Read this week in our update, cardless cash withdrawal at ATMs permitted by RBI. RBI assessed 6 entities to be unsuitable to be set up as banks.
The Reserve Bank of India (RBI) has cancelled the Certificate of Authorisation (CoA) of Edenred (India) Private Limited which voluntarily surrendered the CoA. Henceforth, the company shall not transact the business of an authorised payment system operator.
RBI has received 11 applications to set up banks under the guidelines for ‘on tap’ licensing of universal banks and small finance banks. After the assessment of the applications, RBI has found the following entities unsuitable to be set up as banks:
- UAE Exchange and Financial Services Limited;
- The Repatriates Cooperative Finance and Development Bank Limited (REPCO Bank);
- Chaitanya India Fin Credit Private Limited;
- Shri Pankaj Vaish and others;
- VSoft Technologies Private Limited; and
- Calicut City Service Co-operative Bank Limited.
RBI has clarified the following with regard to the new definition of Micro, Small and Medium Enterprises (MSMEs):
- the existing Entrepreneurs Memorandum (EM) Part II and Udyog Aadhaar Memorandum (UAM) of the MSMEs obtained till June 30, 2020 shall remain valid till June 30, 2022; and
- the validity of documents obtained with regard to RBI circular dated July 13, 2017 for classification of MSMEs upto June 30, 2020, has been extended upto June 30, 2022.
RBI has allowed all banks to provide Interoperable Card-less Cash Withdrawal (ICCW) option at their ATMs. UPI shall be used for customer authorisation in the transactions while settlement shall be through the National Financial Switch (NFS) / ATM networks.
RBI has issued clarifications in Reserve Bank of India (Financial Statements – Presentation and Disclosures) Directions, 2021 (Directions) regarding the presentation of reverse repo on the balance sheet of all commercial banks. Further, certain editorial changes to the Directions have been annexed to the RBI Notification dated May 19, 2022.
 Press Release: 2022-2023/224, Reserve Bank of India, May 17, 2022
 Press Release: 2022-2023/220, Reserve Bank of India, May 17, 2022
 RBI/2022-23/52 FIDD.MSME & NFS.BC.No.7/06.02.31/2022-23, Reserve Bank of India, May 19, 2022
 RBI/2022-23/54CO.DPSS.POLC.No.S-227/02-10-002/2022-23, Reserve Bank of India, May 19, 2022
 RBI/2022-23/55DOR.ACC.REC.No.37/21.04.018/2022-23, Reserve Bank of India, May 19, 2022