AKP Banking & Finance Digest- June 06, 2022
Updated: Sep 22
Read this week in our update, names of the applicants' for the test phase of the third cohort under the Regulatory Sandbox announced by RBI. RBI opened the application window for the Fourth Cohort under the Regulatory Sandbox.
Highlights of the Week:
The test phase of Third Cohort on MSME lending under Regulatory Sandbox
RBI announces opening of Fourth Cohort under the Regulatory Sandbox
Implementation of Section 51A of UAPA, 1967: Update to UNSC’s Sanctions List
RBI penalizes bank
The Reserve Bank of India (RBI) has notified that United Nations Security Council (UNSC) has updated and amended UNSC’s 1267/ 1989 ISIL (Da'esh) and Al-Qaida Sanctions List. The amendments have been made in six (6) entries and the individual entrants to the lists are:
Ibrahim Abdallah Bakr Al-Khuwayt;
Amir Muhammad Sa’id Abdal-Rahman al-Salbi;
Mounir Ben Dhaou Ben Brahim Ben Helal; and
Muhammad Sholeh Ibrahim.
RBI has imposed monetary penalty on:
Name of the Bank
Penalty Imposed (in INR)
27.50 Lakh (Rupees Twenty-Seven Lakh Fifty Thousand only)
Contravention of/non-compliance with certain directions issued by RBI on ‘External Benchmark Based Lending’.
RBI has released the names of 8 (eight) applicants selected for testing of their products in the Third Cohort on MSME lending under Regulatory Sandbox. The 8 (eight) applicants are:
FinAGG Technologies Private Limited;
Moshpit Technologies Private Limited;
Mynd Solutions Private Limited;
New Street Technologies Private Limited;
Rupifi Technology Solutions Private Limited;
Small Industries Development Bank of India;
SysArc Infomatix Private Limited; and
ZikZuk Technologies Private Limited.
RBI has opened the application window for the Fourth Cohort under the Regulatory Sandbox from June 15, 2022 to August 01, 2022. The theme for the Fourth Cohort is ‘Prevention and Mitigation of Financial Frauds’.
 RBI/2022-2023/59DOR.AML.REC.38/14.06.001/2022-23, Reserve Bank of India, June 3, 2022, Reserve Bank of India, June 3, 2022  Press Release: 2022-2023/307, Reserve Bank of India, June 3, 2022  Press Release: 2022-2023/315, Reserve Bank of India, June 06, 2022  Press Release: 2022-2023/316, Reserve Bank of India, June 06, 2022