Page 7 - Master Direction News Today

Last month, the Reserve Bank of India (RBI) issued large advertisements in the print media, urging consumers to exchange old, soiled, torn, damaged or defective currency notes. Titled “Aadat Badlo, Note Badlo”, the advertisement assured consumers that this can be done at any of the bank

The Union finance ministry on Thursday issued a clarification on the changes in FEMA rules which brings overseas international credit card spending under the RBIs liberalised remittance scheme (LRS). Heres how it affects you.

The RBI’s recent master direction focuses on the protection of customer data and imposes significant obligations related to compliance and reporting on regulated entities that intend to outsource their information technology to third parties

We discuss the new reporting rules for regulated entities (REs) in India to ensure all wire transfers meet anti-money laundering guidelines.

The Reserve Bank on Thursday instructed banks and other financial institutions to ensure cross-border as well as domestic wire transfers contain complete information about the originator and beneficiary. The central bank has updated instructions in the Master Direction on Know Your Customer (KYC) related to wire transfers and also aligned the same with the relevant recommendation of the Financial Action Task Force (FATF). All cross-border wire transfers shall be accompanied by accurate, complete...

Domestic wire transfers of ₹50,000 and above, where the originator is not an account holder of the ordering RE, shall also be accompanied by originator and beneficiary information as indicated for cross-border wire transfers, the RBI said

New legal considerations and contractual requirements for IT service providers to banks and financial institutions in India. IT service providers to be under additional level of compliance, audit and oversight, data storage norms and cyber security incident reporting.

Reserve Banks regulation on outsourcing of IT services by banking sector entities is aimed at improving corporate governance and will protect the interest of consumers, say industry experts. The Reserve Bank of India (RBI) has recently come out with detailed norms for the outsourcing of IT

On March 27, the Supreme Court ruled that the banks should give a personal hearing to borrowers before classifying their account as fraudulent, in accordance with RBIs Master Circular of July 1, 2016, and had noted that the action of classifying an account as fraud not only affects the business and goodwill of the borrower, but also the right to reputation. In a

   new delhi, reserve bank’s regulation on outsourcing of it services by banking sector entities is aimed at improving corporate governance and will protect the interest of consumers, say industry experts. the reserve bank of ind