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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Fema / RBI : The ability for cardholders to determine their billing cycle signifies that credit cards are not merely tools for cashless transac...
Fema / RBI : Explore the comprehensive regulatory insights shared by Shri M. Rajeshwar Rao, Deputy Governor of the Reserve Bank of India, focus...
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Fema / RBI : Explore RBI latest Master Directions on Fraud Risk Management in Urban Cooperative Banks (UCBs), State Cooperative Banks (StCBs), ...
Fema / RBI : Explore RBI's latest Master Directions on Fraud Risk Management for Banks & AIFIs. Learn about governance, early detection framewo...
Fema / RBI : The RBI has withdrawn several outdated circulars to streamline and simplify banking guidelines. Learn about the changes and their ...
Fema / RBI : Read about RBI's latest circular on Liberalised Remittance Scheme (LRS) allowing expanded remittances to IFSCs, implications, and ...
The NBFC should have put in place a comprehensive Board approved policy regarding undertaking mutual funds distribution. The services relating to the same should be offered to its customers in accordance with this policy. The policy will also encompass issues of customer appropriateness and suitability as well as grievance redressal mechanism. The code of conduct prescribed by SEBI, as amended from time to time and as applicable, should be complied with by NBFCs undertaking these activities.
With a view to enlarging the scope of Urban Cooperative Banks to expand their business and serve their customers, it has been decided to allow Financially Sound and Well Managed(FSWM) Scheduled Urban Cooperative Banks which are CBS enabled and having minimum net-worth of ₹ 100 crore to issue Credit Cards in affiliation with entities authorized by Department of Payment and Settlement Systems, Central Office.
Eight other banks, namely, Central Bank of India, Bank of India, Punjab and Sind Bank, Punjab National Bank, State Bank of Bikaner & Jaipur, UCO Bank, Union Bank of India and Vijaya Bank have been cautioned to put in place appropriate measures and review them from time to time to ensure strict compliance of KYC requirements in future.
Press Note No. 5 (2015 series), Dated 27th April, 2015 Initial validity of Industrial License for Defence Sector is being revised to seven years, further extendable upto three years for existing as well as future Licenses. This is being done as a measure to further promote ease of doing business, in view of the long gestation period of Defence Contracts to mature.
Press Note No. 4 (2015 Series) Subject: Policy on foreign investment in the Pension Sector- addition of paragraph 6.2.17.9 of ‘Consolidated FDI Policy Circular of 2014-‘
Banks are hereby advised that, as a prudent operational risk management measure, it is imperative that employees posted in sensitive positions or areas of operations (viz., treasury, currency chests, risk modelling, model validation, etc.) are covered under a ‘Mandatory Leave’ policy wherein such employees are required to compulsorily avail of leave for a few days (say 10 working days) in a single spell every year,
Therefore, in partial modification of our aforementioned Circular dated December 22, 2001, we advise that while disseminating information to Credit Information Companies on borrowers with outstanding amount aggregating Rs. 1 crore and above classified as doubtful or loss assets (non-suit filed as well as suit filed accounts), banks/FIs should exclude the names of non-whole time directors (Nominee and Independent Directors) other than the promoter directors from the list, except in the rarest circumstances specified in paragraph 3 above.
Banks are, therefore, directed to include ‘third gender’ in all forms/applications etc. prescribed by the Reserve Bank or the banks themselves, wherein any gender classification is envisaged.
In this connection, attention is invited to paragraph 29 of sixth Bimonthly Monetary Policy Statement- 2014-15 announced on February 3, 2015 whereby it was decided to introduce the feature of early withdrawal facility in a term deposit as a distinguishing feature for offering differential rates of interest. Accordingly, banks will have the discretion to offer differential interest rates based on whether the term deposits are with or without-premature-withdrawal-facility, subject to the following guidelines:
where a prospective customer is unable to produce any proof of address, the following documents shall be deemed to be ‘officially valid document’: (a) utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid mobile phone, piped gas, Water bill); (b) property or Municipal tax receipt; (c) bank account or Post Office savings bank account statement;
