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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DBS.CO.FrMC.BC.No. 9/23.04.001/2010-11 – RBI has also issued various circulars for the prevention of frauds and malpractices in banks. In this connection reference is specifically drawn to circulars DBOD. No.BC.20.17.04.001 dated August 25, 1992 on the recommendation of the Committee to enquire into various aspects relating to frauds and malpractices in bank; DOS.No.PP.BC.20/16.03.026/96-97 dated November 01, 1996 conveying the recommendations of the Working group on Internal Controls and Inspection/ Audit Systems in banks; DBS.FrMc.No.7/23.04.001/2004-05 dated September 20, 2004 on strengthening of Internal Vigilance machinery in banks & Financial Institutions.
RPCD.CO RCB.BC.No. 73/07.38.03/2010-11 It may be noted that initially transactions relating to securitization and reconstruction of financial assets and those relating to mortgage by deposit of title deeds to secure any loan or advances granted by banks and financial institutions, as defined under the SARFAESI Act, are to be registered in the Central Registry. The records maintained by the Central Registry will be available for search by any lender or any other person desirous of dealing with the property. Availability of such records would prevent frauds involving multiple lending against the security of same property as well as fraudulent sale of property without disclosing the security interest over such property. It may be noted that under the provisions of Section 23 of the SARFAESI Act, particulars of any charge creating security interest over property is required to be filed with the Registry within 30 days from the date of creation.
In order to improve transparency and avoid build up of a financial crisis, a Reserve Bank of India (RBI) panel today suggested tighter norms for reporting and monitoring of interest rate and forex derivatives. The report of the Working Group set up by the Reserve Bank suggested that Clearing Corporation of India (CCIL) should be made the repository of all interest rate and forex derivative transactions.
DNBS (PD) CC. No. 24/SCRC/26.03.001/2010-2011 – Pursuant to the announcement made by the Finance Minister in the budget speech for 2011-12, Government of India, Ministry of Finance notified the establishment of the Central Registry vide notification F. No. 56/05/2007-BO-II dated March 31, 2011. The objective of setting up of Central Registry is to prevent frauds in loan cases involving multiple lending from different banks on the same immovable property. The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), a Government Company licensed under section 25 of the Companies Act 1956 has been incorporated for the purpose of operating and maintaining the Central Registry under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).
DBOD. Dir.BC. 96 /13.03.00/2010-11 The matter regarding extending of finance for subscription to the IDRs and loans thereagainst has been examined. It has been decided that no bank should grant any loan/advance for subscription to IDRs. Further, no bank should grant any loan/advance against security/collateral of IDRs issued in India.
The Reserve Bank should keep its key rates high not just to fight inflation, but also to prevent the formation of asset bubbles, a top economist from Standard Chartered said today. I think the RBI needs to make sure that the monetary policy is tight not just to address the immediate inflation challenge but (also) to prevent bubbles and inflation problems being seen in the future, the bank’s Chief Economist and Group Head of Global Research , Gerard Lyons, told reporters here.
States are important stakeholders in inflation management as their contribution is important in addressing the supply side constraints. They could, for instance, help better management of public distribution system, improve productivity in agriculture and allied activities, reform the Agriculture Produce Marketing Committee (APMC) Acts and improve the infrastructure, such as, storage facilities, Dr. D. Subbarao, Governor, Reserve Bank of India, told the State Finance Secretaries today while inaugurating a conference held in Mumbai.
UBD.BPD.(PCB) CIR No. 49/09.14.000/2010-11 Consequent upon the enhancement in gratuity limits following the amendment to Payment of Gratuity Act 1972, UCBs and their Associations have expressed that it would be difficult to absorb the large amount involved in a single year. The expenditure, if not fully charged to the Profit and Loss Account during the financial year 2010-11, be deferred over a period of five years beginning with the financial year ended March 31, 2011 subject to charging to the Profit and Loss Account a minimum of 1/5th of the total amount involved every year.
In an effort to improve due diligence, the Reserve Bank of India (RBI) on Monday asked banks to seek information from their directors on any adverse strictures passed by financial sector regulators against them. The banking regulator has partially modified the format of ‘Declaration and Undertaking’ prescribed for the purpose of conducting due diligence to determine the ‘fit and proper’ status of directors. Banks should get information whether the director at any time come to the adverse notice of a regulator such as the Securities and Exchange Board of India and the Insurance and Regulatory Development Authority.
The Reserve Bank of India today placed on its website the Report of the Working Group on Introduction of Financial Holding Company Structure in India (Chairperson: Smt. Shyamala Gopinath). Comments on the Report may please be emailed or forwarded by end-June 2011 to the Chief General Manager-in-Charge, Department of Banking Operations and Development, Reserve Bank of India, Central Office, Mumbai 400 001.
