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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The Reserve Bank of India (RBI) advisory to banks for limiting their mutual fund (MF) exposure has prodded the lenders to put in place a detailed investment norm. While large banks were capping their MF exposure at 20 per cent of total investment, smaller banks were limiting such investments to Rs 1,000 crore, executives at public sector banks said.
Please refer to our circulars UBD.CO.BPD. (PCB) No. 32/09.39.000/2007-08 dated February 25, 2008 on Know Your Customer (KYC) Norms/ Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism and UBD.CO. BPD. (PCB) No. 1/12.05.001/2008-09 dated July 02, 2008 on Prevention of Money Laundering Act, 2002 –Obligation of banks in terms of Rules notified there under.
Know Your Customer (KYC) norms/ Anti-Money Laundering (AML) standards/ Combating of Financing of Terrorism (CFT)/ Obligation of Authorised Persons under Prevention of Money-Laundering Act, (PMLA), 2002, as amended by Prevention of Money Laundering (Amendment) Act, 2009- Money changing activities–Suspicious Transaction Reporting Format
The Reserve Bank said it will soon come out with norms for banks to augment the capital requirements that the lenders have to keep aside against bad assets. “We will be issuing the circular (provisioning against NPAs) so you can then see details on that,” RBI deputy governor Usha Thorat told.
As you are aware, the Reserve Bank of India has taken a series of initiatives in the recent past to facilitate electronic mode of funds transfers as a result of which the volume processed in RTGS and NEFT systems have grown substantially. It is observed that of late, certain banks have been accepting receipts to Government accounts through RTGS.
banks have been advised that they need not obtain prior approval of the RBI for engaging in insurance agency business or referral arrangement without any risk participation, subject to the conditions stipulated in Annex 4 of the Master Circular. Banks have also been permitted, vide paragraph 17 of the above circular, to offer purely referral services on a non-risk participation basis to their customers, for financial products subject to certain conditions.
Know Your Customer (KYC) norms / Anti-Money Laundering (AML) standards / Combating Financing of Terrorism (CFT) / Obligation of banks under Prevention of Money Laundering Act, 2002 – Urban Co-operative Banks.
WITH the Prevention of Money Laundering (Amendment) Act, 2009 (No 21 of 2009) coming into force from June 1, the RBI has advised all NBFCs to maintain records of clients for a period of 10 years from the date of transaction. The NBFCs will have keep records of the Identity of the Clients, both domestic or international, which will permit reconstruction of individual transactions so as to provide, if necessary, evidence for prosecution of persons involved in criminal activity.
Please refer to Paragraph 5 of our circular RPCD.CO.RF.BC. No.95/ 07.38.01/2006- 07 dated May 18, 2007, wherein banks were advised to ensure that the identification code of the bank / branch is embossed on all the locker keys with a view to facilitate Authorities in identifying the ownership of the locker keys.
The Prevention of Money Laundering (Amendment) Act, 2009 (No. 21 of 2009) has come into force with effect from June 01, 2009 as notified by the Government. In terms of Sub-Section 2(a) of Section 12 of The Prevention of Money Laundering (Amendment) Act, 2009 (PMLA, 2009), the records referred to in clause (a) of Sub-Section (1) of Section 12 shall be maintained for a period of ten years from the date of transaction between the clients and the banking company and in terms of Sub-Section 2(b) of Section 12 of the Act ibid, the records referred to in clause (c) of Sub-Section (1) of Section 12 shall be maintained for a period of ten years from the date of cessation of transaction between the clients and the banking company.
