India

Capital / Liquidity

RBI Fines IDBI Bank for Bad Loan Provisioning Failures

By Garima Chitkara | 13/04/2018

RBI fines state-owned lender IDBI Bank INR30 million for non-compliance with bad loan recognition and provisioning norms; ruling will not have a material impact on the bank, said IDBI.

Market Infrastructure

India to Level Playing Field Through ‘Managed Co-location Services’

By Garima Chitkara | 12/04/2018

SEBI asks exchanges to provide technical know-how and expertise to small traders that buy their co-location services in order to level the playing field among exchange members.

AML / KYC

India Issues New Beneficial Ownership, KYC Norms for Foreign Investors

By Garima Chitkara | 12/04/2018

Indian securities regulator specifies a narrow definition and identification of beneficial ownership for foreign investors into India and establishes new KYC norms.

Market Infrastructure

India Defers Bank Adoption of New Accounting Standard One Year

By Garima Chitkara | 09/04/2018

RBI defers banks’ adoption of the Indian version of IFRS by one year; banks deemed unprepared for migration, government is yet to make necessary legislative amendments.

Market Infrastructure

India Directs Payment Firms to Store User Data Onshore

By Garima Chitkara | 09/04/2018

Payment service providers have been asked to move all consumer data, including end-to-end transaction details to India within six months to ensure easier access by the central bank for supervisory purposes. Foreign firms to be impacted more than domestic firms.

Crypto / Digital Assets

India Bars Banks from Cryptocurrency Dealings

By Manesh Samtani | 07/04/2018

Reports suggest banks will have three months to comply; central bank meanwhile explores feasibility of state-backed digital currency.

Enforcement

PNB Investigation Reveals Systemic Failures at Bank, RBI

By Garima Chitkara | 05/04/2018

PNB allegedly misled the regulator about the progress of its Swift integration. Indian law enforcement noted that an ill-defined risk-based supervisory approach may have caused the RBI to miss the fraud.

Securities / Derivatives

Indian Banks Can Spread Bond Losses Over Four Quarters

By Garima Chitkara | 05/04/2018

Banks to get a breather from taking immediate losses on rising government yields, as provisioning on NPLs have put pressure on profitability across the industry.

Enforcement

ICICI Bank Fined for Failing to Disclose Debt Securities Sale

By Garima Chitkara | 31/03/2018

ICICI Bank sold debt securities from its held-to-maturity portfolio in excess of 5 percent of total value without the necessary disclosure in contravention with RBI rules.