RBI Circular Notification Press Release and Instructions issued by Reserve bank of India. News and Article on provisions, Rate changes, Policy changes and FAQ
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All co-operative banks not intending to act as Point of Sale (POS) acquiring bank are permitted to deploy third party POS terminals without prior approval of Reserve Bank of India (RBI) subject to the bank fulfilling the following criteria:
No Asset Reconstruction Company shall commence or carry on the business of securitisation or asset reconstruction without having Net Owned Fund (hereinafter referred to as NOF) of not less than Rupees two crore or such other higher amount as the Reserve Bank may, by notification, specify.
Reserve Bank of India hereby specifies that the Net Owned Fund (NOF) for Asset Reconstruction Companies (ARCs) shall be minimum Rupees One Hundred Crore on an ongoing basis with effect from the date of this Notification.
As part of effective risk management, banks are required, inter-alia, to have a system of separation of credit risk management function from the credit sanction process. However, it is observed that the banks follow diverse practices in this regard.
The Reserve Bank today has placed on its website the draft guidelines proposed to be issued on cross border merger transactions pursuant to the Rules notified by Ministry of Corporate Affairs through Companies (Compromises, Arrangements and Amalgamation) Amendment Rules, 2017 on April 13, 2017.
Liberalised Remittance Scheme (LRS) can be availed for purchasing or remitting foreign currency up to USD 250,000 per financial year (April- March) for permissible transactions.
Of late, we have been receiving complaints from members of general public that majority of the bank branches are not accepting banknotes, specifically in the denomination of Z 500 and 7 2000, with anything written/colour on them and banknotes whose colour has faded due to washing or any other reason.
The Government of India has vide the notification no. S.O. 4061 (E) dated December 16, 2016 announced the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS). This Scheme shall be applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016.
The Reserve Bank of India, in consultation with Government of India, has decided to issue Sovereign Gold Bonds 2017-18 – Series I. Applications for the bond will be accepted from April 24-28, 2017. The Bonds will be issued on May 12, 2017. The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated Post Offices, and recognised Stock Exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange. The features of the Bond are given below.
Sovereign Gold Bonds will be available for subscription at the branches of scheduled commercial banks and designated post offices through RBI’s e- Kuber system.
