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Why Neo Banks are the need of the hour?

Addressing the Need-gaps: Why Neo Banks? Today, customer expectations and behaviors have changed dramatically. Banks haven’t. Simply put, the global banking sector has fallen short in keeping up with customer needs. ...

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Posted Under: Fema / RBI |

Reserve Bank of India (Digital Payment Security Controls) directions, 2021

Reserve Bank of India vide its statutory powers vested has issued the above directions which are applicable to all scheduled commercial banks (excluding Regional Rural Banks), Small finance banks, Payments banks and Credit card issuing NBFCs. They are reproduced from their website as under for those who intend referring to these complex t...

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Posted Under: Fema / RBI |

Establishment of Project Office in India by Foreign Company

Setting up a project office in India is most preferred mode by a Foreign Company for executing contracts in India, awarded to it by Indian Companies. Establishment of Project Office is regulated by Foreign Exchange Management (Establishment in India of a branch office or a liaison office or a project office or any other place of business)...

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Posted Under: Fema / RBI |

FAQs on Compliance functions in banks & Role of CCO

As per Para 2.1, the compliance function is expected to ensure compliance to all applicable statutory provisions, apart from other rules, regulations and code of conducts. As different groups/departments in the banks are responsible to ensure compliance to different statutory requirements, what would be the exact expectations from the com...

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Posted Under: Fema / RBI |

Budget Remedy for Non-Performing Assets (NPA)

THE IDEA OF BAD BANK BY WAY OF ASSET RECONSTRUCTION COMPANY (ARC) Governor of Reserve Bank of India Shaktikanta Das during the question-and-answer session at the 39th Palkhivala Memorial Lecture said, ‘If there is a proposal to set up a bad bank, the RBI will look at it’. The Union Budget presented on 1st February […]...

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Posted Under: Fema / RBI |

Procedure For Incorporating Foreign Subsidiary In India

At present most of the Companies or foreign nationals are very much interested to expand their business in India for exploring Indian market and to promote parent company’s business activities. India would be the right platform for carrying business and explore trade opportunities as Indian Market provides a very sustainable environment...

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Posted Under: Fema / RBI |

Checklist for FRRO Registration

WHAT IS FRRO REGISTRATION: Registration under FRRO is a mandatory requirement by the Government of India under which all foreign nationals (excluding overseas citizens of India) visiting India on a long term visa (more than 180 days) are required to register themselves with a Registration Officer within 14 days of arriving in India....

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Posted Under: Fema / RBI |

Neo Banks

What is a Neo bank? Neo Banks are virtual entities offering various banking services, using latest technology, entirely online. Neo banks are launched by Fintech companies that build, adapt and implement technology in order to improve and automate the delivery of financial services. These Banks offer an unique banking experience to custom...

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Posted Under: Fema / RBI |

Customer service in Banks – Redressal of complaints: Recent RBI guidelines

I am not amused by the recent directions issued by the Reserve Bank of India vide its communication dated RBI/2020-21/87 CEPD.CO.PRD. Cir. No.01/13.01.013/2020-21 dated January 27, 2021, titled ‘RBI releases framework for strengthening the grievance redress mechanism in banks’ with the following objective. “It has been decid...

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Posted Under: Fema / RBI |

NRI/OCI: FEMA Provisions to Know

The political world is often confounded with the problems (both real and imagined) associated with immigration and unwanted immigrants. Thankfully, Indians are often the acceptable immigrants around the world. Non-Resident Indians (NRI) /Overseas Citizens of India (OCI) are increasing year upon year. As per a recent UN data, out of 272 mi...

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Posted Under: Fema / RBI |