RBI Update - Interest Rates on Foreign Currency (Non-resident) Accounts (Banks) [FCNR(B)] Deposits
It has been decided to increase the interest rates ceiling on fresh FCNR(B) deposits raised by the banks with effect from December 06, 2024 as under: Period of Deposit Ceiling Rate 1 year to less than 3 years Overni…
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RBI Update - Amendment to Framework for Facilitating Small Value Digital Payments in Offline Mode
RBI circular dated January 03, 2022 (updated as on August 24, 2023) which enabled small value digital payments in offline mode (Offline Framework). The framework, inter-alia, prescribes an upper limit of ₹500 for offline…
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RBI Update - Inoperative Accounts / Unclaimed Deposits in banks
The banks are, advised to take necessary steps urgently to bring down the number of inoperative/ frozen accounts and make the process of activation of such accounts smoother and hassle free, including by enabling seamles…
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RBI Update - Fully Accessible Route’ for Investment by Non-residents in Government Securities – Inclusion of Sovereign Green Bonds
The Government Securities that are eligible for investment under the FAR (‘specified securities’) were notified by the Bank vide the following circulars: FMRD.dated March 30, 2020; FMRD.dated July 07, 2022; …
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RBI Update - Amendment to the Master Direction - Know Your Customer (KYC) Direction, 2016
The Master Direction on KYC has been amended to (a) align the instructions with the recent amendments carried out in the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 vide Gazette Notification …
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RBI Update - Directions for Central Counterparties (CCPs)
Based on a periodic review of the Directions for CCPs, the updated directions governing the functioning of CCPs are below Applicability The provisions of these directions shall apply to a domestic central count…
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RBI Update - Reserve Bank of India (Access Criteria for NDS-OM) Directions, 2024
These Directions shall be called the Reserve Bank of India (Access Criteria for NDS-OM) Directions, 2024. These Directions shall come into force with effect from October 18, 2024. Eligible Entities The fol…
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RBI Update - Submission of information to Credit Information Companies (CICs) by ARCs
Submission of information to Credit Information Companies’ 1 , ARCs had been advised to become a member of at least one CIC. In order to align these guidelines with the guidelines applicable to banks and NBFCs and with a…
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RBI Update - Implementation of Credit Information Reporting Mechanism subsequent to cancellation of licence or Certificate of Registration
All CIs, whose licence or CoR has been cancelled by the Reserve Bank of India shall be categorised as \"Credit Institutions\" under Section 2(f)(vii) of CICRA. These CIs shall continue to report credit information o…
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RBI Update - Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit
Government of India, vide Trade Notice dated September 30, 2024, has allowed for an extension of the Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit ('Scheme') for three months up to December 3…
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