13th January Bipartite talks between UFBU and IBA breaks down
During the course of the bipartite talks on 13/01/2020, IBA went on the back foot on some of the issues, which was earlier considered positively. Initiating the prelude speech IBA Chairman Shri. Rajnish Kumar narrated the general scenario in the banking sector and the constraints under which all of us were working, particularly in the…
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Document for National Financial Inclusion Strategies (NFIS)
Reserve Bank of India under the aegis of the Financial Inclusion Advisory Committee (FIAC) initiated the process of formulation of the National Strategy for Financial Inclusion (NSFI) for the period 2019-2024 and formally released the document on January 10, 2020. The National Strategy for Financial Inclusion (NSFI) report on Friday sets forth the vision and…
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RBI extends e-mandate facility on cards to UPI as well
On Friday (10.01.2020), RBI notified that the instructions on the processing of e-mandate on cards for recurring transactions to cover Unified Payments Interface (UPI) transactions as well. During August 2019, RBI permitted processing of e-mandate on Credit/debit cards / Prepaid Payment Instruments (PPIs)/wallets for recurring transactions (merchant payments), with Additional Factor of Authentication (AFA) during…
Read article Major amendments made to KYC Master Direction
Major Amendments made to KYC Master Direction. In the Gazette Notification G.S.R. 582(E) dated August 19, 2019, and G.S.R. 840(E) dated November 13, 2019, the Government of India has notified amendment to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. Further RBI has permitted Regulated Entities (REs) Video-based Customer Identification Process (V-CIP) as a…
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RBI permits Inter-bank dealings beyond on-shore market hours
The Reserve Bank of India added the following section to Part C (Inter-Bank Foreign Exchange Dealings) of the Master Direction- Risk Management and Inter-Bank Dealings. “Transactions with person residents outside India, through their foreign branches and subsidiaries may also be undertaken beyond onshore market hours.” The RBI notification issued by RBI on Monday (January 6)…
Modified directions of RBI relating to IFSC Banking Units (IBUs)
As per RBI’s latest notification IBUs (IFSC Banking Units) cannot open SB account. IBUs are also prohibited from undertaking cash transactions. They can open foreign currency current accounts (including escrow accounts) of units operating in IFSC and of non-resident institutional investors to facilitate their investment transactions subject to the provisions of FEMA 1999 and other…
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