Page 59 - Banking Finance April 2023

RBI CIRCULAR

RBI

CIRCULAR

Revised Regulatory Framework for Urban 3. Transactions through National Electronic Funds Transfer
(NEFT) and Real Time Gross Settlement (RTGS) System
Co-operative Banks (UCBs) – Net Worth
will continue upto 2400 hours as hitherto on March 31,
and Capital Adequacy 2023.

March 28, 2023 4. Special clearing will be conducted for collection of
government cheques on March 31, 2023 for which the
1. Please refer to para 7 of the circular
Department of Payment and Settlement Systems
DOR.CAP.REC.No.86/09.18.201/2022-23 dated
(DPSS), RBI will issue necessary instructions.
December 01, 2022 on ‘Revised Regulatory Framework
5. Regarding reporting of Central and State Government
for Urban Co-operative Banks (UCBs) – Net Worth and
transactions to RBI, including uploading of GST/ TIN2.0/
Capital Adequacy.
e-receipts luggage files, the reporting window of March
2. It has been decided that the instructions shall come into
31, 2023 will be kept open till 1200 hours noon on April
effect from March 31, 2023.
1, 2023.
3. All other instructions of the circular ibid remain
6. Agency banks may take note and give adequate
unchanged.
publicity to the special arrangements made as above.
Annual Closing of Government Accounts
Implementation of Section 51A of
– Transactions of Central / State
UAPA,1967: Updates to UNSC’s 1267/ 1989
Governments – Special Measures for the
ISIL (Da'esh) & Al-Qaida Sanctions List:
Current Financial Year (2022-23)
Amendments to 102 entries
March 21, 2023
March 17, 2023
1. All government transactions done by agency banks for
the Financial Year 2022-23 must be accounted for 1. Please refer to Section 51 of our Master Direction on
within the same financial year. Accordingly, the Know Your Customer dated February 25, 2016 as
following arrangements are put in place to report and amended on May 10, 2021 (MD on KYC), in terms of
account for Government transactions for March 31,
which “Regulated Entities (REs) shall ensure that in
2023.
terms of Section 51A of the Unlawful Activities
2. All agency banks should keep their designated branches (Prevention) (UAPA) Act, 1967, they do not have any
open for over the counter transactions related to account in the name of individuals/entities appearing
government transactions upto the normal working in the lists of individuals and entities, suspected of
hours on March 31, 2023. having terrorist links, which are approved by and

BANKING FINANCE | APRIL | 2023 | 53