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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we further advise that the RRBs eligible to open branches in Tier 3 to Tier 6 centres may do so without prior approval of RBI and approach the Regional Office of RBI for, post-facto automatic, issue of the licence/s. The licence should be displayed in the premise of the branch so opened for information of its customers/ public to instill confidence in them that the bank branch is authorized to conduct banking business.
Recently, incidents of unauthorized /fraudulent withdrawals at ATMs have come to the notice of RBI. It is important to arrest the incidents of such frauds in order to further encourage card based transactions in the country where the use of credit/debit cards plays an important role. It is therefore decided that banks make take steps to put in place a system of online alerts for all types of transactions irrespective of the amount, involving usage of cards at various channels. This measure is expected to encourage further usage of cards at various delivery channels. Banks may implement this measure latest by June 30, 2011.
RPCD.CO.RCB.BC.No.57/07.02.03/2010-11- We advise that in a meeting of ‘Committee on Investors Education and Protection Fund’ held by the Government of India, Ministry of Corporate Affairs, New Delhi, it has, inter-alia, been decided that banks should make ‘investor awareness’ as one of the agenda items in their periodical meetings with their customers at semi urban/rural branches so that more people are covered under the programme.
The Reserve Bank will announce draft guidelines for giving new banking licences in the next few days, the Finance Ministry today said. “RBI will come up with the guidelines by the end of this month,” Department of Economic Affairs Secretary R Gopalan told reporters on the sidelines of a CII function.
Binod Kumar Versus State of Jharkhand & Others- In the impugned judgment, it is mentioned that the basic allegation is amassing of illicit wealth by various former Ministers, including a former Chief Minister of the State. The money alleged to have been so earned is of unprecedented amounts. However, there is no clear allegation so far about its laundering in the sense mentioned above, but there is an allegation of its investment in property, shares etc. not only in India but also abroad.
In terms of Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, Indian companies are required to report the details of Foreign Direct Investment (FDI) in Form FC-GPR to the Regional Office of RBI within whose jurisdiction the Registered Office of the Company operates, within 30 days of issue of shares.
The Reserve Bank of India has imposed a penalty of Rs 1 lakh on Bhabhar Vibhag Nagrik Sahakari Bank Ltd (BVNSBL) in Gujarat for not complying with the guidelines on reporting financial transactions of over Rs 10 lakh. “The RBI has imposed a penalty of Rs 1 lakh on the Bhabhar Vibhag Nagrik Sahakari Bank Limited, of district Banaskantha,” an official statement said yesterday.
Reserve Bank of India (RBI) has, on 15 March 2011, notified a revised procedure for reporting of all Foreign Direct Investment (FDI), both inward and outward. RBI has replaced Part B of Form FC-GPR (annual filing by Indian companies with regard to foreign investment) by “Annual Return on Foreign Liabilities and Assets” (the Return). On a go forward basis, Indian companies will have to furnish the Return in the specified format to the Department of Statistics and Information Management (DSIM), RBI, Mumbai. The information provided in the Return will be considered confidential and only consolidated aggregates will be used by RBI for compilation and publication of India’s Balance of Payments (BoP), International Investment Position (IIP), Coordinated Direct Investment and Coordinated Portfolio Investment.
Prime Minister’s Economic Advisory Council (PMEAC) Chairman C Rangarajan today said the RBI will have to continue with its monetary tightening policy to tame inflation, which stood at over 8 per cent in February. “The inflation rate continues to remain high and therefore, monetary policy will have to remain tight in order to ensure that the inflation rate is brought down,” Rangarajan told reporters on the sidelines of the Skoch summit here.
The Reserve Bank of India asked banks to have extended working hours on March 30 and 31, 2011, to facilitate receipt of government revenue from members of public even at late hours. It has been decided in consultation with the Controller General of Accounts that all regional offices of RBI and branches of agency banks conducting government business will suitably extend the banking hours to conduct government business by keeping their counters open for the purpose on March 30 and 31, 2011, the central bank said in a statement.
