basel III reforms are the response of Basel Committee on Banking Supervision (BCBS) to improve the banking sector’s ability to absorb shocks arising from financial and economic stress, whatever the source, thus reducing the risk of spill over from the financial sector to the real economy.
RBI revises Master Direction on Classification, Valuation and Operation of Investment Portfolio of Commercial Banks (Directions), 2021
It is provided that the investment in Category I and Category II Alternate lnvestment Funds, which includes Venture Capital Funds, shall receive the same prudential treatment as applicable for investment in Venture Capital Funds.
Arrangements to report and account for Government transactions for March 31, 2022
All agency banks should keep their designated branches open for over the counter transactions related to government transactions upto the normal working hours on March 31, 2022.
Framework for Geo-tagging of Payment System Touch Points
Geo-tagging information in respect of the following shall be submitted to the Reserve Bank: PoS terminals (Mobile PoS, Soft PoS, Tablet PoS, Desktop PoS, Self-service Kiosk PoS, Android-based PoS terminals, Non-Android-based PoS terminals with GPRS SIM Card-embedded, Non-Android-based PoS terminals with PSTN Line Connectivity, etc.); and Paper-based / Soft QR Codes (Bharat QR, UPI QR, etc.).
RBI notifies amendments to Payment and Settlement Systems Regulations, 2008.
Regulation 6 deals with submission of returns, documents etc in which every system provider shall be bound to submit to the Bank such returns, documents and other information as may be required by the Bank from time to time.
RBI publishes Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022.
Each RE shall put in place a board-approved policy for assessment of household income. Each RE shall mandatorily submit information regarding household income to the Credit Information Companies (CICs). Reasons for any divergence between the already reported household income and assessed household income shall be specifically ascertained from the borrower/s before updating the assessed household income with CICs.
RBI issues clarification on the mode of receipt of complaints under Reserve Bank – Integrated Ombudsman Scheme 2021.
RBI has laid down a cost free grievance redress mechanism under RB-IOS which does not involve payment of fees or charges in any form or manner. Customers having grievances against REs (Regulating entities) for deficiency in services, which is not redressed satisfactorily or in a timely manner by the REs can directly lodge their complaint on the Complaint Management System (CMS) portal (https://cms.rbi.org.in) or by e-mail at crpc@rbi.org.in or in physical mode at the ‘Centralised Receipt and Processing Centre’ (CRPC) set up at RBI, 4th Floor, Sector 17, Chandigarh – 160017.
RBI launches UPI for features phones users.
The 24×7 Helpline – ‘DigiSaathi’ – provides a channel to obtain help on the entire gamut of digital payments. Automated responses on information related to digital payment products and services are available in Hindi and English through multiple options like – (a) toll-free number (1800-891-3333), (b) a short code (14431), (c) website – www.digisaathi.info, and chatbots.
RBI extends the Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit.
Banks, while issuing approval to the exporter, will necessarily furnish i) the prevailing interest rate, ii) the interest subvention being provided, and iii) the net rate being charged to each exporter, so as to ensure transparency and greater accountability in the operation of the Scheme.
