The Bill will also give the government powers to freeze, seize or attach funds or other financial assets or economic resources to prevent WMD financing.
The RBI has bolstered its supervisory focus at banks amid findings of compliance, risk management and internal audit weaknesses.
The merger is made possible by regulatory guidelines issued last year which reduced the arbitrage NBFCs have enjoyed over banks while also allowing large NBFCs to become banks.
The amendments will require CIS managers and certain designated employees to invest in the CIS they manage, and limit investment in other CIS managers.
Traders will not be able to offset losses against profits. A 1 percent tax will also be deducted at source for trading over INR 50,000 in a year.
The proposed changes include a shorter time period during which an open offer or buyback offer can remain open, from 10 days to 5 days.
A report from Climate Risk Horizons finds that most Indian banks have not yet factored climate change into their business strategies.
Banks and payment system operators will have to capture, maintain and report the geographical coordinates of all payment touch points deployed by merchants.
SEBI has set out a product design and risk management framework that should be used by exchanges looking to offer such products.
RBI governor Shaktikanta Das said the underlying focus of the innovation hub will be to promote inclusive access to financial services and products.
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