All posts tagged "RBI"
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101EnforcementRBI Deploys New Reporting System for Cooperative Banks
Following the $560mn fraud detected at PMC Bank, the RBI is ordering all cooperative banks in the country to perform their daily reporting via the new system.
October 17, 2019 -
317AML / KYCIndia Establishes High Level Panel on AML/CFT
The inter-ministerial committee comprises senior officials from government departments, ministries, law enforcement agencies and regulatory bodies, including the RBI, SEBI and IRDAI.
October 8, 2019 -
208EnforcementIndia: PMC Bank Managing Director Confesses to Wrongdoing
PMC Bank's now-suspended managing director has reportedly confessed that the bank's loan exposures went unreported for over six years.
October 2, 2019 -
370Capital Regulation
RBI Caps Withdrawals at Failing PMC Bank, Prompting Panic
The RBI has ordered the troubled cooperative bank to cap withdrawals at 1,000 rupees per account, prompting panic, protests and promises of legal action from customers.
September 26, 2019 -
456Capital RegulationSmall Finance Banks Rush to Meet RBI Listing Deadline
A three-year deadline to publicly list is approaching for small finance banks that were granted in-principle licences by the RBI in September 2015.
September 26, 2019 -
337Fintech / Regtech
RBI Orders Banks, NBFCs to Restrict Access to Credit Data
Financial institutions in India are known to be giving fintech firms and institutional agents direct access to data from credit bureaus, without customer consent.
September 24, 2019 -
357India
RBI Proposes to Directly Regulate Payment Gateways, Aggregators
The paper proposes that payment gateways and payment aggregators be required to have a minimum net-worth of 1 billion rupees, among other requirements.
September 19, 2019 -
147Capital Regulation
RBI Increases Bank Exposure Limit to NBFCs
The move aligns bank exposure limits for NBFCs with limits applicable for other types of counterparties, but Fitch says it is unlikely to lead to significant credit flows to the sector.
September 18, 2019 -
376AML / KYC
RBI Orders Banks to Review Controls on Internal Accounts
Transitory accounts at bank branches are being used to provide unauthorised overdrafts to avoid default classification on loans, and to mask unexplained cash deposits.
September 16, 2019 -
267Capital Regulation
RBI Proposes New Rules for Small Finance Bank Licensing
Under the new guidelines, payment banks, NBFCs, microfinance institutions and local area banks will be able to convert into small finance banks.
September 16, 2019
