On July 15, 2024, Reserve Bank Of India issued Master Directions on Fraud Risk Management in Urban Cooperative Banks (UCBs) / State Cooperative Banks (StCBs) / Central Cooperative Banks (CCBs) superseding the earlier directions on the subject, namely, ‘Master Circular– ‘Classification and Reporting’ (DCBR.CO.BPD.MC.No.1/ 12.05.001/2015-16) dated July 1, 2015. These Directions are issued with a […]

On 29th May 2024, Insurance Regulatory and Development Authority of India (IRDAI) notified the Master Circular on IRDAI (Insurance Products) Regulations 2024- Health Insurance. This master circular was effective with immediate effect i.e., 29th May 2024. This circular is in addition to IRDAI (Insurance Products) Regulations 2024 and shall be read with IRDAI (Protection of […]

Introduction:- Department of Economic Affairs has issued a significant notification on February 28, 2024. This notification amends some sections of the Special Economic Zones Act 2005 and the Special Economic Zones Rules 2006 as specified in column number (2) of Table 1 and Table 2, shall apply with such modifications, as specified in column number […]

Reserve Bank of India on 28 May 2024 has launched three major initiatives, namely the PRAVAAH (Platform for Regulatory Application, Validation and AutHorisation) portal, the Retail Direct Mobile App and a FinTech.   1. ‘PRAVAAH’ (Platform for Regulatory Application, Validation and AutHorisation) portal The PRAVAAH is a secure and centralised web-based portal that aims to […]

Financial institutions, Banks, or intermediaries, are required to ensure that their non-profit organization (NPO) customers have been verified on NITI Aayog’s DARPAN portal. This directive is part of broader efforts to enhance transparency and compliance within the financial sector, particularly concerning organizations that could be vulnerable to misuse for money laundering activities.   The NGO-DARPAN […]

With a view of upholding transparency and fairness in the lending operation of Regulated entities, On 29th April 2024, RBI issued a circular regarding the Fair Practices Code for Lenders – Charging of Interest. The circular is effective with an immediate effect. Who is included in the definition of Regulated Entities (RE(s))? Non-Banking Financial Companies […]

Introduction Alternative Investment Funds (AIFs), which provide investors with a variety of options outside of conventional investment instruments, have seen a notable increase in the Indian investing scene in recent years. Regulators have been watching this growing industry, though, especially with regard to investments made later on in bankrupt enterprises. The purpose of this circular […]

The National Housing Bank (NHB) plays a crucial role in supporting Housing Finance Companies (HFCs) by offering refinance assistance. Let’s delve into the key aspects of this program: Purpose of Refinance Assistance Individual Housing Loans: NHB provides refinance assistance to HFCs for housing loans extended to individuals. This helps HFCs manage liquidity and continue their […]

Key amendments in REIT Compliances   SEBI vide its notification dated 8th of March, 2024 have notified Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2024. Brief synopsis of additional compliances introduced are as under:   S. No. Sub Head Compliance Description Periodicity Effective Date 1 Other Compliance Investment manager to […]

Reserve Bank of India has issued Master Direction – Reserve Bank of India (Filing of Supervisory Returns) Directions – 2024 on February 27, 2024, which has repealed Master Direction- Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016. These Directions shall apply to the following entities collectively known as Supervised Entities (SEs): (i) All Commercial Banks […]