RESERVE BANK OF INDIA

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    Securities / Derivatives

    RBI Allows Retail Investors to Access FRSBs Through Direct Portal

    By Ajoy K Das | 24/10/2023

    Until now, floating rate savings bonds were only available to retail investors through select branches of State Bank of India and certain other institutions.

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    Fintech / Regtech

    India to Add More Banks to Singapore Payments Linkage – Report

    By Sanday Chongo Kabange | 19/10/2023

    India and Singapore are planning to expand the number of Indian banks participating in the PayNow-UPI linkage launched in February.

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    AML / KYC

    RBI Revises KYC Guidelines to Reflect Recent AML Law Changes

    By Sanday Chongo Kabange | 18/10/2023

    The amendments cover beneficial owner identification, customer due diligence, information-sharing policies, and other areas.

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    Enforcement

    RBI Imposes Record Penalty on ICICI Bank for Rule Violations

    By Sanday Chongo Kabange | 18/10/2023

    The penalty against ICICI Bank was more than all the combined penalties imposed by the RBI on private banks for fiscal year 2023.

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    Russia’s Sberbank Secures FPI Registration in India

    By Editors | 18/10/2023

    State-owned Sberbank is the first Russian bank to secure Category I FPI registration in India. VTB is also seeking the licence.

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    AML / KYC

    Bank of Baroda Ordered to Halt Mobile App Onboarding

    By Editors | 13/10/2023

    The action comes after it was reported in July that some bank employees onboarded fake customers to meet sign-up targets.

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    Capital / Liquidity

    RBI to Extend PCA Framework to Government NBFCs

    By Editors | 12/10/2023

    The RBI will extend the PCA framework to government NBFCs, except those in the “base layer”, from 1 October 2024.

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    Fintech / Regtech

    RBI Allows Banks to Introduce Card Token Facilities

    By Editors | 09/10/2023

    Card token creation has until now only been available through merchant applications or websites, not issuer banks.

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    Market Infrastructure

    India, UAE Sign Agreement to Interlink Payment Systems

    By Editors | 09/10/2023

    India will interlink the UPI with the UAE’s Instant Payments Platform. The RuPay switch and UAESWITCH card switches will also be interlinked.

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    Capital / Liquidity

    RBI Forms Working Group to Develop ECL Framework for Banks

    By Manesh Samtani | 06/10/2023

    The working group will help develop design principles for banks’ credit risk models and recommend an independent validation methodology.

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