Amendments and additions to IFSCA Banking Handbook
International Financial Services Centres Authority
F.No.110/IFSCA/Banking Regulation/2022-23/1
June 6, 2022
To,
All Banking Units
Dear Sir/Madam,
Amendments and additions to IFSCA Banking Handbook
IFSC Banking units (IBUs) may refer to circular F.No.110/IFSCA/Banking Regulation/2021- 22/ 9 dated November 12 ,2021 on amendments/additions to the Banking Handbook (v.1)
2.Based on the feedback received from IBUs certain further amendments/additions have been carried out to the contents of the Handbook. The list of such amendments/additions is enclosed in the annexure to this circular.
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The following module has been added to the Handbook: a. Raising queries pertaining to Banking – inserted as a Module 7 of the General Handbook
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The abovementioned amendments/additions shall be effective from the date of this circular
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IBUs are directed to ensure compliance to the directions this circular.
Yours faithfully
(Raghuraman Kumar) Head – Banking
Annexure
List of amendments/additions to provisions under the IFSCA Banking Handbook
GENERAL DIRECTIONS
S.N.
Module
No.
Module
Name
Section
Amendment/addition
1
1
LIBU
7
Issuance / Denial of license –
Provisions added for issuance of
“In-principle approval” by the
Authority before issuance of full
license.
2
7
QUEST
New module on “Raising queries
pertaining to Banking” added.
CONDUCT OF BUSINESS DIRECTIONS
S.N.
Module
No.
Module
Name
Section/
Module
Amendment/addition
1
1
ACBU
4 (xxii)
Section amended to permit IBUs
of Indian banks to invest in the
Indian securities market under
the FPI route.
2
3
CLIC
4.ii(m)
A non-individual entity enjoying
credit facility with any branch or
banking subsidiary of the Banking
company of which the IBU is a
branch included in the list of
Deemed Professional Client.
3
16
PRCR
4
Restrictions
on
activity
of
providing
credit
Section
rewritten to:
i.
Clarify the applicability of
restrictions
under
the
Banking
Regulation
Act,
1949 to IBUs of Indian and
Foreign Banks
ii.
Lay down the restrictions
placed by the Authority
iii.
Clarify that restrictions by
the home regulator of the
IBU shall be applicable
PRUDENTIAL DIRECTIONS
S.N.
Module
No.
Module
Name
Section
Amendment/addition
1
3
PRDS
1.iii (b) &
Annex 1
Para and Annex 1 updated
2
3
PRDS
1.iii (g)
Reference to the Risk Manager
and
the
Compliance
Officer
removed.
3
3
PRDS
1.v.(b). (iii)
Obligation
to
report
to
the
Authority, “significant adverse
change in the market price of, or
trading volume of the equity
capital
or
other
capital
instruments
of
the
Banking
Company or those of the Banking
Company’s
financial
group”
removed.
4
3
PRDS
1.v
Guidance added on reporting of
actual and anticipated breaches
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