Launch of RBI’s new website and mobile application

The new website and mobile application of the Reserve Bank of India was released which can be accessed using the URL https://website.rbi.org.in. The new mobile application of Reserve Bank of India can be downloaded from Play store for Android users and App Store for iOS users.

IFSCA (Vault Manager) Amendment Circular

The amendment provides that a registered Vault Manager may make an application in such form and manner as may be specified by the Authority for registration of additional vault(s) under its existing registration.

Omnibus Framework for recognizing Self-Regulatory Organizations for its Regulated Entities

The omnibus framework contains broad parameters viz., objectives, responsibilities, eligibility criteria, governance standards, application process and other basic conditions for grant of recognition, which will be common for any SRO proposed to be recognized by the Reserve Bank. Other sector-specific guidelines like number of SROs, membership, etc., shall be issued separately by the respective departments of the Reserve Bank wherever a sectoral SRO is intended to be set up.

Annual Conference of RBI Ombudsmen

The conference emphasised the necessity of increasing customer awareness about the Scheme and its benefits viz. filing of complaint from anywhere, automatic acknowledgement on registration of online complaint, facility for real-time tracking of the status of complaint, and closure communication intimating the decision of the Ombudsman.

RBI issues a circular that emphasizes the importance of reporting transactions by agency banks to the Reserve Bank of India

RBI has issued a circular that emphasizes the importance of reporting transactions by agency banks to the Reserve Bank of India (RBI). Recently, there have been discussions surrounding the cut-off time for uploading luggage files related to GST, ICEGATE, and TIN 2.0 receipts. The circular delineates the procedures for uploading luggage files pertaining to Goods and Service Tax (GST), Custom and Central Excise Duties (ICEGATE), and Direct Taxes under TIN 2.0 channel. However, there have been instances where agency banks have requested extensions beyond the prescribed cut-off time of 1800 hours.

RBI publishes Reporting and Accounting of Central Government transactions for March 2024

RBI has published the Reporting and Accounting of Central Government transactions for March 2024. The Government of India’s decision to set April 10, 2024, as the closure date for residual transactions in March 2024 underscores the significance of timely reporting. It necessitates special arrangements by receiving branches to ensure that all payments and collections made on behalf of the government towards the end of March are duly recorded within the same financial year. These arrangements, including courier services, facilitate the swift transfer of challans and scrolls to Nodal/Focal Point branches, thereby streamlining the accounting process.