India – Banking & Finance Snapshot.

Amendments to Master Direction on KYC

The RBI, with effect from May 10, 2021, amended the Video based Customer Identification (‘V-CIP’) provisions in the Master Direction on KYC to further leverage, simplify and rationalise the process of periodic updation of KYC…
 

Customer Due Diligence for Transactions in Virtual Currencies

The RBI by its Circular dated May 31, 2021 noted that certain banks / regulated entities were cautioning their customers against dealing in virtual currencies by making references to a…
 

Asset Classification and Income Recognition Following Expiry of Covid-19 Regulatory Package

Following the judgment of the Supreme Court in Small Scale Industrial Manufacturers Association v. UOI in which the Supreme Court held that the lenders concerned should waive interest on interest charged…
 

RBI Extends Priority Sector Lending Classification for Lending by Banks to NBFCs for On-lending

Loans given by certain scheduled commercial banks to registered NBFCs (other than Micro Finance Institutions) for on-lending were eligible for classification as ‘priority sector’ under the sub-categories of Agriculture…
 

Resolution Framework for COVID-19 Related Stress of Individuals and Small Businesses

The RBI on May 5, 2021, published the Resolution Framework – 2.0: Resolution of COVID-19 Related Stress of Individuals and Small Businesses (‘Resolution Framework – 2.0’)…