RBI Processing of e-mandates for recurring transactions
A-replenishment of balances in FASTag and National Common Mobility Card (NCMC), which are recurring in nature but without any fixed periodicity, would be facilitated under the e-mandate framework. It has been decided to include auto-replenishment of FASTag and NCMC, as and when the balance falls below a threshold set by the customer, under the e-mandate framework.
Consultation paper on the proposed International Financial Services Centres Authority (Informal Guidance) Scheme, 2024
The Scheme intends to provide an avenue for financial institutions and persons intending to set up a Unit in IFSC to seek clarity and guidance on various issues pertaining to their potential business activity and transactions, which are under the regulatory ambit of IFSCA.
2024 Amendments to Pressure Vessel Rules by MoCI
The Ministry of Commerce and Industry, through the Department of Industrial Policy and Promotion, has issued a notification proposing amendments to the Static and Mobile Pressure Vessels (Unfired) Rules, 2016.
IFSCA executes MoU with Labuan Financial Services Authority
The objective of the MoU is to facilitate the sharing of knowledge and best practices on the development, regulation and supervision of the financial markets of the respective jurisdictions as well as to promote and secure the fitness and propriety of licensed or registered persons and to promote high standards and integrity in conduct of business.
Framework for recognition of SROs in Financial Markets
Interested entities seeking recognition as an SRO in financial markets may submit their application through email or to the Chief General Manager, Financial Markets Regulation Department, Reserve Bank of India, Central Office, 9th Floor, Shahid Bhagat Singh Marg, Mumbai – 400 001.
RBI reviews Master Direction – Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017
It has been observed that some of these platforms have adopted certain practices which are violative of the said Directions. Such practices include, among others, violation of the prescribed funds transfer mechanism, promoting peer to peer lending as an investment product with features like tenure linked assured minimum returns, providing liquidity options and at times acting like deposit takers and lenders instead of being a platform. Such violations, when observed, have been dealt with bilaterally by the Reserve Bank of India for remediation. It has been decided to elaborate and clarify certain provisions with some modifications for proper implementation of the Directions.
Framework for recognition of SROs in Financial Markets
Interested entities seeking recognition as an SRO in financial markets may submit their application through email or to the Chief General Manager, Financial Markets Regulation Department, Reserve Bank of India, Central Office, 9th Floor, Shahid Bhagat Singh Marg, Mumbai – 400 001.
RBI directs Credit Institutions and Credit Information Companies shall keep the credit information collected/maintained by them updated regularly on a fortnightly basis
CICs shall provide a list of CIs which are not adhering to the fortnightly data submission timelines to Department of Supervision, Reserve Bank of India, Central Office at half yearly intervals (as on March 31 and September 30 each year) for information and monitoring purposes.
Revised regulatory framework for HFCs and harmonization of regulations applicable to HFCs and NBFCs
Deposit taking NBFCs are required to maintain liquid assets under Section 45-IB of the RBI Act and such liquid assets shall be entrusted for safe custody with specified entities.
New Details on Chhattisgarh SDL 2029 Reissue
The Government of Chhattisgarh on 1st August 2024, notified the reissue of 6.94% Chhattisgarh State Development Loan (SDL) 2029 bonds, initially issued on March 24, 2021. This update is crucial for investors, financial institutions, and anyone interested in state government securities.
