Blog

Oct 16, 2019

Change in Bank rate

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/77 dated October 04, 2019 it was announced as per the fourth Bi-monthly Monetary policy statement 2019-20 of October 04,2019 the bank rate is revised downwards by 25 basic points <strong>from 5.65% to 5.40%.</strong> </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11705&amp;Mode=0">https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11705&amp;Mode=0</a></p> <!-- /wp:paragraph -->.....

Oct 16, 2019

Changes in Liquidty Adjustment Facillity – Repo and Reverse Repo rates

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/75 dated October 04, 2019 it was announced as per the fourth Bi-monthly Monetary policy statement 2019-20 of October 04,2019. It has been decided by the Monetary Policy Committee (MPC) to reduce the policy <strong>Repo rate</strong> under the Liquidity Adjustment Facility (LAF) by 25 basis points <strong>from 5.40% to 5.15%</strong>. Consequently the <strong>Reverse Repo rate</strong> under the LAF stands adjusted to <strong>4.90%</strong>.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.rbi.org.in/Scripts.....

Oct 16, 2019

Bharat Bill Payment system– Expansion of biller categories

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/61 dated September 16, 2019 it was announced as per Statement on Developmental and regulatory policies released with third Bi-monthly monetary policy statement 2019-20 of August 07, 2019 it has been decided to expand the scope and coverage of BBPS to include all categories of billers who raise recurring bills (except prepaid recharges) as eligible participants, on a voluntary basis.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11686&amp;Mode=0">https://www.rbi.....

Jan 21, 2020

Enhancing security of Card Transactions

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/142 dated January 15, 2020, Reserve Bank of India has issued a regulation that,</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>The issuers of the card shall provide the following to all cardholders,</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>Facility to switch on/off and set/modify transaction limits (within the overall card limit, if any, set by the issuer) for all types of transactions - domestic and international, at PoS/ATMs/online transactions/ contactless transactions, etc.</li><li>The above facility on a 24x7.....

Jan 21, 2020

Reporting of Large Exposures to Central Repository of Information on Large Credits (CRILC) – Urban Co-operative Banks(UCBs)

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/125 dated December 27, 2019, it has been decided that Primary (Urban) Co-operative Banks (UCBs) having total assets of ₹500 crore and above as on 31st March of the previous financial year shall report credit information, including classification of an account as Special Mention Account (SMA), on all borrowers having aggregate exposures of ₹5 crores and above with them to Central Repository of Information on Large Credits (CRILC) maintained by the Reserve Bank. Aggregate exposure shall include all fund-based and non-fund based e.....

Feb 21, 2020

Guidelines on Merchant Acquiring Business – Regional Rural Banks

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/156 dated February 06, 2020, Reserve Bank of India has been decided to allow RRBs to provide mobile banking services and to act as merchant acquiring banks using Aadhaar Pay – BHIM app and POS terminals.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>In this connection, the guidelines are as under:</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>The RRB should have permission for mobile banking from the Reserve Bank of India.</li></ul> <!-- /wp:list --> <!-- wp:paragraph --> <p>Additional conditions:</p> <!-- /wp:para.....

Feb 21, 2020

Guidelines for Restructuring of Advances in Micro, Small and Medium Enterprises (MSME) sector

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/160 dated February 11, 2020, it has been decided to extend the one-time restructuring of MSME advances.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Accordingly, a one-time restructuring of existing loans to MSMEs classified as 'standard' without a downgrade in the asset classification is permitted, subject to the following conditions:</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>The aggregate exposure, including non-fund based facilities, of banks and NBFCs to the borrower does not exceed ₹25 crores as on January.....

Feb 21, 2020

Modification of Guidelines of Interest Subvention Scheme for MSMEs and exempting Udhyog aadhar number (UAN)

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/155 it has been decided by the Government of India to bring modifications in the operational guidelines which are as follows:</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>Submission of statutory auditor certificate by June 30, 2020, and in the meantime, settle claims based on internal/concurrent auditor certificate.</li><li>Acceptance of claims in multiple lots for a given half-year by eligible institutions.</li><li>Requirement of Udyog Aadhar Number (UAN) may be dispensed with for units eligible for GST. For the Unit not r.....

Oct 17, 2020

Implementation of Indian Accounting Standards to Non-Banking Financial Companies(NBFCs)

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/170 dated March 12, 2020, it has been issued that NBFCs are required to comply with Indian Accounting Standards (Ind AS) for the preparation of their financial statements. To promote high quality and consistent implementation as well as facilitate comparison and better supervision, the RBI has framed regulatory guidance on Ind AS given in the Annexure to the Notification which will be applicable on Ind AS implementing NBFCs and Asset Reconstruction Companies (ARCs) for preparation of their financial statements from the financial ye.....

Oct 17, 2020

Limits on exposure to single and group borrowers/parties and large exposures and Revision in the target for priority sector lending – Urban Co-operative Banks (UCBs)

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/171 dated March 13, 2020, it has been decided to reduce concentration risk in the exposures of primary UCBs, and to further strengthen the role of UCBs in promoting financial inclusion, it is proposed to amend certain regulatory guidelines relating to UCBs.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Prudential exposure limits:</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>In the Previous Circular, Primary UCBs were permitted to have exposures up to 15 percent and 40 percent of their capital funds to a single borrow.....

Oct 17, 2020

Covid-19 regulatory package

<!-- wp:paragraph --> <p>RBI vide notification Nos. RBI/2019-20/186 dated 27 March 2020 regulatory measures were announced to mitigate the burden of debt servicing brought about by disruptions on account of COVID-19 pandemic and to ensure the continuity of viable businesses.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>The details Instructions were given regarding (i) Reschedulement of payments – Term Loans and Working Capital limits, (ii) Easing of working capital financing, (iii) Classification as Special Mention Account (SMA) and Non-performing Asset (NPA) and (iv) other condition.....

Oct 17, 2020

Investment by Foreign portfolio investors (FPI): Investment limits

<!-- wp:paragraph --> <p>RBI vide notification Nos. RBI/2019-20/199 &amp; RBI/2019-20/214 dated March 30, 2020 &amp; April 15 respectively, issues directions to the Authorised Directory category-1 banks regarding investment limits for FY 2020-21 by FPIs in debt instruments.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><strong>Investment Limits for FY 2020-21:</strong></p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>The limit for FPI investment in corporate bonds is increased to 15% of outstanding stock for FY 2020-21.</li></ol> <!-- /wp:list --> <!-- wp:paragraph.....

Oct 17, 2020

Doorstep banking services for senior citizens and differently-abled persons

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/203 dated March 31, 2020, it has been advised to incorporate the following aspects in their board-approved policy for doorstep banking services for senior citizens and differently-abled persons,</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>Banks shall offer the doorstep banking services on a pan India basis. Banks should develop a Board approved framework for determining the nature of branches/centers where these services will be provided mandatorily and those where it will be provided on a best effort basi.....

Oct 17, 2020

Export of goods and services – Realisation and repatriation of Export proceeds- relaxation.

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/206 dated April 01, 2020, it has been decided that to increase the present period of realization and repatriation to India of the amount representing the full export value of goods or software or services exported, from nine months to fifteen months from the date of export, for the exports made up to or on July 31, 2020. Provisions in regard to the period of realization and repatriation to India of the full export value of goods exported to warehouses established outside India remain unchanged. </p> <!-- /wp:paragraph --> <!-- wp:.....

Oct 17, 2020

Declaration of Dividend by banks

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/218 dated April 17, 2020, considering the uncertainty caused by COVID-19 which requires banks to conserve capital to retain their capacity to support the economy and absorb losses, it has been decided that all banks shall not make any further dividend payouts from the profits pertaining to the financial year ended March 31, 2020, until further instructions. This restriction shall be reassessed by the Reserve Bank based on the financial results of banks for the quarter ending September 30, 2020.</p> <!-- /wp:paragraph --> <!-- wp:p.....

Oct 17, 2020

Import of goods and services – Extension of time limits for settlement of Import payment.

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/242 dated May 22, 2020, it has been decided to extend the time period for completion of remittances against such normal imports (except in cases where amounts are withheld towards the guarantee of performance, etc.) from six months to twelve months from the date of shipment for such imports made on or before July 31, 2020.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11900&amp;Mode=0">https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11900&amp;Mode=0</a>.....

Oct 17, 2020

Electronic Cards for Overdraft Accounts

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2019-20/225 dated April 23, 2020, it has been decided to permit banks to issue electronic cards to natural persons having Overdraft Accounts that are only in the nature of personal loan without any specific end-use restrictions. The card shall be issued for a period not exceeding the validity of the facility and shall also be subject to the usual rights of the banks as lenders.</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>The electronic card for Overdraft Accounts in the nature of personal loans shall be allowed to be used for dome.....

Oct 17, 2020

Fair Practices code for Asset reconstruction companies

<!-- wp:paragraph --> <p>RBI vide notification Nos. RBI/2020-21/13 dated 16 July, 2020 Asset Reconstruction Companies(ARCs) are advised to adopt regulatory measures were announced ‘Fair Practices Code’ so as to ensure transparency and fairness in their operation. Guidelines are annexed to the notification, which can be found through the following link. </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11937&amp;Mode=0">https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11937&amp;Mode=0</a></p> <!-- /wp:paragraph -->.....

Oct 17, 2020

Loans against Gold Ornaments and Jewellery for Non-Agriculture End-Uses

<!-- wp:paragraph --> <p> RBI vide notification Nos. RBI/2020-1/19 dated August 06, 2020, issues  With a view to further mitigate the economic impact of the Covid19 pandemic on households, entrepreneurs and small businesses, it has been decided to increase the permissible loan to value ratio (LTV) for loans against pledge of gold ornaments and jewellery for non-agricultural purposes from 75 per cent to 90 per cent. This enhanced LTV ratio will be applicable up to March 31, 2021 to enable the borrowers to tide over their temporary liquidity mismatches on account of COVID 19. Accordingly, fresh.....

Oct 17, 2020

Opening of current accounts by banks – Need for Discipline

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2020-21/20 dated August 06, 2020 has been reviewed and revised instructions on opening of current accounts by banks.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>They are as under:</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>No bank shall open current accounts for customers who have availed credit facilities in the form of cash credit (CC)/ overdraft (OD) from the banking system and all transactions shall be routed through the CC/OD account.</li><li>Where a bank’s exposure to a borrower is less than 10 p.....

Oct 17, 2020

Online Dispute Resolution (ODR) System for Digital Payments

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2020-21/21 dated August 06, 2020 issued advisory to &nbsp;authorised Payment System Operators (PSOs) to put in place system/s for ODR for resolving disputes and grievances of customers.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>To begin with, authorised PSOs shall be required to implement an ODR system for disputes and grievances related to failed transactions in their respective payment systems by January 1, 2021. The PSOs shall provide access to such a system to its participating members i.e., Payment System Participants (PSPs.....

Oct 17, 2020

System based asset classification – Urban Co-Operative Banks (UCBs)

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2020-21/23 dated August 12, 2020 it has been decided to implemented system-based asset classification (i.e. Automated) in urban co-operative banks (UCBs) in order to improve the efficiency, transparency and integrity of the asset classification process.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Instructions are as under:</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>UCBs having total assets of ₹2000 crore or above as on March 31, 2020 shall implement system-based asset classification with effect from June 30, 2021.</li>.....

Jan 23, 2021

Amendment to Master Direction (MD) on KYC – Centralized KYC Registry – Roll out of Legal Entity Template & other changes

<!-- wp:paragraph --> <p><strong>Amendment to Master Direction (MD) on KYC – Centralized KYC Registry – Roll out of Legal Entity Template &amp; other changes</strong></p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>Regulated Entities (REs) have been uploading the KYC data pertaining to all individual accounts opened on or after January 1, 2017 on to CKYCR. Changes to the template, as and when required are released by CERSAI(Central Registry of Securitisation Asset Reconstruction and Security Interest of India) after consulting the Reserve Bank.</li><li>Also the CKYCR(.....

Jan 23, 2021

Operationalization of Payments Infrastructure Development Fund (PIDF) Scheme

<!-- wp:paragraph --> <p>RBI vide notification No. RBI/2020-21/81 dated 5<sup>th</sup> January, 2021, has notified about Operationalization of Payments Infrastructure Development Fund (PIDF) Scheme.</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>PIDF is intended to subsidise deployment of payment acceptance infrastructure in Tier-3 to Tier-6 centres with special focus on North-Eastern States of the country. It envisages creating 30 lakh new touch points every year for digital payments.</li><li>An Advisory Council (AC), under the Chairmanship of the Deputy Governor, RBI, .....

Jan 23, 2021

Introduction of Legal Entity Identifier for Large Value Transactions in Centralized Payment Systems

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2020-21/82<strong> </strong>dated January 05, 2021 has introduced the Legal Entity Identifier for Large Value Transactions in Centralized Payment Systems.</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>The Legal Entity Identifier (LEI) is a 20-digit number used to uniquely identify parties to financial transactions worldwide.</li><li>LEI has been introduced by the Reserve Bank in a phased manner for participants in the over the counter (OTC) derivative and non-derivative markets as also for large corporate borrowers.</li><li>It has b.....

Jan 23, 2021

Risk Based Internal Audit (RBIA) Framework – Strengthening Governance arrangements

<!-- wp:paragraph --> <p><br></p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>RBI vide notification no. RBI/2020-21/83 dated January 07, 2021 has issued framework for Risk Based Internal Audit(RBIA).</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>RBI stated that banks are required to put in place a risk based internal audit (RBIA) system as part of their internal control framework.</li><li>The Head of Internal Audit (HIA) shall be a senior executive of the bank who shall have the ability to exercise independent judgement. </li><li>Except for the entities where the i.....

Jan 23, 2021

Extension of due date for filing of ITR & Tax audit report

<!-- wp:paragraph --> <p>Income taxes vide Notification No. 93/2020 dated 30<sup>th</sup> December, 2020 has extended due date for filing of ITRs under Income tax act, 1961. It has been notified as follows:</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>For assessees covered under explanation 2 (a) (aa) of section 139 (1) i.e., company, individual liable to tax audit, partner of a firm liable to tax audit has been extended to 15th February, 2021.</li><li>For any other assessees, it has been extended to 10<sup>th</sup> <sup>&nbsp;</sup>January, 2021.</li><li>For furnishing of any audit re.....

Jan 23, 2021

Extension of Due date for Declaration in respect of Tax Arrears

<!-- wp:paragraph --> <p>Income tax vide Notification No. 92/2020 dated 31<sup>st</sup> December, 2020 has notified the last date for declaration to designated authority about the tax arrears under Direct Tax Vivad se Vishwas Act, 2020. The new date shall be 31<sup>st</sup> January, 2021 in place of 31<sup>st</sup> December, 2020.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.incometaxindia.gov.in/communications/notification/notification_92_2020.pdf">https://www.incometaxindia.gov.in/communications/notification/notification_92_2020.pdf</a></p> <!-- /wp:paragraph -->.....

Mar 19, 2021

Basel III Framework on Liquidity Standards – Net Stable Funding Ratio (NSFR)

<!-- wp:paragraph --> <p>RBI vide notification No. RBI/2020-21/95 dated 05th February, 2021 has issued a notification with respect to implementation of Net Stable Funding Ratio(NSFR) guidelines.<br> i) The NSFR promotes resilience over a longer-term time horizon by requiring banks to fund their activities with more stable sources of funding on an ongoing basis.<br> ii) Scope: Applicable for all Indian Banks and Foreign banks operating as branches in India.<br> iii) In view of the ongoing stress on account of COVID-19, it has been decided to defer the implementation of NSFR guidelines by a furt.....

Mar 19, 2021

Maintenance of Cash Reserve Ratio (CRR)

<!-- wp:paragraph --> <p>RBI vide notification Nos. RBI/2020-21/90 dated 5th February, 2021 has decided to restore the Cash Reserve Ratio (CRR) in two phases.<br> Banks are now required to maintain the CRR at 3.50 per cent of their Net Demand and Time liabilities (NDTL) effective from the reporting fortnight beginning March 27, 2021 and 4.00 per cent of their NDTL effective from fortnight beginning May 22, 2021.<br><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12020&amp;Mode=0">https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12020&amp;Mode=0</a><br></p> <!-- /wp:para.....

Mar 19, 2021

Risk-Based Internal Audit (RBIA) for NBFCs and UCBs

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2020-21/88 dated 3rd February, 2021 has decided to mandate RBIA framework for the following Non-Banking Financial Companies (NBFCs) and Primary (Urban) Co-operative Banks (UCBs):</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>All deposit taking NBFCs, irrespective of their size</li><li>All Non-deposit taking NBFCs (including Core Investment Companies) with asset size of ₹5,000 crore and above; and</li><li>All UCBs having asset size of ₹500 crore and above<br> All the applicable entities shall implement RBIA by Ma.....

Mar 19, 2021

Loans and advances to directors and their relatives of UCBs

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2020-21/89<br> dated 05th February, 2021 has notified that UCBs shall not make, provide or renew any loans and advances or extend any other financial accommodation to or on behalf of their directors or their relatives, or to the firms / companies / concerns in which the directors or their relatives are interested.<br> However, The following categories of director-related loans shall, however, be excluded from “loans and advances” for the purpose of these directions:<br> i) Regular employee-related loans to staff directors, if any, on t.....

Mar 19, 2021

Basel III Capital Regulations- Review of transitional arrangements

<!-- wp:paragraph --> <p>RBI vide notification No. RBI/2020-21/93 dated 05th February, 2021 has issued a notification with respect to implementation last tranche of Capital Conservation Buffer (CCB).<br> In view of the ongoing stress on account of COVID-19, it has been decided to defer the implementation of the last tranche of 0.625 per cent of the Capital Conservation Buffer (CCB) from April 1, 2021 to October 1, 2021. Accordingly, the minimum capital conservation ratios shall continue to apply till the CCB attains the level of 2.5 per cent on October 1, 2021.</p> <!-- /wp:paragraph --> <!--.....

Mar 19, 2021

Remittances to International Financial Services Centres (IFSCs) in India under the Liberalised Remittance Scheme (LRS)

<!-- wp:paragraph --> <p>RBI vide notification No. RBI/2020-21/99 dated 16th February, 2021 has issued a notification with respect to remittances to IFSCs under LRS.<br> It has been decided to permit resident individuals to make remittances under LRS to IFSCs set up in India through AD Category- I Banks, subject to the following conditions:<br> i) The remittance shall be made only for making investments in IFSCs in securities, other than those issued by entities resident (outside IFSC) in India.<br> ii) Resident Individuals may also open a non interest bearing Foreign Currency Account (FCA) in.....

Mar 19, 2021

Capital and provisioning requirements for exposures to entities with Unhedged Foreign Currency Exposure(UFCE)

<!-- wp:paragraph --> <p>RBI vide notification Nos. RBI/2020-21/100 dated 17th February, 2021 has issued guidelines that information on UFCE may be obtained by banks from entities on a quarterly basis and on self-certification basis.<br> A representation has been received from banks expressing their inability in obtaining UFCE certificates from listed entities for the latest quarter due to restrictions on disclosure of such information prior to finalisation of accounts.<br> In view of this, it has been decided that in such cases, banks may use data pertaining to the immediate preceding quarter.....

Mar 19, 2021

Investment by Foreign Portfolio Investors (FPI) in Defaulted Bonds – Relaxations

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2020-21/105 dated 26th February, 2021 has notified relaxations relating to investment by foreign portfolio investors (FPI) in defaulted bonds.<br> <br> It has now been decided to exempt<br> investments by FPI in Non-Convertible<br> Debentures/bonds which are under<br> default, either fully or partly, in the<br> repayment of principal on maturity or<br> principal instalment in the case of<br> amortising bond.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.rbi.org.in/Scripts/Notificatio nUser.aspx?Id=12037&amp;Mode.....

Mar 19, 2021

Data Format for Furnishing of Credit Information to Credit Information Companies and other Regulatory Measures

<!-- wp:paragraph --> <p>RBI vide Notification No. RBI/2020-<br> 21/106 has decided to modify the<br> format for furnishing the Credit<br> Information to Credit Information<br> Companies.<br> The following formats are modified:<br> i. Consumer Bureau: The label of<br> the field ‘Written off and Settled<br> status’ is modified as ‘Credit<br> Facility Status’ and it will also<br> have a new catalogue value,<br> viz., ‘Restructured due to<br> COVID-19’.<br> ii. Commercial Bureau: The existing<br> field ‘Major reasons for<br> restructuring’ will have a new<br> catalogue value, viz......

Sep 15, 2021

Extension of Framework for processing of e-mandates for recurring online transactions

<!-- wp:paragraph --> <p>RBI vide notification No. RBI/2020-21/118 dated 31st March, 2021 has extended the timeline for registration of e-mandates by the stakeholders for recurring online transactions using cards / wallets / Unified Payments Interface. <br>Keeping in view the requests of some stakeholders and to prevent any inconvenience to customers, RBI has decided to extend the timeline for ensuring full compliance to the framework till September 30, 2021. During the extended timeline, no new mandate for recurring online transactions shall be registered by stakeholders, unless such mandates.....

Sep 15, 2021

Priority Sector Lending (PSL) - Lending by banks to NBFCs for On-Lending

<!-- wp:paragraph --> <p>RBI vide Notification no. RBI/2021-22/15 dated 7th April, 2021 has extended the PSL Classification w.r.t lending by banks to NBFCs.With a view to ensure continued availability of credit to these sectors to aid faster economic recovery, it has been decided to extend the PSL classification for lending by banks to NBFCs for on-lending up to September 30, 2021.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12069&amp;Mode=0">https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12069&amp;Mode=0</a></p.....

Sep 15, 2021

Asset Classification and Income Recognition following the expiry of Covid-19 regulatory package

<!-- wp:paragraph --> <p>RBI vide Notification No. RBI/2021-22/17 has notified the Asset Classification and Income Recognition following the expiry of Covid-19 regulatory package.<br> I. Refund/adjustment of ‘interest on interest’<br> i. All lending institutions shall immediately put in place a Board-approved policy to refund/adjust the ‘interest on interest’ charged to the borrowers during the moratorium period, i.e. March 1, 2020 to August 31, 2020 in conformity with the above judgement.<br> ii. Methodology for calculation of the amount to be refunded/adjusted for different facilitie.....