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The Reserve Bank of India has released the April 2011 issue of its monthly RBI Bulletin. The April issue carries two special articles: (i) Inflation Expectations Survey of Households: December 2010 (Round 22) and (ii) International Banking Statistics for June and September 2010.
The Reserve Bank has imposed penalty of Rs 1 lakh each on two Gujarat-based cooperative sector lenders for violation of various rules, including anti-money laundering guidelines. The two banks are — the Surat-headquartered Rander People’s Co-operative Bank and Vadodara-based Shree Mahalaxmi Mercantile Co-operative Bank, the apex bank said yesterday.
RPCD.CO.RRB.BC No. 59/03.05.72/2010-11- A recent study undertaken by Regional Offices of NABARD and RBI in select States has revealed that compounding of interest on quarterly/ half-yearly basis, and not as per cropping/ harvesting cycle/s on agricultural loans, was prevalent in some RRBs. In certain cases, NABARD has also observed that RRBs have been using the software package developed by their sponsor banks, which has no provision for segregating interest from principal before applying the interest for the next period. Wherever manual accounting was involved, the compounding was observed in a few cases attributed to human error.
RPCD.CO.RRB.BC.No.59 /03.05.34 /2010-11 – On a review of the issue it has been decided that the exemption granted to RRBs up to financial year 2009-10 from ‘mark to market’ norms in respect of their investment in SLR securities be extended by for three years i.e. for the financial years 2010-11, 2011-12 and 2012-13. Accordingly, RRBs will have the freedom to classify their entire investment portfolio of SLR securities under ‘Held to Maturity’ for the financial years 2010-11, 2011-12 and 2012-13 with valuation on book value basis and amortization of premium, if any, over the remaining life of securities
Amid introduction of illegal online forex trade by certain companies, the Reserve Bank has asked credit card issuing companies to not permit payments for such transactions. The regulations under Foreign Exchange Management Act (FEMA), 1999, do not permit resident Indians to trade in foreign exchange in domestic or overseas markets.
The Reserve Bank has imposed penalty of up to Rs 5 lakh on two Gujarat-based co-operative sector lenders — the Mehsana Urban Co-operative Bank Ltd and the Jamnagar Peoples Co-operative Bank Ltd — for violation of certain guidelines. The violations range from conduct of non-banking business to non-reporting of cash transactions, the RBI said.
The Council of the Institute of Chartered Accountants of India at its 304th meeting held on 23rd March 2011 considered the prudential regulatory treatment prescribed by the Reserve Bank of India vide its above mentioned circular vis a vis the impact thereof on the auditor’s report since the said treatment is a departure from the requirements of the Accounting Standard (AS) 15, Employee Benefits. 3. On a consideration of the matter, the Council of the Institute decided that since the accounting treatment for such expenditure is prescribed under the prudential regulatory framework of the Regulator, the auditors need not qualify their audit report on account of this. The matter should, however, be brought out by the auditors in the audit report by way of an “Emphasis of Matter Paragraph” in accordance with the Standard on Audit (SA) 706, “Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report, provided the matter of departure from the requirements of AS 15 pursuant to the aforesaid circular of RBI is appropriately disclosed, with quantification, by the bank by way of the notes to the accounts in the financial statements.2
The Reserve Bank will bring out a second draft of the proposed guidelines for issuance of new banking licences in the next 15 to 20 days, the Finance Ministry said today. “Second draft guidelines for new bank licences in next 15 to 20 days,” Financial Services Secretary Shashikant Sharma told reporters here.
Ref. DBOD.No.Ret.BC. 84 /12.02.001/2010-11 – As set out in the Press Release issued by the Reserve Bank of India on April 08, 2011, the additional liquidity support to SCBs under LAF to the extent of up to one per cent of their NDTL, which was set to expire on April 08, 2011, has now been extended up to May 06, 2011. For any shortfall in maintenance of the SLR arising out of availment of this facility, banks may seek waiver of penal interest purely as an ad hoc, temporary measure. The liquidity support availed under this facility would, however, need to be reported on a daily basis.
The Reserve Bank of India (RBI) today cautioned public against any mail asking for bank account details of individuals in its name. “The Reserve Bank never asks for your bank account details. The RBI has clarified that it has not sent any such email,” the central bank said in a statement. The RBI said that it has noticed that individuals have been receiving mails from RBI which asks bank customers “to update their bank account details against online phishing”.
