• AK & Partners

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


1. Implementation of Section 51A of UAPA, 1967: Update to UNSC’s Sanctions List

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:[1]

  • Ibrahim Abdallah Bakr Al-Khuwayt;

  • Amir Muhammad Sa’id Abdal-Rahman al-Salbi;

  • Aris Sumarsono;

  • Mochammad Achwan;

  • Mounir Ben Dhaou Ben Brahim Ben Helal; and

  • Muhammad Sholeh Ibrahim.



2. RBI penalizes bank

RBI has imposed monetary penalty on:


Name of the Bank

Penalty Imposed (in INR)

Reason

Punjab & Sind Bank[2]

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’.




3. The test phase of Third Cohort on MSME lending under Regulatory Sandbox

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:[3]

  • 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.



4. RBI announces opening of Fourth Cohort under the Regulatory Sandbox

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’.[4]




[1] 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 [2] Press Release: 2022-2023/307, Reserve Bank of India, June 3, 2022 [3] Press Release: 2022-2023/315, Reserve Bank of India, June 06, 2022 [4] Press Release: 2022-2023/316, Reserve Bank of India, June 06, 2022

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