India

Fintech / Regtech

India Government Panel Pushes for Fintech, Regtech Adoption

By Editors | 04/09/2019

The panel has also proposed the development of a marketplace model for P2P lending, and the introduction of virtual banking in India.

AML / KYC

RBI Grants Another Extension for e-Wallet KYC Compliance

By Editors | 03/09/2019

This is the fourth time the deadline has been extended. Wallet companies were first asked to complete KYC processes for each customer by December 2017.

Capital / Liquidity

India to Merge 10 State Owned Banks into Four

By Editors | 03/09/2019

“In place of fragmented lending capacity with 27 public sector banks in 2017, now there will be only 12 state-run banks post consolidation,” said India’s finance minister Nirmala Sitharaman.

Market Infrastructure

Indian Banks Taking Nearly Two Years to Detect Fraud: RBI

By Editors | 02/09/2019

The RBI said in its annual report that banks take an average of 22 months to detect fraud, and up to 55 months for frauds involving large amounts.

Securities / Derivatives

SEBI Extends Deadline for New Rules on Handling Client Securities

By Editors | 30/08/2019

Following feedback from stock exchanges and market participants, SEBI has decided to extend the effective dates in a June circular by one month.

Capital / Liquidity

RBI to Transfer $24bn to Govt on Committee Recommendation

By Editors | 28/08/2019

The transfer will comprise of a $17.2bn income surplus and $7.4bn in excess provisions resulting from a newly revised economic capital framework for the RBI.

AML / KYC

India Withdraws FPI Tax Surcharge Amid Foreign Pressure

By Editors | 26/08/2019

The surcharge, introduced last month, increased capital gains tax on foreign trusts investing in India to over 40%, prompting the stock market’s worst July in 17 years.

Securities / Derivatives

SEBI Eases Requirements for FPI Registration

By Editors | 23/08/2019

SEBI has consolidated 57 circulars and 183 FAQs issued over the years into a single circular for FPIs, easing several requirements in the process.

SEBI to Force Borrowers to Disclose Defaults to CRAs

By Editors | 23/08/2019

The move follows a spate of defaults in India where credit rating agencies were blamed for being unable to flag potential credit risks.