RESERVE BANK OF INDIA

Fintech / Regtech

RBI Announces Planned Upgrades to UPI System

By Editors | 13/08/2023

One new feature will enable users to initiate UPI transactions by conversing with an AI-powered system. Japan is exploring a potential UPI linkage.

Enforcement

Indian Police Busts Crypto-Ponzi Scheme Worth Over $120m

By Mark Johnston | 09/08/2023

The scheme targeted individuals across various regions of India, encouraging them to invest in a fraudulent crypto token known as STA.

Sanctions

RBI Approves 34 Russian Vostro Accounts at Indian Banks

By Editors | 03/08/2023

Special Rupee Vostro Accounts were opened by Russian banks at 14 Indian commercial banks, based on guidelines issued by the RBI in July 2022.

AML / KYC

SEBI Proposes Revising Account Aggregator Framework to Prevent Fraud

By Ranamita Chakraborty | 03/08/2023

Securities and Exchange Board of India (SEBI) found that certain consumers are sharing confidential information with third parties and providing financial data to unauthorised entities.

Enforcement

RBI Fines State-run Energy Firms for Reporting Foreign Investments Late

By Editors | 02/08/2023

The RBI fined the four companies a combined $240mn for their delay in reporting overseas investments.

Capital / Liquidity

Indian Banks Preemptively Preparing for Shift to ECL Model

By Editors | 01/08/2023

Some Indian banks are setting aside fresh provisions in anticipation of the planned implementation of the Expected Credit Loss framework.

RBI Greenlights 92 Special Rupee Accounts to Enhance Bilateral Trade

By Editors | 30/07/2023

RBI authorised 20 banks to open 92 Special Rupee Vostro Accounts with various countries, aiming to simplify trade and promote more robust FX markets.

Market Infrastructure

India: AMC Repo Clearing Launches Triparty Bond Repo Solution

By Editors | 29/07/2023

Eight entities participated in repo transactions on the first day of the new service from AMC Repo Clearing.

ESG / Sustainability

RBI to Issue Guidance on Climate-related Credit Risks for Banks

By Mark Johnston | 26/07/2023

The RBI is also working on a disclosure framework for climate-related financial risks and guidance on climate scenario analysis.