{"id":258299,"date":"2021-12-10T10:30:51","date_gmt":"2021-12-10T05:00:51","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=258299"},"modified":"2021-12-10T09:36:58","modified_gmt":"2021-12-10T04:06:58","slug":"rbi-publishes-the-statement-on-developmental-and-regulatory-policies","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/12\/10\/rbi-publishes-the-statement-on-developmental-and-regulatory-policies\/","title":{"rendered":"RBI publishes the Statement on Developmental and Regulatory Policies"},"content":{"rendered":"<p style=\"text-align: justify;\">The Reserve Bank of India has published a Statement on Developmental and Regulatory Policies vide press release dated December 8, 2021. The Statement sets out various developmental and regulatory policy measures relating to (i) regulation and supervision (ii) financial markets and (ii) payment and settlement systems.<\/p>\n<p>&nbsp;<\/p>\n<h4 style=\"text-align: justify;\"><strong>Key Highlights<\/strong>:<\/h4>\n<ul>\n<li style=\"text-align: justify;\">RBI has come to a decision that banks meeting the regulatory capital requirements may, with the approval of their Boards, infuse capital in their overseas branches and subsidiaries; retain profits in these centres; and repatriate\/transfer profits therefrom, without prior approval of RBI, subject to post facto reporting. Currently, banks incorporated in India seek prior approval of RBI for infusing capital in their overseas branches and subsidiaries as well as for retention and repatriation\/transfer of profits from these centres.<\/li>\n<li style=\"text-align: justify;\">A Discussion Paper on Review of Prudential Norms for Investment Portfolio of Banks shall be released on RBI\u2019s website shortly for the purpose of reviewing and updating the prevalent norms.<\/li>\n<li style=\"text-align: justify;\">At present, the benchmark rate for Foreign Currency (FCY) External Commercial Borrowings (ECB)\/Trade Credit (TC) is specified as 6-months LIBOR rate or any other 6-month interbank interest rate applicable to the currency of borrowing. In view of the imminent discontinuance of LIBOR, any widely accepted interbank rate or alternative reference rate (ARR) applicable to the currency of borrowing may be used as a benchmark, post discontinuation.<\/li>\n<li style=\"text-align: justify;\">To take into account differences in credit risk and term premia between LIBOR and the ARRs, for new foreign currency ECBs and TCs, it is proposed to revise the all-in-cost ceiling from 450 bps to 500 bps and from 250 bps to 300 bps, respectively, over the ARRs. To enable transition of existing ECBs and TCs linked to LIBOR, it is proposed to revise the all-in-cost ceiling from 450 bps to 550 bps and from 250 bps to 350 bps respectively, over the ARRs.<\/li>\n<li style=\"text-align: justify;\">RBI has simplified the Process Flow for Small Value Transactions over UPI. One of the initial objectives of UPI was to replace cash for low value transactions. Transaction data analysis shows that 50 per cent transactions through UPI were below \u20b9200, indicating its success. These low value transactions, however, utilise significant system capacity and resources, at times leading to customer inconvenience due to transaction failures because of issues related to connectivity. It is, therefore, proposed to offer a simpler process flow by enabling small value transactions through an \u201cOn-device\u201d wallet in UPI app which will conserve banks\u2019 system resources, without any change in the transaction experience for the user.<\/li>\n<li style=\"text-align: justify;\">A discussion paper on charges in payment systems shall be published within a month\u2019s time on RBI\u2019s website.<\/li>\n<li style=\"text-align: justify;\">RBI has been making efforts to facilitate greater participation of retail customers in financial markets, e.g., investment in the G-secs segment through the recent launch of Retail Direct Scheme, where UPI, in addition to other options such as internet banking, can be used to make payments for participating in both the primary and secondary markets. Over time, UPI has also become a popular payment option for Initial Public Offerings (IPOs) since its availability from January 01, 2019.<\/li>\n<li style=\"text-align: justify;\">In order to encourage the use of UPI by retail investors, it is proposed to enhance the transaction limit for payments through UPI for Retail Direct Scheme and IPO applications from \u20b92 lakh to \u20b95 lakh.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h4><span style=\"color: #000080;\">*Tanvi Singh, Editorial Assistant has reported this brief.<\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank of India has published a Statement on Developmental and Regulatory Policies vide press release dated December 8, 2021. The <\/p>\n","protected":false},"author":67011,"featured_media":253309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-258299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>RBI publishes the Statement on Developmental and Regulatory Policies | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/12\/10\/rbi-publishes-the-statement-on-developmental-and-regulatory-policies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBI publishes the Statement on Developmental and Regulatory Policies\" \/>\n<meta property=\"og:description\" content=\"The Reserve Bank of India has published a Statement on Developmental and Regulatory Policies vide press release dated December 8, 2021. 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beyond onshore market hours in foreign exchange permitted &#8212; RBI","author":"Bhumika Indulia","date":"January 8, 2020","format":false,"excerpt":"Risk Management and Inter-bank Dealings- Permitting AD Cat-I banks to voluntarily undertake user and Inter-Bank transactions beyond onshore market hours As announced in the\u00a0Statement of Developmental and Regulatory Policies dated October 04, 2019,\u00a0it has been decided to accept the recommendation of the Task Force on Offshore Rupee Market to permit\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1 1x, 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(DIR Series) Circular No. 15 Attention of Authorized Dealer Category \u2013 I (AD Category \u2013 I) banks is invited to paragraph 2 of the\u00a0Statement on Developmental and Regulatory Policies\u00a0issued along with the\u00a0Fifth Bi-monthly Monetary Policy Statement for 2017-18. In terms of the\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":223919,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/07\/rbi-grants-in-principle-approval-to-shivalik-mercantile-co-operative-bank-ltd-for-transition-into-a-small-finance-bank\/","url_meta":{"origin":258299,"position":2},"title":"RBI grants \u201cIn-principle\u201d Approval to Shivalik Mercantile Co-operative Bank Ltd. for transition into a Small Finance Bank","author":"Bhumika Indulia","date":"January 7, 2020","format":false,"excerpt":"The Reserve Bank of India (RBI) has granted \u201cin-principle\u201d approval to Shivalik Mercantile Co-operative Bank Limited (the applicant) for transition into a Small Finance Bank (SFB) under the \u201cScheme on voluntary transition of Urban Co-operative Bank into a Small Finance Bank\u201d (the Scheme) issued on September 27, 2018. Shivalik Mercantile\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":219247,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/07\/rbi-makes-external-benchmark-based-interest-rate-mandatory-for-certain-categories-of-loans-from-october-1-2019\/","url_meta":{"origin":258299,"position":3},"title":"RBI makes External Benchmark Based Interest Rate mandatory for certain categories of loans from October 1, 2019","author":"Bhumika Indulia","date":"September 7, 2019","format":false,"excerpt":"The Reserve Bank of India has been examining the feasibility of mandating the use of an external benchmark for determining the interest rate on floating-rate loans. In August 2017, the RBI constituted an Internal Study Group (ISG) to examine the working of the Marginal Cost of Fund Based Lending Rate\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":256608,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/11\/01\/rbi-issues-revised-regulatory-framework-for-nbfcs-scale-based-regulation-sbr\/","url_meta":{"origin":258299,"position":4},"title":"RBI issues revised Regulatory Framework for NBFCs: Scale Based Regulation (SBR)","author":"Bhumika Indulia","date":"November 1, 2021","format":false,"excerpt":"RBI issues revised Regulatory Framework for NBFCs: Scale Based Regulation (SBR). These guidelines shall be effective from October 01, 2022. The instructions relating to ceiling on IPO funding given vide para 3.1(d) of the Annex shall come into effect from April 01, 2022. Pursuant to the announcement made in the\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":75811,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/10\/04\/statement-on-developmental-and-regulatory-policies-reserve-bank-of-india\/","url_meta":{"origin":258299,"position":5},"title":"Statement on Developmental and Regulatory Policies &#8211; Reserve Bank of India","author":"Saba","date":"October 4, 2016","format":false,"excerpt":"1. This Statement reviews the progress of various developmental and regulatory policy measures announced by the Reserve Bank in recent policy statements and sets out new measures to be taken for further strengthening the banking structure; broadening and deepening financial markets; extending the reach of financial services to all; and\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"rbi","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/258299","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=258299"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/258299\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/253309"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=258299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=258299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=258299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}