Government appoints IAS Sanjay Malhotra as the 26th Governor of the Reserve Bank of India
The 25th Governor of the Reserve Bank of India, Shaktikanta Das, served at the post for 6 years.
RBI
IBBI and INSOL India 2nd International Conclave on ‘Insolvency Resolution: Evolution and Global Perspectives’
The Insolvency Bankruptcy Board of India (‘IBBI’) and INSOL India held the 2nd International Conclave in Delhi on 7th December to engage in the path-breaking discourse surrounding the ever-evolving space of insolvency and bankruptcy.
RBI re-defines ‘Startup’ vide Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Fourth Amendment) Regulations, 2024
The 2024 Regulations have amended the meaning of startup in the explanations to Regulation 5 and Schedule I para 1 (vii) of the 2015 Regulations.
RBI imposes penalty of Rs. 7.9 lakh on Muthoot Vehicle & Asset Finance Ltd. for non-compliance with Liquidity Risk Management Framework and RBI Directions for NBFCs
Apart from failing to disclose information regarding LCR and conveying the loan amounts sanctioned, MVAFL also failed to submit data of gold loan customers.
RBI imposes penalty of Rs. 10.4 lakhs on HP Financial Services for failing to adhere to its KYC, NBFC, and IT framework regulations for the non-banking financial sector
HP Financial Services not only failed to establish a periodic review of risk categorization of accounts but also failed to form an IT Strategy Committee as well as an IT Steering Committee.
RBI imposes penalty amounting to Rs. 1 Crore on HDFC Bank Limited for non-compliance with directions
The penalty imposed was based on deficiencies in statutory and regulatory compliance on behalf of HDFC bank.
RBI imposes penalty amounting to Rs. 1.91 crores on Axis bank Limited for failure to comply with Banking Regulation Act, 1949 and RBI Directions
Axis bank contravened S. 19(1)(a) of the Banking Regulation Act as one of its wholly owned subsidiaries was engaged in an impermissible business as per S. 6 of the Act.
Directions issued by Govt and RBI under S. 9, MSMED Act and Ss. 21 & 35-A, Banking Regulation Act respectively, have statutory force: SC
The matter revolved around the Notification dated 29-05-2015 issued by the Central Government, containing instructions for the Framework for Revival and Rehabilitation of MSMEs.
RBI introduces provisions for ‘Sovereign Green Bonds’ vide Foreign Exchange Management (Debt Instruments) (Third Amendment) Regulations, 2024
The 2024 Regulations provide that a person resident outside India who maintains a securities account with a depository in IFSC in India would be able to purchase or sell Sovereign Green Bonds issued by the Government of India.
RBI imposes penalty of Rs. 1.9 Lakh on Muthoot Finance Ltd. for non-compliance with KYC Directions, 2016
Muthoot Finance had been allotting more than one UCIC to its individual customers in contradiction to the 2016 KYC Directions issued by the RBI.
RBI revises Master Directions on Fraud Risk Management in Regulated Entities; rescinds 36 Circulars
The 2024 Master Directions are principle-based and have been issued to strengthen the role of the Board in overall governance as well as oversight of fraud risk management in Regulated Entities.
RBI imposes penalty of Rs. 1.31 Crore on Punjab National Bank for non-compliance of directions on ‘Loans and Advances’ and ‘KYC’
The Reserve Bank of India imposed monetary penalty on Punjab National Bank due to deficiencies in regulatory compliance.
Penal Charges — RBI’s Move Towards Implementation of Fair Lending Practices
by Karan Ajitsaria† and Nitesh Sharma††
Foreign Exchange Management (Deposit) (Fourth Amendment) Regulations, 2024
The Foreign Exchange Management (Deposit) Regulations, 2016 has been amended by the Reserve Bank of India by Foreign Exchange Management (Deposit) (Fourth Amendment) Regulations, 2024.
Google Play not a payment aggregator; Calcutta High Court dismiss Hoichoi’s plea against Google Play Store delisting
The extracts of the relevant web-pages furnished by the Hoichoi, the petitioners, themselves go on to show that the Google Play platform merely offers different payment methods but does not itself Act as a PA.
Calcutta High Court upholds RBI’s Executive Intern’s right to maternity benefits despite contractual limitations
Calcutta High Court noted that as per Section 5(1) of the Maternity Benefits Act, 1961, every woman is entitled to, and her employer shall be liable for, the payment of maternity benefits.
Delhi High Court dismisses petition seeking investigation into financial irregularities by Indiabulls Housing Finance Limited
“The petitioner is an organisation alleging circular financial transactions, violations of statutes, and private wealth creation from public funds. Regulatory bodies, including the Ministry of Corporate Affairs, RBI, SEBI, and NHB, are implored to take swift action in response to the serious allegations.”
No acceptance of deposits and other banking services after 29 February; RBI imposes additional curbs on Paytm Payments Bank
The restrictions came after persistent non-compliances and continued material supervisory concerns in Paytm Payments Bank Ltd.
RBI notifies RBI (Government Securities Lending) Directions, 2023 enabling lending and borrowing of Government Securities
On 27-12-2023, the Reserve Bank of India (‘RBI’) notified the RBI (Government Securities Lending) Directions, 2023 applicable to all Government securities lending
RBI notifies FEM (Manner of Receipt and Payment) Regulations, 2023 mandating permission from RBI for Trade outside India
On 21-12-2023, the Reserve Bank of India (‘RBI’) notified the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023 mandating permission