RBI has relaxed timeline for compliance with various payment system requirements
All existing non-bank PPI issuers (at the time of issuance of PPI-MD) to comply with the minimum positive net worth requirement of Rs.15 crore for the financial position as September 30, 2021.
RBI opens Sovereign Gold Bond Scheme 2021-22 Series I
RBI opens Sovereign Gold Bond Scheme 2021-22 Series I from 17.05.2021 to 21.05.2021.
The nominal value of the bond is ₹4,777 per gram of gold and ₹4,727 for investors applying
and paying online.
RBI announces SGB 2021-2022
Subscription for the Series Bonds may be made in the prescribed application form stating clearly the grams (in units) of gold and the full name and address of the applicant.
Prepaid Payment Instruments issued by banks and non-banks should be interoperable by 31st March 2022.
The cash withdrawal limit from point of sale (PoS) terminals using debit cards and open system prepaid cards issued by banks in India has been rationalized to Rs 2,000 per transaction within an overall monthly limit of Rs 10,000 across all locations.
IFSCA issues criteria for banking units to become trading members in IFSCA recognized stock exchanges.
The Banking units will not become a trading member in interest rate and currency derivatives segment and/or clearing member in any derivatives segment of IFSCA recognised stock exchanges unless its parent bank satisfies the minimum prescribed capital requirement specified by the home regulator of the parent bank.
Revised Fee structure for IFSC Banking Units
The fees payable for the period 1st October 2020 to 31st March 2021 and financial year 2021-22 shall be paid by the BUs within one month of this circular. From next financial year onwards, the annual fee shall be payable within 30 days from the beginning of financial year.
RBI has notified the interest rates payable on unclaimed interest-bearing deposits.
The banks are advised to calculate the interest payable on interest bearing deposits transferred to RBI at the rate of 4 per cent p.a. up to June 30, 2018, 3.5 per cent w.e.f. July 1, 2018 up to May 10, 2021 and at 3 per cent with effect from May 11, 2021 till the time of payment to the depositor/claimant.
IFSCA notifies guidelines on issuance of Certificate of Deposits.
The Banking units may issue CDs to persons resident in India and persons resident outside India as defined in the Foreign Exchange Management Act,1999.Qualified Individual (‘QI’) or Qualified Resident Individual (‘QRI’)shall not be applicable for investment in CDs.
RBI has extended timelines for Submission of Supervisory Returns by NBFCs
The due date for SCBs / SFBs /PBs / LABs/ AIFIs to submit weekly and Fortnightly returns to department of supervision is extended for 1 week. The due date for Monthly returns is extended for 15 days and Quarterly and returns are extended for 30 days.
RBI announces On-Tap Term Liquidity Facility to Ease Access to Emergency Health Services.
All banks eligible under the Liquidity Adjustment Facility (LAF) can participate in the Scheme. Requests from banks desirous of availing funds from the RBI will be subject to availability of funds as on the date of application, i.e., funds cannot be guaranteed in case the total amount of ₹50,000 crore is already availed.
