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AML / KYC
RBI Allows Regulated Entities to Use Video-based KYC
By Editors | 10/01/2020
Financial services firms can record video and capture photos of customers presenting their identity document for verification. Electronically-submitted and digitally-signed documents can also be accepted.
Capital / Liquidity
RBI Introduces Supervisory Action Framework for Troubled UCBs
By Editors | 09/01/2020
Under the framework, the RBI will monitor UCBs’ asset quality, profitability and capital, and initiate supervisory action when specific thresholds are breached.
Market Infrastructure
RBI Allows Banks to Offer FX Trading Beyond Market Hours
By Editors | 08/01/2020
The move is aimed at improving the ability of market participants to hedge currency risk in the onshore rupee market to boost domestic trading volumes.
Fintech / Regtech
India’s NPCI Unveils DLT Based Platform to Further Streamline Payments
By Editors | 07/01/2020
The Vajra Platform will enhance data security and transparency, facilitate real-time transactions and reduce reconciliation challenges and processing errors, the NPCI said.
Securities / Derivatives
RBI Expands Scope of Currency Derivatives Reporting Regime
By Editors | 07/01/2020
To date, the reporting framework only required banks to report currency derivatives transactions worth over $1mn. All transactions below this threshold now have to be reported.
Market Infrastructure
RBI Names Six ‘Significant’ Financial Benchmarks
By Editors | 06/01/2020
Financial Benchmarks India Pvt Ltd has three months to make an application to the RBI for authorisation to continue administering the benchmarks.
Enforcement
Indian Police Lay Charges Against Five in PMC Bank Fraud Case
By Editors | 01/01/2020
The 32,000-page charge sheet lays out charges against three executives from PMC Bank and two promoters of HDIL, which received about 67bn rupees in ‘hidden’ loans.
Capital / Liquidity
UPDATE – RBI Tightens Scrutiny of Urban Cooperative Banks
By Editors | 31/12/2019
The RBI is tightening exposure limits, mandating that a larger proportion of loans come from small borrowers, and requiring bigger UCBs to report large exposures on a quarterly basis.
Fintech / Regtech
RBI Caps Lenders’ Exposures to P2P Platform Borrowers
By Editors | 28/12/2019
The RBI has set a 5mn rupee cap on the aggregate exposure a lender can have to borrowers on P2P lending platforms, and a 1mn rupee cap for lenders with a net worth under 5mn rupees.
Market Infrastructure
RBI Allows IFSC Banks to Open Foreign Currency Current Accounts
By Editors | 26/12/2019
IFSC Banking Units will be allowed to open foreign currency current accounts for entities operating in Gift City, including non-resident institutional investors and corporate borrowers.
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