India

Enforcement

RBI Penalises HDFC Over Sale of Non-financial Products

By Editors | 02/06/2021

HDFC violated rules that prohibit banks from entering into any business unrelated to financial services.

AML / KYC

2018 Circular Prohibiting Crypto Dealings Not Valid, RBI Clarifies

By Sanday Chongo Kabange | 01/06/2021

The RBI has clarified that its 2018 circular prohibiting cryptocurrency dealings is no longer valid, and should not be cited or quoted from.

Capital / Liquidity

RBI Warns Banks to Prepare for Higher Provisioning

By Manesh Samtani | 31/05/2021

Banks will need to closely monitor their asset quality in the coming quarters, the RBI said in its annual report.

Fintech / Regtech

WhatsApp Files Lawsuit Against India Over Traceability Rules

By Editors | 27/05/2021

The new laws give the Indian government greater power to monitor online activity and require data to be stored in a “traceable” database.

Securities / Derivatives

SEBI Consults on Framework for New Gold Exchange

By Sanday Chongo Kabange | 18/05/2021

The proposed gold exchange would facilitate trading in so-called ‘Electronic Gold Receipts’, and help to improve transparency and price discovery.

Market Infrastructure

RBI Enables Private Banks to Conduct Government Business

By Editors | 18/05/2021

Revised RBI guidelines put in place a mechanism for private sector banks to apply for authorisation to conduct government business.

AML / KYC

RBI Relaxes Restrictions on the Use of Video-based KYC

By Editors | 17/05/2021

Video-based KYC can be used for onboarding individual customers, business owners, and authorised signatories and beneficial owners of legal entities.

Securities / Derivatives

SEBI Consults on Measures to Protect Client Collateral

By Editors | 17/05/2021

The proposed framework seeks to protect clients’ collateral from being misused or misappropriated by trading or clearing members.

Crypto / Digital Assets

RBI Asks Banks to Cut Ties With Cryptocurrency Exchanges

By Sanday Chongo Kabange | 17/05/2021

The unofficial guidance comes as Indian lawmakers look to introduce a ban on cryptocurrencies and penalise anyone dealing in them.