RBI Update - Regulation of Payment Aggregator – Cross Border (PA - Cross Border)
The developments that have taken place in the area of cross-border payments, it has been decided to bring all entities facilitating cross-border payment transactions for the import and export of goods and services under …
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RBI Update -Clarification regarding Shifting of Branches/Offices/Extension Counters within the same city, town or village by District Central Co-operative Banks (DCCBs) and Guidelines on Closure of Branches and Extension Counters by DCCBs
RBI has been receiving references seeking clarifications on shifting of branches within the same locality and closure of un-remunerative branches by District Central Co-operative Banks (DCCBs). It has been decided t…
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RBI Update -Banking Regulation (Amendment) Act 2020 - Change in Name of Co-operative Banks
A cooperative bank desirous of change in its name shall approach the Department of Supervision (DoS) of the concerned Regional Office (DoS, Central Office in case of Co-operative Banks coming under the purview of Mumbai …
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RBI Update - Joining the Account Aggregator Ecosystem as a Financial Information User
It has been observed that certain entities, which are eligible to join Account Aggregator (AA) ecosystem as Financial Information Provider (FIP), have onboarded as Financial Information User (FI-U) only. Consequently, su…
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RBI Update - Review of Financial Information Provider (FIP) under Account Aggregator Framework
The paragraph 3(1)(xi) of Master Direction – Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016 defining the term ‘Financial Information Provider’. As per National Pension System (NPS…
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RBI Update - Review of Instructions on Bulk Deposits for Regional Rural Banks (RRBs)
“Bulk Deposit” for Regional Rural Banks would now mean Single Rupee term deposits of Rupees one crore and above. Link - https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12556&Mode=0
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RBI Update - Non-Callable Deposits - Master Direction on Interest Rate on Deposits
It has been decided that the minimum amount for offering non-callable TDs may be increased from Rupees fifteen lakh to Rupees one crore i.e., all domestic term deposits accepted from individuals for amount of Rupees one …
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RBI Update -Framework for compensation to customers for delayed updation/ rectification of credit information
The Reserve Bank of India (RBI) on October 26 released the framework for compensation to customers for delayed updation or rectification of credit information by credit institutions (CIs) and credit information companies…
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RBI Update - Strengthening of customer service rendered by Credit Information Companies and Credit Institutions
It was announced that a comprehensive framework will be put in place for strengthening and improving the efficacy of the grievance redress mechanism and customer service provided by the Credit Institutions (CIs) and Cred…
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RBI Update - Reserve Bank of India (Financial Statements - Presentation and Disclosures) Directions, 2021: Presentation of unclaimed liabilities transferred to Depositor Education and Awareness (DEA) Fund
The ‘Notes and Instructions for compilation’ given in Annex II to the Reserve Bank of India (Financial Statements - Presentation and Disclosures) Directions, 2021 (Master Direction) require commercial banks to present al…
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