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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RBI Update: Processing of e-mandates for recurring transactions
The e-mandate framework prescribed an Additional Factor of Authentication (AFA), inter alia, while processing the first transaction in case of e-mandates / standing instructions on cards, prepaid payment instruments and …
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RBI Update: Bank finance to Government owned entities
The Reserve Bank of India (RBI) on June 14 asked banks to comply with regulations pertaining to financing government entities. RBI have come across instances where banks have not been strictly complying with our ext…
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RBI Update : Punjab and Maharashtra Co-operative Bank Limited (Amalgamation with Unity Small Finance Bank Limited) Scheme, 2022 - Provisioning on interbank exposure and valuation of Perpetual Non-Cumulative Preference Shares (PNCPS) and Equity Warrants
The Reserve Bank on 10th June 2022 issued fresh provisioning norms for urban cooperative banks' interbank exposure as well as valuation of their perpetual non-cumulative preference shares and equity warrants, directing t…
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RBI Update: Discontinuation of Return under Foreign Exchange Management Act, 1999
Attention of Authorised Persons is invited to A.P. (DIR series) circular No 26, dated February 18, 2022, wherein Authorised Persons were advised about proposed discontinuation of the return “Details of guarantee availed …
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RBI Update: Individual Housing loans – Enhancement in limits
It has been decided to revise the limits on individual housing loans sanctioned by urban co-operative banks to an individual borrower as under: Category of the bank Existing Limit* (per individual borrower) Revised …
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RBI Update: Section 23 of the Banking Regulation Act, 1949 – Doorstep Banking
Primary (Urban) Co-operative Banks (UCBs) are required to seek prior approval of the Reserve Bank for opening any new place of business including offering services at the doorstep of the customer. It has been decided to …
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RBI Update: Enhancement in Individual Housing Loan limits and credit to Commercial Real Estate - Residential Housing (CRE-RH)
It has been decided to revise the limits on residential housing loans sanctioned by rural co-operative banks to an individual borrower as under: Category of the bank Existing Limit (per individual borrower) Revised …
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