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DBOD.No. Leg. BC. 83/09.07.005/2010-11- The Banking Companies (Nomination) Rules, 1985- Clarifications. 1. Witness in nomination forms. As you are aware, the Banking Companies (Nomination) Rules, 1985 have been framed in exercise of powers conferred by Section 52 read with Sections 45ZA, 45ZC and 45ZE of the Banking Regulation Act, 1949. The nomination forms (DA1, DA2 and DA3) have also been prescribed in the Nomination Rules. These forms, inter alia, prescribe that the thumb impression of the accountholder is required to be attested by two witnesses. It has come to our notice that some banks also insist on attestation of signature by witnesses.
DNBS.PD/ CC.NO. 214/03.02.002/2010-11- It has come to the notice of the Reserve Bank of India that some NBFCs have large investments in / have contributed capital to partnership firms. In view of the risks involved in NBFCs associating themselves with partnership firms, it has been decided to prohibit NBFCs from contributing capital to any partnership firm or to be partners in partnership firms. In cases of existing partnerships, NBFCs may seek early retirement from the partnership firms.
In exercise of the powers conferred by section 48 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010), the Central Government hereby makes the following rules, namely: – 1. Short title and commencement. – (1) These rules may be called the Foreign Contribution (Regulation) Rules, 2011. (2) They shall come into force on the date on which the Foreign Contribution (Regulation) Act, 2010 (42 of 2010) shall come into force.
Insertion of new paragraph 19A– After paragraph 19 of the said Directions, the following paragraph 19A shall be inserted. “NBFCs not to be partners in partnership firms” 19A. (1) No non-banking financial company, which is accepting public deposit shall contribute to the capital of a partnership firm or become a partner of such firm. (2) A non-banking financial company, which is accepting public deposit and which had already contributed to the capital of a partnership firm or was a partner of a partnership shall seek early retirement from the partnership firm.
NOTIFICATION NO. DNBS. 228/CGM(US)-2011, DATED 30-3-2011- Insertion of new paragraph 20A– After paragraph 20 of the said Directions, the following paragraph 20A shall be inserted. “NBFCs not to be partners in partnership firms” 20A. (1) No non-banking financial company shall contribute to the capital of a partnership firm or become a partner of such firm. (2) A non-banking financial company, which had already contributed to the capital of a partnership firm or was a partner of a partnership firm shall seek early retirement from the partnership firm.
Guidelines on Asset Classification- All accounts need to be classified into four categories taking into account the degree of well defined credit weaknesses and extent of dependence on collateral security for realisation of the dues as given under :- 1. Standard Assets- Standard asset is one which does not disclose any problem and which does not carry more than normal risk attached to the business. Such an asset is not an NPA. However, Central Govt. Guaranteed advances, although categorized as NPA for the purpose of Income Recognition, are to be treated as Standard Assets (Govt Guaranteed) unless Govt repudiates its guarantee when invoked.
Cash Credits and Overdrafts- A cash credit or overdraft account will be treated as NPA if the account remains out of order for a period of more than 90 days. An account is treated as “out of order” if any of the following conditions is satisfied: a. The outstanding balance remains continuously in excess of the sanctioned limit/drawing power. b. Though the outstanding balance is less than the sanctioned limit/drawing power but there are no credits
In relative terms, both the Reserve Bank of India (RBI) and the Central Bank of Sri Lanka (CBSL) are young institutions. RBI was established in 1935, and we celebrated our Platinum Jubilee last year. Apart from relative youth, there are several other similarities between our two institutions. Both of us have a wider mandate than is typical of central banks. In addition to maintaining price stability and macroeconomic stability, we both have responsibilities for currency management, debt management and external sector management. More importantly, we also have an obligation to calibrate our policies to promote the socio-economic development of our peoples. And in the wake of the crisis, we face the common challenge of managing our policies, particularly preserving financial stability, in the face of globalization.
UBD.CO.BPD(PCB) Cir.No.42 /09.73.000/2010-11- In partial modification of the above circular, we advise that the coins of 25 Paise and below will be exchanged at the branches of the specified banks as also the offices of the Reserve Bank of India till the close of business on June 29, 2011 (instead of June 30, 2011 as advised earlier). These coins shall cease to be legal tender thereafter. The UCBs may take note of the above instructions.
It has been brought to our notice that since co-operative credit societies are not even sub-members of clearing houses, members of such co-operative credit societies who do not have bank accounts face difficulties in collection of account payee cheques drawn in their name. With a view to mitigating the difficulties faced by the members of co-operative credit societies in collection of account payee cheques, it is clarified that collecting banks may consider collecting account payee cheques drawn for an amount not exceeding Rs.50,000/- to the account of their customers who are co-operative credit societies, if the payees of such cheques are the constituents of such co-operative credit societies. While collecting the cheques as aforesaid, banks should obtain a clear undertaking in writing from the co-operative credit societies concerned that, upon realization, the proceeds of the cheques will be credited only to the account of the member of the co-operative credit society who is the payee named in the cheque. This shall, however, be subject to the fulfillment of the requirements of the provisions of Negotiable Instruments Act, 1881, including Section 131 thereof.
