Fema / RBI notification

Govt extends Uday Kotak’s term as IL&FS non-exec chairman till 02.04.2022

Notification No. S.O. 3905(E) 21/09/2021

Shri Uday Kotak, Managing Director and Chief Executive Officer of Kotak Mahindra Bank Limited would continue being the non-executive director on the board of IL&FS until April 2, 2022 MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 21st September, 2021 S.O. 3905(E).—Whereas sub-clause (i) of clause...

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Master Circular on Investments by Primary (Urban) Co-operative Banks

Master Circular No. RBI/2021-22/100 DOR.MRG.REC.50/21.04.141/2021-22 20/09/2021

Section 19 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) (BR Act, 1949 (AACS)) stipulates that no co- operative bank shall hold shares in any other co-operative society except to such extent and subject to such conditions as the Reserve Bank of India (Reserve Bank) may specify in that behalf. However, nothi...

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Master Direction | RBI (Market-makers in OTC Derivatives) Directions, 2021

RBI/2021-22/84 FMRD.FMD.07/02.03.247/2021-22 16/09/2021

1.1 These Directions shall be called the Master Direction - Reserve Bank of India (Market-makers in OTC Derivatives) Directions, 2021. 1.2 These Directions shall come into force on January 03, 2022....

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India and Singapore to link their Fast Payment Systems

Press Release: 2021-2022/858 14/09/2021

RBI and the Monetary Authority of Singapore (MAS) announce a project to link their respective fast payment systems viz. Unified Payments Interface (UPI) and PayNow. The linkage is targeted for operationalisation by July 2022....

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Application for Aadhaar e-KYC Authentication Licence

RBI/2021-22/98 DOR.AML.REC 48/14.01.001/2021-22 13/09/2021

A detailed procedure for processing of applications under the aforementioned Section for use of Aadhar authentication services by entities other than banking companies has been provided by the Department of Revenue, Ministry of Finance vide their circular dated May 9, 2019....

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RBI cautions against frauds in the name of KYC updation

Press Release: 2021-2022/851 13/09/2021

The Reserve Bank has been receiving complaints/reports about customers falling prey to frauds being perpetrated in the name of KYC updation. The usual modus operandi in such cases include receipt of unsolicited communication, such as, calls, SMSs, emails, etc., by customer urging him/her to share certain personal details, account / login ...

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CRM for offsetting gross exposure of foreign bank branches in India to Head Office

Circular No. RBI/2021-22/97 DOR.CRE.REC.47/21.01.003/2021-22 09/09/2021

Reserve Bank of India RBI/2021-22/97 DOR.CRE.REC.47/21.01.003/2021-22 September 09, 2021 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Dear Sir/Madam, Large Exposures Framework – Credit Risk Mitigation (CRM) for offsetting – non-centrally cleared derivative transactions of foreign bank branches in India with their He...

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Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2021

Notification No. FEMA 23(R)/(5)/2021-RB. 08/09/2021

Rate of interest, if any, payable on the advance payment shall not exceed 100 basis points above the London Inter-Bank Offered Rate (LIBOR) or other applicable benchmark as may be directed by the Reserve Bank, as the case may be...

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Tokenisation of Card Transactions – Enhancements

Press Release: 2021-2022/823 and RBI/2021-22/96 CO.DPSS.POLC.No.S-516/02-14-003/2021-22 07/09/2021

The Reserve Bank of India (RBI) has today announced the following enhancements to the extant framework on card tokenisation services: a. the device-based tokenisation framework advised vide circulars of January 2019 and August 2021 has been extended to Card-on-File Tokenisation (CoFT) services as well, and...

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RBI Master Direction on Financial Statements – Presentation & Disclosures

Master Direction No. RBI/DOR/2021-22/83 DOR.ACC.REC.No.45/21.04.018/2021-22 30/08/2021

The Reserve Bank of India has, from time to time, issued several guidelines/instructions/directives to the banks on the presentation of financial statements, regulatory clarification on compliance with accounting standards, and disclosures in notes to accounts....

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September 2021