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ESG / Sustainability
RBI Identifies Faults in Risk, Compliance, Audit Functions
By Sanday Chongo Kabange | 05/04/2022
The RBI has bolstered its supervisory focus at banks amid findings of compliance, risk management and internal audit weaknesses.
HDFC to Seek Regulatory Approval to Merge Into Banking Unit
By Editors | 05/04/2022
The merger is made possible by regulatory guidelines issued last year which reduced the arbitrage NBFCs have enjoyed over banks while also allowing large NBFCs to become banks.
Fintech / Regtech
RBI to Require Geo-Tagging of Payment System Touch Points
By Editors | 31/03/2022
Banks and payment system operators will have to capture, maintain and report the geographical coordinates of all payment touch points deployed by merchants.
Fintech / Regtech
RBI Establishes Innovation Hub to Promote Fintech Innovation
By Editors | 27/03/2022
RBI governor Shaktikanta Das said the underlying focus of the innovation hub will be to promote inclusive access to financial services and products.
RBI Issues New Guidelines on the Provision of Microfinance Loans
By Ranamita Chakraborty | 23/03/2022
The RBI is lifting the interest rate ceiling on microfinance loans, but says it will continue to check that lenders do not charge “usurious” rates.
AML / KYC
GLEIF Welcomes LEI System’s First India Validation Agent
By Editors | 22/03/2022
Rubix Data Sciences has become the first India-based Validation Agent within the Global LEI System, and the sixth globally.
AML / KYC
RBI Orders Paytm Payments Bank to Stop Onboarding Clients
By Editors | 19/03/2022
The bank reportedly violated rules by allowing data to flow to servers overseas and did not properly verify thousands of customers.
Enforcement
RBI Lifts Restrictions on Digital Product Launches at HDFC
By Editors | 16/03/2022
The restrictions were imposed in 2020 in response to multiple digital outages that impacted customers. HDFC is India’s largest private bank.
Fintech / Regtech
RBI Launches New Services to Drive Digital Payments Adoption
By Editors | 15/03/2022
UPI-based instant payments can be enabled on some 400 million feature phones in India that do not have an internet connection.
Fintech / Regtech
RBI Directs Selected NBFCs to Centralise Core Systems
By Sanday Chongo Kabange | 28/02/2022
Middle and upper layer NBFCs with ten or more places of operation will be required to implement a core financial services solution by 30 September 2025.
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