The International Financial Services Centres Authority (IFSCA) issued a circular (e-File No. IFSCA-FMPP0BR/35/2025-Banking, dated December 12, 2025) addressing all banking units (IBUs) regarding the implementation of certain provisions of the Banking Laws (Amendment) Act, 2025. The circular draws attention to Notification S.O. 4789(E) of the Department of Financial Services dated October 22, 2025, which notified November 1, 2025, as the effective date for the commencement of Sections 10, 11, 12, and 13 of the Act. IBUs are directed to ensure full compliance with these provisions. The circular is issued under the powers granted to IFSCA under Sections 12 and 13 of the IFSCA Act, 2019, read with Section 35A of the Banking Regulation Act, 1949. The circular serves as an official instruction for IBUs to align their operations with the amended banking laws and underscores IFSCA’s role in regulating and supervising banking units within the International Financial Services Centres framework.
International Financial Services Centres Authority
Circular No. e-File. No. IFSCA-FMPP0BR/35/2025-Banking | December 12, 2025
To
All Banking Units
Dear Sir/Madam,
Subject: Implementation of provisions of the Banking Laws (Amendment) Act, 2025
1. Attention of IBUs is drawn to the notification no.S.O. 4789 (E) of Department of Financial Services dated October 22, 2025, appointing November 1, 2025, as the date for coming into force of the provisions of sections 10, 11, 12 and 13 of the Banking Laws (Amendment) Act, 2025 (16 of 2025). (“the Act”).
2. IBUs are directed to ensure compliance with the provisions of the Act.
3. These directions are issued in exercise of the powers conferred on the Authority by Section12 and Section 13 of the IFSCA Act, 2019 read with Section 35A of the Banking regulation Act, 1949.
Yours faithfully
(Supriyo Bhattacharjee)
Chief General Manager
Department of Banking
