RESERVE BANK OF INDIA

Securities / Derivatives

India: Five PSBs Required to Dilute Government Stake by August

By Ajoy K Das | 15/03/2024

Out of 12 public sector banks, five have not yet complied with India’s minimum public float requirements, which is required by August 2024.

Securities / Derivatives

New Regulatory Framework for Index Providers Takes Effect in India

By Ajoy K Das | 14/03/2024

Index providers that administer significant indices consisting of India-listed securities for use in the Indian market have six months to register.

Securities / Derivatives

SEBI Bars JM Financial from Acting as Lead Manager

By Ajoy K Das | 12/03/2024

SEBI said JM Financial engaged in practices which have a “detrimental effect” on the orderly functioning of the market.

Fintech / Regtech

RBI Tightens Rules for Debit and Credit Card Issuers

By Ajoy K Das | 11/03/2024

Card issuers are now required to put in place mechanisms to monitor the end use of funds for credit cards linked to business accounts.

India, Indonesia Agree to Use Local Currencies in Cross-border Transactions

By Ajoy K Das | 08/03/2024

The agreement will promote the use of INR and IDR in all current account and permissible capital account transactions.

Fintech / Regtech

RBI to Require Card Issuers to Allow Customers to Choose Network

By Ajoy K Das | 08/03/2024

The RBI found from a review that some arrangements between card networks and card issuers are “not conducive to the availability of choice for customers”.

Enforcement

RBI Imposes Business Restrictions on IIFL Finance Limited

By Ajoy K Das | 07/03/2024

IIFL Finance provided customers gold loans in excess of the statutory LTV limit, among several other supervisory concerns.

Enforcement

RBI Imposes Restrictions on Systemically Important NBFC

By Ajoy K Das | 06/03/2024

The RBI said JM Financial Products “repeatedly” helped customers bid for IPO and NCD offerings using loaned funds, in violation of the regulations.

Fintech / Regtech

RBI Approves Establishment of New Online Payments Platform

By Ajoy K Das | 04/03/2024

Bharat BillPay Limited will set up a platform that will enable payment aggregators to accept transactions from any bank without having to onboard each one separately.