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.
RBI issues notification on Investment in Umbrella Organization (UO) by Primary (Urban) Co-operative Banks.
RBI has accorded regulatory approval to National Federation of Urban Co-operative Banks and Credit Societies Ltd. (NAFCUB) in June 2019 for formation of Umbrella Organization (UO) for the UCB Sector. The approval inter-alia permits UCBs to subscribe to capital of the UO on voluntary basis.
Timeline for Implementation of ‘Core Financial Services Solution’ by NBFCs
For NBFCs with 10 and more ’Fixed point service delivery units’ as on October 1, 2022 shall be mandatorily required to implement ‘Core Financial Services Solution (CFSS).
Minutes of RBI Monetary Policy Committee Meeting
The MPC has decided to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward.
RBI cautions public against Prepaid Payment Instruments (non-closed) issued by unauthorised entities.
The members of public should verify and satisfy themselves that the application used or the entity they are dealing with is authorised to carry out the activity it performs or assures to perform.
RBI extends validity of existing Entrepreneurs Memorandum (EM) Part II and Udyog Aadhaar Memorandum (UAMs) of the MSMEs
The prior notification is amended to provide that the existing Entrepreneurs Memorandum (EM) Part II and Udyog Aadhaar Memorandum (UAMs) of the MSMEs obtained till June 30, 2020 shall remain valid till March 31, 2022.
RBI RRA Interim Recommendations- Second tranche
RRA has recommended elimination of paper-based returns and has identified 65 regulatory returns which would either be discontinued/ merged with other returns or would be converted into online returns.
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.
