Reserve Bank of India

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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.

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    AML / KYC

    Bank of Baroda Ordered to Halt Mobile App Onboarding

    By Editors | 13/10/2023

    The action comes after it was reported in July that some bank employees onboarded fake customers to meet sign-up targets.

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    Capital / Liquidity

    RBI to Extend PCA Framework to Government NBFCs

    By Editors | 12/10/2023

    The RBI will extend the PCA framework to government NBFCs, except those in the “base layer”, from 1 October 2024.

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