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The RBI has, vide notification dated 06.08.2020, issued a new framework for resolution of stressed loans caused by Covid-19. I am discussing the relevant portion of this notification in my own words in simple and clear language in three parts. Part-I (General overview of the framework) Existing frameworks for restructuring of loans before...
Read MoreIn a recent notification, Reserve Bank of India (RBI) on 6th August 2020, instructed all Scheduled Commercial Banks to maintain a discipline on opening of Current Account. The below are highlights from the notification: 1. No bank shall open current accounts for customers who have availed credit facilities in the form of cash credit (CC)/...
Read MoreReport of RBI Committee on the Analysis of QR (Quick Response) Code – Interesting facts on digital payments Buoyed up by the volume of 250 million digital payments using UPI QR on monthly basis, RBI was naturally very enthusiastic to set up an expert committee under the leadership of Prof. D.P. Pathak, Professor Emeritus, IIT, […...
Read MoreFCGPR is required to be filed with the RBI for issue of shares through Bonus/Right issue by an Indian company to a person resident outside India/body corporate incorporated outside India. Website: https://firms.rbi.org.in/firms/ Due date for filling: Within 30 days from the date of issue of shares TYPE OF REGISTRATION: Entity User Registr...
Read MoreThe importance of corporate governance in banks can not be undermined and is paramount in larger interests of shareholders, depositors and economy as a whole. Indian banking is today at cross roads facing challenges such as mounting non-performing advances (NPAs) failure of risk management triggers, ethical vacuum at top management and la...
Read Morehe outbreak of COVID-19 pandemic is unambiguously the worst health and economic crisis in the last 100 years during peace time with unprecedented negative consequences for output, jobs and well-being. It has dented the existing world order, global value chains, labour and capital movements across globe and needless to say, the socio-econo...
Read MoreChecklist for documents to be submitted at concerned authorities for FDI approval S.No. Document 1. Certificate of Incorporation of the Investee & Investor Companies/Entities* (Investee company may be a proposed entity and may not be incorporated) 2. Memorandum of Association (MOA) of the Investee & Investor Companies/Entities* 3....
Read MoreSubmission of annual return on FLA through the web-based FLAIR portal for financial year 2019-20 has been started. Entities which are filing FLA return for the first time/ with revised UIN (Unique identification number) are required to register themselves first for generating login credentials and they can file FLA return. However, the en...
Read MoreGovernment closely monitoring transmission of repo rate cut by the Banking Sector and recognise efforts of wealth creators in scripting India’s growth story : Finance Minister in a virtual meeting with PHD Chamber...
Read MoreThe Reserve Bank of India, in view of the Covid pandemic, realised the financial emergency and liquidity crunch in our economy due to lockdown, announced moratorium for all loans for a certain period. However, there is dispute about the chargeability of interest by the Banks/ Financial Corporations on this extended period. The business ...
Read MoreShailendra Swarup Vs The Deputy Director (Supreme Court of India) - Shailendra Swarup Vs Deputy Director (Supreme Court of India) Section 68 of FERA, 1973 deals with Offences by companies. Section 68(1) provides that every person who, at the time of the contravention was committed, was in charge of, and was responsible to, the company for the conduct of business of ...
Read MoreVelankani Information Systems Limited Vs Secretary, Ministry of Home Affairs (Karnataka High Court) - The contentions of the RBI that the dispute is between the Petitioner and Respondents is not acceptable since the dispute arises out of the implementation or not of a Circular issued by the RBI. RBI is therefore directed to monitor the implementation of the Circular, including verification of whethe...
Read MoreMohammad Arif Vs Directorate Of Enforcement (Orissa High Court) - High Court of Orissa held that The offence of Money Laundering is nothing but an act of financial terrorism that poses a serious threat not only to the financial system of the country but also to the integrity and sovereignty of a nation....
Read MoreIn re Cognizance for Extension of Limitation (Supreme Court) - In re Cognizance for Extension of Limitation (Supreme Court) With reference to the prayer, that the period of validity of a cheque be extended, we find that the said period has not been prescribed by any Statute but it is a period prescribed by the Reserve Bank of India under Sec...
Read MoreAhilya Devi Wife of Late Birendar Yadav Vs State of Bihar (Patna High Court) - Ahilya Devi Wife of Late Birendar Yadav Vs State of Bihar (Patna High Court) It is eminent that clause (ii) of sub-Section (1) of Section 45 of the Act places two conditions for release of a person accused of an offence under the Act, on bail, if a Public Prosecutor opposes the bail application, nam...
Read MorePress Release No. 2020-2021/148, Press Release No. 2020-2021/149, Press Release No. 2020-2021/150, - (06/08/2020) - Monetary Policy Committee (MPC) at its meeting today (August 6, 2020) decided to: keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4.0 per cent. Consequently, the reverse repo rate under the LAF remains unchanged at 3.35 per cent and the marginal standing facility...
Read MoreRBI/2020-21/20 DOR.No.BP.BC/7/21.04.048/2020-21 - (06/08/2020) - The instructions on opening of current accounts by banks have been reviewed and the revised instructions are as under: i. No bank shall open current accounts for customers who have availed credit facilities in the form of cash credit (CC)/ overdraft (OD) from the banking system and all transactio...
Read MoreRBI/2020-21/19 DoR.No.BP.BC/6/21.04.048/2020-21 - (06/08/2020) - Under the extant guidelines, loans sanctioned by banks against pledge of gold ornaments and jewellery should not exceed 75 per cent of the value of gold ornaments and jewellery....
Read MoreRBI/2020-21/18 DOR.No.BP.BC/5/21.04.201/2020-21 - (06/08/2020) - Investment in debt mutual fund/ETF for which full constituent debt details are available shall attract general market risk charge of 9 per cent, as hitherto. Specific risk capital charge for various kinds of exposures would be applied as detailed below:...
Read MoreRBI/2020-21/17 DOR.No.BP.BC/4/21.04.048/2020-21 - (06/08/2020) - Existing loans to MSMEs classified as 'standard' may be restructured without a downgrade in the asset classification, subject to the following conditions: i. The aggregate exposure, including non-fund based facilities, of banks and NBFCs to the borrower does not exceed ₹25 crore as on March 1, 202...
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Press Release No. 2020-2021/148, Press Release No. 2020-2021/149, Press Release No. 2020-2021/150, - (06/08/2020) -
RBI/2020-21/20 DOR.No.BP.BC/7/21.04.048/2020-21 - (06/08/2020) -
RBI/2020-21/19 DoR.No.BP.BC/6/21.04.048/2020-21 - (06/08/2020) -
RBI/2020-21/18 DOR.No.BP.BC/5/21.04.201/2020-21 - (06/08/2020) -
RBI/2020-21/17 DOR.No.BP.BC/4/21.04.048/2020-21 - (06/08/2020) -
RBI/2020-21/16 DOR.No.BP.BC/3/21.04.048/2020-21 - (06/08/2020) -
