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Highlights of RBI Governor’s announcements dated 22.05.2020

RBI extends the three-month moratorium The loan moratorium will be extended till August 31 2020. This makes it a six month moratorium Lending institutions are being permitted to restore the margins for working capital to the origin level by March 31, 2021...

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Posted Under: Fema / RBI |

11 Key Highlights of RBI Press Conference dt. 22.05.2020; Loan moratorium extended 31 August, 2020

RBI Governor Shaktikanta Das addressed the media at 10 am today post  Finance Minister gave details of the Rs 20 lakh crore economic relief package to help the economy recover from the coronavirus pandemic. Key Highlights: 1. Repo rate reduced by 40 bps to 4% 2. Private consumption impacted most by COVID-19 3. Food inflation […]...

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Posted Under: Fema / RBI |

Cash Withdrawal Facility at Point of Sale (PoS) Terminals- FAQs

Q.1 Which types of cards are allowed for withdrawing cash at PoS terminals? Ans. Under the facility of cash withdrawal at PoS terminals, cardholders can withdraw cash using their debit cards and open system prepaid cards issued by banks in India. However, credit cards cannot be used under this facility. Cash can also be withdrawn at [&he...

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Posted Under: Fema / RBI |

COVID19 Regulatory Package – Asset Classification & Provisioning Clarification

VV.BP.No. 8124/21.04.048/2019-20 (06/05/2020)

We advise that as per the circular dated April 17, 2020 on asset classification and provisioning, in respect of all accounts classified as standard as on February 29, 2020, even if overdue, the moratorium period, wherever granted, shall be excluded by the lending institutions from the number of days past-due for the purpose of asset class...

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Posted Under: Fema / RBI |

Relax FEMA compliance due to COVID-19 pandemic: ICSI

ICSI made a representation to RBI GOvernor requesting Relaxation from compliance with provisions of Foreign Exchange Management Act, 1999 (FEMA) due to the COVID-19 pandemic. Text of the Same is as follows:- Institute of Company Secretaries of India ICSI:PFP: 2020 April 16, 2020 Shri Shaktikanta Das Governor Reserve Bank of India Central ...

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Posted Under: Fema / RBI |

RBI announces second set of measures to preserve financial stability

RBI announces second set of measures to preserve financial stability and help put money in the hands of the needy and disadvantaged States and UTs allowed to borrow more to manage COVID-19 Reverse Repo rate reduced from 4.0% to 3.75% Relief provided to NBFCs and Real Estate Sector We will cure and endure, India is […]...

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Posted Under: Fema / RBI |

RBI Governor’s Statement, April 17 2020- Further relief- Covid 19

Governor’s Statement, April 17, 2020 Today, humanity faces perhaps the trial of its time as COVID-19 grips the world in its deadly embrace. Everywhere, as also in India, the mission is to do whatever it takes to prevent epidemiological curve from steepening any further. Human spirit is ignited by the resolve to overcome the pandemic. [&...

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Posted Under: Fema / RBI |

RBI permits greater space to State Govts/ UTs for availing overdraft facilities

Press Release: 2019-2020/2186 (08/04/2020)

In order to provide greater flexibility to the State Governments to tide over their cashflow mismatches, RBI, on a review, has decided to a. increase the number of days for which a State/ UT can be in overdraft continuously to 21 working days from the current stipulation of 14 working days....

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IBA suggests Bank Branch Statutory Audit from a remote location

Furthermore, Branch Statutory Auditors should conduct the audit operations from a remote location primarily relying on the data available in CBS and they should physically visit the branches only for urgent and unavoidable matters....

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Posted Under: Fema / RBI |

Banks may selectively keep their branches open after discussion with authorities: IBA

Lock down and suspension of public transport services has been announced by many Local authorities/State Governments  to curtail the spread of  COVID 19 across various geographies. Keeping this in view , after due deliberation, it is suggested that Member Banks may selectively keep their branches open at such locations after due consult...

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Posted Under: Fema / RBI |