RBI stated that consequent to the implementation of Ind AS, some Asset Reconstruction Companies (ARC...s) have been recognising management fees even though the said fee had not been realised for more than 180 days. To address the prudential concerns arising from continued recognition of unrealised income, it has been decided that ARCs preparing their financial statements as per Ind AS, shall reduce the stated amounts from their net owned funds while calculating the Capital Adequacy Ratio and the amount available for payment of dividend show more

Reserve Bank of India issues a Master Circular on Deendayal Antyodaya Yojana - National Rural Live l...ihoods Mission (DAY-NRLM) which consolidates and updates all the instructions/guidelines on the subject issued till date and replaces the earlier Master Circular issued on the subject show more

RBI notifies establishment of an additional arrangement for invoicing, payment, and settlement of ex...ports / imports in Indian rupee (INR) to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, it has been decided to put in place. AD banks are require prior approval from the Foreign Exchange Department of Reserve Bank of India, Central Office at Mumbai before putting in place this mechanism. show more

RBI notifies that it has been decided to designate the two specified securities as well as all new i...ssuances of Government securities of 7-year and 14-year tenors as ‘specified securities’ under the Fully Accessible Route for Investment by Non-residents in Government Securities. Accordingly, these securities will, henceforth, be eligible for investment under the Fully Accessible Route. show more

Reserve bank of India notifies the investments by FPIs in government securities and corporate bonds ...made between July 08, 2022 and October 31, 2022 shall be exempted from the limit on short-term investments till maturity or sale of such investments. FPIs are allowed to invest in commercial papers and non-convertible debentures with an original maturity of up to one year, during the period between July 08, 2022 and October 31, 2022  and these investments shall be exempted from the limit on short-term investments till maturity or sale of such investments show more

RBI notifies banks that with effect from July 07, 2022, the interest rate ceiling applicable to Fore...ign Currency (Non-resident) Accounts (Banks) [FCRN (B)] deposits is being temporarily withdrawn for incremental FCNR (B) deposits mobilized by banks for the period until October 31, 2022. Further, interest rates on Non-Resident (External) Rupee (NRE) deposits shall not be higher than those offered by the banks on comparable domestic rupee term deposits. show more

RBI notifies banks that with effect from the reporting fortnight beginning July 30, 2022, incrementa...l Foreign Currency Non-Resident (Bank) [FCNR (B)] deposits and Non-Resident (External) Rupee [NRE] Term deposits with reference to base date of July 1, 2022, mobilised by banks will be exempt from maintenance of CRR and SLR. At present, banks are required to include all FCNR (B) and NRE deposit liabilities for computation of Net Demand and Time Liabilities for maintenance of CRR and SLR. show more

RBI notifies that non-bank PSOs (authorised to operate any Payment System) will be required to take ...prior approval of RBI in the case of Takeover / Acquisition of control, which may / may not result in change of management and Sale / Transfer of payment activity to an entity not authorised for undertaking similar activity. Non-bank PSO shall inform RBI within 15 calendar days within 15 calendar days from the above mentioned event. show more

Central Government notifies the Financial Services Institutions Bureau constituted vide Resolution F....No. 14/1/2022-BO-I, dated the 1st July, 2022, as the Bureau for the purpose of recommending candidates for appointment of Managing Director and Deputy Managing Directors under section 6(1) of National Bank for Financing Infrastructure and Development Act, 2021 and the removal of a director under clause (ii) of section 11(1) of the said act. show more

Central Government notifies constitution of Financial Services Institutions Bureau (FSIB) for the pu...rpose of recommending persons for appointment as whole-time directors and non-executive chairpersons on the Boards of financial services institutions and for advising on certain other matters relating to personnel management in these institutions. The functions and composition, nomination of its members, and its management, funding and methodology of FSIB is also notified hereunder. show more

RBI notifies the provisioning norms in respect of valuation of investments in Security Receipts (SR)... outstanding on the date of issuance of Master Direction – Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021 (MD-TLE) . The difference between the carrying value of such SRs and the valuation arrived at as on the next financial reporting date may be provided over a 5 year period i.e. from FY2021-22 till FY2025-26. Subsequent valuations on an ongoing basis shall, however, be strictly in terms of the provisions of MD-TLE. show more

RBI extends the timeline for storing of Card on File data by three months, i.e., till September 30, ...2022, after which such data shall be purged. Earlier, RBI had notified that with effect from January 1, 2022, no entity in the card transaction / payment chain, other than the card issuers and/or card networks, shall store the CoF data, and any such data stored previously shall be purged was extended till 30th June 2022 to allow more time to the industry stakeholders for devising alternate mechanism(s) to handle any use case or post-transaction activity. show more

RBI notifies draft Master Direction on Outsourcing of IT Services to be implemented by the Regulated.... The draft guidelines are with regard to the risk management framework for Outsourcing of IT Services, on managing related concentration risk, its periodic risk assessment and aspects of Outsourcing of IT Services to foreign service providers. The directions are issued in accordance with the announcement in the Statement on Developmental and Regulatory Policies released with the bi-monthly Monetary Policy Statement dated February 10, 2022 show more

Reserve Bank of India extends the timeline for implementation of the certain provisions of the Maste...r Direction - Credit Card and Debit Card – Issuance and Conduct Directions, 2022 from July 01, 2022 upto October 01, 2022.   show more

Reserve Bank of India notifies Extant Instructions with regard to Bank finance to Government owned e...ntities which are required to be followed by banks in letter and spirit. Banks are, hence, advised to carry out a review and place before their Boards, a comprehensive report on the status of compliance with the instructions within three months from the date of this circular. show more