India

India’s insurance regulator has approved the acquisition of a 51% stake in IDBI Bank by Life Insurance Corp, in a deal worth $1.9bn; The bank had more than a quarter of its loan book marked as non-performing at March 2018.

RBI has introduced a framework to define lapses in bank auditor conduct and reporting as well as enforcement action to be taken as a result of such lapses.

Stress tests indicate NPA ratios at Indian banks to fall to lowest level since year 2000; Public sector banks to be hit the hardest, with six expected to experience capital shortfall.

Market regulator SEBI discussing whether to allow retail investors to participate in commodity derivatives through mutual funds; may also allow derivatives based on commodity indices.

India official says the government will release new cryptocurrency regulatory framework next month; Supreme Court brings forward hearings on petitions challenging earlier RBI ban.

Banks instruct banks and white-label ATM operators to upgrade ATM security in a phased manner until June 2019, threatening enforcement action for noncompliance.

RBI releases draft rules which would require the use of LEIs for non-derivatives transactions, having already announced a phasing in for OTC derivatives markets.

The RBI requires the quoting of permanent account numbers for all transactions. It has also tightened the definition of “close relative” for funds sent for the “maintenance” of close relatives under its remittance regulation.

RBI has loosened some restrictions on residual maturity and concentration limits on corporate bond holdings by foreign investors in a bid to boost demand and support the rupee.

SGX, NSE ordered to facilitate continued listing of SGX Nifty products for at least two successive contract months beyond arbitration; injunction preventing SGX from launching new successor products to remain in effect pending final outcome.