INDIA

    AML / KYC

    RBI Invites NBFCs to Apply for Aadhaar Authentication Licences

    By Editors | 17/09/2021

    With a KUA or sub-KUA licence, NBFCs will be able to authenticate client Aadhaar numbers using the e-KYC facility provided by UIDAI.

    Market Infrastructure

    India’s UPI to Extend QR Payments to 10 Asian Markets

    By Ranamita Chakraborty | 17/09/2021

    Users of NPCI’s BHIM mobile app will be able to make UPI QR-based payments at merchants progressively across north and southeast Asia from early 2022.

    Enforcement

    SEBI to Shorten Time Allowed to Settle Enforcement Proceedings

    By Editors | 16/09/2021

    SEBI proposes to reduce the timeline allowed for entities to file applications to settle enforcement proceedings from 180 to 60 days.

    Enforcement

    SEBI Settles YES Bank Case of Selective Disclosures

    By Editors | 15/09/2021

    YES Bank allegedly made selective disclosures regarding its asset quality, and did not disclose regulatory breaches identified by the RBI.

    Fintech / Regtech

    RBI Opens Applications for Third Sandbox Cohort

    By Editors | 15/09/2021

    Six entities from the first cohort on retail payments have exited the sandbox. The second cohort on cross-border payments is commencing testing this month.

    Fintech / Regtech

    Singapore, India to Enable Real-time Cross-border Payments

    By Sanday Chongo Kabange | 15/09/2021

    The PayNow-UPI linkage will be implemented in July 2022, enabling faster and lower cost fund transfers between Singapore and India.

    Capital / Liquidity

    RBI Removes UCO Bank From PCA Framework

    By Ranamita Chakraborty | 12/09/2021

    UCO Bank is no longer in breach of the PCA parameters based on its latest results. Only Indian Overseas Bank and Central Bank of India remain under the PCA framework.

    Fintech / Regtech

    RBI Account Aggregator Framework Brings Open Banking to India

    By Editors | 12/09/2021

    Eight banks have joined the account aggregator network, which enables consumers to share financial data with third parties in a safe and secure manner.

    Securities / Derivatives

    SEBI Revises Position Limits on Currency Derivatives

    By Editors | 12/09/2021

    The revised position limits apply to domestic clients, NRIs, and Category II FPIs that are individuals, family offices, and corporates.

    Market Infrastructure

    SEBI to Introduce Optional T+1 Settlement Cycle from January

    By Editors | 08/09/2021

    Stock exchanges may choose to offer T+1 settlement on any scrip, after providing the market advance notice of at least one month.

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