India

Enforcement

RBI Undertakes Review of Penalty Framework – Report

By Ajoy K Das | 21/11/2023

The RBI is considering options for linking penalties to the size of regulated entities, as well as clawing back executive remuneration.

Sanctions

US Adds Indian Firm to Entity List, Highlights Export Controls on Russia

By Editors | 20/11/2023

Commerce Department accuses the firm of supplying US-origin circuits to Russian defence companies, while also targeting firms supplying US-origin airline parts to Venezuela.

Market Infrastructure

Indian Court Orders Calcutta Stock Exchange to Halt Trading on NSE

By Ajoy K Das | 20/11/2023

SEBI barred the CSE from operating its equities trading platform in 2013. It has since been allowing its members to trade on via the NSE. The agreement with NSE expired in September 2021.

AML / KYC

RBI Allows Banks to Give Exporters Extra Flexibility in Trade Transactions

By Ajoy K Das | 20/11/2023

Banks maintaining special rupee vostro accounts are permitted to open an additional special current account for exporters.

Fintech / Regtech

India’s UCO Bank Calls in Federal Investigators to Probe Payments Disruption

By Ajoy K Das | 19/11/2023

The CBI is being called in to investigate a possible cyber-attack or manipulation of the state-owned bank’s internal systems.

Enforcement

Indian Authorities Probe Aviva for Alleged Tax Evasion – Report

By Ajoy K Das | 17/11/2023

Inspectors from the Directorate General of GST Intelligence seized laptops from Aviva and questioned some of its top officials.

Capital / Liquidity

RBI Increases Consumer Credit Risk Weights for Banks, NBFCs

By Ajoy K Das | 17/11/2023

Banks and NBFCs will have to set aside more capital against personal loans and credit card receivables, and tighten their credit standards.

India-Thailand Payments Link to be Announced “Soon” – Report

By Ajoy K Das | 16/11/2023

India’s ambassador to Thailand, Nagesh Singh, said negotiations have been underway and there will very soon be “good news”.

Enforcement

RBI Takes First Action Against Non-Compliance With Digital Lending Guidelines

By Ajoy K Das | 16/11/2023

The RBI said Bajaj Finance did not issue the Key Fact Statements to borrowers as required under its digital lending guidelines issued in September 2022.