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AKP Banking & Finance Digest- May 1, 2023

Weekly Round-up | Updates


1. INDIA


Reserve Bank of India (RBI) revised norms under a four-tiered regulatory framework for provisioning for standard assets by primary (Urban) cooperative banks. Please refer to o circular DOR.REG.No.84/07.01.000/2022-23 dated December 01, 2022, in terms of which Urban Co-operative Banks (UCBs) have been categorized into four tiers namely Tier 1, Tier 2, Tier 3 and Tier 4 for regulatory purposes. The current standard assets provisioning norms for UCBs are consolidated in the Master Circular DOR.STR.REC.5/21.04.048/2022-23 dated April 01, 2022, is based on the earlier categorization of UCBs into Tier I and Tier II as defined in para 4 of circular UBD.CO.LS.Cir.No.66/07.01.000/2008-09 dated May 06, 2009.[1]


As per RBI’s Circular RPCD.MSME & NFS.BC.No.61/06.02.31/2013-14 dated December 02, 2013, on the Revised General Credit Card (GCC) Scheme. On review of the above, and in the light of the provisions contained in the Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, dated April 21, 2022, RBI has revised the instructions on GCC.[2]


RBI referred to the Master Circular FIDD.GSSD.CO.BC.No.09/09.01.003/2022-23 dated July 20, 2022, on Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM). The Master Circular consolidates and updates all the instructions/guidelines on the subject issued to date and replaces the earlier Master Circular issued on the subject.[3]


The attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 11 dated February 16, 2021, on “Remittances to International Financial Services Centres (IFSCs) in India under the Liberalised Remittance Scheme (LRS)” and Master Direction No. 7/2015-16 on Liberalised Remittance Scheme (LRS) as amended from time to time. On a review and with an objective to align the LRS for IFSCs set up under the International Financial Services Centres Authority Act, 2019 vis-à-vis other foreign jurisdictions, it has been decided to amend the directions under para 2 (ii) of the aforementioned A.P. (DIR Series) Circular dated February 16, 2021, as – “Resident Individuals may also open a Foreign Currency Account (FCA) in IFSCs, for making the above permissible investments under LRS.” Thus, the condition of repatriating any funds lying idle in the account for a period up to 15 days from the date of its receipt is withdrawn with immediate effect, which shall now be governed by the provisions of the scheme as contained in the aforesaid Master Direction on LRS. Master Direction No. 7 is being updated to reflect these changes.[4]


Please refer to Section 51 of our Master Direction on Know Your Customer dated February 25, 2016, as amended on May 10, 2021, in terms of which “Regulated Entities (REs) shall ensure that in terms of Section 51A of the Unlawful Activities (Prevention) (UAPA) Act, 1967, they do not have an account in the name of individuals/entities appearing in the lists of individuals and entities, suspected of having terrorist links, which are approved by and periodically circulated by the United Nations Security Council (UNSC).” In this connection, the Ministry of External Affairs (MEA) has informed about UNSC press release SC/15267 dated April 26, 2023, wherein the Security Council Committee pursuant to resolutions 1267 (1999), 1989 (2011) and 2253 (2015) concerning ISIL (Da’esh), Al-Qaida, and associated individuals, groups, undertakings and entities approved the addition of the two entries to its ISIL (Da’esh) and AlQaida Sanctions List of individuals and entities subject to the assets freeze, travel ban and arms embargo set out in paragraph 1 of Security Council resolution 2610 (2021) and adopted under Chapter VII of the Charter of the United Nations.[5]


RBI has imposed, by an order dated April 18, 2023, a monetary penalty of ₹2 lakh (Rupees Two Lakh only) on Baran Nagrik Sahkari Bank Ltd., Baran, Rajasthan (the bank) for contravention of Section 35 A read with Section 56 of the Banking Regulation Act, 1949. This penalty has been imposed in the exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949.[6]


RBI placed on its website a Working Paper titled, “Did COVID-19 Affect Households Differently? Understanding Heterogeneity in Consumer Confidence” under the Reserve Bank of India Working Paper Series 1. The paper is co-authored by Sourajyoti Sardar, Anirban Sanyal and Tushar B Das. Using household-level data from the Consumer Confidence Survey of the RBI, this paper brings out the heterogeneous impact of COVID-19 on Indian households in terms of the five parameters covered by the survey, namely, economic conditions, employment, price level, income, and spending. The paper derives household-level heterogeneity in current perceptions and the assessment of future outlook across five parameters using latent class analysis (LCA). It then assesses the deviations in the four latent classes during the first and second waves of the pandemic compared to the pre-pandemic period.[7]


RBI has by an order dated April 13, 2023, imposed a monetary penalty of ₹13 lakh (Rupees Thirteen Lakh only) on Janata Sahakari Bank Ltd., Pune (the bank) for non-compliance with RBI directions on ‘Interest Rate on Deposits’. This penalty has been imposed in the exercise of powers vested in RBI conferred under Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949 (BR Act).[8]


RBI has, by an order dated April 21, 2023, imposed a monetary penalty of ₹13 lakh (Rupees Thirteen lakh only) on Bombay Mercantile Cooperative Bank Ltd., Mumbai (the bank) for contravention of the provisions of Section 26- A read with Section 56 of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in the exercise of powers vested in RBI conferred under Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the BR Act.[9]


RBI has by an order dated April 21, 2023, imposed a monetary penalty of ₹16 lakh (Rupees Sixteen Lakh only) on the Tamil Nadu State Apex Co-operative Bank Limited, Chennai (the bank), for contravention of the provisions of Section 26 A (2) read with Section 56 of the Banking Regulation Act, 1949 (BR Act) and for non-compliance with the directions issued by the National Bank for Agriculture and Rural Development (NABARD) on “Review of Frauds - Guidelines on Monitoring and Reporting System”. This penalty has been imposed in the exercise of powers conferred on RBI under Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the BR Act.[10]


RBI is satisfied to notify the Adoor Co-operative Urban Bank Ltd, Adoor, Kerala as a non-banking Institution under Section 36 A(2) read with Section 56 of the Banking Regulation Act, 1949. Accordingly, RBI has cancelled the banking licence dated January 03, 1987, granted to The Adoor Co-operative Urban Bank Ltd, Adoor, Kerala to carry on banking business in India under Section 22 read with Section 56 of the Banking Regulation Act,1949 with effect from the close of business on April 24, 2023. This makes it obligatory on the part of the Adoor Co-operative Urban Bank Ltd, Adoor to stop conducting the business of ‘banking’ within the meaning of section 5(b) of the Act ibid, including acceptance of deposits from non-members with immediate effect. Further, the Adoor Co-operative Urban Bank Ltd, Adoor, shall ensure to repay unpaid and unclaimed deposits of non-members held by it, whenever demanded, even after being notified as a non-banking Institution.[11]


RBI has extended the directions issued to the Indian Mercantile Co-operative Bank Ltd., Lucknow (U.P) for a period of three (03) months from April 28, 2023, to July 27, 2023, subject to review. The bank has been under direction since January 28, 2022, vide directive order DOS.CO.OCCD/185569/12.28.007/2021-22 dated January 28, 2022, issued under section 35 A read with section 56 of the Banking Regulation Act, 1949 (AACS). The validity of the directive, which was issued up to April 27, 2023, has been extended for a period of three (03) months from April 28, 2023, to July 27, 2023, vide directive order DOR.MON.No.D-14/12.28.007/2023-24 dated April 24, 2023 subject to review. A copy of the directive order dated April 24, 2023, is displayed at the bank’s premises for the perusal of the public. The issue of the above Directions by the RBI should not per se be construed as a cancellation of a banking license by RBI. RBI may consider modifications of these Directions depending upon circumstances. [12]


RBI has amended the Master Direction on KYC dated February 25, 2016, and has decided to amend the MD to align the instructions with the recent amendments carried out in the Prevention of Money Laundering (Maintenance of Records) Rules, 2005, (b) incorporate instructions in terms of the Government Order dated January 30, 2023, titled “ Procedure for Implementation of Section 12A of the Weapons of Mass Destruction (WMD) and their Delivery System (Prohibition of Unlawful Activities) Act, 2005 (WMD Act, 2005)”; (c) update certain instructions in accordance with FATF Recommendations; and (d) refine certain extant instructions post review. The amended provisions in the Master Direction on KYC shall come into force with immediate effect.[13]


RBI vide directive DCBS.CO.BSD-I./D-9/12.22.111/2016-17 dated March 30, 2017, had placed the Kapol Cooperative Bank Ltd Mumbai, Maharashtra under Directions from the close of business on March 30, 2017, for a period of six months. The validity of the directions was extended from time to time, the last being up to April 30, 2023. It is hereby notified for the information of the public that, RBI, in the exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the aforesaid Directions shall continue to apply to the bank till July 31, 2023, as per the directive DOR.MON.D21/12.22.111/2023-24 dated April 28, 2023, subject to review.[14]


RBI has been regularly conducting the Inflation Expectations Survey of Households (IESH). The May 2023 round of the survey is being launched. The survey aims at capturing subjective assessments on price movements and inflation, based on their individual consumption baskets, across 19 cities, viz., Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, Delhi, Guwahati, Hyderabad, Jaipur, Jammu, Kolkata, Lucknow, Mumbai, Nagpur, Patna, Raipur, Ranchi and Thiruvananthapuram. The survey seeks qualitative responses from households on price changes (general prices as well as prices of specific product groups) in the three months ahead as well as in the one year ahead period and quantitative responses on current, three months ahead and one year ahead inflation rates. The results of this survey provide useful inputs for monetary policy.[15]


RBI has been regularly conducting Consumer Confidence Survey (CCS). The May 2023 round of the survey is being launched. The survey seeks qualitative responses from households, regarding their sentiments on the general economic situation, employment scenario, price level, household income and spending. The survey is conducted regularly in 19 cities, viz., Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, Delhi, Guwahati, Hyderabad, Jaipur, Jammu, Kolkata, Lucknow, Mumbai, Nagpur, Patna, Raipur, Ranchi and Thiruvananthapuram. The results of this survey provide useful inputs for monetary policy.[16]


RBI has extended the directions issued to the Lucknow Urban Co-operative Bank Ltd., Lucknow (U.P.) for a period of three (03) months from April 29, 2023, to July 28, 2023, subject to review. The bank has been under direction from the close of business of July 28, 2022, vide directive order LKO.DOS.SED.No.S256/10-03-556/2022-2023 dated July 27, 2022, issued under section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS). The said direction was extended till April 28, 2023, vide directive ref. DOR.MON.D66/12.28.009/2022-23 dated January 25, 2023. The validity of the directive has been extended for a period of three (03) months from April 29, 2023, to July 28, 2023, vide directive order DOR.MON.S469/12.28.009/2023- 24 dated April 27, 2023 subject to review. A copy of the directive order dated April 27, 2023, is displayed at the bank’s premises for the perusal of the public.[17]


RBI has extended the directions issued to the Urban Cooperative Bank Ltd., Sitapur (U.P.) for a period of three (03) months from April 29, 2023, to July 28, 2023, subject to review. The bank has been under direction from the close of business on July 28, 2022, vide directive order LKO.DOS.SED.No.S257/10-12-414/2022- 23 dated July 27, 2022, issued under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS). The said direction was extended till April 28, 2023, vide directive order DOR.MON/D-67/12.28.042/2022-23 dated January 25, 2023. The validity of the directive has been extended for a period of three (03) months from April 29, 2023, to July 28, 2023, vide directive order DOR.MON.D-17/12.28.042/2023-24 dated April 27, 2023 subject to review. A copy of the directive order dated April 27, 2023, is displayed at the bank’s premises for the perusal of the public.[18]


RBI issued Directions to Durga Co-operative Urban Bank Ltd., Vijayawada under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 vide Directive No. HYD.DOS.INSP4.No.S241/15-36-070/2022-2023 dated July 28, 2022, for a period of six months up to January 29, 2023, which were further extended vide Directive No. DOR.MON/D-69/12.24.020/2022-23 dated January 25, 2023, for a period of three months up to April 29, 2023. RBI is satisfied that in the public interest, it is necessary to extend the period of operation of Directive No. HYD.DOS.INSP4.No.S241/15-36- 070/2022-2023 dated July 28, 2022, issued to Durga Co-operative Urban Bank Ltd., Vijayawada as modified vide Directive No. DOR.MON/D-69/12.24.020/2022-23 dated January 25, 2023. Accordingly, the Reserve Bank of India, in the exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that Directive No. HYD.DOS.INSP4.No.S241/15-36- 070/2022-2023 dated July 28, 2022, issued to Durga Co-operative Urban Bank Ltd., Vijayawada, the validity of which was last extended up to April 29, 2023, vide Directive No. DOR.MON/D-69/12.24.020/2022-23 dated January 25, 2023, shall continue to apply to the bank for a further period of three months from April 30, 2023, to July 29, 2023 subject to review.[19]


The rate of interest on the Government of India Floating Rate Bond 2034 (GOI FRB 2034) applicable for the half year April 30, 2023, to October 29, 2023, shall be 7.93 per cent per annum. It may be recalled that FRB 2034 carries a coupon, which has a base rate equivalent to the average of the Weighted Average Yield (WAY) of the last three auctions (from the rate fixing day i.e., April 30, 2023) of 182 Day T-Bills, plus a fixed spread (0.98 per cent).[20]


In terms of GOI Notification F. No. 4(25) - W&M/2017 dated October 06, 2017 (SGB 2017-18, Series V - Issue date October 30, 2017) on Sovereign Gold Bond Scheme, premature redemption of Gold Bond may be permitted after fifth year from the date of issue of such Gold Bond on the date on which interest is payable. Accordingly, the next due date of premature redemption of the above tranche shall be April 29, 2023 (April 30, 2023, being a Sunday). Further, the redemption price of SGB shall be based on the simple average of the closing gold price of 999 purity of the previous three business days from the date of redemption as published by the India Bullion and Jewellers Association Ltd (IBJA). Accordingly, the redemption price for the premature redemption due on April 29, 2023 (April 30, 2023, being a Sunday) shall be ₹6037/- (Rupees Six thousand thirty-seven only) per unit of SGB based on the simple average of closing gold price for the last three days, April 26, April 27 and April 28, 2023.[21]


RBI issued Directions to Jaiprakash Narayan Nagari Sahakari Bank Ltd., Basmatnagar, Hingoli, Maharashtra under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 vide Directive CO.DOS.SED. No. S2723/12-07- 005/2022-2023 dated July 28, 2022, for a period of six months up to January 29, 2023, the validity of which was extended up to April 29, 2023, vide Directive DOR.MON.D71/12.22.663/2022-23 dated January 25, 2023. RBI is satisfied that in the public interest, it is necessary to extend the period of operation of the CO.DOS.SED. No. S2723/12-07-005/2022-2023 dated July 28, 2022, issued to Jaiprakash Narayan Nagari Sahakari Bank Ltd., Basmatnagar as modified vide Directive DOR.MON.D-71/12.22.663/2022-23 dated January 25, 2023. Accordingly, the Reserve Bank of India, in the exercise of the powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive CO.DOS.SED.No.S2723/12-07- 005/2022-2023 dated July 28, 2022, issued to Jaiprakash Narayan Nagari Sahakari Bank Ltd., Basmatnagar, the validity of which was last extended up to April 29, 2023, vide Directive DOR.MON.D-71/12.22.663/2022-23 dated January 25, 2023, shall continue to apply to the bank for a further period of three months from April 30, 2023, to July 29, 2023, subject to review.[22]


RBI issued Directions to the Karmala Urban Co-operative Bank Limited, Solapur under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 vide Directive CO.DOS.SED.No.S2729/12-07-005/2022-2023 dated July 29, 2022, for a period of six months up to January 29, 2023, the validity of which was extended up to April 29, 2023, vide Directive DOR.MON.No.D-68/12.22.130/2022-23 dated January 25, 2023. RBI is satisfied that in the public interest, it is necessary to extend the period of operation of the Directive CO.DOS.SED.No.S2729/12-07-005/2022- 2023 dated July 29, 2022, issued to The Karmala Urban Co-operative Bank Limited, Solapur as modified vide Directive DOR.MON.No.D-68/12.22.130/2022-23 dated January 25, 2023. Accordingly, the Reserve Bank of India, in the exercise of the powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive CO.DOS.SED.No.S2729/12-07-005/2022-2023 dated July 29, 2022, issued to The Karmala Urban Co-operative Bank Limited, Solapur, the validity of which was last extended up to April 29, 2023, vide Directive DOR.MON.No.D-68/12.22.130/2022-23 dated January 25, 2023, shall continue to apply to the bank for a further period of three months from April 30, 2023, to July 29, 2023, subject to review.[23]


RBI issued Directions to the Anjangaon Surji Nagari Sahakari Bank Ltd., Amravati, Maharashtra under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 vide Directive CO.DOS.SED.No.S2698/12-07-005/2022- 2023 dated July 27, 2022, for a period of six months up to January 28, 2023, the validity of which was extended up to April 28, 2023, vide Directive DOR.MON.D70/12.22.603/2022-23 dated January 25, 2023. RBI is satisfied that in the public interest, it is necessary to extend the period of operation of Directive No.CO.DOS.SED.No.S2698/12-07- 005/2022-2023 dated July 27, 2022, issued to The Anjangaon Surji Nagari Sahakari Bank Ltd., Amravati, Maharashtra as modified from time to time, last being vide Directive DOR.MON.D-70/12.22.603/2022-23 dated January 25, 2023. Accordingly, the Reserve Bank of India, in the exercise of the powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive CO.DOS.SED.No.S2698/12-07-005/2022-2023 dated July 27, 2022, issued to the Anjangaon Surji Nagari Sahakari Bank Ltd., Amravati, the validity of which was last extended up to April 28, 2023, vide Directive DOR.MON.D-70/12.22.603/2022-23 dated January 25, 2023, shall continue to apply to the bank for a further period of three months from April 29, 2023, to July 28, 2023, subject to review.[24]


2. Bangladesh


As per the BRPD Circular No. 14 dated 25 June 2003 regarding the First Schedule of the Bank Companies Act, 1991 and BRPD Circular No. 14 dated 23 September 2012, BRPD Circular No. 07 dated 21 June 2018, BRPD Circular No. 13 dated 18 October 2018 on Loan Classification and Provisioning, banks were instructed to maintain General Provision @1% on the ‘Off-Balance Sheet’ (henceforth OBS) exposures vide BRPD Circular No. 14/2012. Later the provision required for the bills for collection and the bank guarantees with counter-guarantee of Multilateral Development Banks/International Banks have been modified respectively through BRPD Circular No. 07/2018 and BRPD Circular No. 13/2018. The OBS items are illustrated in tables (as recommended through BRPD Circular No. 14/2003) of the first schedule of the Bank Company Act, 1991. The OBS exposures are contingent claims or contracts that generate fee income for a bank. While a loan is an asset on a bank's balance sheet, a promise to make a loan is a contingent liability which creates a potential funding obligation in the future. Hence, it does not affect the balance sheet until exposed as funded. With a view to strengthening risk management of escalating OBS business operations of banks and thereby further enhancing the stability of the banking sector, several added instructions shall be followed.[25]


It has been recently noticed that after receiving the loan facility from Export Development Fund (EDF) in favour of the concerned institutions of the customer organisation or individuals/institutions/companies belonging to the same group, despite the export value not being repatriated to the said exporter, through the above circular issued by this development. Opportunities are being taken to avail loan facilities from the established Export Support Pre-Finance Fund.

It is hereby directed that if the export price is not repatriated after taking a loan facility from EDF or EFPF against the export order by any exporting industrial establishment, then the concerned exporter as well as the persons/institutions/companies related to the interest of the said exporter or the same group of persons/institutions/companies from EFPF against their new export order. No credit facility will be available. The directive is issued under the powers conferred by Section 45 of the Bank Companies Act, 1991, which shall be effective immediately.[26]


For the purpose of clarifying the instructions issued in serial no. (4) of the said circular, the said paragraph is as under substituted – (4)(a) more than one on behalf of any institution or company on the board of directors of any financial institution; Individuals cannot be appointed representative directors, (b) a person being a director of a financial institution to be an interested party to him; No other nominated person can be appointed as a representative director on the board of directors of the said financial institution, (c) of a natural person shareholder on the board of a financial institution, no other person can be appointed as representative director. Further, all other instructions mentioned in DFIM Circular No. 09/2022 shall remain unchanged. These instructions are issued under the powers conferred by Section 18(g) of the Financial Institutions Act, 1993, with immediate effect will be effective.[27]


3. Sri Lanka


The Phase II subscription for ISINs LKA09123G287, LKA18223J270 and LKA36424D267 is now open until 3.30 pm of the business day prior to the settlement date (i.e., 27.04.2023) at the WAYRs determined for the said ISINs at the auction. The aggregate eligible amount for subscription from the said maturities would be 25% of the aggregate amount offered at the auction. In the event of oversubscription, allocation will be made based on aggregate successful participation by participants at the auction. Any bid for subscription is required to be forwarded via email to ‘fopdd@cbsl.lk’ within the stipulated time period through an Authorized Primary Dealer. The minimum bidding requirement for the primary auction remains applicable for Phase II.[28]


Further to the T-bill auction held on 26 April 2023, Rs. 28,750 million being the maximum aggregate amount offered at phase II, was raised from the Treasury bills bearing the International Securities Identification Numbers (ISINs) LKA09123G287, LKA18223J270 and LKA36424D267 at the Weighted Average Yield Rates of 25.74%, 25.27% and 23.00% determined at the auction, out of the total market subscription of Rs. 30,563 million. The date of settlement is 28 April 2023.[29]

[1] Notification: RBI/2023-24/18, April 24, 2023, Reserve Bank of India [2] Notification: RBI/2023-24/19, April 25, 2023, Reserve Bank of India [3] Notification: RBI/2023-24/20, April 26, 2023, Reserve Bank of India [4] Notification: RBI/2023-24/21, April 26, 2023, Reserve Bank of India [5] Notification: RBI/2023-24/23, April 27, 2023, Reserve Bank of India [6] Press Release: 2023-2024/114, April 24, 2023, Reserve Bank of India [7] Press Release: 2023-2024/115, April 24, 2023, Reserve Bank of India [8] Press Release: 2023-2024/117, April 24, 2023, Reserve Bank of India [9] Press Release: 2023-2024/116, April 24, 2023, Reserve Bank of India [10] Press Release: 2023-2024/118, April 24, 2023, Reserve Bank of India [11] Press Release: 2023-2024/120, April 25, 2023, Reserve Bank of India [12] Press Release: 2023-2024/131, April 27, 2023, Reserve Bank of India [13] Notification: RBI/2023-24/24, April 28, Reserve Bank of India [14] Press Release: 2023-2024/140, April 28, 2023, Reserve Bank of India [15] Press Release: 2023-2024/137, April 28, 2023, Reserve Bank of India [16] Press Release: 2023-2024/136, April 28, 2023, Reserve Bank of India [17] Press Release: 2023-2024/144, April 28, 2023, Reserve Bank of India [18] Press Release: 2023-2024/143, April 28, 2023, Reserve Bank of India [19] Press Release: 2023-2024/145, April 28, 2023, Reserve Bank of India [20] Press Release: 2023-2024/147, April 28, 2023, Reserve Bank of India [21] Press Release: 2023-2024/149, April 28, 2023, Reserve Bank of India [22] Press Release: 2023-2024/150, April 28, 2023, Reserve Bank of India [23] Press Release: 2023-2024/151, April 28, 2023, Reserve Bank of India [24] Press Release: 2023-2024/152, April 28, 2023, Reserve Bank of India [25] BRPD Circular No. 06: April 25, 2023, Bangladesh Bank [26] BRPD Circular No. 11: April 25, 2023, Bangladesh Bank [27] DFIM Circular Letter No. 07, April 26, 2023, Bangladesh Bank [28] Public Debt Department, April 26, 2023, Central Bank of Sri Lanka [29] Public Debt Department, April 28, 2023, Central Bank of Sri Lanka


Disclaimer The note is prepared for knowledge dissemination and does not constitute legal, financial or commercial advice. AK & Partners or its associates are not responsible for any action taken based on its contents. * Image credits: RBI

For further queries or details, you may contact: Mr Anuroop Omkar, Partner, AK & Partners anuroop@akandpartners.in


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