Sr No

Date

Circular No

Description

1

31-01-2024

RBI/2023-24/117
DoS.CO.CSITEG.SEC.No.9/31-01-015/2023-24

Streamlining of Internal Compliance monitoring function – leveraging use of technology
Based on assessment done by RBI, there need for comprehensive, integrated, enterprise-wide, and workflow-based solutions to enhance the function. The RE, based on the size and complexity of its operations, may decide on the tools/ mechanism it would prefer to deploy for monitoring of compliance and development of the unified dashboard. REs are advised to review their internal compliance tracking processes and implement necessary changes by June 30, 2024.

2

31-01-2024

RBI/2023-24/118
A.P. (DIR Series) Circular No.14

Guidelines on import of gold by Tariff Rate Quota (TRQ) holders under the India-UAE CEPA as notified by–The International Financial Services Centres Authority (IFSCA)
AD Category-I banks may allow valid TRQ holders under the India-UAE CEPA to remit advance payment for eleven days for import of gold through IIBX against the TRQ subject to the directions as mentioned in A.P. (DIR Series) Circular No.04 dated May 25, 2022

3

08-02-2024

RBI/2023-24/119
DOR.AML.REC.73/14.06.001/2023-24

Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List: Amendments in 85 Entries

4

09-02-2024

RBI/2023-24/120
DoR.AUT.REC.74/24.01.041/2023-24

Participation of Indian Banks on India International Bullion Exchange IFSC Limited (IIBX)
The Reserve Bank of India has decided to allow Indian banks operating in GIFT-IFSC to act as Trading Members/Trading and Clearing Members of IIBX and as Special Category Client1 for gold/silver imports. The circular, issued on June 07, 2022, is applicable to all Scheduled Commercial Banks, except for Regional Rural Banks. The instructions are issued under Section 35A of the Banking Regulation Act, 1949.

5

09-02-2024

RBI/2023-24/121
DoR.HGG.GOV.REC.75/29.67.001/2023-24

Review of Fixed Remuneration granted to Non-Executive Directors (NEDs)
The ceiling stated circular dated April 26, 2021, specified a ceiling of ₹20 lakh per annum for remuneration of Non-Executive Directors (NEDs) in banks has been revised to ₹30 lakh per annum. Private sector banks must obtain regulatory approval for remuneration to Part-time Chairman and disclose remuneration paid to directors in their Annual Financial Statements. The instructions apply to all private sector banks, including Small Finance Banks and Payment Banks.

6

15-02-2024

RBI/2023-24/122
DOR.RET.REC.76/12.07.160/2023-24

Exclusion of “Rupee Co-operative Bank Limited” from the Second Schedule to the Reserve Bank of India Act, 193

7

20-02-2024

RBI/2023-24/123
FIDD.CO.LBS. BC.No.15/02.08.001/ 2023-24

Formation of new district in the State of Assam – Assignment of Lead Bank Responsibility
The Government of Assam has announced the formation of a new district, Hojai, and has designated the Lead Bank of the new district as State Bank of India (District Working Code - 409).

8

22-02-2024

RBI/2023-24/124
DOR.STR.REC.78/04.02.001/2023-24

Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit
The Indian government has extended the Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit until June 30, 2024. The rate of interest equalization is 2% for Manufacturers and Merchant Exporters exporting under specified 410 HS lines and 3% for MSME manufacturers exporting under any HS line. The scheme has been modified to include restrictions on banks with an average interest rate greater than Repo Rate + 4% prior to subvention, and a cap on the annual net subvention amount at Rs 10 Cr per Importer-Exporter Code (IEC).

9

22-02-2024

RBI/2023-24/125
DoR.FIN.REC.77/03.10.123/2023-24

Inclusion of Clearing Corporation of India Limited as a Financial Information Provider under Account Aggregator Framework
The RBI Retail Direct Scheme, launched on November 12, 2021, allows retail investors to invest in Government Securities through Retail Direct Gilt Accounts with the Bank. Clearing Corporation of India Limited is included as a Financial Information Provider for aggregating financial information on Government Securities held by investors.

10

23-02-2024

RBI/2023-24/126
CO.DPSS.POLC.No.S1092/02-14-006/2023-2024

Amendment to Master Direction on Prepaid Payment Instruments
The Master Directions CO.DPSS.POLC.No.S-479/02.14.006/2021-22, dated August 27, 2021, outline the types of Prepaid Payment Instruments (MD-PPIs) that banks and non-banks can issue after RBI approval. The directive allows authorized PPI issuers to issue PPIs for public transport payments, providing convenience, speed, affordability, and safety.