RBI revises norms for UCBs inclusion in second schedule, RBI Act, 1934

Current Context: The Reserve Bank of India (RBI) has revised the eligibility norms for the inclusion of Urban Co-operative Banks (UCBs) in the Second Schedule to the RBI Act, 1934. The revisions are aimed at aligning these norms with the Revised Regulatory Framework.

• Here the details:
• Revised Norms for UCBs Inclusion in Second Schedule, RBI Act, 1934: The RBI has revised the eligibility norms for the inclusion of Urban Co-operative Banks (UCBs) in the Second Schedule to the RBI Act, 1934. The new norms are in line with the Revised Regulatory Framework. The eligibility criteria for UCBs now include a Capital to Risk (Weighted) Assets Ratio (CRAR) that is 3% above the minimum requirement, and no major regulatory concerns. These revised instructions are applicable to all Commercial Banks (including RRBs) and all Co-operative Banks and shall come into effect from April 1, 2024.
• Advance Payment for Gold Import via IIBX by TRQ Holders: The RBI has allowed Tariff Rate Quota (TRQ) holders under the India-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA) to remit advance payment for eleven days for the import of gold through the India International Bullion Exchange IFSC Ltd (IIBX) against the TRQ. This decision is aimed at facilitating the import of gold by TRQ holders.

Question:

Q.1 Who are allowed to remit advance payment for eleven days for the import of gold through the India International Bullion Exchange IFSC Ltd (IIBX)?
a. Tariff Rate Quota (TRQ) holders under the India-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA)
b. Tariff Rate Quota (TRQ) holders under the India-United States (US) Comprehensive Economic Partnership Agreement (CEPA)
c. Tariff Rate Quota (TRQ) holders under the India-United Kingdom (UK) Comprehensive Economic Partnership Agreement (CEPA)
d. Tariff Rate Quota (TRQ) holders under the India-Canada Comprehensive Economic Partnership Agreement (CEPA)