BANK EMPLOYEES WORKING IN SENSITIVE POSITIONS OR AREAS OF OPERATION MUST TAKE MANDATORY LEAVE
Under amended risk management rules, the Reserve Bank of India has ordered banks to provide workers working in sensitive positions such as treasury operations and currency chests with a 10-day mandatory leave. As a prudent operational risk management measure, banks must implement a “mandatory leave” policy, under which employees in sensitive positions or areas of operation must be sent on leave for a few days (not less than 10 working days) in a single spell once a year, with no prior notice to the employees, preserving the element of surprise.
The Reserve Bank of India has given banks six months to comply with these instructions. It ordered banks to ensure that staff on “mandated leave” do not have access to physical or virtual resources connected to their jobs, with the exception of internal/corporate email, which is normally open to all employees for general use. Banks should also implement a board-approved policy, compile a list of sensitive jobs that will be covered by “mandated leave” rules, and review the list on a regular basis. This policy’s implementation will be evaluated as part of the supervisory process.
THE DGFT HAS ISSUED AN UPDATE TO THE ANF-2C FORMAT
The Director-General of Foreign Trade modifies paragraph 2.96 (b) of Chapter 2 of the Handbook of Procedures, 2015-2020, in the exercise of the authorities provided by paragraph 2.04 of the Foreign Trade Policy 2015-2020. Furthermore, S.no 9(d) of ANF-2C of the Foreign Trade Policy, 2015-2020, which requires monthly export returns, including “NIL” return, to be submitted to the Registering authority by the 15th day of the month following the quarter, is eliminated, as is the updated format for ANF-2C.
The following is the effect of this Public Notice: Paragraph 2.96 (b) of Chapter 2 of the Handbook of Procedures, 2015-2020 is deleted, and the amended format of ANF-2C is announced as a step toward minimizing regulatory compliance burden.