RBI notifies ‘Fully Accessible Route’ for Investment by Non-residents in Government Securities – Inclusion of Sovereign Green Bonds
The Reserve Bank of India (RBI) has issued a notification regarding the ‘Fully Accessible Route’ (FAR) for Investment by Non-residents in Government Securities – Inclusion of Sovereign Green Bonds. It has now been decided to also designate all Sovereign Green Bonds (SGrbS) issued by the Government in the fiscal year 2022-23 as ‘specified securities’ under the FAR. The notification was issued on 23rd January, 2023 and come into immediate effect.
RBI amends prior notification for Net Owned Fund (NOF) for Asset Reconstruction Companies (ARCs)
The Reserve Bank of India (RBI) has issued a notification on Net Owned Fund (NOF) for Asset Reconstruction Companies (ARCs). RBI now specifies that the Net Owned Fund (NOF) for Asset Reconstruction Companies (ARCs) shall be minimum Rupees 300 Crore on an ongoing basis with effect from 23rd January, 2023. The present notification was issued on 23rd January, 2023 and comes into immediate effect.
RBI extends time for renewal of agreements for existing Safe Deposit Locker/Safe Custody Article Facility Provided by Banks
It has been decided to extend the deadline for banks to complete the process of renewal of agreements for the existing safe deposit lockers in a phased manner by December 31, 2023, with intermediate milestones of 50 per cent by June 30, 2023, and 75 per cent by September 30, 2023.
RBI issues Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies
RBI has issued Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies. These Guidelines were issued on 16th January, 2023. The Guidelines state that Every person intending to acquire shares or voting rights and to become a major shareholder of a banking company must obtain prior approval of the RBI. Such person shall make an application to the RBI along with the declaration in Form A.
Master Direction – Reserve Bank of India (Acquisition and Holding of Shares or Voting Rights in Banking Companies) Directions, 2023
The Reserve Bank of India (RBI) notified Master Direction – Reserve Bank of India (Acquisition and Holding of Shares or Voting Rights in Banking Companies) Directions, 2023. The Directions were issued on 16th January, 2023 and come into immediate effect.
NSE notifies on API for daily submissions of Holding Statements and Bank Balances
The National Stock Exchange (NSE) has issued a notification regarding the Application Programming Interface (API) for daily submissions of Holding Statements and Bank Balances. The notification, inter alia, extends the date of implementation of the functionality for API for daily submission of Holding Statement and Bank Balances. The new date of implementation is 30th January, 2023.
International Financial Services Centres Authority (Investment by International Financial Service Centre Insurance Office) Regulations, 2022
The International Financial Services Centres Authority (IFSCA) has issued the International Financial Services Centres Authority (Investment by International Financial Service Centre Insurance Office) Regulations, 2022. The regulations aim to create a regulatory framework and formulate processes related to investment of assets by an International Financial Service Centre Insurance Office (IIO).
RBI issues Press Release on Periodic Updation of KYC details of Customers
The Reserve Bank (RBI) has taken several measures to rationalise the KYC related instructions taking into account the available technological options for enhancing customers’ convenience). The process for the periodic updation of KYC (re-KYC) was simplified in May 2021. The RBI has now issued a press release dated 6th June 2022 encouraging individual customers get more information on the different options available to them from their bank for completing re-KYC or fresh KYC.
Incentive scheme for the promotion of RuPay Debit Cards and low-value BHIM-UPI transactions
Under the said scheme, acquiring banks will be provided financial incentives, for promoting Point-of-Sale (PoS) and e-commerce transactions using RuPay Debit Cards and low-value BHIM-UPI transactions (P2M) for the current financial year FY 2022-23.
RBI issues notice of selection of six applications for the Fourth Cohort on Prevention and Mitigation of Financial Frauds
The Reserve Bank of India (RBI) had announced the opening of the Fourth Cohort on Prevention and Mitigation of Financial Frauds under Regulatory Sandbox. It had invited applications to this Cohort by a press release dated 6th June 2022. RBI has now issued a press release announcing its receipt of applications for the said Cohort. The present press release was issued on 5th January, 2023.
