Sr No

Date

Circular No

Description

1

21-12-2023

No. FEMA 14(R)/2023-RB

Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023
The Indian Foreign Trade Policy outlines the payment methods between Indian citizens and foreign citizens. It requires Indian citizens to obtain Reserve Bank permission for payments, and payments must be made through an authorized bank or person. For trade transactions, receipts are made in Indian Rupees, except for Nepal and Bhutan, where foreign currency payments can be made. Payments for current account transactions are also made in Indian Rupees. Payments can be made by debit/credit to a bank account.

2

22-12-2023

RBI/2023-24/96
A.P. (DIR Series) Circular No. 10

Trade Credit for imports into India – Submission of return on issuance of bank guarantees for Trade Credits on the Centralised Information Management System (CIMS)
The Reserve Bank of India (RBI) has decided to shift the reporting of quarterly data on trade credit guarantees from the XBRL platform to the Centralized Information Management System (CIMS). The statement has been assigned a return code of ‘R131’ on CIMS. AD Category I banks have already been onboarded on the CIMS platform and are now submitting returns on the CIMS portal. The Master Direction - External Commercial Borrowing, Trade Credit and structured Obligation will be updated to reflect these changes. AD banks can bring the circular to their constituents.

3

22-12-2023

RBI/2023-24/95
A.P. (DIR Series) Circular No.09

Rupee Drawing Arrangement - Submission of statement/return on CIMS Portal
Starting December 26, 2023, the submission of statements through the XBRL site will be discontinued and shifted to the Centralized Information Management System (CIMS), the bank’s new data warehouse. AD Category-I banks have already been onboarded on the CIMS portal and are currently submitting returns on both sites. From the quarter ending December 2023, all banks must upload the statement on the CIMS portal. If no data is provided, a ‘NIL’ report will be uploaded. FED Master Direction No. 18/2015-16 will be updated accordingly.

4

22-12-2023

RBI/2023-24/94
A.P. (DIR Series) Circular No.12

CIMS Project implementation - Discontinuation of submission in legacy XBRL AD Category-I banks are now required to submit two statements on the XBRL site: a half-yearly statement detailing the quantity and value of gold imported by nominated banks/ agencies/EOUs/SEZs in the Gem & Jewellery sector, and a monthly statement showing the quantity and value of gold imports by nominated agencies/EOUs/SEZs in the same sector. The bank has decided to discontinue XBRL submission and move to CIMS for data collection.

5

22-12-2023

RBI/2023-24/93
A.P. (DIR Series) Circular No.11

Liberalised Remittance Scheme (LRS) for Resident Individuals- Reporting of monthly return and daily transactions 
AD Category-I banks are required to upload monthly and daily transaction-wise data on the Liberalised Remittance Scheme (LRS) on the XBRL site. Starting December 26, 2023, both returns will be shifted to the Centralised Information Management System (CIMS), the Bank’s new data warehouse. The LRS monthly return and daily return will be assigned return codes ‘R089’ and ‘R010’ respectively. If no data is provided, a ‘NIL’ report will be uploaded.

6

22-12-2023

RBI/2023-24/92
DoR.RET.REC.59/12.01.001/ 2023-24

Reverse Repo transactions - Reporting in Form ‘A’ Return
The circular dated October 16, 2023, has been revised to clarify the reporting of Reverse Repo transactions between banks and non-banks. For original tenors up to 14 days, it is not required to report in Form A, while for original tenors over 14 days, it should be reported in Item VI(a) of Form A. All other instructions remain unchanged.

7

27-12-2023

RBI/2023-24/97
FMRD.DIRD.No.05/14.03.061/ 2023-2024

Reserve Bank of India (Government Securities Lending) Directions, 2023
The Reserve Bank of India (RBI) has issued Draft Reserve Bank of India (Government Securities Lending) Directions, 2023, to encourage comments from banks, market participants, and other interested parties. The directions, issued under section 45W of the Reserve Bank of India Act, 1934, are in exercise of the powers conferred under section 45U of the Act and will come into immediate effect.

8

28-12-2023

Framework for Dealing with Domestic Systemically Important Banks (D-SIBs) - 2023

9

28-12-2023

RBI/2023-24/100
FIDD.MSME & NFS.BC.No.13/06.02.31/ 2023-24

Classification of MSMEs -
The Master Direction for Lending to Micro, Small & Medium Enterprises (MSME) Sector has been updated to reflect revised criteria for classification. The revised criteria require enterprises to register online on the Udyam Registration portal and obtain an ‘Udyam Registration Certificate’. Banks will be guided by the classification recorded in the Udyam Registration Certificate for PSL purposes.

10

28-12-2023

RBI/2023-24/99
DOR.STR.REC.60/21.04.048/ 2023-24

MHP Exemption for Transfer of Receivables -
The Reserve Bank of India has removed receivables acquired from ‘factoring business’ from the Minimum Holding Period requirement for secondary market operations. Eligible transferors must meet conditions like 90-day residual maturity and proper credit appraisal of the bill’s drawee.

11

28-12-2023

RBI/2023-24/98
FMRD.FMSD.07/03.07.35/ 2023-24

Reserve Bank of India (Financial Benchmark Administrators) Directions, 2023

12

29-12-2023

RBI/2023-24/103
DOR.LRG.REC.62/03.10.001/ 2023-24

Basel III Framework on Liquidity Standards – Net Stable Funding Ratio (NSFR) – Review of National Development Banks
The Basel III Framework on Liquidity Standards has updated the Net Stable Funding Ratio (NSFR) for National Development Banks (NDBs) to NABARD, NHB, and SIDBI. Other All India Financial Institutions (AIFIs) like EXIM Bank and National Bank for Financing Infrastructure and Development (NaBFID) will also be considered for NSFR computation. Unencumbered loans to NDBs with a residual maturity of one year or more qualify for a 35% or lower risk weight under the Standardised Approach for credit risk. Applicable to all Scheduled Commercial Banks (excluding Payments Banks and Regional Rural Banks).

13

29-12-2023

RBI/CEPD/2023-24/108
CEPD.PRD.No.S1228/13.01.019/ 2023-24

Master Direction - Reserve Bank of India (Internal Ombudsman for Regulated Entities) Directions, 2023 -
The Reserve Bank of India has established an Internal Ombudsman mechanism in regulated entities to improve customer service standards and maintain independence in consumer grievance redress. The mechanism is directed to all entities to comply with the directive, with appointed Ombudsmans remaining in office until their tenure expires. The Consumer Education and Protection Department at the Reserve Bank of India should receive contact details for the appointed Ombudsman/Deputy Ombudsman.

14

29-12-2023

RBI/2023-24/102
DoR.MCS.REC.61/01.01.001/ 2023-24

Fair Lending Practice - Penal Charges in Loan Accounts: Extension of Timeline for Implementation of Instructions -
The circular’s instructions, originally set to take effect on January 1, 2024, have been extended by three months due to requests from some regulated entities (REs) to reconfigure their systems and operationalize the circular. REs must implement the instructions for all new loans from April 1, 2024, and switch over to a new penal charges regime for existing loans by June 30, 2024. A set of FAQs will be uploaded to the RBI website for clarifications.

15

29-12-2023

RBI/2023-24/101
CO.DPSS.POLC.No.S940/02-29-005/2023-24

Payments Infrastructure Development Fund – Extension of Scheme and Enhancements -
The Reserve Bank of India has extended the Operationalisation of Payments Infrastructure Development Fund (PIDF) Scheme by two years, up to December 31, 2025. The scheme now subsidises the deployment of acceptance infrastructure based on device category, including Soundbox devices and Aadhaar-enabled biometric devices. The subsidy for devices deployed in special focus areas has increased from 75% to 90% of the total cost.

16

01-01-2024

RBI/2023-24/105
DOR.SOG (LEG).REC/64/09.08.024/ 2023-24

Inoperative Accounts /Unclaimed Deposits in Banks- Revised Instructions -
The Reserve Bank of India has issued guidelines for banks to transfer credit balances in unclaimed deposit accounts with over ten years of history to the DEA Fund. The guidelines aim to consolidate and rationalize existing instructions on inoperative accounts, cover various aspects of classifying accounts and deposits, and are applicable to all Commercial Banks and Co-operative Banks. The revised instructions will come into effect from April 1, 2024.

17

01-01-2024

RBI/2023-24/104
DoR.SPE.REC.63/13.03.00/ 2023-2024

Review of Instructions on Bulk Deposits for Urban Co-operative Banks (UCBs) -
The Reserve Bank of India has increased the bulk deposit limit for Scheduled Primary (Urban) Co-operative Banks in Tier 3 and 4 to Rupees one crore and above, encompassing single Rupee term deposits of Rupees one crore and above for Tier 3 and 4 UCBs and Rupees fifteen lakh and above for all other UCBs.

18

02-01-2024

RBI/2023-24/106
DOR.AML.REC.65/14.06.001/ 2023-24

Designation of 2 individuals as ‘Terrorists’ under Section 35 (1) (a) of the Unlawful Activities (Prevention) Act (UAPA), 1967 and their listing in the Schedule IV of the Act- Reg -
The General Manager of the Ministry of Home Affairs has issued Gazette notifications regarding two individuals declared as ‘Terrorists’ and advised Regulated Entities (REs) to be aware.

19

03-01-2024

RBI/FMRD/2023-24/109
FMRD.DIRD.09/14.02.001/ 2023-24

Master Direction – Reserve Bank of India (Commercial Paper and Non-Convertible Debentures of original or initial maturity upto one year) Directions, 2024 -
The Reserve Bank of India has issued draft Directions on Call, Notice and Term Money, Certificate of Deposit, and Commercial Paper and Non-Convertible Debentures for market feedback. The Master Directions, 2021 and 2024, were issued on April 01, 2021 and June 04, 2021, respectively, and are currently in progress.

20

04-01-2024

RBI/2023-24/107
DOR.AML.REC.66/14.01.001/ 2023-24

Amendment to the Master Direction (MD) on KYC -
The Master Direction on KYC, dated February 25, 2016, outlines the process for Regulated Entities (REs) to conduct Customer Due Diligence (CDD) for their customers. It clarifies the definition of Politically Exposed Persons (PEPs), including prominent public figures from foreign countries. The sub-clause of clause (a) of Section 3 has been removed.

21

05-01-2024

RBI/2023-24/108
A. P. (DIR Series) Circular No. 13

Risk Management and Inter-Bank Dealings – Hedging of foreign exchange risk -
The Bi-monthly Monetary Policy Statement for 2023-24 includes a review of the regulatory framework for hedging foreign exchange risks. The revised framework, based on feedback from market participants and experience, includes revised Directions for all types of foreign exchange transactions, including cash, tom, and spot. The revised Directions will come into effect from April 5, 2024, and are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 and Section 45W of the Reserve Bank of India, 1934.

22

06-01-2024

RBI/2023-24/110
DOR.AML.REC.68/14.06.001/ 2023-24

Implementation of Section 51A of UAPA, 1967 Updates to UNSC’s 1267 / 1989 ISIL (Da’esh) & Al-Qaida Sanctions List Amendments in 07 Entries -
The Indian Ministry of External Affairs (MEA) has updated the ISIL (Da’esh) and Al-Qaida Sanctions List, allowing individuals and entities to be subject to assets freeze, travel ban, and arms embargo, in line with Section 51A of the Unlawful Activities (Prevention) Act, 1967, in response to resolutions 1267 (1999), 1989 (2011), and 2253 (2015).

23

06-01-2024

RBI/2023-24/109
DOR.AML.REC.67/14.06.001/ 2023-24

Implementation of Section 12A of the Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005: Designated List (Amendments) -
The Indian Ministry of Finance has issued a Master Direction on Know Your Customer, requiring regulated entities to comply with Section 12A of the Weapons of Mass Destruction Act, 2005. They are also required to daily verify the UNSCR 1718 Sanctions List of Designated Individuals and Entities to ensure compliance with any modifications. The UNSC Committee has enacted amendments to its Sanctions List, and REs are advised to ensure meticulous compliance.

24

11-01-2024

RBI/2023-24/111
DOR.AML.REC.69/14.06.001/ 2023-24

Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da’esh) & Al-Qaida Sanctions List: Amendments in 14 Entries -
The Indian Ministry of External Affairs has updated the ISIL (Da’esh) and Al-Qaida Sanctions List, allowing individuals and entities to be subject to assets freeze, travel ban, and arms embargo, in line with Resolutions 1267 (1999), 1989 (2011), and 2253 (2015), and adopted by the UNSC under Chapter VII of the United Nations Charter.

25

15-01-2024

RBI/2023-24/113
Ref.No.DOS.ARG/SEC.8/08.91.001/ 2023-24

Guidelines on Appointment / Re-appointment of Statutory Auditors of State Co-operative Banks and Central Co-operative Banks -
The Reserve Bank of India (RBI) has framed guidelines for seeking RBI approval for appointment, re-appointment, or removal of Statutory Auditor (SA) and related matters. These guidelines will be applicable from April 1, 2024, and for all accounting periods starting on or after April 1, 2024, StCBs and CCBs must submit applications by July 31, in accordance with the guidelines.

26

15-01-2024

RBI/2023-24/112
DOR.CRE.REC.70/21.01.003/ 2023-24

Credit/Investment Concentration Norms – Credit Risk Transfer -
The review of concentration norms among Non-Banking Financial Companies (NBFCs) aims to ensure uniformity and consistency in their computation. Regulations for NBFC-ML include the calculation of aggregate exposure to a counterparty, exemptions from credit/investment concentration norms, and disclosure requirements. Aggregate exposure is calculated using the capital computation method, and off-balance sheet exposures are converted into credit risk equivalents using the credit conversion factor. Credit default swaps (CDS) are allowed as credit risk transfer instruments. NBFC-BL must implement an internal Board-approved policy for credit/investment concentration limits for both single and group borrowers/parties.

27

16-01-2024

RBI/2023-24/114
DoR.CRE.REC.71/07.10.002/ 2023-24

Master Circular- Exposure Norms and Statutory / Other Restrictions - UCBs

28

17-01-2024

RBI/2023-24/115
DoR.REG/LIC.No.72/16.05.000/ 2023-24

Second Schedule to the Reserve Bank of India Act, 1934 – Norms for inclusion -
The Revised Regulatory Framework for Urban Co-operative Banks (UCBs) was released on July 19, 2022, with revised categorization norms and criteria for classifying UCBs as Financially Sound and Well Managed. The government announced that licensed Tier 3 and Tier 4 Primary (Urban) Co-operative Banks, fulfilling the criteria for Financially Sound and Well Managed Urban Co-operative Banks by the Reserve Bank of India, will be eligible financial institutions for inclusion in the Second Schedule to the Reserve Bank of India Act, 1934. Eligible UCBs must have a CAR of at least 3% more than the minimum requirement and no major regulatory and supervisory concerns.

29

19-01-2024

RBI/2023-24/116
FIDD.CO.LBS.BC.No.14/02.08.001/ 2023-24

Formation of new districts in the State of Madhya Pradesh – Assignment of Lead Bank Responsibility -
The Madhya Pradesh government has announced the creation of two new districts, Pandhurna and Maihar, with the Lead Banks designated as Central Bank of India (02O) and Indian Bank (02P). The decision was made in a Gazette Notification dated October 5, 2023. No changes were made to the Lead Banks of other districts in the state of Madhya Pradesh.