RESERVE BANK OF INDIA

AML / KYC

India to Tighten Rules for Alternative Investment Funds

By Garima Chitkara | 26/02/2018

SEBI to increase focus on source and use of funds going through the alternative investment fund framework.

AML / KYC

New KYC Norms a Turn-off for India’s Mobile Wallet Users

By Garima Chitkara | 22/02/2018

Less than half of wallet consumers opted to be KYC-compliant before the 28 February deadline; new KYC norms will force telecom firms to verify customer data using third-parties, taking away their current advantage over other payment firms.

Enforcement

RBI Under Fire for Failure to Detect $1.8bn Loan Fraud

By Manesh Samtani | 21/02/2018

Central bank audits failed to detect loan fraud using Punjab National Bank guarantees for over seven years; overseas branches which granted loans also under scrutiny.

India Toughens Bad Loan Resolution Framework

By Editors | 15/02/2018

New framework will force banks to reclassify stressed accounts and initiate steps towards resolution, immediately on default.

Fintech / Regtech

India to Stiffen Personal Privacy Law, Create Fintech Sandbox

By Samuel Riding | 12/02/2018

Inter-regulatory group concerned about ‘dearth’ of coherent law on customer data, recommends multiple measures to support development of fintech regulatory framework.

Enforcement

RBI to Set Up Dedicated Ombudsman for NBFCs

By Editors | 09/02/2018

New ombudsman scheme will initially cover deposit-taking nonbank financial companies; rules to be laid out this month.

Capital / Liquidity

IMF, World Bank Issue Reports on India Financial Supervision, Market Infrastructure

By Samuel Riding | 24/01/2018

Reports praise progress but suggest more can be done on governance at public sector banks, market infrastructure risk management, among other issues.

AML / KYC

India’s Biometric Identity Database Vulnerable to Cyber Attacks: RBI Research

By Garima Chitkara | 11/01/2018

Aadhaar throwing up issues around data security even as financial benefits of the nation-wide biometric identification system are unclear.

India Public Sector Banks Vulnerable: IMF

By Editors | 26/12/2017

Greater RBI oversight and restructuring needed in addition to recapitalisation; High NPAs and problematic corporate balance sheets also pose challenges.