RBI Update: Exim Bank's Government of India supported Short - Term Line of Credit (STLoC) of USD 55 million to the Government of the Democratic Socialist Republic of Sri Lanka for procurement of urea fertilizer from India
Export-Import Bank of India (Exim Bank) has entered into an agreement dated June 10, 2022 with the Government of the Democratic Socialist Republic of Sri Lanka, for making available to the latter, Government of India sup…
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RBI Update: Section 42 of the Reserve Bank of India Act, 1934 and Section 18 and 24 of the Banking Regulation Act, 1949 – FCNR (B)/NRE Term deposits - Exemption from maintenance of CRR/SLR
Banks are required to include all Foreign Currency Non-Resident (Bank) [FCNR (B)] and Non-Resident (External) Rupee (NRE) deposit liabilities for computation of Net Demand and Time Liabilities (NDTL) for maintenance of C…
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RBI Update: Master Direction on Interest Rate on Deposits - Foreign Currency (Non-resident) Accounts (Banks) Scheme [FCNR(B)] and Non-Resident (External) Rupee (NRE) Deposit
The banks are advised that with effect from July 07, 2022, the interest rate ceiling applicable to FCNR (B) deposits is being temporarily withdrawn for incremental FCNR (B) deposits mobilized by banks for the period unti…
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RBI Update : Inclusion of “Unity Small Finance Bank Limited” in the Second Schedule of the Reserve Bank of India Act, 1934
“Unity Small Finance Bank Limited” has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide Notification dated April 28, 2022 and published in the Gazette of India ( Part III - Section 4 ) dat…
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RBI Update: Requirement for obtaining prior approval in case of takeover/acquisition of control of non-bank PSOs and sale/transfer of payment system activity of non-bank PSO
The operations of non-bank PSOs (authorised to operate any Payment System) have been reviewed and they shall require prior approval of RBI in the following cases – Takeover / Acquisition of control, which may / may …
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RBI Update: Note Sorting Machines - Authentication and Fitness Sorting Parameters
The Reserve Bank of India (RBI) has asked banks to test their note sorting machines for accuracy and consistency every quarter to ensure currency notes conform to the prescribed parameters. 'Note Sorting Machines - Authe…
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RBI Update: Provisioning Requirement for Investment in Security Receipts (SRs)
To provide a glide path to the entities which were kept out of the ambit of circular “Guidelines on Sale of Stressed Assets by Banks” dated September 1, 2016 and ensure smooth implementation of clause 77 of the MD-TLE, i…
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RBI Update: Restriction on Storage of Actual Card Data [i.e. Card-on-File (CoF)]
Reserve Bank of India (RBI) circulars dated March 17, 2020 and dated March 31, 2021 on “Guidelines on Regulation of Payment Aggregators and Payment Gateways”, and dated September 07, 2021 on “Tokenisation – Card Transact…
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RBI Update: Master Circular - Housing Finance for UCBs
The Reserve Bank of India (RBI) on 23rd June 2022 doubled the limit on home loans issued by urban cooperative banks (UCB). With this, tier-I UCBs can issue individual housing loans of up to Rs 60 lakh while tier-II UCBs …
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RBI Update: Extension of timeline for implementation of certain provisions of Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022
It has been decided to extend the timeline for implementation of the following provisions of the Master Direction to October 01, 2022: Paragraph 6(a)(vi) - Card-issuers shall seek One Time Password (OTP) based conse…
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