NBFCs should constitute remuneration committees and use malus or clawback arrangements to account for possible misconduct or poor financial performance.
The RBI also increased the cash reserve ratio, the percentage of cash that banks need to keep in reserve against their total deposits.
The dedicated regulatory sandbox is part of government efforts to establish GIFT City as 'world class' fintech hub.
Banks can include government securities worth up to 16 percent of their NDTL in their LCR calculations, compared to 15 percent under earlier guidance.
The RBI has prescribed timelines for borrowers with exposure of INR 50 million to obtain an LEI, including customers of NBFCs and UCBs.
The new DLT-based platform is designed to monitor security creation, covenants and asset cover of non-convertible securities.
Rural cooperative banks can raise capital by issuing preference shares, perpetual debt instruments or long term subordinated bonds.
The new guidelines cover capital requirements, large exposure limits, lending caps, and disclosures requirements for large NBFCs.
The MCA's Company Law Committee says says Indian SPACs should be recognised and allowed to list on domestic and global exchanges.
Upper and middle layer NBFCs have until 1 October 2023 to install a compliance function and chief compliance officer.
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