Connect 2 Regulate

Reserve Bank of India has been reviewing and rationalising the regulations issued under FEMA, 1999 with an intent to promote ease of doing business. On a review, it has been decided to rationalise regulations pertaining to guarantees issued under FEMA, 1999. Salient features of proposed regulations are as under:

The Reserve Bank has issued guidelines / instructions / directives from time-to-time governing internet and mobile banking services offered by various categories of banks. These services have evolved significantly since issue of the initial guidelines in 2001 as new and innovative digital channels / platforms have come into use. To facilitate sustainable growth of digital banking services, it has been decided to consolidate, strengthen, and update the existing instructions on use of digital channels for providing banking services including internet and mobile banking services by banks.  The draft Master Directions in this regard are being issued today for stakeholder feedback.