RBI includes the PM SVANidhi Scheme beneficiaries under Payments Infrastructure Development Fund scheme
The Reserve Bank has now decided to include street vendors identified as part of the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres as beneficiaries under the PIDF Scheme. This decision to expand the targeted beneficiaries under the PIDF scheme will provide fillip to the Reserve Bank’s efforts towards promoting digital transactions at the grass root level.
Reserve Bank of India Master Directions on Prepaid Payment Instruments, 2021
The provisions of MD-PPIs shall apply to all Prepaid Payment Instrument (PPI) Issuers and System Participants. It provide a framework for authorization, regulation and supervision of entities issuing and operating PPIs in the country.
The IFSC has allowed branches of Indian financial institutions to offer financial products linked to Indian Rupee
Branches of Indian banks and branches of other Indian financial institutions operating in IFSC may, subject to the directions issued by the Authority, offer financial products linked to Indian Rupee.
HFCs shall qualify as Financial Institutions under SARFAESI Act
The HFCs registered under of National Housing Bank Act, 1987 and having assets worth ₹100 crore & above, shall qualify as ‘Financial Institution’ under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).
RBI has extended scope of tokenisation to include consumer devices
RBI has extended scope of tokenisation to include consumer devices like laptops, desktops, wearables (wrist watches, bands, etc.), Internet of Things (IoT) devices, etc.
Master Direction – Classification, Valuation and Operation of Investment Portfolio of Commercial Banks (Directions), 2021
These Directions shall apply to all Commercial Banks, Small Finance Banks and Payments Banks (excluding RRBs). These Banks shall adopt a comprehensive investment policy duly approved by the Board of Directors.
RBI extends on Tap Targeted Long-Term Repo Operations deadline till 31st December 2021.
LTRO lets banks borrow one to three-year funds from the central bank at the repo rate, by providing government securities with similar or higher tenure as collateral.
Deposit Insurance and Credit Guarantee Corporation (Amendment) Act, 2021
The Deposit Insurance and Credit Guarantee Corporation Act, 1961 is being amended to enable easy and time-bound access by depositors to their own money, even when there are restrictions on banks.
Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2021.
An investment made by an Indian entity which is owned and controlled by NRI(s), on a non-repatriation basis, shall not be considered for calculation of indirect foreign investment.
Scheme of Penalty for non-replenishment of ATMs
The Scheme of Penalty for non-replenishment of ATMs to direct the banks/ White Label ATM Operators (WLAOs) to strengthen their systems/ mechanisms to monitor availability of cash in ATMs and ensure timely replenishment to avoid cash-outs.
