RBI Update - Responsible Lending Conduct – Release of Movable / Immovable Property Documents on Repayment/ Settlement of Personal Loans
The Regulated Entities (RE) shall release all the original movable/immovable property documents and remove charges registered with any registry within a period of 30 days after full repayment/ settlement of the loan acco…
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RBI Update - Operation of Pre-Sanctioned Credit Lines at Banks through Unified Payments Interface (UPI)
The Statement on Developmental and Regulatory Policies dated April 06, 2023, expanding the scope of UPI by enabling transfer to / from pre-sanctioned credit lines at banks. Currently, savings account, overdraft account, …
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RBI Update - Enhancing Transaction Limits for Small Value Digital Payments in Offline Mode
As announced in the Statement on Development and Regulatory Policies dated August 10, 2023, the upper limit of an offline payment transaction is increased to ₹500. https://www.rbi.org.in/Scripts/NotificationUser.asp…
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RBI Update- Review of Regulatory Framework for IDF-NBFCs
Infrastructure Debt Fund-NBFCs (IDF-NBFCs) will now be required to have a net owned fund (NOF) of at least Rs 300 crore. Besides, they should have a capital-to-risk weighted assets ratio (CRAR) of a minimum of 15 per cen…
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RBI Update- Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans
Regulated Entities are advised to put in place an appropriate policy framework meeting the following requirements for implementation and compliance: At the time of sanction, REs shall clearly communicate to the bo…
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RBI Update -Fair Lending Practice - Penal Charges in Loan Accounts
On a review of the practices followed by REs for charging penal interest/charges on loans, the following instructions are issued for adoption. (i) Penalty, if charged, for non-compliance of material terms and condit…
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RBI Update - Reserve Bank of India Act, 1934 - Section 42(1A) - Requirement for maintaining additional CRR
It has been decided to issue a directive under Section 42(1A) of the Reserve Bank of India Act, 1934 requiring all Scheduled Commercial Banks / Regional Rural Banks / All Scheduled Primary (Urban) Co-operative Banks / Al…
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RBI Update -Inclusion of “NongHyup Bank” in the Second Schedule of the Reserve Bank of India Act, 1934
It is advised that “NongHyup Bank” has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide Notification dated June 20, 2023 and published in the Gazette of India ( Part III - Section 4 ) date…
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RBI Update: Sovereign Gold Bond (SGB) Scheme 2023-24
Government of India, vide its Notification dated June 14, 2023, has announced Sovereign Gold Bond Scheme 2023-24. Under the Scheme, there will be a distinct series (starting from series I) which will be indicated on the …
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RBI Update: Priority Sector Lending (PSL) targets / sub-targets and contribution against shortfall in achievement of PSL targets – Primary (Urban) Co-operative Banks (UCBs) - Extension of time
In order to address implementational challenges faced by the UCBs and to make the transition non-disruptive, it has been decided to extend the glide path for these PSL targets by an additional period of two years as unde…
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