RBI Update: Exclusion of “Rupee Co-operative Bank Limited” from the Second Schedule to the Reserve Bank of India Act, 1934
It is advised that “Rupee Co-operative Bank Limited” has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 vide Notification DoR.REG/LIC.No.S4847/07.12.000/2023-24 dated November 29, 2023, whi…
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RBI Update: Participation of Indian Banks on India International Bullion Exchange IFSC Limited (IIBX)
It has been decided to allow: a) Branch/subsidiary/joint venture of an Indian bank in GIFT-IFSC to act as a Trading Member (TM)/Trading and Clearing Member (TCM) of IIBX, and b) Indian banks authorized to impor…
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RBI Update: Review of Fixed Remuneration granted to Non-Executive Directors (NEDs)
Banks are advised to revise the ceiling limit of remuneration of NEDs from Rs. 20 lakh per annum to Rs. 30 lakhs per annum in order to further enable the banks to sufficiently attract qualified competent individuals on t…
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RBI Update: Participation of Indian Banks on India International Bullion Exchange IFSC Limited (IIBX)
It has been decided to allow: a) Branch/subsidiary/joint venture of an Indian bank in GIFT-IFSC to act as a Trading Member (TM)/Trading and Clearing Member (TCM) of IIBX, and b) Indian banks authorized to impor…
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RBI: Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List: Amendments in 85 Entries
Section 51 of Master Direction on Know Your Customer dated February 25, 2016, as amended on January 04, 2024 (MD on KYC), in terms of which “Regulated Entities (REs) shall ensure that in terms of Section 51A of the Unlaw…
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RBI Update - Guidelines on import of gold by Tariff Rate Quota (TRQ) holders under the India-UAE CEPA as notified by–The International Financial Services Centres Authority (IFSCA)
It has been decided that , AD Category-I banks may allow valid Tariff Rate Quota (TRQ) holders under the India-UAE CEPA to remit advance payment for eleven days for import of gold through IIBX against the TRQ. Link …
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RBI Update - Streamlining of Internal Compliance monitoring function – leveraging the use of technology
RBI had recently carried out an assessment in select Supervised Entities (SEs) of the prevailing system in place for internal monitoring of compliance with regulatory instructions and the extent of usage of technological…
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RBI Update - Implementation of Section 12A of the Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005: Designated List (Amendments)
Please refer to Section 52 of our Master Direction on Know Your Customer dated February 25, 2016 as amended on January 04, 2024 (MD on KYC), in terms of which, inter alia “Regulated Entities (REs) shall ensure meticulous…
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RBI Update - Risk Management and Inter-Bank Dealings – Hedging of foreign exchange risk
The Foreign Exchange Management (Foreign Exchange Derivative Contracts) (First Amendment) Regulations, 2020 (Notification dated February 18, 2020) and A. P. (DIR Series) circular dated April 07, 2020 (which came into eff…
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RBI Update - Amendment to the Master Direction (MD) on KYC
The Master Direction (MD) on KYC dated February 25, 2016, as amended from time to time, in terms of which Regulated Entities (REs) have to undertake Customer Due Diligence (CDD), as per the process laid out therein, for …
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