News and Updates Issue 14 Duration May 16-31, 2019

news and updates

Law school attempts to profoundly alter the way you think. A challenging but sometimes wrenching experience.

RAY BROWN, AMERICAN LAWYER

BANKING AND FOREIGN EXCHANGE

  • The Reserve Bank of India (RBI) has issued a notification RBI/2018-19/184 dated May 16, 2019 in
    relation to Risk Management System – Appointment of Chief Risk Officer (CRO) for NBFCs. ‘While Boards of NBFCs should strive to follow best practices in risk management, it has been
    decided that NBFCs with asset size of more than Rs. 50 billion shall appoint a CRO with clearly specified role and responsibilities. The CRO is required to function independently so as to ensure highest standards of risk management.’
    For more information, please access –
    https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT18493A8BC3E04424A89A29ED4D18C0B67FC.PDF
  • The Reserve Bank of India (RBI) has issued a notification RBI/2018-19/187 A.P. (DIR Series) Circular No.34 dated May 24, 2019 in relation to ‘Voluntary Retention Route’ (VRR) for Foreign Portfolio Investors (FPIs) investment in debt.
    For more information, please access –
    https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11561&Mode=0
  • The Reserve Bank of India (RBI) has released draft circular on “Liquidity Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies” for public comments dated May 24, 2019. The Framework is intended to be adopted by all deposit taking NBFCs; non-deposit taking NBFCs with an asset size of ` 100 crore and above; and all CICs registered with the Reserve Bank.
    For more information, please access –
    https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR27678B17ABE6A4DB4901A46F9A2F0A2A7A28.PDF
  • The Reserve Bank of India (RBI) has issued a notification RBI/2018-19/189 dated May 28, 2019 in relation to Real Time Gross Settlement (RTGS) System – Extension of Timings for Customer. It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm. For more information, please access –
    https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI1898884E386F1E141F7BF6A8DD5E921B27A.PDF
  • The Reserve Bank of India (RBI) has issued a notification RBI/2018-19/190 dated May 29, 2019 in relation to amendment to Master Direction (MD) on KYC. Important amendments include;
    a) Banks have been allowed to carry out Aadhaar authentication/ offline-verification of an individual who voluntarily uses his Aadhaar number for identification purpose. (Section 16 of the amended MD on KYC)
    b) ‘Proof of possession of Aadhaar number’ has been added to the list of Officially Valid Documents (OVD) with a proviso that where the customer submits ‘Proof of possession of Aadhaar number’ as OVD, he may submit it in such form as are issued by the Unique Identification Authority of India (UIDAI). (Section 3 of the amended MD).
    For more information, please access –
    https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI190B865EC9E06464105A4A9318119A7455B.PDF
  • The Reserve Bank of India (RBI) has issued a notification RBI/2018-19/191 dated May 29, 2019 in relation to Extension of relaxation on the guidelines to NBFCs on securitisation transactions, whereby dispensation provided therein has been extended till December 31, 2019.
    For more information, please access –
    https://rbidocs.rbi.org.in/rdocs/notification/PDFs/191MHPDBA7F933C5EE4022A31C7C9EFCAE00CD.PDF

COMPETITION LAW

ENERGY

NEWS

Disclaimer (a) “This information has been gathered from various sources. Nothing herein is or may be construed as legal advice”.