RBI declares that Card Network that enables businesses to make card payments through certain intermediaries to entities that do not accept card payments qualifies as payment system
Under this arrangement, the intermediary accepts card payments from corporates for their commercial payments and then remits the funds via IMPS/RTGS/NEFT to non-card accepting recipients. On closer scrutiny, it was observed that this arrangement qualified as a payment system. Under the provisions of Payment and Settlement Systems (PSS) Act, 2007, such payment system requires authorization under Section 4 of PSS Act, which has not been obtained in the instant case. The activity was, therefore, without legal sanction.
National Savings Time Deposit (Amendment) Scheme, 2024
By giving retrospective effect to the National Savings Time Deposit (Amendment) Scheme, 2024, no one shall be adversely affected as a result of retrospective effect being given to this amendment.
Review of Fixed Remuneration granted to Non-Executive Directors of private banks
Considering the crucial role of NEDs in efficient functioning of bank Boards and its various Committees and in order to further enable the banks to sufficiently attract qualified competent individuals on their Boards, it has been decided to revise the ceiling to ₹30 lakh per annum.
RBI Statement on Developmental and Regulatory Policies
In conclusion, the Statement on Developmental and Regulatory Policies reflects the RBI’s proactive approach towards fostering a resilient, inclusive, and innovative financial ecosystem. By prioritizing transparency, consumer protection, and technological innovation, these policy measures aim to bolster confidence, enhance efficiency, and unlock new opportunities in India’s financial markets. As stakeholders adapt to these evolving regulatory dynamics, collaboration and agility will be key in navigating the complexities of today’s financial landscape.
RBI relaxes restrictions for participation of Indian Banks on India International Bullion Exchange IFSC Limited (IIBX)
RBI has allowed Branch/subsidiary/joint venture of an Indian bank in GIFT-IFSC to act as a Trading Member (TM)/Trading and Clearing Member (TCM) of IIBX, and Indian banks authorized to import gold/silver to act as Special Category Client1 (SCC) of IIBX.
Reserve Bank has cautioned members of public against frauds in the name of KYC updation
RBI once again urges the members of public to exercise caution and due care to prevent loss and safeguard themselves from malicious practices.
RBI directs banks to Streamline Internal Compliance monitoring function
The RE, based on the size and complexity of its operations, may decide on the tools/ mechanism it would prefer to deploy for monitoring of compliance and development of the unified dashboard. Accordingly, REs are advised to carry out a comprehensive review of the existing internal compliance tracking and monitoring processes and institute necessary changes to existing systems or implement new systems latest by June 30, 2024.
Conference of Directors of select UCBs of Southern Zone
Discussions during the conference revolved around approaches to strengthen cybersecurity, inculcating a culture of cyber awareness and implementing measures to protect and respond to cyber-attacks effectively.
Finance (Ways and Means-II) Department
The Government of Tamil Nadu has announced the auction of securities totaling 3000 crore, comprising 7-year securities (1000 crore), 10-year securities (1000 crore), and 30-year securities (1000 crore). The auction will be conducted by the Reserve Bank of India (RBI) at its Mumbai Office in Fort on January 30, 2024.
Report titled “Finances of Panchayati Raj Institutions”
This report has been prepared in the Division of Local Finances in the Department of Economic and Policy Research. It is available on the Reserve Bank’s website (www.rbi.org.in). Comments and suggestions on the Report may be sent to the Director, Division of Local Finances, Department of Economic and Policy Research, Reserve Bank of India, M. M. Marg, Mumbai Central, Mumbai – 400 008. Comments can also be forwarded via e-mail.
