Guidelines Financial News

In a first-ever announcement in the stablecoin ecosystem, Circle, makers of USDC, has released a bridging standard for its digital token.

The European Banking Authority (EBA) released a consultation paper dated 08 November 2023, outlining proposed guidelines for liquidity stress testing of asset reference tokens as mandated by the newly instituted Regulation (EU) 2023/1114. This document, identified as EBA/CP/2023/27, sets forth the framework for common reference parameters for these stress tests, reflecting the regulatory focus on the stability and resilience of the crypto market.

The World Health Organization (WHO) on Monday said that it is advancing the global fight against acute malnutrition in children under 5 with the launch of its new guideline on the prevention and management of wasting and nutritional oedema (acute malnutrition).

Apple is facing a class-action lawsuit that alleges the tech giant has engaged in a conspiracy to limit peer-to-peer payment options on its devices and block the integration of crypto technology in iOS payment apps.

DSP Mutual Fund announced the launch of the DSP Banking & Financial Services Fund. The scheme opened for public subscription on November 20, 2023, and will close on December 04, 2023. The scheme re-opens for continuous sale and repurchase within five days from the date of allotment.

AMC Repo Clearing is in talks with the Securities and Exchange Board of India (Sebi) to find ways to bring down operational costs related to taxation rules and the role of intermediaries on the tri-party repo platform, which the government is banking on to deepen the corporate bond market. The clearing house, promoted by asset management companies and inaugurated by finance minister Nirmala Sitharaman in July, is discussing matters related to recent taxation changes for corporate bonds as well as regulatory guidelines related to entering tri-party repos and the costs associated with it, two market sources aware of the development told ET. «They (AMC Repo) are trying to bring down that cost to attract more participants following feedback from the market. One of the discussion points with Sebi is to do with the step announced in the budget regarding TDS (tax deductible at source) on corporate bonds,» one of the sources said. «Given the nature of a tri-party repo, there are complications arising from the move — if the TDS is deducted in the name of the AMC Repo, how is that transferred back? Moreover, there are issues surrounding the eligibility of the securities at the time of coupon payments,» the source said. A tri-party repo is a type of contract that includes a third party which acts as an intermediary between two entities — one lending against a security and the other borrowing with a commitment to repurchase (repo) the security at a later date.

“Digital innovation is transforming how we transact, manage money, and view value but poses risks to our financial system,” read a statement from the Office of the Superintendent of Financial Institutions (OSFI). “Recent crypto events underscore risks of unregulated financial innovation. Public disclosures enhance transparency, comparability of data, and market discipline for a safer financial system.”

MUMBAI : Religare Enterprises Ltd’s (REL) board on Monday refuted the allegations against its chairperson Rashmi Saluja asserting that granting of the employee stock options (Esops) from REL’s subsidiary Care Health Insurance Ltd, complied with the regulations of the insurance watchdog. The Burman family, which seeks to take over REL via an open offer, claimed last week that Saluja’s annual remuneration of ₹150 crore is excessive. The open offer was announced on 25 September.

Bank of India (RBI) imposed a penalty of ₹25,000 on Pudukkottai Co-operative Town Bank Ltd for non-compliance of the directions issued on ‘Board of Directors - UCBs’. “The Reserve Bank of India (RBI) has, by an order dated October 12, 2023, imposed a monetary penalty of ₹25,000 on The Pudukkottai Co-operative Town Bank Ltd., Pudukkottai, Tamil Nadu (the bank).

₹5000 per plan/option and in multiples of Re 1. There is no upper limit for investment.

India offers to facilitate local manufacturing of electric vehicles will be equal for foreign as well as domestic investors, government officials said, amid concerns raised by automakers in India over possible concessions in import duty to American carmaker Tesla. Senior government officials in the know told ET that Tesla has sought provisional tariff concessions as a prerequisite for setting up a manufacturing facility in India, but New Delhi is not in favour of any company-specific exemptions. «The government's approach is for the industry as a whole and not for any specific company because we have very strong domestic companies in this sector,» said an official, adding that any incentives offered will be equal for domestic and foreign investors. The government is in the process of drawing up a policy to incentivise local manufacturing of electric cars, at a time when US EV maker Tesla and its relatively lesser-known Vietnamese rival VinFast are firming up their India entry strategy. While policy guidelines are yet to be finalised, local carmakers said offering concessional tariffs to Tesla will adversely impact investments that have already been made or are being made by them to produce electric vehicles.

Uttar Pradesh government on Saturday passed orders banning the production and sale of certain halal certified food products while calling for action against organisations associated with production and sale of halal certified drugs and cosmetics in what officials said was a bid to discourage unauthorised private bodies granting halal certificates to certain non-meat products driven by a «malicious attempt to exploit a specific religious sentiment and potentially incite discord among communities». The government in its orders passed by the food safety and drug administration department said that while information regarding halal certification on labels of drugs and cosmetics amounts to «misrepresentation» and is thus punishable under The Drugs and Cosmetics Act of 1940 as the act has no provision for halal certification; for food items, halal certification on non-meat products like dairy items, sugar, bakery products etc is akin to a system «parallel» to the standardisation provided by the Food Safety and Standards Authority of India (FSSAI), creating a situation of «confusion» and is thus also liable to be punished for misrepresentation under the Food Safety and Standards Act, 2006. The union commerce ministry had earlier this year notified guidelines for certification of halal meat products saying that only bodies accredited by the NABCB (national accreditation board for certification bodies) can issue valid halal certificates.

defines Halal Food as that which is permitted under the Islamic Law. "All lawful land animals should be slaughtered in compliance with the rules laid down in the Codex Recommended Code of Hygienic Practice for Fresh Meat," the FAO guidelines say. ALSO READ: Uttar Pradesh bans manufacturing, storage, distribution and sale of halal-certified products One of the many requirement is that the slaughter act should sever the trachea, oesophagus and main arteries and veins of the neck region" of the animal.

Bianca Censori and her husband Kanye West are «taking a break» after her friends allegedly intervened. They both married in December 2022 and have been apart since the middle of October. West has never been well-liked by Bianca's family, and those who know her have questioned if marrying him was the best choice. Bianca has been one of the most patient persons to deal with, but he is a very tough person to be around and work for.

Bajaj Finance on Friday in an exchange filing said that it is temporarily suspending issuance of EMI cards to new customers after the order issued by the Reserve Bank of India. In a regulatory filing, Bajaj Finance said," We would like to further inform that the Company has temporarily suspended the issuance of Existing Member Identification cards (‘EMI cards’) to new customers till such time that the deficiencies observed by RBI are rectified to their satisfaction.

Unified Payments Interface (UPI) IDs, UPI numbers, and phone numbers of Customers who have not performed any financial or non-financial transactions (balance inquiry, PIN change, etc.) for one year from any Third Party Application Providers (TPAPs) or PSP applications. “In the realm of digital payments, it is essential for customers to regularly review and verify their information within the banking system to ensure a safe and secure transactional experience. However, it has come to our attention that customers may change to a new mobile number without disassociating their previous number from the banking system," NPCI said in its guidelines.

SBI has announced that it plan to fill nearly 8,773 vacancies across the country through the SBI Clerk Exam 2024. What is the last application date for SBI Clerk Exam 2024: As per the official notification, the application process has started from November 17, 2023, and the window will remain open until December 7, 2023. Aspiring candidates are advised to visit the official SBI website to begin their online registration process. What is the eligibility for SBI Clerk Exam 2024: As of December 31, 2023, candidates must hold a bachelor's degree in any discipline from a recognized university or an equivalent qualification recognized by the Central Government. Candidates with an integrated dual degree (IDD) certificate must ensure that they have passed the IDD on or before December 31, 2023. What is the age limit for SBI Clery Exam 2024: As of April 1, 2023, candidates must be above 20 years of age and below 28 years of age. In other words, candidates must have been born between April 2, 1995, and April 1, 2003 (inclusive of both dates).

NEW DELHI : Retailers across the board may suffer after the Reserve Bank of India barred the largest consumer goods financier Bajaj Finance from disbursing loans under two products. On Wednesday, RBI barred Bajaj Finance from lending under its two products—eCom and Insta EMI Card—citing non-compliance with digital lending guidelines. Several retailers that Mint spoke with said this move will significantly impact retailers—both online and offline.

By Daniel Trotta

RBI) has barred Bajaj Finance, India's largest consumer financier, from sanctioning and disbursing loans under two of its lending products — 'eCOM' and 'Insta EMI Card' citing non-issuance of key fact statements (KFS) to the borrowers under these two lending products, and deficiencies in the KFS for other digital loans of the company. What is a KFS? A KFS is a document detailing vital information on a loan like amount, tenure, interest rate, fees and penalties. RBI rules mandate that digital loan customers are given these details in a easy-to-read concise format.