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Enforcement
RBI Fines Citibank, Six Others for Non-Compliance
By Editors | 01/06/2020
Citibank did not comply with obligations to obtain declarations from customers about the credit facilities they have with other banks before granting them non-fund based facilities.
AML / KYC
India to Tighten KYC Rules for Hong Kong, China FPIs
By Manesh Samtani | 26/05/2020
Alongside stricter KYC procedures during FPI registration, India may set a 10% beneficial ownership cap on foreign investment from China including Hong Kong.
Capital / Liquidity
RBI Cuts Interest Rate Again, Extends Debt Moratorium
By Editors | 24/05/2020
The RBI has also increased the large exposures cap for banks from 25% to 30% and granted FPIs three more months to comply with requirements under the voluntary retention route.
Market Infrastructure
RBI Directs IFSC Banking Units to Report OTC Trades to CCIL
By Editors | 20/05/2020
IFSC banking units are required to report their OTC foreign exchange, interest rate and credit derivative transactions to CCIL’s reporting platform from 1 June.
Capital / Liquidity
India Makes Additional Funding Available to NBFCs
By Editors | 14/05/2020
A $4bn special liquidity scheme will be provided for NBFCs, and the partial credit guarantee scheme already in force is being expanded to also cover non-investment grade NBFC debt.
Securities / Derivatives
India: Gift City Exchanges Launch First Rupee Derivatives
By Editors | 09/05/2020
Rupee futures and options will offer overseas market participants new onshore tools to hedge their India exposures, reducing their reliance on offshore currency markets.
India: Banks Agree to Extend Loan Moratorium to NBFCs
By Editors | 08/05/2020
RBI governor Shaktikanta Das has made clear that NBFCs are eligible for the loan moratorium being extended to other borrowers.
Enforcement
SEBI Initiates Probe into Franklin Templeton Fund Closures
By Editors | 06/05/2020
SEBI is reported looking to determine whether the firm violated rules, breached its fiduciary duty, or failed to act in investors’ best interests.
RBI Grants Banks Additional Time to Submit Regulatory Returns
By Editors | 01/05/2020
The regulator has listed 18 regulatory returns which banks can submit with a delay of a maximum 30 days. No extension is granted for the submission of statutory returns which are required by law.
Capital / Liquidity
RBI Expands Mutual Fund Liquidity Facility to All Banks
By Editors | 30/04/2020
Initially, funding under the special liquidity facility for mutual funds was only available to banks that use the RBI’s liquidity adjustment facility window.
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