OJK may determine final reassessment results without the requirement to follow the necessary reassessment steps and to set shorter periods for the submission of responses from reassessed primary parties under certain conditions

Banks that are planning to offer new advanced bank products are first required to secure licenses from the Financial Services Authority

In order to operate as a digital bank, a BHI Bank must satisfy various digital bank-related requirements and should set up the bank through one of the following methods: 1) Establishment of a new BHI Bank as a digital bank; or 2) Transformation of an existing BHI Bank into a digital bank.

As a result of the ongoing COVID-19 pandemic, which is having a substantial impact upon banks that are facing difficulties submitting their reports in a complete, accurate, current and timely manner, BI has now re-extended the deadline for the implementation of BI's integrated reporting system

This obligation applies to systemic banks and non-systemic banks which are appointed by the Deposit Insurance Corporation (Lembaga Penjamin Simpanan/LPS)

Incorporates several methods for the handling of banking issues, specifically: 1) Granting of short-term loans in order to handle bank liquidity issues; 2) Fund placements in order to handle issues relating to banks in recovery; and 3) Resolution actions in order to handle issues relating to banks in resolution

Based on recommendations made by the Forum, the OJK will determine the statuses of banks as follows: 1) Bank under normal supervision; 2) Bank in recovery; and 3) Bank in resolution. Upon having their statuses determined, banks are required to implement certain actions, which differ depending on their statuses

The commercial bank products have now been categorized as follows: 1) Basic Bank Products (i.e. fund accrual activities, fund distribution activities and other simple activities); and 2) Advanced Bank Products (i.e. information-technology-based activities, insurance-related activities, capital-market related activities, activities of other financial service agencies, activities that require approvals or licenses to be granted by other authorities and other complex activities)

The types of reports that must be submitted by commercial banks are now classified as follows: 1) Structured reports (i.e. financial, risk and capital, product, activities, action, and basic data reports); and 2) Unstructured reports (all of the reports that are required to be submitted within the banking sector)

The period for the implementation of countercyclical policies has now been extended from 31 March 2021 to 31 March 2022