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  • DOMESTIC MONEY TRANSFER FRAMEWORK

    DOMESTIC MONEY TRANSFER FRAMEWORK

    In furtherance of its ongoing efforts to enhance financial inclusion, the Reserve Bank of India (RBI) has revisited and updated the Domestic Money Transfer (“DMT”) framework. Originally introduced in 2011 under Circular DPSS. PD. CO. No. 622/02.27.019/ 2011-2012 dated October

  • FACILITATING ACCESSIBILITY TO DIGITAL PAYMENT SYSTEMS FOR PERSONS WITH DISABILITIES – GUIDELINES

    FACILITATING ACCESSIBILITY TO DIGITAL PAYMENT SYSTEMS FOR PERSONS WITH DISABILITIES – GUIDELINES

    The Reserve Bank of India (RBI), through its Master Circular RBI/2015-16/59 DBR No. Leg. BC. 21/09.07.006/2015-16 dated July 1, 2015, on Customer Service in Banks, provided comprehensive guidelines to ensure that banks offer accessible and equitable banking services to individuals

  • UPDATE ON MINIMUM WAGE RATE HIKE FOR WORKERS

    UPDATE ON MINIMUM WAGE RATE HIKE FOR WORKERS

    In order to preserve the purchasing power of minimum wage earners in the face of inflationary pressures, the Central Government has instituted a mechanism known as the Variable Dearness Allowance (VDA) based on the Consumer Price Index, which facilitates periodic

  • Update on E-Mandate Processing for Auto-Replenishment

    Update on E-Mandate Processing for Auto-Replenishment

    On 22nd August 2024, RBI updated its E-Mandate Framework through notification RBI/2024-25/64 CO.DPSS.POLC.No.S528/02-14-003/2024-25 to include the auto-replenishment of FASTag and National Common Mobility Card (“NCMC”) balances under the e-mandate framework. This update is significant because: (a)      Auto-replenishment will now be triggered automatically when

  • RBI UPDATES MASTER DIRECTIONS FOR PEER-TO-PEER LENDING PLATFORMS: CLARIFICATIONS AND MODIFICATIONS FOR ENHANCED IMPLEMENTATION

    RBI UPDATES MASTER DIRECTIONS FOR PEER-TO-PEER LENDING PLATFORMS: CLARIFICATIONS AND MODIFICATIONS FOR ENHANCED IMPLEMENTATION

    RBI, vide notification dated 16th August 2024, has amended the provisions of The Master Direction - Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017 (“MD”), to address and rectify observed violations by NBFC-P2P Lending Platforms

  • Grievance Redressal Mechanism and Data Protection Officer under the DPDPA, 2023

    Grievance Redressal Mechanism and Data Protection Officer under the DPDPA, 2023

    Recognizing the need to protect privacy rights of the individuals (“Data Principal”), the Digital Personal Data Protection Act, 2023 (DPDPA) provides the Data Principals with the following rights: (i) right to obtain information on personal data processing by the Data

  • TRAI issue direction to Access Providers to stop the misuse of Message Template

    TRAI issue direction to Access Providers to stop the misuse of Message Template

    The Telecom Regulatory Authority of India (“TRAI”) on May 12, 2023, issued a direction to all the Access Providers to stop the misuse of Message Templates, under THE TELECOM COMMERCIAL COMMUNICATIONS CUSTOMER PREFERENCE REGULATIONS, 2018 (“TCCCPR2018”). It is stated

  • BE-12 Benchmark Survey – Foreign Direct Investment in the United States

    BE-12 Benchmark Survey – Foreign Direct Investment in the United States

    BE-12 Benchmark Survey – Foreign Direct Investment in the United States Introduction The BE-12 report is a survey conducted by the United States Bureau of Economic Analysis (“BEA”). The survey is conducted every 5 years and is the most comprehensive

  • Digital Banking gets the nod of consumers and is shuttering bank branches in large numbers

    Digital Banking gets the nod of consumers and is shuttering bank branches in large numbers

    Lloyd Banking Group is joining in line with the current trend of bank branches being shuttered in UK. It has announced that it is closing 28 bank branches as customers are increasingly turning to digital banking. This comes two months

  • Prohibition of Import of Drones

    Prohibition of Import of Drones

    The government on 9th February, 2022 through a notification from the Directorate General of Foreign Trade of the Ministry of Commerce and Industry (“Ministry”), has banned the import of drones with immediate effect, except for research and development, defence and

  • SEBI amends the AIF Regulations to pave way for introduction of Special Situation Funds

    SEBI amends the AIF Regulations to pave way for introduction of Special Situation Funds

    SEBI has enacted the “Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2022”, vide a notification dated 24 January 2022, to amend the AIF regulations, which inter alia provides for a framework for Special Situation Funds (“SSFs”)

  • SEBI amends the regulatory regime governing Alternative Investment Funds (AIFs) to facilitate co-investment through the portfolio management route

    SEBI amends the regulatory regime governing Alternative Investment Funds (AIFs) to facilitate co-investment through the portfolio management route

    SEBI vide notification dated 09 November, 2021 has amended the provisions of SEBI (AIF) Regulations 2012 and SEBI (Portfolio Managers) Regulations 2020 to provide for co-investment by investors of AIF through a co-investment Portfolio Manager. It has been clarified that

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