RBI imposes penalty of Rs. 1.9 Lakh on Muthoot Finance Ltd. for non-compliance with KYC Directions, 2016
Muthoot Finance had been allotting more than one UCIC to its individual customers in contradiction to the 2016 KYC Directions issued by the RBI.
RBI
RBI revises Master Directions on Fraud Risk Management in Regulated Entities; rescinds 36 Circulars
The 2024 Master Directions are principle-based and have been issued to strengthen the role of the Board in overall governance as well as oversight of fraud risk management in Regulated Entities.
RBI imposes penalty of Rs. 1.31 Crore on Punjab National Bank for non-compliance of directions on ‘Loans and Advances’ and ‘KYC’
The Reserve Bank of India imposed monetary penalty on Punjab National Bank due to deficiencies in regulatory compliance.
Penal Charges — RBI’s Move Towards Implementation of Fair Lending Practices
by Karan Ajitsaria† and Nitesh Sharma††
Foreign Exchange Management (Deposit) (Fourth Amendment) Regulations, 2024
The Foreign Exchange Management (Deposit) Regulations, 2016 has been amended by the Reserve Bank of India by Foreign Exchange Management (Deposit) (Fourth Amendment) Regulations, 2024.
Google Play not a payment aggregator; Calcutta High Court dismiss Hoichoi’s plea against Google Play Store delisting
The extracts of the relevant web-pages furnished by the Hoichoi, the petitioners, themselves go on to show that the Google Play platform merely offers different payment methods but does not itself Act as a PA.
Calcutta High Court upholds RBI’s Executive Intern’s right to maternity benefits despite contractual limitations
Calcutta High Court noted that as per Section 5(1) of the Maternity Benefits Act, 1961, every woman is entitled to, and her employer shall be liable for, the payment of maternity benefits.
Delhi High Court dismisses petition seeking investigation into financial irregularities by Indiabulls Housing Finance Limited
“The petitioner is an organisation alleging circular financial transactions, violations of statutes, and private wealth creation from public funds. Regulatory bodies, including the Ministry of Corporate Affairs, RBI, SEBI, and NHB, are implored to take swift action in response to the serious allegations.”
No acceptance of deposits and other banking services after 29 February; RBI imposes additional curbs on Paytm Payments Bank
The restrictions came after persistent non-compliances and continued material supervisory concerns in Paytm Payments Bank Ltd.
RBI notifies RBI (Government Securities Lending) Directions, 2023 enabling lending and borrowing of Government Securities
On 27-12-2023, the Reserve Bank of India (‘RBI’) notified the RBI (Government Securities Lending) Directions, 2023 applicable to all Government securities lending
RBI notifies FEM (Manner of Receipt and Payment) Regulations, 2023 mandating permission from RBI for Trade outside India
On 21-12-2023, the Reserve Bank of India (‘RBI’) notified the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023 mandating permission
Delhi High Court dismisses plea by Centre for PIL and Harsh Mander seeking probe into alleged over invoicing by Essar Group, Adani Group among others
The petitions are premised upon a show cause notice issued by DRI promulgating that the intelligence has indicated that various entities of Adani Group and Essar Group were indulging in gross over-valuation of imported goods (zero or low duty rated) to siphon off money abroad from Public Listed Companies.
Banks are required to have at least 2 Whole Time Directors on Board: RBI
On 25-10-2023, the Reserve Bank of India (‘RBI’) directed all the Private Sector Banks and Wholly Owned Subsidiaries of Foreign Banks to
RBI extends last date of exchange of Rs. 2000 banknotes until 7-10-2023
On 30-9-2023, the Reserve Bank of India (‘RBI’) announced that with effect from 8-10-2023, the deposit or exchange of Rs. 2000 banknotes
Banking the Unbanked: BNPL as a Tool for Financial Inclusion in India and the Barriers in Achieving it
by Hrishikesh Reddy Kothwal*
RBI issues Master Directions on Classification, Valuation and Operation of Investment Portfolio of Commercial Banks excluding RRBs
On 12-9-2023, the Reserve Bank of India (‘RBI’) notified the Classification, Valuation and Operation of Investment Portfolio of Commercial Banks, Directions, 2023
RBI asks lenders to maintain additional daily balance to keep liquidity tight
On 8-9-2023, the Reserve Bank of India (‘RBI’) decides to discontinue the Incremental Cash Reserve Ration (‘I-CRR’) in a phased manner and
‘Google Pay is a mere third-party app provider, no authorization required from RBI’; Delhi HC dismisses PIL to cease Google Pay’s operations
“A third-party app such as Google Pay obtains approval from National Payments Corporation of India (‘NPCI’) for operating on the UPI platform and RBI has issued the Certificate of Authorisation to the NPCI to operate various retail payment systems in India including UPI.”
Delhi High Court dismisses PIL seeking quashing of RBI notification regarding withdrawal of 2000 banknotes from circulation
Delhi High Court observed that the decision is not to demonetize Rs. 2000 bank notes but only a direction to the banks to desist from issuing Rs. 2000 denomination notes to its customers and to ensure that no withdrawal of Rs. 2000 denomination notes is allowed from the banks holding currency chest.
Selection of Auditors for Cooperative banks: Himachal Pradesh High Court upholds NABARD’s guidelines
Himachal Pradesh High Court said that to assist the respective State Governments to choose the right persons to conduct statutory audits, the NABARD had issued the impugned letter prescribing broad guidelines