Reserve Bank of India

NBFCs Must Appoint Chief Risk Officer – RBI

By Editors | 20/05/2019

The CRO must function independently, with no other responsibility or ‘dual hatting’, and report directly to the MD, CEO, or risk management committee of the board.

Market Infrastructure

India to Quadruple Digital Transactions in Three Years – RBI

By Editors | 17/05/2019

In its three year roadmap for India’s payment and settlement systems, the RBI says it expects the number of digital transactions in the country to increase to 87 billion by December 2021.

Market Infrastructure

SWIFT Responds to India Cyber Threat With New Paper

By Editors | 13/05/2019

SWIFT has published a new paper to help financial institutions in India improve their monitoring of anomalous and potentially fraudulent transactions.

Enforcement

RBI Fines Multiple Payment Service Providers

By Editors | 06/05/2019

The RBI has fined prepaid payment instrument issuers, two US money transfer firms and Yes Bank for non-compliance with regulatory guidelines.

Capital / Liquidity

RBI Must Disclose Bank Inspection Reports – Supreme Court

By Editors | 03/05/2019

The RBI has been ordered by the India’s highest court to disclose its annual banking inspection report, which contains sensitive commercial information of banks.

Securities / Derivatives

India Opens Foreign Investor Access to Municipal Bonds Market

By Editors | 29/04/2019

The RBI has extended the 2% cap on foreign investment in state development loans to also be allocated to municipal bonds.

Market Infrastructure

RBI Extends LEI Deadlines for Non-Derivative Market Participants

By Editors | 29/04/2019

Participants in government securities, money markets and non-derivative forex markets will have until the end of this year to obtain LEIs.

Market Infrastructure

China, Indonesia, India Slow to Finalise Close-Out Netting Reforms

By Garima Chitkara | 24/04/2019

In its April quarterly round-up, ISDA detailed efforts in the three jurisdictions to ensure legal certainty on close-out netting, seen to be a critical issue for derivatives market development.

Crypto / Digital Assets

RBI Unveils Draft Framework for Regulatory Sandbox

By Editors | 19/04/2019

The framework details a comprehensive selection process to identify 10-12 entities to participate in the sandbox, including a 5 million rupee minimum net worth requirement.