New EPFO Circular: Guidelines on Utilizing Reserves and Surplus by Exempted Establishments
Employees Provident Fund Organisation (EPFO) issued an important circular addressing the management of reserves and surplus by private Provident Fund Trusts of exempted establishments.
Internal Risk Assesment Guidance for Money Laundering/ Terrorist Financing Risks
The Guidance Note is intended for the REs of the Reserve Bank, particularly for the dealing staff and the Anti-Money Laundering (AML) / Countering Financing of Terrorism (CFT) / Counter Proliferation Financing (CPF) practitioners of the REs. It intends to support AML/CFT/CPF compliance efforts of the REs as well as to enhance the ability of the financial sector to detect and deter ML/TF/PF by providing certain key principles, methodology, etc.
RBI guidelines for facilitating accessibility to digital payment systems for Persons with Disabilities – Guidelines
PSPs shall submit to the Reserve Bank, within one month of the date of issue of this circular, details of their systems / devices that need to be modified, along with a time bound plan of action for achieving the same. The action plan may be sent to the Department of Payment and Settlement Systems, Reserve Bank of India at dpssfeedback@rbi.org.in along with details of a Nodal Officer who could be contacted, if required, for further queries / clarifications.
RBI directions for submission of information to Credit Information Companies (CICs) by ARCs
The revised guidelines are a crucial step toward enhancing the transparency and reliability of credit reporting in the financial system. By mandating membership with all CICs, the RBI ensures that ARCs provide uniform and comprehensive data, which helps in the accurate assessment of credit risk. For borrowers, this means that their credit history will be more consistently tracked, even after their loans are transferred to ARCs, ensuring that their repayment behavior is adequately reflected in their credit scores.
RBI directs CICs and CIs to implement credit information reporting mechanism to the cancellation of the licence/CoR of banks/Non-Banking Finance Companies (NBFCs)
These CIs shall continue to report credit information of the borrowers on-boarded and reported to CICs prior to cancellation of their licence or CoR to all the four CICs till the loan lifecycle is completed or the credit institution is wound up, whichever is earlier.
PFRDA Announces New Balanced Life Cycle Fund (BLC)
The Balanced Life Cycle Fund (BLC). This fund is designed to offer NPS subscribers flexibility and higher growth potential by focusing on equity investments during their prime working years.
RBI draft circular on ‘Forms of Business and Prudential Regulation for Investments’.
The Reserve Bank has reviewed these regulations with an objective to ringfence the banks’ core business from other risk bearing non-core businesses as well as to provide operational freedom to banks for making investments in financial services/non-financial services companies and Alternative Investment Funds.
National Bank for Financing Infrastructure and Development notified as public financial institution
National Bank for Financing Infrastructure and Development notified as public financial institution.
Foreign Exchange (Compounding Proceedings) Rules, 2024
As part of a broader initiative to streamline and rationalize existing rules and regulations to further facilitate ease of doing business, the compounding proceeding rules were comprehensively reviewed in consultation with the Reserve Bank of India.
Rajasthan Enhances Procurement Framework: New Amendments Introduced
The amendments to the Rajasthan Transparency in Public Procurement Rules signify a progressive step towards enhancing the procurement framework in the state
