India

RBI audit of bank liabilities forces freeze on new letters of credit; foreign lenders reluctant to accept guarantees from Indian banks.

Omnibus accounts will allow bank clients to trade without undergoing standard KYC procedures and help boost trading from offshore participants.

Aggregate long positions for all FPIs will be up to INR50 billion across any interest rate futures instrument.

Government to set up single-window clearance for foreign portfolio investors and allow foreign custodians to trade on behalf of their clients without registering with SEBI.

Punjab National Bank says $1.8bn fraud went undetected because staff failed to enter SWIFT instructions in core banking software.

SEBI to increase focus on source and use of funds going through the alternative investment fund framework.

Supreme Court says auditors lack adequate oversight, have breached central bank and foreign direct investment rules and Chartered Accountants Act.

Foreign securities and gold also eligible, but cash and cash equivalents will need to form 50 percent of total liquid assets at all times.

BSE and NSE can launch cross-currency futures and options in the euro, pound and yen, against the dollar and rupee.

Less than half of wallet consumers opted to be KYC-compliant before the 28 February deadline; new KYC norms will force telecom firms to verify customer data using third-parties, taking away their current advantage over other payment firms.