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    December 31, 2019
    Monthly Review of Accounts of Union Government of India up to the month of November 2019 for the Financial Year 2019-20
    December 31, 2019
    Auction for Sale (Re-Issue) of ‘6.17% GS 2021’,
    December 30, 2019
    RBI releases draft circular on Limits on Exposure to Single and Group Borrowers/Parties and Large Exposures and Revision in Priority Sector Lending Ta...
    December 24, 2019
    Auction for Sale (Re-Issue) of ‘6.18% GS 2024’, Auction for Sale (Re-issue) of ‘GoI Floating Rate Bond 2031’, Auction for Sale (Re-Issue) of ...
    December 20, 2019
    Three combinations get automatic approval under CCI Green Channel
    December 18, 2019
    Gem Partners with UCO Bank and Bank of Maharashtra for Payment Related Services
    December 17, 2019
    Auction for Sale (Re-Issue) of ‘6.17% GS 2021’,
    December 12, 2019
    Cabinet approves the proposal for increase in authorised capital and equity support to India Infrastructure Finance Company Limited (IIFCL)
    December 12, 2019
    Cabinet approves "Partial Credit Guarantee Scheme" for purchase of high-rated pooled assets from financially sound NBFCs/HFCs by PSBs
    December 10, 2019
    Auction for Sale (Re-Issue) of ‘6.18% GS 2024’,
    December 9, 2019
    Government amended IEPFA Rules, 2016, to simplify refund of claims
    December 7, 2019
    Availability of National Electronic Funds Transfer (NEFT) System on 24x7 basis
    December 5, 2019
    RBI releases “Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector”
    December 4, 2019
    e-Marketplace
    December 2, 2019
    Auction for Sale (Re-Issue) of ‘6.17% GS 2021’,
    December 2, 2019
    India's mfg sector activity growth inches up in Nov; but remains subdued
    November 30, 2019
    Sovereign Gold Bond Scheme 2019-20 (Series VII) – Issue Price
    November 29, 2019
    Rural and Agriculture Finance: Critical Input to Achieve Inclusive and Sustainable Development (Shri. M. K. Jain, Deputy Governor, Reserve Bank of Ind...
    November 29, 2019
    Monthly Review of Accounts of Union Government of India upto the month of October 2019 for the Financial Year 2019-20
    November 28, 2019
    Microfinance as the next wave of Financial Inclusion (Shri. M. K. Jain, Deputy Governor, Reserve Bank of India - November 26, 2019 - at the SIDBI Nati...
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    News
    All› FEMA & RBI › FEMA & RBI - 2019
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    December 31, 2019
    Monthly Review of Accounts of Union Government of India up to the month of November 2019 for the Financial Year 2019-20
    Show AI Summary
    Union government fiscal review reports receipts composition, state devolution and the split between revenue and capital expenditure.
    Monthly consolidation to November 2019 reports total receipts comprising tax revenue (net), non tax revenue and non debt capital receipts (loan recoveries and disinvestment), records devolution of tax shares to states, and presents total expenditure split into revenue and capital accounts with interest payments and major subsidies identified as principal components of revenue expenditure.
    December 31, 2019
    Auction for Sale (Re-Issue) of ‘6.17% GS 2021’,
    Show AI Summary
    Government securities auction re-issue via multiple-price method with non-competitive allotment and electronic bid submission required.
    The Government announced re-issues of several Government Stocks to be sold by price-based, multiple-price auction conducted by the Reserve Bank of India, with specified notified nominal amounts and a retained subscription option subject to the total notified limit. Up to a reserved percentage of each notified amount is allotted under the Non-Competitive Bidding Facility to eligible individuals and institutions. Both competitive and non-competitive bids must be submitted electronically on the RBI's E-Kuber system within prescribed time windows; results will be announced on the auction date and successful bidders must remit payment on the prescribed settlement date. The Stocks qualify for When Issued trading per RBI guidelines.
    December 30, 2019
    RBI releases draft circular on Limits on Exposure to Single and Group Borrowers/Parties and Large Exposures and Revision in Priority Sector Lending Targets for UCBs
    Show AI Summary
    Exposure limits for UCBs tightened: reduced single and group caps and increased priority sector lending target enforced.
    Prudential exposure norms for primary urban co-operative banks are tightened by lowering single-borrower and group exposure limits relative to Tier I capital for all fresh exposures, requiring reduction of existing excess exposures by the compliance date while allowing run-off of existing term and non-fund facilities without fresh exposure. UCBs must also ensure at least half their loan portfolio consists of smaller-ticket loans and meet an increased Priority Sector Lending target via a phased glide path, with Board-approved Action Plans and monitoring mechanisms to ensure compliance.
    December 24, 2019
    Auction for Sale (Re-Issue) of ‘6.18% GS 2024’, Auction for Sale (Re-issue) of ‘GoI Floating Rate Bond 2031’, Auction for Sale (Re-Issue) of ‘7.69% GS 2043’, and Auction for Sale (Re-Issue) of ‘7.72% GS 2049’
    Show AI Summary
    Auction of government securities using multiple price method with non competitive bidding facility and electronic bid submission.
    Announcement of re issue auctions for multiple Central Government securities conducted by the Reserve Bank of India using the multiple price method, with both competitive and non competitive bidding available; a portion of each notified amount is reserved for eligible individuals and institutions under the non competitive scheme. Bids must be submitted electronically via the RBI Core Banking Solution (E Kuber) within prescribed time windows; the announcement specifies the option to accept additional subscriptions within an overall cap. The securities are eligible for "When Issued" trading under existing RBI guidelines.
    December 20, 2019
    Three combinations get automatic approval under CCI Green Channel
    Show AI Summary
    Automatic approval under Green Channel: notified combinations are deemed approved upon filing, streamlining merger clearance process.
    Under the Green Channel mechanism, combinations notified under sub section (2) of Section 6 of the Competition Act read with the Combination Regulations are deemed approved upon filing and acknowledgement, eliminating the need for further substantive merger review and thereby reducing time and compliance costs for notified transactions.
    December 18, 2019
    Gem Partners with UCO Bank and Bank of Maharashtra for Payment Related Services
    Show AI Summary
    Payment integration enables GeM users access to pooled accounts, guarantees and financing linked to seller performance.
    GeM executed MoUs with banks to integrate services enabling transfers via GeM Pool Accounts, electronic advising of Performance Bank Guarantees and Earnest Money Deposit management, advancing a paperless, contactless procurement system. Concurrently, GeM is arranging bill discounting and working capital finance tied to seller performance and contemplating an EMD pool account to simplify EMD compliance and improve MSME access to credit.
    December 17, 2019
    Auction for Sale (Re-Issue) of ‘6.17% GS 2021’,
    Show AI Summary
    Government securities auction using multiple price method with non-competitive bidding and when-issued trading eligibility.
    Price-based re-issue auctions for specified Government Stocks will be conducted by the Reserve Bank of India using the multiple price method, with the Government retaining an option to accept additional subscriptions subject to an overall ceiling. Up to five per cent of each notified amount is reserved for eligible individuals and institutions under the non-competitive bidding scheme. Competitive and non-competitive bids must be submitted electronically via E-Kuber within prescribed time windows, and the re-issued stocks will be eligible for "When Issued" trading under RBI guidelines.
    December 12, 2019
    Cabinet approves the proposal for increase in authorised capital and equity support to India Infrastructure Finance Company Limited (IIFCL)
    Show AI Summary
    Increase in authorised capital enables expanded infrastructure financing through government equity support and recapitalisation bonds to bolster lending.
    The Cabinet approved additional equity support to IIFCL to be provided via budgetary allocations and/or recapitalisation bonds, with timing and terms to be decided by the Department of Economic Affairs, and authorised an increase in IIFCL's authorised capital to create borrowing headroom for financing large infrastructure projects.
    December 12, 2019
    Cabinet approves "Partial Credit Guarantee Scheme" for purchase of high-rated pooled assets from financially sound NBFCs/HFCs by PSBs
    Show AI Summary
    Partial Credit Guarantee Scheme enables banks to buy high-rated NBFC/HFC asset pools, backed by government first-loss support.
    The Government approved the Partial Credit Guarantee Scheme to enable Public Sector Banks to purchase high-rated pooled assets from financially sound NBFCs/HFCs, providing a one-time partial government guarantee that covers first-loss on purchased asset pools. Eligibility is confined to NBFCs/HFCs that may have slipped into SMA-0 prior to 1.8.2018, excludes SMA-1/2, requires pool ratings of BBB+ or higher, and operates within a time-limited window with limited extension powers delegated to the Finance Minister.
    December 10, 2019
    Auction for Sale (Re-Issue) of ‘6.18% GS 2024’,
    Show AI Summary
    Government securities re-issue auction using multiple-price method with non-competitive allotment and electronic bidding procedures and specified timing and payment schedule.
    Sale by re-issue of multiple Central Government stocks is announced through price-based auctions using the multiple-price method, with the issuer permitted limited additional retention of subscriptions. Up to five percent of each notified amount is reserved for eligible investors under the Non-Competitive Bidding Facility. Competitive and non-competitive bids must be submitted electronically within prescribed windows; auction results, allotment and payment follow a specified timetable. The stocks are eligible for When Issued trading under existing guidelines.
    December 9, 2019
    Government amended IEPFA Rules, 2016, to simplify refund of claims
    Show AI Summary
    Investor protection rules amended: digitised faceless processing simplifies refund claims and enforces time bound compliance.
    Amendments to the IEPF (Accounting, Audit, Transfer and Refund) Rules, 2016 simplify the process for refund of claims by instituting digitisation, transparent and faceless processing, and rule based, time bound company compliances. The Investor Education & Protection Fund Authority, established under Section 125 of the Companies Act, 2013, continues to promote investor education and protection while implementing these system driven reforms and coordinating investor awareness programmes.
    December 7, 2019
    Availability of National Electronic Funds Transfer (NEFT) System on 24x7 basis
    Show AI Summary
    NEFT 24x7 availability expands round the clock transfers; banks must maintain liquidity and send confirmation messages.
    NEFT will operate on a continuous 24x7 basis via 48 half-hourly settlement batches daily, with the first settlement after 00:30 and the last ending at 00:00, and will be available on all days including holidays. Banks must process after-hours transactions via STP, continue the discipline of crediting beneficiaries or returning transactions within two hours of batch settlement, send positive confirmation messages (N10) for all credits, and adhere to all NEFT procedural guidelines. Banks must maintain adequate liquidity with the central bank and ensure necessary infrastructure for seamless 24x7 NEFT processing.
    December 5, 2019
    RBI releases “Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector”
    Show AI Summary
    On tap licensing for small finance banks enables continuous applications and immediate scheduled bank status upon commencement.
    Guidelines establish an on tap licensing regime for Small Finance Banks, require minimum paid up voting equity capital / net worth of Rs. 200 crore for new applicants, and mandate that Primary (Urban) Co operative Banks transitioning to SFBs meet Rs. 100 crore initially and reach Rs. 200 crore within five years. SFBs receive scheduled bank status and general permission to open banking outlets upon commencement; Payments Banks may apply to convert to SFBs after five years if eligible under the guidelines.
    December 4, 2019
    e-Marketplace
    Show AI Summary
    National Public Procurement Portal enables end-to-end transparent government procurement, integrating banking and multiple procurement modes.
    GeM SPV operates as the National Public Procurement Portal delivering an end-to-end, open and transparent online procurement platform for government purchases with direct purchase, e-bidding and reverse auction modes; it incorporates online banking services through MOUs for collections, transfers and payment mechanisms, reports large numbers of registered buyers and sellers, and publishes state- and district-level procurement volumes by procurement mode, including national aggregates and a specific Satna district breakdown.
    December 2, 2019
    Auction for Sale (Re-Issue) of ‘6.17% GS 2021’,
    Show AI Summary
    Government securities auction: re-issue conducted by RBI via multiple-price method with competitive and non competitive bidding.
    Sale (re-issue) of specified government stocks will be effected through price-based auctions conducted by the Reserve Bank of India using the Multiple Price Method, with the Government retaining an option to retain additional subscription within overall limits. Up to a prescribed share of each notified amount is reserved for eligible individuals and institutions under the Non-Competitive Bidding Facility. Competitive and non-competitive bids must be submitted electronically via the RBI E Kuber system within prescribed time windows; auction results and payment follow on specified dates. The re-issued stocks are eligible for "When Issued" trading per RBI guidelines.
    December 2, 2019
    India's mfg sector activity growth inches up in Nov; but remains subdued
    Show AI Summary
    Monetary policy stance: RBI likely to continue accommodative policy amid subdued manufacturing growth and muted inflation.
    The Reserve Bank is likely to maintain an accommodative stance and implement further rate reductions in response to subdued manufacturing activity, restrained demand, weak forward-looking indicators (business optimism, input buying, employment) and only marginal inflationary pressure, with successive cuts earlier in the year aimed at supporting growth and liquidity.
    November 30, 2019
    Sovereign Gold Bond Scheme 2019-20 (Series VII) – Issue Price
    Show AI Summary
    Sovereign Gold Bond issue price set; online applicants paying digitally receive a specified per gram discount during the subscription period.
    Sovereign Gold Bond 2019-20 (Series VII) fixes the per gram issue price and settlement date for the subscription period, and provides a specified per gram discount for investors who apply online and pay through digital modes, with the discount made an operative issuance condition following government notification.
    November 29, 2019
    Rural and Agriculture Finance: Critical Input to Achieve Inclusive and Sustainable Development (Shri. M. K. Jain, Deputy Governor, Reserve Bank of India - November 13, 2019)
    Show AI Summary
    Agriculture finance: strengthening credit access and digital reforms to deepen inclusion and sustainable farm investments.
    Rural and agricultural finance is framed as essential for inclusive and sustainable development, recognising growth in institutional credit but persistent challenges like small landholdings, regional credit disparities and reliance on non institutional lenders. RBI's Internal Working Group recommends digitising land records, reforming land leasing, national coordination on policy reforms, digital solutions to bridge information gaps, and modifications to Priority Sector Lending along with strengthening Kisan Credit Cards, SHG linkages and Farmer Producer Organisations to enhance credit flow to excluded and credit starved regions.
    November 29, 2019
    Monthly Review of Accounts of Union Government of India upto the month of October 2019 for the Financial Year 2019-20
    Show AI Summary
    Government receipts composition highlights tax, non tax and non debt capital receipts shaping fiscal transfers and expenditure profile.
    Monthly review reports the Union Government's receipts composition-tax revenue, non-tax revenue and non-debt capital receipts-and notes devolution of tax shares to States; expenditure is classified into revenue and capital, with revenue expenditure dominated by interest payments and major subsidies.
    November 28, 2019
    Microfinance as the next wave of Financial Inclusion (Shri. M. K. Jain, Deputy Governor, Reserve Bank of India - November 26, 2019 - at the SIDBI National Microfinance Congress 2019 at Mumbai)
    Show AI Summary
    Digital microfinance: accelerate inclusive credit through fintech collaboration while ensuring consumer protection and data safeguards.
    Microfinance should expand access through collaboration among banks, NBFCs, MFIs and FinTechs, leveraging digital on boarding, AI and alternate credit scoring to serve low income clients while addressing risks. Policy measures such as co origination for priority sector lending and bank funding to NBFCs for on lending are highlighted to boost credit to microenterprises and SHGs. Emphasis is placed on consumer protection, adherence to Responsible Lending and Conduct codes, geographic diversification, digital literacy, data privacy, and regulatory sandboxes-with SIDBI proposed to handhold technology adoption and host test ecosystems for customer centric digital microfinance.

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      FEMA & RBI

      Three combinations get automatic approval under CCI Green Channel

      December 20, 2019

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      The Competition Commission of India (CCI) received the following three Green Channel combinations filed under sub-section (2) of Section 6 of the Competition Act, 2002 (Act) read with regulation 5A of the Competition Commission of India (Procedure in regard to the transactions of business relating to combinations) Regulations, 2011 (Combination Regulations):

      Acquisition of IDBI Asset Management Ltd. (IAML) and IDBI MF Trustee Company Ltd. (IMTL) by Muthoot Finance Limited (MFL) [filed on 16th December, 2019]

      The notification relates to the acquisition of 100% equity shares of both IAML and IMTL by MFL. MFL, a non-deposit taking NBFC registered with the RBI and provides secured and unsecured loan (financing) against collateral of gold jewellery to companies and individuals. IAML’s principal activity is to act as an asset management company to the IDBI Mutual Fund. IMTL acts as the trustee company of IDBI MF in India. IDBI Bank holds 100% shareholding in IMTL.

      Summary of the Proposed Combination is available at: https://www.cci.gov.in/sites/default/files/notice_order_summary_doc/C-2019-12-710.pdf 

      Acquisition of Adani Electricity Mumbai Limited (AEML) and Adani Electricity Mumbai Services Limited (AEMSL) by Qatar Holding LLC (QH) [filed on 19th December, 2019]

      The notification relates to the acquisition by QH of 25.1% equity shares of AEML and AEMSL from Adani Transmission Limited.  QH, registered as a FPI with SEBI, is an investment holding company of Qatar Investment Authority (QIA).  AEML is the licensee for an integrated power distribution, transmission and generation business. AEMSL is a newly incorporated entity and is currently not engaged in any business activity. AEMSL intends to provide certain captive services to AEML and ATL.

      Summary of the Proposed Combination is available at

      https://www.cci.gov.in/sites/default/files/notice_order_summary_doc/C-2019-12-712.pdf

      Acquisition of GVK Airport Holdings Limited (GVKAHL ) by Green Rock B 2014 Limited (Green Rock), National Investment and Infrastructure Fund (NIIF) and Indo-Infra Inc. (Indo-Infra) [filed on 19th December, 2019]

      The notification relates to acquisition of shares of, and control over, GVKAHL (and / or of its affiliates) and through GVKAHL (and / or through its affiliates), control over GVKAHL’s subsidiaries, Mumbai International Airport Limited (MIAL) and Navi Mumbai International Airport Private Limited (NMIA) by Green Rock, NIIF, and Indo-Infra. Green Rock, a trustee of Green Stone Trust has made certain investments in India and does not carry out any business activities directly in India. NIIF is an alternative investment fund with a focus to provide long-term capital to the country’s infrastructure sector. Indo-Infra is a holding company and part of the PSP group. PSP is a Canadian Crown corporation established by the Canadian Parliament under the Public Sector Pension Investment Board Act. GVKAHL is an affiliate of the GVK group. GVKAHL is a holding company for MIAL and its subsidiaries and joint ventures, and is also intended to engage in the business of developing infrastructure facilities and investing in companies directly or indirectly developing, operating and managing airports.

      Summary of the Proposed Combination is available at

      https://www.cci.gov.in/sites/default/files/notice_order_summary_doc/C-2019-12-713.pdf

      The Proposed Combinations filed under sub-section (2) of Section 6 of the Act read with regulations 5A of the Combination Regulations (i.e. notice for approval of Combinations under Green Channel) shall be deemed to have been approved upon filing and acknowledgement thereof.

      CCI Green Channel

      The CCI introduced an automatic system of approval for combinations under 'Green Channel'. Under this process, the combination is deemed to have been approved upon filing the notice in the prescribed format. This system would significantly reduce time and cost of transactions and thereby contributing towards ease of doing business in India.

      ****

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