India

Anti-Money Laundering

SEBI Concerned About Money Laundering via PE, VC

By Garima Chitkara | 11/03/2018

Indian regulator says looser investment rules could encourage ‘round-tripping’ of funds by domestic investors, concerned about source of funds.

KYC & CDD

SBI Fined for Noncompliance with Counterfeit Currency Rules

By Editors | 08/03/2018

Central bank investigators found that State Bank of India had not complied with rules on detection and impounding of counterfeit notes.

Credit Risk

RBI Fines Axis Bank $460,000 for Bad Loan Classification Failures

By Editors | 07/03/2018

Statutory inspection revealed gross NPAs higher than Axis Bank’s reported numbers; Indian Overseas Bank also fined for KYC failures.

Conduct, Culture & Accountability

India Approves Independent Audit Oversight Body

By Editors | 05/03/2018

The new body will have powers to impose penalties or debar chartered accountants or their firms for up to ten years.

Fraud, Scams & Cybercrime

Recent Fraud Prompts India Trade Finance Freeze

By Editors | 03/03/2018

RBI audit of bank liabilities forces freeze on new letters of credit; foreign lenders reluctant to accept guarantees from Indian banks.

KYC & CDD

SEBI Mulling Omnibus Accounts for Gift City

By Garima Chitkara | 03/03/2018

Omnibus accounts will allow bank clients to trade without undergoing standard KYC procedures and help boost trading from offshore participants.

Trading & Investment

India Eases Foreign Investor Limits on Interest Rate Futures

By Editors | 02/03/2018

Aggregate long positions for all FPIs will be up to INR50 billion across any interest rate futures instrument.

Structural Regulation

India to Ease Capital Markets Norms for Foreign Investors

By Garima Chitkara | 01/03/2018

Government to set up single-window clearance for foreign portfolio investors and allow foreign custodians to trade on behalf of their clients without registering with SEBI.

Fraud, Scams & Cybercrime

RBI Mandates Integration of SWIFT in Core Banking Software

By Manesh Samtani | 26/02/2018

Punjab National Bank says $1.8bn fraud went undetected because staff failed to enter SWIFT instructions in core banking software.