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Enforcement
RBI Fines Three State Banks for Fraud Reporting Failures
By Editors | 10/09/2018
Union Bank of India, Bank of India and Bank of Maharashtra are each fined 10 million rupees.
Market Infrastructure
India Launches Payments Bank Using Postal Network
By Editors | 04/09/2018
On 1 September, India’s postal services launched a payments bank to offer basic banking and remittance services, starting from 650 post offices with an aim to expanding to its network of 155,000 post offices by 31 December.
Fintech / Regtech
Xiaomi Seeks Entry to India Payments Market
By Editors | 30/08/2018
The Chinese smartphone maker is conducting tests for its upcoming payments service in India, which is set to be powered by the UPI, if approval is granted by the RBI.
Securities / Derivatives
Axis Becomes First Bank Subsidiary to Offer Commodity Derivatives
By Editors | 30/08/2018
Clients can now trade commodity futures and options on the MCX; trading on NCDEX to be supported by end-September.
Capital / Liquidity
RBI Deadline for Bad Loan Resolution Passes
By Manesh Samtani | 29/08/2018
The central bank’s February circular allowed banks 180 days to resolve defaulted loans over 20bn rupees; many of these accounts will now be referred to bankruptcy courts.
Capital / Liquidity
RBI Restates Case For Public Credit Registry
By Garima Chitkara | 24/08/2018
RBI deputy governor says that a public credit registry, with inputs from the corporate registration and GST database, will help increase access to credit in India.
Capital / Liquidity
India’s Government Asks RBI to Ease Pressure on State Banks
By Manesh Samtani | 23/08/2018
Government wants central bank to review criteria for releasing banks from PCA framework, shift to Basel III capital standards.
AML / KYC
SEBI Extends Deadline to Provide FPI Beneficial Ownership Details
By Garima Chitkara | 22/08/2018
Requirement to provide details of beneficial ownership extended to end-December, after market participants asked for a review of the FPI guidelines and more time to comply.
Market Infrastructure
Cost Not A Factor in Ensuring Cyber Security – RBI
By Garima Chitkara | 20/08/2018
Market participants should not consider cost savings when formulating cyber security measures, said RBI governor Urjit Patel while launching digital payments platform UPI 2.0.
Market Infrastructure
India’s Cosmos Bank Suffers $13mn Theft
By Manesh Samtani | 16/08/2018
Attackers used cloned cards to simultaneously withdraw cash from ATMs in 28 countries, along with a fraudulent SWIFT transfer two days later.
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