India

Capital / Liquidity

RBI Eases Requirements for Rural Banks to Offer Internet Banking

By Editors | 08/11/2022

The net worth requirement and net NPA eligibility criteria have been relaxed, to promote the spread of digital banking for customers in rural areas.

AML / KYC

IFSCA Issues AML/CFT Guidelines for GIFT City Regulated Entities

By Editors | 07/11/2022

The IFSCA said all senior managers are responsible for compliance with the new guidelines, which also apply to financial groups of regulated entities.

Fintech / Regtech

SEBI Drafts Cloud Adoption Framework for Regulated Entities

By Manesh Samtani | 06/11/2022

The framework says there are “no limitations” on the use of any cloud deployment models, but provision must only be from data centres empanelled by MeitY.

Crypto / Digital Assets

MAS Grants Approvals to Stablecoin Issuers Paxos, Circle

By Editors | 03/11/2022

Paxos provides has its own stablecoin (USDP) and provides infrastructure for Binance Coin. Circle is the issuer of stablecoins USD Coin and Euro Coin.

Enforcement

Google Fined $275m in India for Anti-Competitive Practices

By Editors | 01/11/2022

Google is ordered to allow the use of third-party payment processing services in its Play Store and not discriminate against apps facilitating UPI payments.

SEBI Standardises Rating Scales Used in Issuer & Credit Ratings

By Editors | 01/11/2022

Standardised symbols, definitions and descriptors have been devised for issuer ratings and corporate credit ratings, following consultation with CRAs.

Crypto / Digital Assets

RBI Starts Testing CBDC in G-Sec Trade Settlement

By Editors | 01/11/2022

The RBI will also commence testing of a retail CBDC “within a month” in select locations in “closed user groups comprising customers and merchants”.

Market Infrastructure

ESMA to Withdraw Recognition of Six Indian CCPs

By Editors | 01/11/2022

EMIR conditions for recognition are not met because no cooperation arrangements have been concluded between ESMA and the relevant Indian authorities.

Market Infrastructure

BSE India Launches Trading in Electronic Gold Receipts

By Editors | 27/10/2022

Individual investors as well as commercial participants like importers, banks, refiners, and jewellery manufacturers can participate.