Reference: Reserve Bank of India
Update:
RBI directed large co-op banks to report exposures above Rs 5 cr to Central Repository of Information
RBI has directed that Primary (Urban) Co-operative Banks (UCBs) having total assets of ₹500 crore and above as on 31st March of the previous financial year shall report credit information, including classification of an account as Special Mention Account (SMA), on all borrowers having aggregate exposures of ₹5 crore and above with them to Central Repository of Information on Large Credits (CRILC) maintained by the Reserve Bank.
Implication:
Aggregate exposure will include all fund-based and non-fund based exposure (like partial credit enhancement) including investment exposure on the borrower.
Update:
RBI releases draft circular on Limits on Exposure to Single and Group Borrowers/Parties and Large Exposures and Revision in Priority Sector Lending Targets for UCBs
RBI has released draft circular on limits on exposure to single and group borrowers/parties, large exposures and revision in priority sector lending targets for primary (urban) co-operative banks (UCBs) for feedback/ suggestions.
The circular stipulates that the prudential exposure limits for UCBs for a single borrower/party and a group of connected borrowers/parties shall be 10% and 25%, respectively, of their Tier I capital and that at least 50% of their loan portfolio shall comprise loans not more than `25 lakh per borrower/party. It further stipulates that the target for loans and advances to priority sector for UCBs shall stand increased to 75% of adjusted net bank credit or credit equivalent amount of offbalance sheet exposure, whichever is higher, by March 31, 2023. An appropriate
glide path is proposed to be provided to UCBs for compliance with the aforesaid norms/limits/targets.
Comments on the draft circular may be forwarded by January 20, 2020 at the registered office or by email.
Implication:
The above measures are expected to reduce credit concentration risk of the
UCBs and promote financial inclusion.
Reference: Central Board of Indirect Taxes and Customs
Update:
Extend of due date for furnishing of return in FORM GSTR-7 for registered persons in Assam, Manipur or Tripura for the month of November, 2019
CBIC has extended due date for filing return in FORM GSTR-7 by a registered person, required to deduct tax at source for the month of November, 2019, whose principal
place of business is in the State of Assam, Manipur or Tripura, shall be furnished electronically through the common portal, on or before the 25th December, 2019.
Implication:
This notification shall be deemed to have come into force with effect from the 10th Day of December, 2019
Reference: Securities and Exchange board of India
Update:
Guidelines for filing of placement memorandum-InvITs proposed to be listed:
SEBI has issued following guidelines for filing of placement memorandum.
infrastructure investment trusts (InvITs) to file draft papers with the regulator and exchanges 30 days prior to opening of the issue.
The draft placement memorandum shall be filed through a Sebi registered merchant banker.
The merchant banker to the issue, shall ensure that all comments are suitably incorporated in the draft placement memorandum prior to filing of the placement memorandum.
Implication:
The measures as referred above shall come into effect from January 01, 2020
