The definition of 'secured creditor' includes securitisation/reconstruction company and any other trustee holding securities on behalf of bank/financial institution. The definition of 'securitisation company' and 'reconstruction company' in Sections 2(1)(za) and (v) shows that these companies may be private...
BANKING
In November 2005, a more secure system was introduced for facilitating one-to-one funds transfer requirements of individuals / corporates. Available across a longer time window, the NEFT system provides for batch settlements at half-hourly intervals, thus enabling near real-time...
In India, the payment and settlement systems are regulated by the Payment and Settlement Systems Act, 2007 (PSS Act) which was legislated in December 2007. The PSS Act as well as the Payment and Settlement System Regulations, 2008 framed...
The National Bank may provide banking services to the Confederation. These shall be provided for an adequate consideration. However, the services shall be provided free of charge if they facilitate the implementation of monetary policy. The details shall be...
ayment and settlement systems are the backbone of any economy. The last decade has witnessed substantial developments in this area of activity across the country. The Reserve Bank of India (RBI), under powers from the Payment and Settlement Systems...
Payments Vision 2025 has been prepared after considering the inputs from various stakeholders and guidance from the Board for Regulation and Supervision of Payment and Settlement Systems of the RBI. The activities to be taken up during the period...
Regulatory structure for NBFCs shall comprise of four layers based on their size, activity, and perceived riskiness. NBFCs in the lowest layer shall be known as NBFC - Base Layer (NBFC-BL). NBFCs in middle layer and upper layer shall...
Framework for Compliance Function and Role of Chief Compliance Officer in Non-Banking Financial Companies in Upper Layer and Middle Layer (NBFC-UL & NBFC-ML)
The purpose of this Regulation is to define the principle of the convertibility of the national currency for current international transactions and the rules applicable to the transfer from and to foreign countries related to such transactions and the...
The objective of the system is to facilitate centralised processing for repetitive and bulk payment instructions. Sponsor banks shall submit NECS data at a single centre viz. at Mumbai. NECS (Credit) shall facilitate multiple credits to beneficiaries’ accounts at...
The participants will permit the banks in their respective countries to maintain ACU dollar, ACU euro and ACU yen accounts with their correspondent banks in the other participating countries. All payments other than ineligible payments will be settled by...
The ACU was established at the initiative of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). The Decision to establish the ACU was taken at the Fourth Ministerial Conference on Asian Economic Co-operation held...
You must be logged in to post a comment.