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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With a view to strengthening the consultative process in monetary policy, the Reserve Bank of India had constituted a Technical Advisory Committee on Monetary Policy in June, 2009. The tenure of the Committee was up to June 30, 2011. However, it was decided to continue with the Committee up to the First Quarter Review of July 2011.
Prepaid payment instruments can be issued only to corporate entities listed in any of the stock exchanges in India; Verification of the identity of the employee shall be the responsibility of the concerned corporate. The bank should put in place proper systems to capture and maintain details of the employees to whom the cards are issued by the corporate along with copies of photograph and identity proof of such employees. The corporate is also required to make available details of bank accounts (if any) of the employees to the bank;
Based on the feedback from the stakeholders and keeping in view the interest of card holders the following directions are issued: It is mandatory to put in place additional factor of authentication for all CNP transactions indicated in para 4 of our directions dated December 31, 2010 with effect from May 01, 2012. In case of customer complaint regarding issues, if any,arising out of transactions effected without the additional factor of authentication after the stipulated date, the issuer bank shall reimburse the loss to the customer further without demur.
The Reserve Bank of India today placed on its website, the Report of the Committee on Customer Service in Banks and sought comments/feedback from members of the public/all the stakeholders on the Committee’s recommendations. The comments/feedback may, latest by August 27, 2011, be emailed or may be sent by post/courier to the Chief General Manager, Customer Service Department, Reserve Bank of India, Central Office, Amar Building, First Floor, Sir P.M. Road, Mumbai-400001 or faxed to 91-22-22630482 / 22631744.
Issued by the Ministry of Small Scale Industries andS.O.563 (E) dated February 27, 2009 issued by Ministry of Commerce and Industry regarding substitution of term ‘Micro and Small Enterprises’ in place of the term ‘Small Scale Industries’ are enclosed. Kindly ensure that your internal guidelines / instructions are compliant with these notifications.
The Reserve Bank’s credit policy review in last week of July 2011 came with a shock to general public when RBI raised short term rates (repo rates) to 8 percent from 7.5 percent, just to curb inflationary pressures. The first and major outcome of rate hike by Reserve Bank of India is that all major banks have liked their interest rate on advances and loans by atleast 50 basis points, which comes into effect from 1st August, 2011 . The hike in the base rate for loans as well as benchmark prime lending rate (BPLR) implies that credit will become costlier leading to increased cost of production and higher prices, only adding further to inflation. The prices are not going to come down. This will also adversely affect the demand and production.
A.P. (DIR Series) Circular No. 07 Export-Import Bank of India (Exim Bank) has concluded an Agreement dated July 26, 2010 with the Government of the Co-operative Republic of Guyana, making available to the latter, a Line of Credit (LOC) of USD 4 million (USD four million) for financing eligible goods, services, machinery and equipment including consultancy services to be exported from India for the purpose of acquiring, installing and commissioning of fixed and mobile irrigation pumps in Guyana. The goods, services, machinery and equipment including consultancy services from India for exports under this Agreement are those which are eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this Agreement.
Please refer to our Circular DBOD No. BP. BC. 86/21.04.157/2006-07 dated April 20, 2007 on Comprehensive Guidelines on Derivatives. The guidelines with regard to suitability and appropriateness policy for offering of derivative products to users, as outlined in paragraph 8.3 of the said circular, have been reviewed in the light of experience gained in implementation of the guidelines over last four years. The revised guidelines are furnished in the Annex (changes indicated in bold italics).
It has been brought to our notice that some banks have recently issued demand drafts of Rs. 50,000 and above on deposit of cash and not against debit to the customer’s account or against cheques or other instruments tendered by the customer. In the current scenario where the integrity of the financial system in general and the banking channels in particular is of paramount importance, breach of these guidelines is a matter of serious regulatory concern in view of the wide ranging ramifications.
DBOD.No.BP.BC. 25 /21.04.012/2011-12 Please refer to our circular DBOD.No.BP.BC.100/21.04.012/2009-10 dated April 29, 2010 extending the period of concessions/credit relaxations to borrowers / customers in Jammu & Kashmir up to 31 March 2011. It has been decided that the concessions/credit relaxations to borrowers/customers in the State of Jammu & Kashmir, as laid down in our Circular No. DBOD.No.BP.BC.77/21.04.012/2003-2004 dated April 21, 2004, will continue to be operative for a further period of one year, i.e., up to March 31, 2012.
