India – Banking & Finance Updates.

Revised Instructions on Safe Deposit Locker/Safe Custody Article Facility Provided by Banks

The RBI on August 18, 2021, issued revised instructions on safe deposit locker / safe custody article facilities provided by banks (‘Revised Instructions’), after considering amongst other things the judgment of the Supreme Court…

RBI Relaxes Timeline for Compliance with Resolution Framework for COVID-19 Related Stress

RBI had, on September 7, 2020, issued a Circular on ‘Resolution Framework for COVID-19-related Stress – Financial Parameters’ (‘Original Circular’), setting out the key ratios and their sector specific thresholds…

RBI Notifies Roadmap for Transition away from LIBOR

The RBI by a Circular dated July 8, 2021, notified banks, financial institutions and non-banking financial companies to cease, and encourage their customers to cease, entering into new contracts that reference LIBOR…

Use of Alternative Reference Rates in Place of LIBOR

In view of the impending cessation of London Interbank Offered Rate (‘LIBOR’) as the benchmark rate, the RBI by way of Notification dated September 8, 2021, amended Regulation 15 of the Foreign Exchange Management…

Notification of Housing Finance Companies as Financial Institution under SARFAESI Act

The Government of India on June 17, 2021 notified Housing Finance Companies (‘HFCs’) registered under the National Housing Bank Act, 1987 (‘NHB Act’) and having assets worth ₹ 1 billion (approx. US$ 13.57 million…