BANKING REGULATIONS ACT
Petronet, Shell, Adani-Total push back against PNGRB's attempt to regulate LNG terminals
Liquefied natural gas (LNG) operators Petronet LNG, Shell, and Adani-Total are opposing the Petroleum and Natural Gas Regulatory Board (PNGRB)'s proposed regulations for establishing and operating LNG terminals. The draft regulations, which were unveiled last month, have been questioned by terminal operators, big gas consumers, and others due to concerns that they are not in line with the PNGRB Act.
Banks look to form their own self-regulatory body for fintechs
Banks plan to form a Section 8 entity under the Companies Act to secure an SRO license for the fintech sector. Talks have included the Payment Council of India. RBI's final guidelines require banks' involvement due to interconnected financial services. Neo banks and metaverse banking necessitate updates on fintech. The Indian Banks' Association (IBA) leads this initiative. Discussions with the Payment Corporation of India, covering over 90% of the industry, are ongoing. Lenders already collaborate with fintechs on online lending, AI credit assessment, and digital payment solutions.
Govt may introduce insurance laws amendment bill in Budget session
The government is expected to introduce a bill amending the Insurance Act, 1938, during the upcoming Budget session, aiming for 'Insurance for All by 2047'. The proposed amendments may include a composite license, differential capital regulations, reduced solvency norms, captive license issuance, changes in investment regulations, one-time registration for intermediaries, and permitting insurers to distribute other financial products.
Budget 2024: Govt may tweak laws to push banking sector reforms in Budget session
The govt plans to introduce amendments to various banking laws during the Budget session to facilitate banking sector reforms, including privatisation of public sector banks. These amendments aim to decrease government holding in state-owned banks, enhance governance, and protect investors. The upcoming session, starting on July 22, will address these crucial changes.
Real-time intel platform to curb cybercrime, fraud
The government has established a real-time intelligence sharing platform to tackle cybercrime and online fraud. With over 750 stakeholders on board, prompt action can be taken to catch fraudsters and prevent misuse of telecom resources. Collaboration among different ministries and departments is enhancing the effectiveness of the platform in curbing cybercrimes.
Sebi likely to act against ‘silent’ PMS firms
Regulator Sebi expresses concern over unresponsive PMS firms in the market. Compliance issues and potential misuse of licenses highlighted. APMI maintains communication with compliant members. Sebi closely monitoring the PMS sector with a dedicated team. Further developments expected in this industry.
- Go To Page 1
Kotak Bank created fund used to bet against Adani: Hindenburg
Kotak Mahindra Bank managed funds for Adani stock trades, leading to significant profits. Despite ET queries, the bank mentioned transactions were made on a principal basis. Kingdon transferred funds for short positions on Adani stocks, resulting in gains after positions were squared off.
RBI issues draft norms to rationalise export-import transactions
Banks under new regulations can flag exporters with outstanding amounts, ensuring timely realization of proceeds. Transparency and efficiency are prioritized in export-import transactions, benefiting businesses of all sizes.
RBI proposes rationalising regulations on export, import transactions
As per the draft, every exporter should furnish to the specified authority a declaration specifying the amount representing the full export value of the goods or services. "The amount representing the full export value of goods and services shall be realised and repatriated to India within nine months from the date of shipment for goods and date of invoice for services," it said.
Sebi slams ICICI’s canvassing for I-Sec delisting
Sebi reprimanded ICICI Bank for conducting an outreach programme to influence ICICI Securities shareholders during the voting on delisting. Sebi directed ICICI Bank to examine complaints and take action against violations.
Sebi warns ICICI Bank over outreach program for I-Sec delisting, calls action 'inappropriate'
In an administrative warning issued on Thursday, SEBI directed ICICI Bank to thoroughly examine the complaints received directly or through the SCORES portal for any violations of the guidelines of the outreach program by officials of the bank and take appropriate action against such officials.
Work overnight for FPI tax papers: Sebi tells big four firms
At a meeting on Tuesday, the Indian capital market regulator has told the accounting biggies in no uncertain terms to generate the mandatory 'confirmation certificate' overnight so that offshore funds managers can repatriate the money from the sale of stocks here to other international markets the very next day.
RBI imposes curbs on two Edelweiss companies for 'evergreening' stressed loans
"The action is based on material concerns observed during the course of supervisory examinations, essentially arising out of the conduct of the group entities acting in concert, by entering into a series of structured transactions for evergreening stressed exposures of ECL, using the platform of EARCL and connected AIFs, thereby circumventing applicable regulations. Incorrect valuation of SRs was also observed in both ECL and EARC," the RBI said.
RBI bars Edelweiss ARC from acquiring assets, cites supervisory concerns
The Reserve Bank of India (RBI) banned Edelweiss Asset Reconstruction Company Limited (EARCL) from acquiring financial assets due to concerns observed during a supervisory examination. RBI cited actions by group entities, including structured transactions, allegedly circumventing regulations. EARCL was directed to cease acquiring financial assets and reorganizing existing security receipts.
NRI Investing Guide: Are you legally allowed to buy agricultural land in India?
NRIs in India face restrictions under FEMA when purchasing agricultural land, but can inherit it from relatives to reconnect with their roots.
South African regulator fines SBI's branch
The bank informed the stock exchange that the financial penalty consists of an immediately payable portion of 5.50 million rand, which the SBI branch in South Africa has already paid. The remaining 4.50 million rand is suspended for 36 months, contingent on compliance within this period.
Policy on project loans after RBI final rules, says SBI
“The idea to insert a clause with explicit mention of passing it on to the borrower is in line with RBI’s strict stance of making loan documents transparent,” said one of the persons cited above. Secondly, when the regulator increases provisioning norms so sharply, it expects banks to pass them to the borrower, otherwise the purpose of raising the provision is defeated, he added.
Top regulators, govt departments join forces to counter pesky calls, online fraud
Regulators such as RBI, SEBI, Trai, along with government departments like the Ministry of Home Affairs, Ministry of Consumer Affairs, and DoT, convened on May 21 to address the issue of pesky communications and online financial fraud. Discussions centered on tightening KYC rules, improving information sharing among stakeholders, and enhancing consent mechanisms. Trai's joint committee of regulators is spearheading collaborative efforts to tackle digital regulatory implications.
IFSC regulator looking to allow NBFCs operate as risk aggregators
The International Financial Services Centres Authority is exploring the option of non-bank financial players acting as risk aggregators for small customers in GIFT City to facilitate FX transactions and manage interest rate risk exposures.
Sebi suggests local regulators oversee crypto trading
Both sets of documents, which have been seen by Reuters, have been submitted to a government panel which is tasked with formulating policy for the finance ministry to consider. SEBI's stance has not previously been reported.
Quant MF gets RBI nod to hike stake in RBL Bank
RBI permits Quant Mutual Fund to raise stake in RBL Bank to 9.98% by May 12, 2025. The approval, subject to conditions, was granted on Monday. RBL Bank stock trades at Rs 246.60 on BSE.
ICICI Securities questions the maintainability of the class action contesting the delisting and merger
The case pertains to ICICI Securities' announcement last year, which allowed delisting and merger with ICICI Bank, with 67 shares of ICICI Bank being offered for every 100 shares of ICICI Securities.
RBI appoints R. Lakshmi Kanth Rao as new Executive Director
The Reserve Bank of India (RBI) has appointed R. Lakshmi Kanth Rao as its new Executive Director, effective May 10. Rao will oversee the Deposit Insurance and Credit Guarantee Corporation, Right to Information Act (FAA), and Department of Communication. Rao has over three decades of experience in various domains, including Banks and NBFCs regulation, supervision, and consumer protection.
RBI imposes monetary penalty on Satara Sahakari Bank Limited
According to RBI, the penalty, imposed by an order dated April 29, 2024, has been invoked under the powers vested in RBI, conferred under section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act.
RBI action on Kotak Mahindra Bank: Is your data in other banks safe?
Kotak Mahindra Bank: The Reserve Bank of India (RBI) took action on Kotak Mahindra Bank due to observance of serious deficiencies and non-compliances in the areas of data security and data leak prevention strategy, business continuity and disaster recovery rigour and drill, etc. So did the bank violate Digital Personal Data Protection Act, 2023?
Buying a home in Dubai? Do a FEMA reality check
Navigating property purchases in Dubai can be a regulatory maze for Indians due to foreign exchange laws. Deals offering easy payment plans with instalments over years may violate FEMA. Regulations permit remittance of $250,000 per individual annually for property purchases abroad. However, transactions involving 'instalments' create obligations in foreign exchange, potentially breaching FEMA rules.
RBI imposes restrictions on Pratapgarh-based National Urban Co-op Bank
The RBI on Monday imposed several restrictions on National Urban Co-operative Bank Ltd, Pratapgarh (Uttar Pradesh), including capping withdrawal at Rs 10,000 for customers, in the wake of the lender's deteriorating financial situation. The eligible depositors will be entitled to receive a deposit insurance claim amount of his/her deposits up to Rs 5 lakh only from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
Future Gaming, biggest poll bond buyer, & others made government junk plan to amend lottery rules
Proposed amendments to the Lotteries Regulation Act, 1998, by the Union home ministry were obstructed by resistance from influential players like Santiago Martin's Future Gaming, a substantial purchaser of electoral bonds according to Election Commission data.
RBI is more proactive, acting ahead of time; we have to be in step with regulation: Shanti Ekambaram
Shanti Ekambaram of Kotak Mahindra Bank emphasizes the importance of financial independence, literacy, and planning for women. They prioritize inclusivity, diversity, and women's empowerment through supportive policies and initiatives. The bank focuses on sustainable growth and closely monitors inflation and the financial sector through proactive supervision. Ekambaram says the regulator that is RBI is more proactive now and acting ahead of time. We have to be in step with regulation.
Load More
