The Reserve Bank of India (RBI) has released its Statement on Developmental and Regulatory Policies, outlining key initiatives and regulatory updates across financial markets, banking regulations, and payment systems.

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.00 lakh on The Howrah District Central Co-operative Bank Ltd., Howrah, West Bengal, for non-compliance with its ‘Know Your Customer (KYC) Directions, 2016’. The penalty was levied under the powers conferred on RBI by section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The Financial Action Task Force (FATF) has released its latest public statements on high-risk jurisdictions and jurisdictions under increased monitoring, following its plenary meeting on February 23, 2024. The updates aim to guide member countries and other jurisdictions on implementing appropriate measures to combat money laundering, terrorist financing, and proliferation financing.

The Reserve Bank of India (RBI) has released an updated version of the ‘Enabling Framework for Regulatory Sandbox’ on its website. The revision comes after over four and a half years of experience running four cohorts and incorporates feedback from FinTechs, banking partners, and other stakeholders.

The Reserve Bank of India (RBI), exercising its powers under Section 35A of the Banking Regulation Act, 1949, had earlier placed business restrictions on Paytm Payments Bank Ltd., as communicated through Press Releases dated March 11, 2022, January 31, 2024, and February 16, 2024. In addition, RBI had issued a set of FAQs on February 16, 2024, to guide customers, wallet holders, and merchants using banking services provided by Paytm Payments Bank.