Reserve Bank of India

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    AML / KYC

    RBI Plans to Allow Banks Autonomy to Freeze Suspicious Accounts

    By Ajoy K Das | 29/04/2024

    The RBI plans to allow banks to suspend suspicious accounts without having to wait for a police complaint to be registered.

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    Capital / Liquidity

    RBI Raises Net Owned Funds Requirement for ARCs

    By Ajoy K Das | 25/04/2024

    Existing asset reconstruction companies will have until 31 March 2026 to meet the $36mn net owned funds requirement.

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    Enforcement

    RBI Imposes Business Restrictions on Kotak Mahindra Bank

    By Ajoy K Das | 25/04/2024

    The bank is prohibited from onboarding new customers and issuing fresh credit cards due to long-standing IT risk management deficiencies.

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    Enforcement

    Indian NBFC Detects Vehicle Loan Fraud Worth $18m

    By Ajoy K Das | 25/04/2024

    The fraud involved forgery of KYC documents related to retail vehicle loans, resulting in company funds being embezzled.

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    Fintech / Regtech

    India Explores Measures to Address Duopoly in Mobile Payments Market

    By Ajoy K Das | 23/04/2024

    Google Pay and PhonePe together account for nearly 86% of UPI transactions by volume. Support and incentives are being considered for smaller players.

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    Fintech / Regtech

    RBI Proposes New Regulations for Payment Aggregators

    By Ajoy K Das | 18/04/2024

    The proposed regulations stipulate new net worth requirements for payment aggregators facilitating face-to-face transactions.

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    Capital / Liquidity

    RBI Issues Directions to Foster Loan Pricing Transparency

    By Ajoy K Das | 17/04/2024

    All regulated entities will have to provide a Key Facts Statement to borrowers of retail and MSME loans from 1 October 2024.

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    Securities / Derivatives

    RBI Permits Use of GIFT City OTC Segment to Hedge Gold Price Risk

    By Ajoy K Das | 17/04/2024

    Resident entities can hedge gold price risks using OTC derivatives in GIFT City, in addition to exchange-traded derivatives.

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    Fintech / Regtech

    RBI Calls on Banks to Improve FX Market for Retail Investors

    By Ajoy K Das | 11/04/2024

    The RBI is concerned about unauthorised FX platforms, inadequate price transparency, and the lack of global participation by Indian players.

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    Securities / Derivatives

    India Widens Options for Foreign Investors in GIFT City

    By Ajoy K Das | 08/04/2024

    Foreign brokers can remotely trade at GIFT City stock exchanges directly. FPIs can invest in Indian sovereign green bonds via GIFT City.

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