India

AML / KYC

India Establishes High Level Panel on AML/CFT

By Editors | 08/10/2019

The inter-ministerial committee comprises senior officials from government departments, ministries, law enforcement agencies and regulatory bodies, including the RBI, SEBI and IRDAI.

Enforcement

India: PMC Bank Managing Director Confesses to Wrongdoing

By Editors | 02/10/2019

PMC Bank’s now-suspended managing director has reportedly confessed that the bank’s loan exposures went unreported for over six years.

Securities / Derivatives

SEBI Issues Norms for Funds on Money Market, Debt Valuations

By Editors | 01/10/2019

Mutual funds should value money market and debt securities using the waterfall approach on the basis of traded yields, SEBI said in a circular.

Capital / Liquidity

RBI Caps Withdrawals at Failing PMC Bank, Prompting Panic

By Editors | 26/09/2019

The RBI has ordered the troubled cooperative bank to cap withdrawals at 1,000 rupees per account, prompting panic, protests and promises of legal action from customers.

Capital / Liquidity

Small Finance Banks Rush to Meet RBI Listing Deadline

By Editors | 26/09/2019

A three-year deadline to publicly list is approaching for small finance banks that were granted in-principle licences by the RBI in September 2015.

Securities / Derivatives

SEBI Prescribes New Risk Management Norms for Liquid Funds

By Editors | 24/09/2019

From 1 April 2020, liquid and overnight funds must hold at least 20% of their net assets in liquid assets such as cash, government securities and treasury bills.

Fintech / Regtech

RBI Orders Banks, NBFCs to Restrict Access to Credit Data

By Editors | 24/09/2019

Financial institutions in India are known to be giving fintech firms and institutional agents direct access to data from credit bureaus, without customer consent.

Market Infrastructure

RBI Proposes to Directly Regulate Payment Gateways, Aggregators

By Editors | 19/09/2019

The paper proposes that payment gateways and payment aggregators be required to have a minimum net-worth of 1 billion rupees, among other requirements.

Capital / Liquidity

RBI Increases Bank Exposure Limit to NBFCs

By Editors | 17/09/2019

The move aligns bank exposure limits for NBFCs with limits applicable for other types of counterparties, but Fitch says it is unlikely to lead to significant credit flows to the sector.