Category: RBI
RBI relaxes norms for periodic updation of KYC by banks. Operations of such account not to be restricted till December 31, 2021 In terms of Section 38 of the Master Direction on KYC dated February 25, 2016, Regulated Entities (REs) are required to carry out periodic updation of …
RBI Resolution Framework-2 for Covid-19 related stress of Individuals and Small Businesses. The last date for invocation of resolution is September 30, 2021. The RBI vide Resolution Framework – 1.0 “Resolution Framework for COVID-19-related Stress” had provided a window to enable lenders to implement a resolution plan in …
RBI extends restructuring of MSMEs existing loans without downgrade in asset classification In August 2020, to support the MSME entities on account of Covid-19 pandemic RBI had permitted that existing loans to MSMEs classified as ‘standard’ may be restructured without a downgrade in the asset classification. In view …
RBI issues revised Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including Housing Finance Companies) for Financial Year 2021-22 and onwards. RBI has issued a Circular on ‘Guidelines for Appointment of Statutory Central Auditors (SCAs)/ Statutory Auditors (SAs) …
RBI takes supervisory action on Card Networks – American Express Banking Corp. and Diners Club International Ltd The Reserve Bank of India (RBI) has imposed restrictions on American Express Banking Corp. and Diners Club International Ltd. from on-boarding new domestic customers onto their card networks from May 1, …
RBI allows declaration and payment of dividends by banks for financial year ended March 31 2021. Declaration / Payment of dividends by banks allowed by RBI Earlier, In December 2020 RBI had forbidden banks to make dividend payment for financial year ended March 31 2020. However, RBI has …
RBI releases names of applicants under Guidelines for ‘on tap’ Licensing of Universal Banks and Small Finance Banks The Reserve Bank of India today released the names of applicants under the Guidelines for ‘on tap’ Licensing of Universal Banks and Small Finance Banks. As on date, applications for …
Asset Classification and Income Recognition following the expiry of Covid-19 regulatory package – RBI Circular In view of the The Hon’ble Supreme Court judgement RBI has revised norms for Asset Classification and Income Recognition following the expiry of Covid-19 regulatory package as under: Refund/adjustment of ‘interest on interest’ …
Issue of security by raising of receipts/funds by Asset Reconstruction Company – RBI notifies AIFs as qualified buyers RESERVE BANK OF INDIA NOTIFICATION Mumbai, the 10th March, 2021 NOTIFICATION UNDER CLAUSE (U) OF SUB-SECTION (1) OF SECTION 2 OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT …
Reserve Bank of India extends timeline for processing of recurring online transactions Date: 31.03.2021 RESERVE BANK OF INDIA PRESS RELEASE In August 2019, the Reserve Bank of India (RBI) had issued a framework for processing of e-mandates on recurring online transactions. Initially applicable to cards and wallets, the …
