The Reserve Bank of India (RBI) today unveiled a set of developmental and regulatory policy measures aimed at strengthening financial markets, enhancing regulatory frameworks, and fostering innovation in the fintech and payment sectors.
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹4.90 lakh on ECL Finance Limited, Mumbai, for failing to comply with certain provisions of the RBI (Know Your Customer) Directions, 2016. The penalty was announced through an order dated December 4, 2023.
The action, taken under the powers vested in RBI under the Reserve Bank of India Act, 1934, follows deficiencies identified in regulatory compliance. The central bank clarified that the penalty is not related to the validity of any transactions or agreements between the company and its customers.
The Reserve Bank of India (RBI) has issued a circular on the regulation of Payment Aggregators – Cross Border (PA-CB), aimed at entities facilitating payment and settlement for online cross-border export and import transactions.
The circular comes after a draft was issued on April 7, 2022, by the Foreign Exchange Department under the Foreign Exchange Management Act (FEMA), 1999, for processing and settlement of small-value export-import payments facilitated by Online Export-Import Facilitators (OEIFs).
The Reserve Bank of India (RBI) has placed on its website the draft Master Direction on Managing Risks and Code of Conduct in Outsourcing of Financial Services and invited stakeholders to provide feedback. Comments can be sent by email with the subject line “Comments on draft Master Direction on Managing Risks and Code of Conduct in Outsourcing of Financial Services” by November 28, 2023.
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.10 lakh on Birbhum District Central Co-operative Bank Ltd. for non-compliance with directions on Know Your Customer (KYC) and Membership of Credit Information Companies (CICs).
The penalty has been levied under the powers vested in RBI through Section 47-A (1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, and Section 25(1)(iii) read with Section 23(4) of the Credit Information Companies (Regulation) Act, 2005.