rural banks

INCLUSIVE GROWTH is the word which is often heard and understood less by majority. I will not get into complex explanations of the above word meaning. In simple words Inclusive Growth by its very definition implies an equitable allocation of resources with benefits accruing to every section of society. Full Article

It has been observed that the Regional Rural Banks (RRBs) are not following a uniform practice in reckoning their liability in respect of arrangements with correspondent banks (mainly sponsor banks) for remittance facilities. Under the arrangements, there is a transfer of funds by accepting bank to its correspondent bank and it is an obligation of the correspondent bank to honour the instruments. Full Article

Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT). Please refer to our letter RPCD.CO.RRB.No.5451/03.05.28-A/2009-10 dated November 16, 2009 on risks arising from the deficiencies in AML/CFT regime of Iran,Uzbekistan, Pakistan, Turkmenistan, Sao Tome and Principe. Full Article

"Keeping in view the need for transparency in the interest of the customers... it has since been decided that Regional Rural Banks (RRBs) should disclose to the customers, details of all the commissions or other fees received, if any, from various mutual fund or insurance companies for marketing or referring their products," RBI said in a notification. Full Article

Reserve Bank of India (RBI) vide its Master Circular dated July 1, 2009 has advised all Scheduled Commercial Banks (excluding Regional Rural Banks) that all cheque forms would be printed in Hindi and English. The customer may, however, write cheques in Hindi, English or in the concerned regional language. Full Article

In paragraph 5 (b) of the above circular,it has been advised to RRBs that as and when lists of individuals and entities, approved by Security Council Committee established pursuant to various United Nations' Security Council Resolutions (UNSCRs), are received from Government of India, the Reserve Bank circulates these to all banks and financial institutions. Full Article

In terms of paragraphs 2.1.1 and 2.1.2 of Section I of the guidelines on lending to priority sector enclosed to circular RPCD.No.RRB. BC.20/ 03.05.33/2007- 08 dated August 22, 2007, credit to small enterprises includes loans granted to micro and small (manufacturing and service) enterprises, provided investment in plant and machinery [original cost excluding land and building and the items specified by the Ministry of Small Scale Industries vide its notification no. S.O... Full Article

RBI/2009-10/169 RPCD.CO.RRB.BC.No. 25 /03.05.33/2009-10 Dated : September 24, 2009 Payment of Interest on Savings Bank Account on a Daily Product Basis Please refer to para 2(iii) of the directive DBOD.No.Dir.BC.151/C.347-85 dated December 27,1985, in terms of which interest in the case of savings deposits, shall be calculated on the minimum balance to the credit of the [...] Full Article