India
Legislative and Regulatory Amendments
- Reserve Bank of India (RBI)
Draft Update to the Regulation of Foreign Trade under Foreign Exchange Management Act
The proposed regulations are intended to simplify import and export transactions for small businesses, as well as empowering Authorised Dealer banks to provide faster and more efficient services to their foreign exchange customers.
Date of Release: 2 July April 2024
Implementation on: TBC
Applicable to: Authorised Dealer Banks
RBI releases draft circular on ‘Regulatory Principals for Management of Model Risks in Credit’
The circular lays down broad principals in regard to models used as a part of the management life cycle for borrower selection, credit scoring or rating, risk management, credit loss provisions etc. The circular will be open to public comments on 4 September 2024, and will come into force three months from the date of issuance, with new credit models following these guidelines, and existing models being altered to conform with the guidelines within six months from the issuance of the circular.
Date of Release: 5 August 2024
Implementation on: 4 December 2024
Applicable to: Regulated Entities
Consultations
No consultations for India in Q3
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