REGULATORY CURBS
Banks in a bind over Trai mandate on digital consent
Banks are grappling with new regulations from the Telecom Regulatory Authority of India (Trai) requiring digital consent for commercial communication. This has prompted lenders to seek government clarity on whether consent is needed for sharing transaction details, as per Reserve Bank of India guidelines. The move aims to combat cyber fraud, with banks also requesting special prefixes for customer calls following last month's finance ministry directive.
Sebi notifies institutional mechanism for brokers to prevent mkt abuse
Brokers must biannually report suspicious activities to stock exchanges. Sebi's amended PFUTP rules, effective from June 27, aim to prevent manipulative trade practices.
Paytm Bank, auditor lock horns over business viability
Paytm Payments Bank faces audit qualification disputes over viability, seeking RBI intervention. Compliance issues led to operational restrictions, prompting directions to transfer businesses. KYC guideline non-compliance has halted income generation and eroded net worth.
Trai amendments to MNP to curb SIM swap, replacement frauds to take effect from July 1
The regulator had notified the amendment in March 2024, after consulting stakeholders. The amendment adds an additional criterion for rejecting generation of the Unique Porting Code (UPC) required to port a SIM card to a different telecom service provider. "These amendment regulations are aimed at curbing the porting of mobile numbers by way of fraudulent SIM swap/ replacement by unscrupulous elements," the regulator said Friday.
Banks in a GST fix over RBI's directive to levy penal charges
The Reserve Bank of India's directive to levy penalties only in the form of 'penal charges' is posing a tax dilemma for banks. Banks fear that the indirect tax on such levies would attract the goods and services tax (GST). The new rule, which came into force from April 1, 2024, was brought in by the central bank to ensure "reasonableness and transparency" in disclosure of penal interest. However, banks have asked the tax authorities to spell out their stand on the issue.
TRAI directs telcos to make spam complaints user friendly on app/web
The Indian telecom regulator, the Telecom Regulatory Authority of India (TRAI), has directed service providers to make their mobile apps and web portals more user-friendly for complaint registration. The regulator has mandated that options for UCC complaint registration and preference management should be easily accessible on these platforms.
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Shachindra Nath on expectations from the upcoming Budget
With respect to the budget expectation, as we think, industry have represented a few policy changes. First is on SARFAESI, as HFCs have no limit on the SARFAESI limit, NBFC have Rs 20 lakh, so that has been requested that they should be allowed to have full coverage when it comes to secured loan.
Apple delays rollout of AI features in Europe
Apple on Friday said it would delay the rollout of its recently announced AI features in Europe because of "regulatory uncertainties" linked to the EU's new landmark legislation to curb the power of big tech. Apple earlier this month unveiled "Apple Intelligence," its suite of AI features for its coveted devices as it looks to reassure users that it is not falling behind on the AI frenzy.
Centre puts guidelines for curbing pesky call menace in public domain; invites comments
According to estimates, India ranks among the largest markets for SMS phishing, amid a growing mobile user base and low phone tariffs. Some industry estimates say one of every 12 people is vulnerable every month to phishing. More than 120-150 million phishing messages are sent every month, with 60-75 million unique citizens vulnerable to attacks. Roughly 300,000 people get scammed, but only 35,000-45,000 report these incidents.
Under govt pressure, telcos begin trials of caller ID display service to curb spam calls
Telecom operators have started trials for caller ID services in Mumbai and Haryana following pressure from the government and TRAI. The CNAP service aims to display the caller's name during incoming calls to curb spam and fraud calls.
TN law to place time, user curbs on all online games
Tamil Nadu is considering a law to regulate online and real money games, with restrictions on playtime and usage, mirroring the central government's approach. This is being spearheaded by Tamil Nadu Online Gaming Authority (TNOGA); a five-member regulatory authority formed in August 2023.
IRDAI cracks down on fraudulent tele-callers; Check list of TRAI-assigned phone numbers insurers must use for customer calls
The IRDAI has instructed insurance companies and insurance intermediaries not to call customers from a standard 10-digit mobile number in an effort to take harsh measures against fraudulent telecallers.
Tackling plastic pollution: A call to action for India
Plastic pollution has reached alarming levels, causing devastating consequences for the environment. From clogging waterways to threatening marine life, the pervasive presence of plastic waste demands immediate action.
Insurers worried over surrender value rule
Life insurance companies have expressed concerns over proposed regulatory changes that would offer higher surrender values to policyholders the first year itself. Industry representatives have sent their feedback saying that these reforms could severely impact profitability and policy persistence.
Audit panels of companies can’t escape blame by citing auditors’ failure: NFRA chief
NFRA chairman Ajay Bhushan Pandey emphasized the audit committee's responsibility in ensuring accurate financial statements, even if auditors fail in their duty. He highlighted the need for meaningful communication between audit committees and auditors, stating that it should not be a mere formality. Pandey's remarks come as the NFRA plans to engage with large listed companies to promote accounting standards and curb corporate frauds. This regulatory outreach is part of efforts to protect retail stock investors, a focus highlighted by Finance Minister Nirmala Sitharaman.
'Banks need to look beyond bulk deposits to fund loans': RBI
The Reserve Bank of India (RBI) Thursday said that banks must reduce their reliance on wholesale deposits to fund loans and be watchful of the risks associated with their advances and trading exposures amid interest rate fluctuations.
Reduce reliance on wholesale deposits to fund loans: RBI to banks
The Reserve Bank of India (RBI) advises banks to reduce dependence on wholesale deposits and manage risks from loans and trading amid fluctuating interest rates. Regulatory measures to curb consumer lending and diversify deposit sources are emphasized. The RBI plans to issue new guidelines to enhance financial stability and asset quality in FY25.
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.
Govt planning new way to save you from bank and other financial scams
Amidst the surge in phone call scams, the Department of Telecom (DoT) has unveiled a new solution to differentiate between authentic calls and those orchestrated by fraudsters. As per reports from ToI, the DoT has designated a distinct 10-digit numbering series commencing with 160 for service and transactional calls originating from governmental bodies, regulatory agencies, and financial institutions.
Govt eyes time, spend curbs to tackle gaming addiction
The government is leaning towards imposing time limits as opposed to certifying games as permissible or non-permissible through self-regulatory organisations (SRO), an official at the IT ministry said.
NFRA to engage with some big listed companies on audit compliance
The regulatory outreach could involve the NFRA's engagement with audit panels, independent directors, chief financial officers and others on the boards of these companies, said one of the persons. The regulator is close to finalising a framework to hold such huddles and may invite listed companies, where large public interest is involved, for such meetings, according to another person.
China tech giant Alibaba posts modest yearly revenue growth
Chinese ecommerce giant Alibaba announced Tuesday a modest increase in annual revenue, at a time when the firm pursues a major overhaul and regulatory curbs on the country's tech sector are relaxed. Fellow internet giant Tencent posted weakened revenue growth in the first three months of this year, also on Tuesday.
RBI now lifts curbs on BoB World App
Government-owned BoB told stock exchanges that the RBI, in a letter dated May 8, conveyed the decision to lift the restrictions on 'BoB World' with immediate effect.
US eyes curbs on China's access to AI software behind apps like ChatGPT
Biden admin plans to regulate AI models export to China. Commerce Dept may use computing power threshold. Concerns about AI's role in bioweapons, cyber attacks. Challenges in defining export criteria.
Kotak crackdown: The 'Regulatory Bank of India' is taking no chances
Kotak Mahindra Bank: The Reserve Bank of India (RBI) is cracking down on regulatory compliance in the banking industry, issuing strict penalties for non-compliance. Recent actions, including barring Kotak Mahindra Bank from new customer sign-ups, highlight the RBI's serious approach to enforcing regulations. The central bank's tougher stance aims to improve governance and transparency in the financial sector, despite potential impacts on growth and capital costs. The RBI's increased vigilance follows high-profile banking collapses and aims to prevent systemic risks while promoting a more robust and transparent financial system.
Regulatory curbs to hit IIFL Finance, JM Financial Products, say rating companies
CareEdge, Crisil, and ICRA Ratings have placed IIFL Finance under rating watch following the RBI ban on giving new gold loans. Neither of the rating companies has revised the ratings of both finance companies.
Separate number series for marketing, service calls soon to curb spam
India's telecom regulator is set to issue a mandate to demarcate separate numbering series for transactional and marketing calls made by businesses for commercial purposes. Currently, only 140 number series are allocated for all kinds of commercial purposes. The move is complementary to Trai's recommendations for network operators and mobile device makers to enable display of caller's name, both for personal phone numbers and enterprise callers.
Trai recommends mandatory call name display to curb spam
The feature will originally be enabled by the terminating access provider who received the call by making a query to the central subscriber database of provider from where the call originated. The regulator had started consultation on the subject back in 2022, seeking suggestions on potential model on how the service can be implemented.
NFRA plans to engage with audit panels of big companies to curb frauds
The National Financial Reporting Authority (NFRA) is planning to directly engage audit committees of large listed companies to sensitise them about accounting standards and their role, a first-of-its kind regulatory outreach to curb corporate frauds, people aware of the watchdog's thinking told ET.
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