RBI Issued Norms for FATF Non-Compliant 21Jurisdictions’ Investment in PSOs; Released Consultative Document on Regulation of Microfinance

On June 14, 2021, under Section 18 read with 10(2) of the Payment and Settlement

Systems Act, 2007, the Reserve Bank of India (RBI) issued regulations for investments in Payment Systems Operators (Psos) by new Entities from Financial Action Task Force (FATF) Non-compliant Jurisdictions (Countries).

Restrictions imposed by RBI:

i.RBI has not permitted new investors from or through non-compliant FATF jurisdictions to acquire, directly or indirectly, ‘significant

influence’ in PSOs (existing PSOs/ entities

seeking authorisation as PSOs).

ii. Fresh investments (directly or indirectly) from those non-compliant FATF jurisdictions, in aggregate, should account for less than 20 percent of the voting power (including potential voting power) of the PSO.

  • RBI has released the Consultative Document On Regulation of Microfinance

RBI has released the Consultative Document on Regulation of Microfinance for feedback from All stakeholders. It intends to address the over- Indebtedness of microfinance borrowers and Enable a market mechanism to bring down interest rates by empowering the borrowers to

Make an informed decision.

• It suggests a common definition of

Microfinance loans that is uniformly

Applicable to all regulated entities to ensure

Certainty, irrespective of the type of lenders.

About Financial Action Task Force (FATE):

It is an inter-governmental body that sets

Standards and develops and promotes policies to

Combat money laundering and terrorist

Financing. India became a member of the FATF in

2010.

Establishment 1989 by the G-7 Summit.

Headquarters Paris, France

President- Marcus Pleyer (Germany)

Member countries – 39

Ambuja Cement Foundation Joins with NABARD to Skill Rural Youth

Ambuja Cement Foundation (ACF), Corporate Social Responsibility (CSR) arm of Ambuja Cements Ltd, which is working towards the Empowerment of rural communities, joins hands With National Bank for Agriculture and Rural Development (NABARD) for the implementation Of its ‘Employability through Skill Initiative Project

ESIP) Phase lI.

.Objective: To empower youth with practical Skill development training and empower them For a better future.

. ACF received grant assistance from NABARD Under the Gramya Vikas Nidhi, a fund created For the development of off-farm sector Activities.

 Key points:

iUnder the ESIP Phase I1, ACG intends to provideskill training across 19 ACF locations for a period of 2 years in 12 trades (It has already reached over 4000 youth)

i.Along with skill training, soft skills and

leadership skills are included as a part of the training module.

ii.After completion of training, the students will be provided with placement and hand-holding support post-placement.

iv.NABARD’s partnership with ACF:

•It was started in 2008 and had funded 32

Projects in the areas of agriculture, women

Empowerment, water and skills impacting

25,000 people.

• Under the partnership 33 Skill and

Entrepreneurship Development Institutes

Centres are implemented.

About Ambuja Cement Foundation (ACF):

Establishment 1993

Headquarters Mumbai, Maharashtra

Director and CEO – Pearl Tiwari

Chairman Narotam Sekhsaria

About National Bank for Agriculture and Rural

Development (NABARD):

NABARD was established on the

Recommendations of the B.Sivaraman

Committee (by Act 61, 1981 of Parliament) to Implement the National Bank for Agriculture and Rural Development Act 1981.

Establishment 12 July 1982

Chairman– Govinda Rajulu Chintala

Headquarters Mumbai, Maharashtra

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