RBI releases Compendium on Business Continuity Measures during the COVID-19 Pandemic
This compendium on Business Continuity Measures was released on 17th February, 2023. It was released at the annual conference of the Corporate Strategy and Budget Department of the RBI.
RBI releases ‘Quarterly Statistics on Deposits and Credit of SCBs: December 2022’
The quaterly statistics, inter alia, observe that the bank credit growth was 16.8 per cent in December 2022 as compared with 17.2 per cent a quarter ago and 8.4 per cent a year ago. Growth in credit was led by bank branches in metropolitan centres, accounting for nearly 60 per cent of the total credit by SCBs. There was 17.2 per cent rise in lending; urban, semi-urban and rural centres also recorded double digit credit growth.
RBI introduces measures to enable all in-bound travellors visiting India to make local payments using UPI
Travellers visiting India can now experience the convenience of UPI payments at over five crore merchant outlets across India, that accept QR Code-based UPI payments.
RBI issues notification on Implementation of Indian Accounting Standards (Ind AS)
RBI has been decided that Asset Reconstruction Companies preparing their financial statements as per Indian Accounting Standards, shall reduce the specified amounts from their net owned funds while calculating the Capital Adequacy Ratio and the amount available for payment of dividend.
Incentive scheme for the promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M)
The scheme will provide financial incentive to acquiring banks for promoting point-of-sale (PoS) and e-commerce transactions using RuPay Debit Cards and person-to-merchant (P2M) transactions of low value (i.e., up to ₹ 2,000) on the BHIM-UPI platform, as per the incentive rates.
Draft Guidelines on Minimum Capital Requirements for Market Risk
The new norms clearly draw a boundary between the banking book and the trading book and list out the instruments that can be included in the trading book, which are subject to market risk capital requirements; and those to be included in the banking book which is subject to credit risk capital requirements.
RBI Introduces Foreign Contribution (Regulation) Act (FCRA) related transaction code in NEFT and RTGS Systems
Member banks are advised to incorporate necessary changes in their core banking / middleware solutions to capture the requisite details while forwarding the foreign donations through NEFT and RTGS systems to SBI
RBI Working Paper on Competitiveness and Determinants of Agricultural Exports
India needs to expand its trading partners by shaping alliances through bilateral and free trade agreements. There is a need to increase the value addition and product differentiation through promotion of processed and organic commodity exports. In addition to forming agri-clusters through the scheme ‘One District One Product’, there is also a need to develop organic or pesticide-free clusters through farmer producer organizations to boost the export of organic products to high-income countries.
RBI introduces FCRA related transaction code in NEFT and RTGS Systems
The Reserve Bank of India (RBI) has issued a notification introducing Foreign Contribution (Regulation) Act (FCRA) related transaction code in NEFT and RTGS Systems. This notification was issued on 16th February, 2023. Member banks should incorporate necessary changes in their core banking / middleware solutions to capture the requisite details while forwarding the foreign donations through NEFT and RTGS systems to SBI. These instructions will be effective from 15th March, 2023.
RBI issues FAQs on Digital Lending Guidelines
The Reserve Bank of India (RBI) has issues Frequently Asked Questions (FAQs) on Digital Lending Guidelines. The Guidelines on Digital Lending were issued on 2nd September, 2022. The present notification lists out a total of 18 FAQs.
