Payments banks will be able to accept application money, allotment or call money, and make payments of dividend or interest warrants.
The reforms will enable customers to access their deposits within 90 days if a bank is unable to fulfill its obligations due to a moratorium.
The impacts of the second wave of the Covid-19 pandemic have been visible in the real estate sector, the RBI said. It is also monitoring stressed assets in the banking sector.
The extension is being provided to ensure customers are "not put to undue inconvenience during the implementation process".
Banks are permitted to extend export credit using alternative rates. A change in the benchmark used in a derivatives contract need not be treated as a restructuring.
KYC norms that required FPIs and institutional investors to disclose their personal information to SEBI have also been relaxed.
The mutual fund industry told SEBI the closing NAV may "not be relevant" for direct transactions in ETF units with large investors.
Payment system operators may not outsource core management functions such as risk management, internal audit and KYC compliance.
SEBI has asked India's two RTAs, KFinTech and CAMS, to develop a new dedicated platform for investors to transact in mutual funds.
e-RUPI is a QR code or SMS string-based prepaid e-voucher that can be used for purchases without an app, card, bank account, or internet access.
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