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UDGAM Centralised web portal for searching unclaimed deposits

UDGAM – Centralized Web Portal for Searching Unclaimed Deposits

The Reserve Bank of India (“RBI”) through its recent press release no. 2023-2024/765 dated August 17, 2023, launched a centralized web platform named “उद्गम UDGAM” (unclaimed Deposits –Gateway to Access Information). The RBI has designed this portal to provide the general public with a convenient means to explore their unclaimed deposits from various banks all …

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Anti-money Laundering Laws & Regulations in India

Money laundering is a common issue around the globe. In recent times, money laundering and terror financing have forced several governments and regulators globally to focus on stopping the illegitimate flow of funds. However, combating this problem remains a primary challenge for nations and financial institutions all over the world. The legalization of crime revenues …

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RBI-Tightens-Investment-Rules-in-NBFCs-from-Non-FATF-Nations

The RBI Restricts Investment in NBFCS from F.A.T.F. Non-Compliant Jurisdictions

The Reserve Bank of India, vide its circular number RBI/2020-2021/97 dated February 12, 2021, imposed restrictions on investments from the investors based in the Financial Action Task Force (FATF) non-compliant jurisdictions. The new restriction contravenes the Foreign Direct Investment Policy which governed the investments into Non-Banking Financial Companies and allowed a sectoral capping of investments …

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new draft e-commerce policy soon to be in the public domain

Reserve Bank Of India Liberalizes The Framework Of External Commercial Borrowings

The Reserve Bank of India (RBI) has rationalized the end-use provisions of External Commercial Borrowings (‘ECBs’) vide RBI/2019-20/20 A.P. (DIR series) Circular no. 04 dated July 30, 2019 (‘Circular’). Key changes introduced by the RBI through the Circular are reproduced herein below 1.) ECBs with a minimum average maturity period (‘MAMP’) of 10 (ten) years …

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