Reserve Bank of India

Crypto / Digital Assets

Indian Banks Offering Incentives to Boost CBDC Use – Report

By Ajoy K Das | 28/10/2023

Participating banks funding incentives to promote e-rupee usage in response to pressure from the RBI.

RBI Directs Credit Bureaus, Banks to Improve Services for Customers

By Ajoy K Das | 28/10/2023

CICs and credit institutions are given six months to implement a new compensation framework and customer service requirements.

Fintech / Regtech

RBI Releases Draft Master Directions on Managing Outsourcing Risks

By Ajoy K Das | 27/10/2023

The draft makes clear that regulated entities may not outsource core management functions, such as decision-making functions like loan approvals.

Bank Boards Must Have At Least Two Whole-time Directors: RBI

By Ajoy K Das | 26/10/2023

Banks that do not currently have at least two whole-time directors on their boards must submit proposals for their appointment within four months.

Securities / Derivatives

RBI Allows Retail Investors to Access FRSBs Through Direct Portal

By Ajoy K Das | 24/10/2023

Until now, floating rate savings bonds were only available to retail investors through select branches of State Bank of India and certain other institutions.

Fintech / Regtech

India to Add More Banks to Singapore Payments Linkage – Report

By Sanday Chongo Kabange | 19/10/2023

India and Singapore are planning to expand the number of Indian banks participating in the PayNow-UPI linkage launched in February.

AML / KYC

RBI Revises KYC Guidelines to Reflect Recent AML Law Changes

By Sanday Chongo Kabange | 18/10/2023

The amendments cover beneficial owner identification, customer due diligence, information-sharing policies, and other areas.

Enforcement

RBI Imposes Record Penalty on ICICI Bank for Rule Violations

By Sanday Chongo Kabange | 18/10/2023

The penalty against ICICI Bank was more than all the combined penalties imposed by the RBI on private banks for fiscal year 2023.

Russia’s Sberbank Secures FPI Registration in India

By Editors | 18/10/2023

State-owned Sberbank is the first Russian bank to secure Category I FPI registration in India. VTB is also seeking the licence.