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Market Infrastructure
India’s CCIL Proposes to Create Infrastructure for UMR Compliance
By Manesh Samtani | 28/09/2022
CCIL says market participants have expressed a desire since 2016 for it to provide the centralised infrastructure needed for UMR compliance.
RBI Issues New Standards for Compliance Function of UCBs
By Editors | 25/09/2022
Tier 4 UCBs and tier 3 urban cooperative banks are directed to appoint a chief compliance officer by 1 April 2023 and 1 October 2023, respectively.
Fintech / Regtech
India Launches Three New Digital Payments Initiatives
By Editors | 24/09/2022
The three initiatives have the potential to revolutionise the digital payments ecosystem, said NPCI.
Capital / Liquidity
RBI Removes Restrictions on Central Bank of India
By Editors | 21/09/2022
The bank is no longer in breach of the PCA parameters based on figures for the year ended 31 March 2022, the RBI said.
Securities / Derivatives
RBI Warns Against Use of Unauthorised FX Platforms
By Editors | 12/09/2022
The RBI lists 34 FX trading platforms it says are not authorised to operate in India. The list include FXCM, XTB, TD Ameritrade, eToro, and IG Markets.
Fintech / Regtech
Singapore-India Real-time Payments Launch Delayed to December
By Editors | 12/09/2022
At least five Indian banks are reportedly in talks with Singapore’s DBS regarding the PayNow-UPI linkage, which was initially meant to launch in July 2022.
Fintech / Regtech
India Raids Payment Firms in Digital Lending App Probe
By Editors | 06/09/2022
The Enforcement Directorate said digital loan app providers involved in extortion and harassment of members of the public are controlled and operated by Chinese persons.
AML / KYC
RBI Issues New Guidelines on Digital Lending
By Sanday Chongo Kabange | 06/09/2022
The guidelines are applicable to existing customers availing fresh loans and new customers getting onboarded. Existing digital loans must be in compliance by 30 November.
Crypto / Digital Assets
India: Four Public Sector Banks to Run CBDC Pilot
By Editors | 05/09/2022
The RBI has reportedly asked State Bank of India, Punjab National Bank, Union Bank of India and Bank of Baroda to run a CBDC pilot internally.
AML / KYC
Indian Banks Inconsistently Reporting Fraud Incidents to Regulator
By Editors | 31/08/2022
Kotak Mahindra Bank suggests such digital frauds are not being reported by other banks, making its own figures look disproportionately higher.
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