“Worst is behind us, though the recovery path remains uncertain,” says Financial Stability Report
On Monday (11.01.2021), the Financial Stability and Development Council in its report bi-annual report said that Indian banks may see bad loans double despite signs of an improvement in the economic impact of the COVID-19 pandemic. The council is an umbrella group of regulators and releases the FSR report twice yearly to give a detailed…
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RBI tells banks to put in place a risk-based internal audit (RBIA) system
RBI on Friday (08.01.2021) said that all commercial banks (including small finance banks, payments banks, and Local area banks) are required to put in place a risk-based internal audit (RBIA) system as part of their internal control framework that relies on a well-defined policy for internal audit, functional independence with sufficient standing and authority within…
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From April 1, entities to quote LEI for all payment transactions of above 50 crores
The Legal Entity Identifier (LEI) is a 20-digit number used worldwide that will uniquely identify every legal entity or structure to a financial transaction. Pursuant to the Global Financial Crisis, the Legal Entity Identifier (LEI) code is conceived at the initiative of ‘Group of 20, financial stability Board’ for the purpose of better risk management.…
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RBI announces guidelines for digital payment infra fund-PIDF
The Reserve Bank of India has constructed a composite Digital Payments Index (DPI) to capture the extent of digitisation of payments across the country The DPI comprises of 5 broad parameters that enable measurement of deepening and penetration of digital payments over different time periods. These parameters are – (i) Payment Enablers (weight 25%), (ii)…
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Record-keeping of cash deals in gems & jewelry trade as well as Real Estate now a must
The Ministry of Finance (Department of Revenue) on the 28th December 2020 notifies (G.S.R.799(E) dealers in precious metals, precious stones, in the exercise of the powers conferred by sub-clause (iv) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003), as “persons carrying on designated businesses…
Small Savings Interest rate remains unchanged for January to March 2021
Updated 01.01.2021 The Finance Ministry of Government of India on December 31 said in a statement, “The rates of interest on various small savings schemes for the fourth quarter of 2020-21, starting from January 1 and ending March 31, 2021, shall remain unchanged from those notified for the third quarter (October to December). The interest…
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