India

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    Operational Risk

    SEBI Issues Guidelines to Boost Operational Resilience of QRTAs

    By Editors | 23/10/2023

    QRTAs are required to declare a disaster within 30 minutes of an incident and must be able to switch to the DRS within 45 minutes.

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    Cloud & Infrastructure

    Google to Set Up Global Fintech Headquarters in India’s GIFT City

    By Mark Johnston | 20/10/2023

    Google will set up its global fintech headquarters in GIFT City and invest $10bn in India’s digitisation fund.

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    Anti-Money Laundering

    FATF to Scrutinise India’s Use of NGO Laws Amid Allegations of Misuse

    By Editors | 20/10/2023

    FATF officials are expected to visit India in November to identify whether India is using its laws to suppress NPOs and civil society groups.

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    Payments & Settlements

    India to Add More Banks to Singapore Payments Linkage – Report

    By Sanday Chongo Kabange | 19/10/2023

    India and Singapore are planning to expand the number of Indian banks participating in the PayNow-UPI linkage launched in February.

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    KYC & CDD

    RBI Revises KYC Guidelines to Reflect Recent AML Law Changes

    By Sanday Chongo Kabange | 18/10/2023

    The amendments cover beneficial owner identification, customer due diligence, information-sharing policies, and other areas.

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    Supervision & Enforcement

    RBI Imposes Record Penalty on ICICI Bank for Rule Violations

    By Sanday Chongo Kabange | 18/10/2023

    The penalty against ICICI Bank was more than all the combined penalties imposed by the RBI on private banks for fiscal year 2023.

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    Structural Regulation

    Russia’s Sberbank Secures FPI Registration in India

    By Editors | 18/10/2023

    State-owned Sberbank is the first Russian bank to secure Category I FPI registration in India. VTB is also seeking the licence.

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    Anti-Money Laundering

    SEBI Revises AML Guidelines for Securities Market Intermediaries

    By Mark Johnston | 13/10/2023

    The revisions lower the shareholding threshold for partners of a firm to be considered as beneficial owners from 15 to 10 percent, among other changes.

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    KYC & CDD

    Bank of Baroda Ordered to Halt Mobile App Onboarding

    By Editors | 13/10/2023

    The action comes after it was reported in July that some bank employees onboarded fake customers to meet sign-up targets.

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    Capital Adequacy

    RBI to Extend PCA Framework to Government NBFCs

    By Editors | 12/10/2023

    The RBI will extend the PCA framework to government NBFCs, except those in the “base layer”, from 1 October 2024.

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