The RBI mandates comprehensive risk management and governance for payments banks’ outsourcing of financial and IT services. Banks must ensure board oversight, security, and customer grievance mechanisms.
Given the assessee’s admission of incorrect turnover and failure to get accounts audited, the Tribunal found income estimation justified. However, finding that the AO’s 4% rate was slightly high and unsupported by specific defects, it revised the rate to 3.5%. Key takeaway: estimation must be justified and proportionate to facts on record.
The regulator has overhauled credit reporting norms for asset reconstruction entities, mandating uniform data formats and frequent updates. The key takeaway is stronger borrower protection through accuracy standards and penalties for delayed corrections.
The RBI has laid down a comprehensive framework requiring uniform, non-negotiable interest rates on deposits of Regional Rural Banks, strengthening transparency and supervisory oversight.
The RBI issued new Directions consolidating customer service and conduct guidelines for commercial banks. The framework aims to strengthen fair treatment and responsible practices across the sector.
The central bank has notified updated KYC Directions to strengthen AML and CFT compliance. The rules apply uniformly to all Urban Co-operative Banks with immediate effect.
ITAT held that reassessment notices under sections 147/148 were invalid as the reasons were vague and lacked tangible evidence. Reopening cannot be used merely to verify or scrutinize transactions without proper justification.
RBI’s 2025 Directions consolidate customer service and conduct norms for Payments Banks. The key takeaway is a unified framework promoting fairness and enhanced customer protection.
The issue was fragmented and overlapping NBFC instructions. RBI consolidated them into a single framework, simplifying compliance while retaining safeguards for investors and depositors.
RBI released updated KYC Directions for commercial banks to enhance anti-money laundering and counter-terrorist financing compliance. The norms take effect upon publication and outline statutory authority and applicability.
