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Enforcement
SBI Fined for Noncompliance with Counterfeit Currency Rules
By Editors | 08/03/2018
Central bank investigators found that State Bank of India had not complied with rules on detection and impounding of counterfeit notes.
Enforcement
RBI Fines Axis Bank $460,000 for Bad Loan Classification Failures
By Editors | 07/03/2018
Statutory inspection revealed gross NPAs higher than Axis Bank’s reported numbers; Indian Overseas Bank also fined for KYC failures.
Enforcement
India Approves Independent Audit Oversight Body
By Editors | 05/03/2018
The new body will have powers to impose penalties or debar chartered accountants or their firms for up to ten years.
Recent Fraud Prompts India Trade Finance Freeze
By Editors | 03/03/2018
RBI audit of bank liabilities forces freeze on new letters of credit; foreign lenders reluctant to accept guarantees from Indian banks.
AML / KYC
SEBI Mulling Omnibus Accounts for Gift City
By Garima Chitkara | 03/03/2018
Omnibus accounts will allow bank clients to trade without undergoing standard KYC procedures and help boost trading from offshore participants.
Securities / Derivatives
India Eases Foreign Investor Limits on Interest Rate Futures
By Editors | 02/03/2018
Aggregate long positions for all FPIs will be up to INR50 billion across any interest rate futures instrument.
Securities / Derivatives
India to Ease Capital Markets Norms for Foreign Investors
By Garima Chitkara | 01/03/2018
Government to set up single-window clearance for foreign portfolio investors and allow foreign custodians to trade on behalf of their clients without registering with SEBI.
Market Infrastructure
RBI Mandates Integration of SWIFT in Core Banking Software
By Manesh Samtani | 26/02/2018
Punjab National Bank says $1.8bn fraud went undetected because staff failed to enter SWIFT instructions in core banking software.
AML / KYC
India to Tighten Rules for Alternative Investment Funds
By Garima Chitkara | 26/02/2018
SEBI to increase focus on source and use of funds going through the alternative investment fund framework.
Enforcement
Indian Court Urges End to Auditor ‘Self Regulation’
By Editors | 26/02/2018
Supreme Court says auditors lack adequate oversight, have breached central bank and foreign direct investment rules and Chartered Accountants Act.
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