India

Anti-Money Laundering

NYDFS Announces $8m Settlement With Genesis Global Trading

By Editors | 15/01/2024

Genesis Global Trading is also required to give up its BitLicense and cease all operations in New York as part of the settlement.

Custody & Infrastructure

MAS Grants In-principle Licence Approval to Crypto Custody Firm BitGo

By Editors | 12/01/2024

BitGo already obtained a New York trust charter in 2021 and a BaFin crypto custody licence in November 2023.

Payments & Settlements

GIFT City Regulator Directs IBUs to Improve Cross-border Payments

By Ajoy K Das | 09/01/2024

IFSC Banking Units are asked to use Swift GPI and to explore how they can further speed up their processing of cross border payments.

Trading & Investment

SEBI Tightens Rules for Disclosing Short Selling Trades

By Ajoy K Das | 07/01/2024

Institutional investors must disclose short selling transactions upfront. Individual investors must disclose the same at the end of each trading day.

PEPs & Sanctions

RBI Clarifies PEPs Definition in KYC Master Direction

By Ajoy K Das | 06/01/2024

The updated definition clarifies that PEPs include a person who “is entrusted by a foreign country with a public function”.

Trading & Investment

RBI Consolidates Norms for Currency Derivatives

By Ajoy K Das | 06/01/2024

Retail users can be classified as non-retail if an authorised dealer is satisfied that they have the requisite risk management capabilities.

Payments & Settlements

India Launches UPI Block Facility for Stock Market Trades

By Editors | 04/01/2024

Investors can block funds in their bank accounts for secondary market stock trades rather than transfer them to brokers upfront.

Capital Adequacy

RBI Proposes to Tighten Dividend Payout Norms for Banks

By Ajoy K Das | 04/01/2024

For a bank to distribute dividends, its net NPA ratio must be below 6%, with the maximum payout ratio capped at 50%.

AI Risk & Governance

RBI Offers 10-Point Checklist for AI Deployment in Banking

By Ajoy K Das | 04/01/2024

M Rajeshwar Rao said the banking sector needs to address concerns over the fairness, transparency and governance or AI models.