The central bank also agreed to allow SMEs to restructure loans and extend the deadline for banks to comply with the capital conservation buffer by one year.
India's Prime Minister Narendra Modi on 14 November at Singapore Fintech Festival announced the launch of APIX, an online marketplace and sandbox for cross-border fintech services.
The government and RBI have reached a temporary agreement on some issues after an unprecedented public spat between the two caused alarm about the central bank’s independence.
The regulator is looking to set up private cloud infrastructure to enhance its analytical capabilities for better surveillance and investigations.
Banks can act as partial credit guarantors on bonds issued by NBFCs and HFCs to refinance existing debt, enhancing their credit ratings and making them more attractive to investors.
Enabling the UPI for retail investors subscribing to public share issues through intermediaries will cut IPOs listing times from six to three days, according to local media reports.
The MoU was signed in June to establish an India-Singapore joint working group aimed at strengthening fintech cooperation.
Chinese banks have the lowest ratio of problems loans among BRICS nations, whereas Indian banks suffer from weak asset quality and profitability.
The RBI has increased the carve out for government securities used in LCR computations against statutory liquidity ratios, and increased the lending ceiling to a single NBFC.
E-wallet providers can use the state-backed UPI network to make their wallets interoperable with other payment platforms, which will in time include banks and card networks.