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    December 29, 2023
    Calendar for Auction of Government of India Treasury Bills (For the Quarter ending March 2024)
    December 29, 2023
    Monthly Review of Accounts of Union Government of India upto the month of November, 2023 for the Financial Year 2023-24
    December 29, 2023
    Building resilient brand India amidst global uncertainty (Speech by Shri Swaminathan J, Deputy Governor, Reserve Bank of India - December 28, 2023 - a...
    December 29, 2023
    Domestic Systemically Important Bank (D-SIB) Framework - Review of the Assessment Methodology
    December 29, 2023
    RBI releases Draft Directions on Bond Forwards under Section 45W of the RBI Act, 1934
    December 27, 2023
    Rationalisation of Licensing Framework for Authorised Persons (APs) under Foreign Exchange Management Act (FEMA), 1999
    December 22, 2023
    Auction for Sale (re-issue) of (i) ‘7.37% GS 2028’, (ii) ‘7.18% GS 2033’ and (iii) ‘7.30% GS 2053’
    December 21, 2023
    PFRDA now allows National Pension System (NPS) subscribers to deposit contributions through Unified Payments Interface (UPI) QR code for D-Remit
    December 20, 2023
    Auction for Sale (re-issue) of (i) ‘7.33% GS 2026’, (ii) ‘7.18% GS 2037’ and (iii) ‘7.25% GS 2063’
    December 19, 2023
    Total digital payment transactions volume increases from 2,071 crore in FY 2017-18 to 13,462 crore in FY 2022-23 at a CAGR of 45 per cent: MoS Finance
    December 18, 2023
    Steps taken by Government to facilitate Credit access to Farmers
    December 18, 2023
    UPI transactions grew from ₹ 1 lakh crore in FY 2017-18 to ₹ 139 lakh crore in FY 2022-23 in value, at a CAGR of 168%
    December 16, 2023
    Sovereign Gold Bond Scheme 2023-24 (Series III) will be opened for subscription during the period December 18-22, 2023
    December 13, 2023
    51.04 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts opened with deposit balance of Rs. 2,08,855 crore
    December 13, 2023
    28.89 crore loans worth Rs. 17.77 lakh crore extended under Pradhan Mantri Mudra Yojana (PMMY) in last five financial years
    December 12, 2023
    Total digital payment transactions volume increased from 2,071 crore in FY2017-18 to 13,462 crore in FY2022-23 at a CAGR of 45%
    December 12, 2023
    Auction for Sale (re-issue) of (i) ‘7.37% GS 2028’, (ii) ‘7.18% GS 2033’ and (iii) ‘7.46% GS 2073’
    December 11, 2023
    RBI Cautions against unauthorised campaigns on Loan waiver
    December 8, 2023
    Union Minister of Commerce & Industry Shri Piyush Goyal highlights growing confidence in India's potential and nation's rising stature on the global s...
    December 8, 2023
    Monetary Policy Statement, 2023-24 Resolution of the Monetary Policy Committee (MPC) December 6 to 8, 2023
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    All› FEMA & RBI › FEMA & RBI - 2023
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    December 29, 2023
    Calendar for Auction of Government of India Treasury Bills (For the Quarter ending March 2024)
    Show AI Summary
    Treasury bill issuance schedule announced with specified weekly auctions and flexibility to modify amounts and timing.
    The document sets a quarterly auction calendar for Treasury Bills, specifying weekly auction dates, issue dates and notified amounts for 91 day, 182 day and 364 day bills with quarter totals. It provides that the Government, in consultation with the Reserve Bank of India, may modify notified amounts and auction timing in response to cash needs, market conditions or intervening holidays after giving notice, and that auctions are subject to the terms of General Notification No. F.4(2)-W&M/2018, as amended.
    December 29, 2023
    Monthly Review of Accounts of Union Government of India upto the month of November, 2023 for the Financial Year 2023-24
    Show AI Summary
    Union government fiscal consolidation: receipts composition and expenditure split highlight interest and subsidy burdens in monthly accounts.
    The Union Government consolidated monthly accounts to November 2023, reporting receipts by component-Tax Revenue (Net to Centre), Non Tax Revenue, and Non Debt Capital Receipts (loan recoveries and miscellaneous capital receipts)-and noting the devolution transferred to State Governments. The report also itemises total expenditure with a split between Revenue Expenditure and Capital Expenditure, highlighting Interest Payments and Major Subsidies as significant components of revenue spending.
    December 29, 2023
    Building resilient brand India amidst global uncertainty (Speech by Shri Swaminathan J, Deputy Governor, Reserve Bank of India - December 28, 2023 - at the 10th SBI Banking and Economic Conclave in Mumbai)
    Show AI Summary
    Financial resilience: strengthen bank risk management, operational continuity and customer protection to sustain stability.
    Financial sector resilience is central to building brand India, requiring continuous focus on interest rate risk management, sound and diversified business models, operational resilience (IT continuity and cyber security), stringent oversight of outsourcing, a framework to identify and manage climate related financial risks, and robust customer protection including resourced internal ombudsman mechanisms and compliance with digital lending disclosure requirements.
    December 29, 2023
    Domestic Systemically Important Bank (D-SIB) Framework - Review of the Assessment Methodology
    Show AI Summary
    D-SIB assessment methodology updated to use digital payments metrics, revised data rules and annual disclosure timeline in November.
    The Payments sub-indicator now requires reporting of Total value and Total volume of Digital Payments (value weighted 75% and volume 25%); annual systemic importance scores will be computed using end March data during August-October with D SIB names disclosed in November and data submissions due by August 15. Data-treatment changes include market-value reporting for marketable securities, deduction of Level 1/Level 2 assets from HFT/AFS securities per Basel III LCR, and net reporting of SFTs/OTC derivatives where effective bilateral netting exists. Guidance and templates will be provided; the revisions apply from the 2024 assessment.
    December 29, 2023
    RBI releases Draft Directions on Bond Forwards under Section 45W of the RBI Act, 1934
    Show AI Summary
    Bond forwards introduced to permit forward delivery of government securities, enabling cash flow hedging and interest rate risk management.
    Release of Draft Directions establishing a regulatory framework for bond forwards to permit contracts that deliver government securities on a forward basis, expanding market instruments to help banks, long term investors and other market participants hedge cash flow mismatches and manage interest rate risk; and inviting written comments through specified channels as part of a formal consultation process.
    December 27, 2023
    Rationalisation of Licensing Framework for Authorised Persons (APs) under Foreign Exchange Management Act (FEMA), 1999
    Show AI Summary
    Licensing framework for Authorised Persons updated to simplify AP licensing and seek stakeholder input.
    The draft Licensing Framework for Authorised Persons (APs) under the Foreign Exchange Management Act proposes simplification and rationalisation of licensing, operational norms, and supervisory mechanisms to align with liberalisation, digitisation of payments, and increased global integration, while preserving appropriate regulatory checks; stakeholder comments on the draft are invited.
    December 22, 2023
    Auction for Sale (re-issue) of (i) ‘7.37% GS 2028’, (ii) ‘7.18% GS 2033’ and (iii) ‘7.30% GS 2053’
    Show AI Summary
    Government securities auction: re-issue of multiple dated bonds using uniform and multiple price methods with non-competitive allocation.
    The Government announced re-issues of three dated Government Securities through auctions on December 29, 2023, with the Government able to accept additional subscriptions up to a stated limit for each security. Two issues will use the uniform price method and one will use the multiple price method. Up to five percent of each notified amount is reserved for the Non-Competitive Bidding Facility. Competitive and non-competitive bids must be submitted electronically via RBI's E-Kuber within specified windows; results and payment dates are set and the securities are eligible for When Issued trading under RBI guidelines.
    December 21, 2023
    PFRDA now allows National Pension System (NPS) subscribers to deposit contributions through Unified Payments Interface (UPI) QR code for D-Remit
    Show AI Summary
    UPI QR code for NPS contributions enables direct remittance and SIP setup, improving accessibility and same day investment processing.
    PFRDA permits NPS subscribers to remit contributions through a UPI QR Code tied to a D-Remit virtual account, which is distinct from the PRAN and differs by Tier I and Tier II. Subscribers may make one-time payments or set up standing instructions for SIPs via net banking by adding the virtual account as a beneficiary. Contributions received before the fund receipt cut-off are invested the same business day; those received after the cut-off or on non-working days receive the next working day valuation.
    December 20, 2023
    Auction for Sale (re-issue) of (i) ‘7.33% GS 2026’, (ii) ‘7.18% GS 2037’ and (iii) ‘7.25% GS 2063’
    Show AI Summary
    Government securities auction: re issue announced with mixed pricing methods and non competitive allocation for eligible bidders.
    Re issue auctions have been announced for three central government securities with specified notified amounts and an option to retain additional subscription up to a stated cap for each. Two securities will be sold by price based uniform price auction and one by multiple price method, to be conducted by the Reserve Bank of India at its Mumbai office on the scheduled auction date. Up to five percent of each issue is reserved for eligible bidders under the Non Competitive Bidding Facility; bids must be submitted electronically on the E Kuber system within prescribed windows. Results and settlement dates are specified and the securities will be eligible for When Issued trading under RBI guidelines.
    December 19, 2023
    Total digital payment transactions volume increases from 2,071 crore in FY 2017-18 to 13,462 crore in FY 2022-23 at a CAGR of 45 per cent: MoS Finance
    Show AI Summary
    Digital payments expansion prompts regulatory steps to boost access and security via conversational and offline UPI innovations.
    Digital payment systems have experienced sustained compound growth in transaction volume, supported by coordination between the Government, the Reserve Bank and payments infrastructure entities. The expansion covers wholesale RTGS settlement and a range of retail products including UPI, NEFT, IMPS, card payments, prepaid instruments, NACH, AePS, BHIM Aadhaar Pay and NETC. Policy and operational measures target access, convenience and security through conversational UPI, offline UPI, broader e-RUPI use, RuPay credit card linkage to UPI and Interoperable Card-less Cash Withdrawal at ATMs.
    December 18, 2023
    Steps taken by Government to facilitate Credit access to Farmers
    Show AI Summary
    Kisan Credit Card access expanded: fee waivers, CIR-based appraisals and overdraft features streamline farmer credit access.
    RBI raised the collateral-free agriculture lending ceiling and encouraged use of Credit Information Reports in bank appraisals, while the Department of Financial Services advised waiving processing and service charges for smaller Kisan Credit Card and crop loans. The Kisan Credit Card operates as an overdraft with one-time documentation, built-in limit escalation, multiple drawals and ATM-enabled RuPay cards; loan assessment follows land, crop and scale of finance set by District Level Technical Committees or State Level Bankers' Committees, and restructuring permits further need-based loans under bank eligibility.
    December 18, 2023
    UPI transactions grew from ₹ 1 lakh crore in FY 2017-18 to ₹ 139 lakh crore in FY 2022-23 in value, at a CAGR of 168%
    Show AI Summary
    UPI growth drives digital payment dominance, prompting policy and RBI measures to expand acceptance and consumer convenience.
    UPI is the principal driver of digital payments, showing rapid growth in volume and value while banknote circulation growth declined. Government and RBI measures-such as incentive schemes for card and P2M acceptance, advisories to improve acceptance infrastructure, bank transaction and merchant targets, rural digital literacy programmes, RBI awareness campaigns, and the regulatory permission for linking of RuPay credit cards to UPI-are presented as steps to expand acceptance, consumer convenience and the digital payments footprint.
    December 16, 2023
    Sovereign Gold Bond Scheme 2023-24 (Series III) will be opened for subscription during the period December 18-22, 2023
    Show AI Summary
    Sovereign Gold Bond subscription opens with online digital applicants receiving a per gram discount and specified settlement date.
    Sovereign Gold Bond subscription opens for a specified five day period with a defined settlement date; the issue price for the series is fixed and investors who apply online and pay via digital mode are entitled to a per gram discount from the published issue price as provided under a government notification in consultation with the central bank.
    December 13, 2023
    51.04 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts opened with deposit balance of Rs. 2,08,855 crore
    Show AI Summary
    Financial inclusion under PMJDY expands basic banking access while accounts allow zero balance and bank-offered micro-investments.
    Pradhan Mantri Jan Dhan Yojana (PMJDY) functions as a financial inclusion instrument providing universal access to basic bank accounts and widespread account penetration. The scheme contains no inbuilt micro-investment provision; however, account-holders may avail micro-investment products if offered by their banks under bank-specific terms and conditions. PMJDY includes a zero-balance feature permitting accounts to maintain nil balances without requiring minimum balances.
    December 13, 2023
    28.89 crore loans worth Rs. 17.77 lakh crore extended under Pradhan Mantri Mudra Yojana (PMMY) in last five financial years
    Show AI Summary
    Collateral-free institutional credit under PMMY provides up to specified loan limits to micro and small enterprises, predominantly benefiting women borrowers.
    PMMY provides collateral-free institutional credit up to Rs. 10 lakh through Scheduled Commercial Banks, Regional Rural Banks, NBFCs and MFIs to micro and small business units for income-generating activities in manufacturing, trade, services and activities allied to agriculture, and a majority of sanctioned loans in the reported period were extended to women borrowers.
    December 12, 2023
    Total digital payment transactions volume increased from 2,071 crore in FY2017-18 to 13,462 crore in FY2022-23 at a CAGR of 45%
    Show AI Summary
    Digital payments regulation combines consumer liability limits with infrastructure and cybercrime response to strengthen electronic transactions.
    Regulatory and policy measures combine promotion of digital payment acceptance and literacy with consumer protection rules that limit customer liability for unauthorised electronic transactions, while cybercrime prevention and response are supported through advisories, capacity building, reporting portals, coordinated centres, and threat sharing mechanisms to strengthen investigation and remediation.
    December 12, 2023
    Auction for Sale (re-issue) of (i) ‘7.37% GS 2028’, (ii) ‘7.18% GS 2033’ and (iii) ‘7.46% GS 2073’
    Show AI Summary
    Government securities auction via uniform and multiple price methods with non-competitive bidding quota and electronic submission.
    Auction for re-issuance of three Government securities will be conducted via price-based methods (two by uniform price, one by multiple price) through RBI's E-Kuber; the issuer may retain additional subscriptions. Up to five percent of each notified amount is reserved for eligible participants under the non-competitive bidding scheme, with prescribed electronic submission windows for non-competitive and competitive bids, and securities eligible for "When Issued" trading per RBI guidelines.
    December 11, 2023
    RBI Cautions against unauthorised campaigns on Loan waiver
    Show AI Summary
    Unauthorised loan waiver campaigns threaten depositor protection; consumers warned to avoid schemes and report to law enforcement.
    The central bank warns against unauthorised loan waiver campaigns that falsely promise discharge of borrower obligations and charge fees for purported debt waiver certificates, misrepresenting that dues need not be repaid; such schemes can undermine banks' enforcement of charged securities, threaten financial stability and depositor interests, and the public is advised to avoid these entities and report incidents to law enforcement.
    December 8, 2023
    Union Minister of Commerce & Industry Shri Piyush Goyal highlights growing confidence in India's potential and nation's rising stature on the global stage
    Show AI Summary
    Free trade agreements as priority: push for FTAs to attract global investment and accelerate economic transformation.
    The statement advances a strategic economic agenda urging industry participation in national development, prioritising negotiation of Free Trade Agreements (FTAs), accelerating a coordinated transition to electric mobility to reduce import dependence, and leveraging reforms, infrastructure and inclusion programs to strengthen manufacturing, technology and services for inclusive growth and global investment attraction.
    December 8, 2023
    Monetary Policy Statement, 2023-24 Resolution of the Monetary Policy Committee (MPC) December 6 to 8, 2023
    Show AI Summary
    Monetary policy stance unchanged, emphasising withdrawal of accommodation to align inflation with the target while supporting growth.
    The MPC kept the policy stance unchanged, maintaining key interest rates and emphasising withdrawal of accommodation to align inflation with the medium term CPI inflation target, while remaining prepared to take timely policy actions. It noted resilient domestic growth supported by investment and consumption, projected near term GDP and CPI trajectories with risks balanced, and identified food price shocks, base effects and crude oil volatility as principal inflationary risks. The decision was unanimous on rates, with one member expressing reservations on the withdrawal language.

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      FEMA & RBI

      Rationalisation of Licensing Framework for Authorised Persons (APs) under Foreign Exchange Management Act (FEMA), 1999

      December 27, 2023

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      The framework for licensing of Authorised Persons (APs) under FEMA, 1999 was last reviewed in March 2006. Keeping in view the progressive liberalisation under FEMA, increasing integration of the Indian economy with the global economy, digitisation of payment systems, evolving institutional structure, etc. over the last two decades, it has been decided to rationalise and simplify the licensing framework for APs. The review aims to meet the emerging requirements of the rapidly growing Indian economy, achieve operational efficiency in the delivery of foreign exchange facilities to common persons, tourists, and businesses, while maintaining appropriate checks and balances.

      As announced in the Statement on Developmental and Regulatory Policies dated June 08, 2023, the draft Licensing Framework for Authorised Persons (APs) under FEMA is placed on the RBI website.

      Comments/feedback on the draft framework are invited from all stakeholders and may be forwarded through email by January 31, 2024 with the subject line “Feedback on draft licensing framework for Authorised Persons under FEMA”.

      (Yogesh Dayal)

      Chief General Manager

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