India

Prepaid payment instruments, white label ATM operators and card networks can now connect to the RTGS and NEFT systems.

The framework seeks to address previous instances of brokers defaulting and misusing clients' securities and funds.

Like other central banks, the RBI has been exploring a CBDC and is now examining use cases which could be implemented with little or no disruption.

The bad bank will be 51% owned by public sector banks. The remaining shares will be owned by private sector lenders.

SOFR is expected to be the most widely accepted benchmark rate used to replace LIBOR and MIFOR in India.

The RBI has given Centrum Financial Services in-principle approval to set up a small finance bank to take over PMC Bank.

Primary UCBs can issue equity shares, perpetual or redeemable preference shares, perpetual debt instruments, and long-term subordinated bonds.

The action may hamper the ability of private banks to issue new cards to customers in the near term due to their exclusive tie-ups with Mastercard.

Retail investors will be able to open an account directly with the central bank to gain access to primary issuance and secondary trading in government securities.

The banks include Credit Suisse, Central Bank of India, SBI, Bank of Baroda, Bank of Maharashtra, IndusInd Bank, and Indian Bank, among others.