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AML / KYC
India Undergoes National Risk Assessment on ML/TF Risks
By Editors | 07/11/2021
Central agencies including the RBI have been tasked with evaluating sectors that are vulnerable to ML/TF risks. India’s mutual evaluation is expected to take place around May 2022.
Capital / Liquidity
RBI Issues Revised PCA Framework for Weak Banks
By Editors | 03/11/2021
The profitability parameter has been removed in the revised PCA framework, which will also apply foreign banks operating in India through branches or subsidiaries.
Crypto / Digital Assets
India No Longer Likely to Ban Cryptocurrencies – Report
By Ranamita Chakraborty | 29/10/2021
Finance ministry officials have reportedly said that a law for cryptocurrencies could as soon as February 2022, around the time of India’s next general Budget.
RBI Orders Banks to Report Data on Borrower Relationships
By Ranamita Chakraborty | 27/10/2021
The RBI said it has observed “a low level of relationship segment details” in the databases of credit information companies.
Capital / Liquidity
RBI Extends Basel III Rules to All India Financial Institutions
By Ranamita Chakraborty | 26/10/2021
EXIM Bank, NABARD, NHB and SIDBI are increasingly seen as key institutions for promoting the flow of credit to certain economic sectors.
Capital / Liquidity
RBI Finalises New Regulatory Framework for NBFCs
By Editors | 22/10/2021
The RBI is adopting a four-layer approach to regulating NBFCs. The new framework will take effect from 1 October 2022.
AML / KYC
India, US Pledge to Take Stronger Action Against Financial Crime
By Editors | 20/10/2021
Indian finance minister Nirmala Sitharaman and US treasury secretary Janet Yellen also pledged to further engage on climate change.
Enforcement
RBI Penalised StanChart, SBI for Regulatory Violations
By Editors | 18/10/2021
The RBI cited non-compliance with its directions on customer protection, cybersecurity, outsourcing, and reporting.
AML / KYC
RBI to Allow Foreign Banks to Store Limited Data Overseas
By Editors | 14/10/2021
Following meetings with foreign banks, the RBI will allow certain static data to be stored in offshore locations for AML and sanctions screening purposes.
Fintech / Regtech
RBI Announces Fraud Theme for Fourth Sandbox Cohort
By Mark Johnston | 12/10/2021
The RBI said ‘prevention and mitigation of financial frauds’ will be the theme for the fourth regulatory sandbox cohort.
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