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The May issue of the Bulletin issue carries six special articles: (i) Developments in India’s BoP during Third Quarter of 2010-11: Trade, Invisibles and Capital Account, (ii) Union Budget 2011-12: An Assessment (iii) Railway Budget 2011-12: An Assessment (iv) Finances of State Governments – 2010-11: Highlights (v) Survey of India’s Foreign Liabilities & Assets for the Mutual Fund Companies (2006-2009) (vi) Survey of Small Borrowal Accounts, 2008. Highlights of the special articles
It is observed that Indian operations of foreign banks functioning in India as branches of the parent banks generally do not have a separate Audit Committee vested with the responsibility of examining and reviewing inspection/audit reports for their compliance. In the recent past, there have been concerns about the adequacy of regulatory compliance by foreign banks in India and it is felt that this is on account of Business Heads/Units reporting directly and being answerable to their ‘Functional Heads’ located overseas and not to the Chief Executive Officer (CEO) of Indian operations. RBI/2010-11/520 Ref.DBS.ARS.BC. No.07/ 08.91.020/ 2010-11
The Reserve Bank on Tuesday set up a committee for streamlining foreign exchange transactions and also invited comments from public and other stakeholders for improving facilities pertaining to investments and repatriation of funds.
Please refer to our Circular UBD.PCB.Cir.No.11/09.09.01/2007-08 dated August 30, 2007 forwarding therewith the guidelines for UCBs on lending to priority sector. In terms of item (vi) under ‘Categories of Priority Sector’ and also para 7.1 of section I of Annex of the above Circular, loans up to Rs.20 lakh irrespective of location, to individuals for purchase / construction of dwelling unit per family, excluding loans granted by banks to their own employees are eligible for classification under priority sector.
Hitherto, Authorised Dealers Category – I Banks (AD) were allowed to permit pledge of shares held by the Promoters as security for External Commercial Borrowings (ECB) availed by the Borrowing Resident Investee Company subject to prescribed conditions. As a measure of liberalisation and simplifications, the Reserve Bank of India (RBI) has now permitted ADs to allow pledge of shares of an Indian Company held by Non-Resident Investor/s subject to certain key conditions outlined below.
The Reserve Bank has imposed a monetary penalty of Rs 1 lakh each on two cooperative lenders — Randheja Commercial Cooperative Bank and Gandevi People”s Cooperative Bank — for violation of banking norms.
Two and a half years after taking over as RBI governor ,D Subbaraoon Monday sought “legally-back formal autonomy”for the central bank besides suggesting a gradual shift to a committee-driven approach to setting of interest rates. But, when it came to losing RBI’s grip over what is now its turf-managing the government’s debt-the governor , who is a former Union finance secretary , stopped short of suggesting that the government abandon its plans to setup an independent debt management office.
Reserve Bank of India has liberalised opening of Escrow Accounts for Foreign Direct Investment transactions vide A. P. (DIR Series) Circular No. 58 dated 2 May 2011. Hitherto, opening of Escrow / Special Bank Account by Non-resident Corporate(s) for the purpose of acquisition/transfer of shares / convertible debentures of an Indian Company was permitted only in cases of Open Offers / Delisting / Exit Offers subject to compliance with Securities and Exchange Board of India (SEBI) Regulations.
As announced in the Reserve Bank of India’s Annual Monetary Policy Statement 2011-12 on May 03, 2011 Scheduled Commercial Banks (SCBs) may borrow overnight up to one per cent of their respective Net Demand and Time Liabilities (NDTL) under the Marginal Standing Facility (MSF)Scheme effective from the fortnight beginning on May 07, 2011. Operating instructions in this regard are contained in circular FMD No.59/01.18.001/2010-11 dated May 9, 2011. RBI/2010-11/516 Ref. DBOD No. Ret. BC. 92 /12.02.001/2010-11
As announced in the Monetary Policy for the year 2011-12, a new Marginal Standing Facility (MSF) is being introduced with effect from May 9, 2011. The Scheme will be operationalized on the lines of the existing Liquidity Adjustment Facility – Repo Scheme (LAF – Repo). Under the facility, the eligible entities can avail overnight, up to one per cent of their respective Net Demand and Time Liabilities (NDTL) outstanding at the end of the second preceding fortnight. But for the intervening holidays, the MSF facility will be for one day except on Fridays when the facility will be for three days or more, maturing on the following working day. In the event, the banks’ SLR holdings fall below the statutory requirement up to one per cent of their NDTL, banks will not have the obligation to seek a specific waiver for default in SLR compliance arising out of use of this facility in terms of notification issued under sub section (2A) of Section 24 of the Banking Regulation Act, 1949. RBI/2010-11/515 FMD. No.59/01.18.001/2010-11
