May 26, 2016
Master Direction- Reserve Bank of India (Financial Services provided by Banks) Directions, 2016
In exercise of the powers conferred by Sections 35 A of the Banking Regulation Act, 1949, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Directions hereinafter specified.
CHAPTER – I
1. Short Title and Commencement:
(a) In these Directions, unless the context otherwise requires, the terms herein shall bear the meanings assigned to them below —
i. Assignee: means an assignee as defined in the Factoring Regulation Act, 2011.
ii. Assignor: means an assignor as defined in the Factoring Regulation Act, 2011.
iii. Associate: means an associate as defined in terms of the Accounting Standards of the Institute of Chartered Accounts of India.
iv. Debtor: means a debtor as defined in the Factoring Regulation Act, 2011.
v. Factoring: means factoring as defined in the Factoring Regulation Act, 2011.
vi. Financial Services Company: means a company engaged in the ‘business of financial services’.
Explanation: The ‘business of financial services’ shall mean –
vii. Government Securities: means securities as defined in the Government Securities Act, 2006.
viii. Hire Purchase: means hire purchase as defined in the Hire Purchase Act, 1972.
ix. Infrastructure Debt Fund: means an infrastructure debt fund as defined in the Notification no. DNBS.233/CGM (US)-2011 dated November 21, 2011, as amended from time to time.
x. Investment Advisory Service: means the service offered by a investment adviser as defined in the SEBI (Investment Advisers) Regulations, 2013.
xi. Joint Venture: means a joint venture as defined in terms of the Accounting Standards of the Institute of Chartered Accountants of India.
xii. Mutual Fund: means a fund as defined in SEBI (Mutual Funds) Regulations, 1996.
xiii. Non-Financial Services Company: means a company not engaged in any of the business mentioned in Section 3(vi) of these Directions.
xiv. Pension Fund Management: means management of a pension fund as defined in the Pension Fund Regulatory Development Authority (Exit and Withdrawals under National Pension System) Regulations, 2014.
xv. Portfolio Management Services: means the service offered by a portfolio manager as defined in the SEBI (Portfolio Managers) Regulations, 1993.
xvi. Referral Services: means the arrangement between a bank and a third party financial product provider, for referring the customers of the bank to the third party financial product provider.
xvii. Significant Influence: means significant influence as defined in terms of the Accounting Standards of the Institute of Chartered Accountants of India.
xviii. Sponsor Bank: means any bank that sets up a separate entity for conduct of certain financial activity.
xix. Subsidiary: means a subsidiary as defined in terms of the Accounting Standards of the Institute of Chartered Accountants of India.
(b) All other expressions unless defined herein shall have the same meaning as have been assigned to them under the Banking Regulation Act or the Reserve Bank of India Act, or any statutory modification or re-enactment thereto or as defined elsewhere by Reserve Bank of India or as used in commercial parlance, as the case may be.
CHAPTER – II
4. Forms of Business:
(a) Unless specified otherwise in these Directions, a bank desirous of undertaking the businesses permitted under Section 6(1) of the Banking Regulation Act, 1949 may, at its option, do so either departmentally or through a separate subsidiary set up for the purpose under the provisions of Section 19(1) of the Banking Regulation Act, 1949.
(b) An activity undertaken departmentally shall be subject to the following conditions:
(c) A bank may, at its option, also hold equity in both financial services companies as well as companies not engaged in financial services activities within the limits specified under the provisions of Section 19(2) of the Banking Regulation Act, 1949, and subject to the prudential limits on investments mentioned in Section 5 below.
(d) These Directions shall be read with the Master Directions on ‘Prudential Norms for Banks Exposures’.
5. Prudential Regulation for Banks’ Investments:
Investment by a bank in a subsidiary or in a financial services company not being a subsidiary or a non-financial services company shall be subject to the following conditions:
(a) Limits on investments:
i. Equity investment by a bank in a subsidiary company, or a financial services company, not being a subsidiary, individually, shall not exceed 10 per cent of the bank’s paid-up share capital and reserves as per the last audited balance sheet or a subsequent balance sheet, whichever is lower.
ii. The aggregate of equity investment in factoring subsidiaries and factoring companies shall not exceed 10% of the bank’s paid up capital and reserves.
iii. No bank shall contribute more than 49 per cent of the equity of Infrastructure Debt Fund set up as a Non-banking Finance Company (IDF-NBFC).
iv. A bank contributing less than 30 per cent of the equity of IDF-NBFC shall not be a sponsor.
v. No bank shall –
Provided investments in excess of 10 per cent but not exceeding 30 per cent of the paid up share capital of such investee company shall be permissible in the following circumstances:
vi. The aggregate equity investments made in all subsidiaries and other entities engaged in financial services and non-financial services, including overseas investments shall not exceed 20 per cent of the bank’s paid-up share capital and reserves.
Provided that for calculating the aggregate investment for compliance with the limit of 20 per cent of paid up capital and reserves, the following investments shall be excluded:
(b) Requirement for approval of Reserve Bank of India:
No bank shall, without the prior approval of RBI, make:
i. investment in a subsidiary and a financial services company that is not a subsidiary.
Provided that such prior approval shall not be necessary in the following circumstances:
ii. investment in a non-financial services company in excess of 10 percent of such investee company’s paid up share capital as stated at 5 (a) (v) (c) (i).
6. Procedure for Application:
A bank desirous of making an investment that requires prior approval of RBI shall make an application for its proposed investment along with the details of intended equity contribution in the subsidiary/ financial /non-financial services company, Board Note and Resolution approving the bank’s proposal and the details of bank’s existing equity contribution in its subsidiaries and other financial and non-financial services companies to the Department of Banking Regulation, Central Office, Reserve Bank of India.
7. Relationship with Subsidiaries:
A parent/sponsor bank shall maintain an “arm’s length” relationship with the subsidiary sponsored by it and evolve the following supervisory strategies:
(a) The Board of Directors of the parent/sponsor bank shall review the working of subsidiaries at periodical intervals.
(b) The parent/sponsor bank shall undertake inspection/audit of the books of accounts of the subsidiaries at periodical intervals.
(c) The subsidiary shall not set up another subsidiary, or promote a new company which is not a subsidiary thereof, or undertake any new business without prior approval of RBI.
Explanation: ‘New Business’ shall not mean expansion into the same line of business that is already permitted/approved to be undertaken.
(d) The subsidiary shall not make any portfolio investment in another existing company with an intention of acquiring controlling interest, without prior approval of the Reserve Bank.
Explanation: This shall not apply to the investments made by a VCF/AIF-I set up by a subsidiary.
(e) A subsidiary shall not have any on-line access to customers’ accounts maintained with the bank. The information between a bank and its subsidiary may be shared subject to maintaining arm’s length relationship.
(f) The bank shall not grant any unsecured advances to the subsidiary without prior approval of the Reserve Bank.
(g) Transactions between a bank and its subsidiary shall be at arm’s length. No preferential treatment shall be given to the subsidiary vis-à-vis a counterparty with similar risk characteristics.
CHAPTER – III
FINANCIAL SERVICES UNDERTAKEN BY A BANK
8. Sponsoring of an Infrastructure Debt Fund
Infrastructure Debt Funds (IDFs) can be set up either as a Mutual Fund (IDF-MF) or a Non-banking Finance Company (IDF-NBFC). A bank intending to sponsor an IDF shall ensure compliance with the following conditions:
9. Equipment Leasing and Hire Purchase Business
(a) Equipment Leasing and Hire Purchase business through a subsidiary:
A bank intending to form a subsidiary for undertaking equipment leasing and hire purchase business shall be subject to the conditions mentioned in Section 5 of Chapter II.
(b) Equipment Leasing and Hire Purchase business departmentally:
Equipment Leasing and Hire Purchase business undertaken departmentally shall be subject to the following conditions:
10. Factoring Services
(a) Factoring business through a subsidiary:
A bank intending to form a subsidiary for undertaking factoring business shall be subject to the conditions mentioned in Section 5 of Chapter II.
(b) Factoring business departmentally:
Factoring business undertaken departmentally shall be subject to the following conditions:
i. Factoring services shall be provided on with recourse or without recourse or on limited recourse basis.
ii. All underwriting commitments pertaining to the credit risk on the debtor, under without recourse factoring, shall be in accordance with the Board approved limits.
iii. A thorough credit appraisal of the debtors shall be carried out by banks before entering into any factoring arrangement or establishing lines of credit with the export factor.
iv. Factoring services shall be extended for invoices representing genuine trade transactions.
v. Factoring shall be treated on par with loans and advances and shall accordingly be subject to extant prudential norms on loans and advances as applicable.
vi. To avoid double financing, banks and factors shall put in place a mechanism for sharing information about common borrowers. The borrower’s bank shall obtain periodical certificates from the borrower about factored receivables. Factors shall also ensure to intimate the limits sanctioned to the borrower to the concerned banks. Information available on CERSAI shall also be considered.
Explanation: A common borrower is a person/entity who has availed a credit facility from a bank and is also the assignor under factoring arrangement.
vii. Credit information regarding the non-payment of dues by the person on whom exposure was booked shall be furnished to the Credit Information Companies authorized by RBI subject to the guidelines under Credit Information Companies (Regulation) Act, 2005.
viii. The exposure for facilities extended by way of factoring services shall be reckoned as under:
a. The exposure shall be reckoned on the assignor for factoring on with-recourse basis.
b. The exposure shall be reckoned on the debtor for factoring on without-recourse basis.
Provided that exposure shall be on the import factor in cases of international factoring.
c. The exposure shall be reckoned on the ‘assignor’ or the ‘debtor’ or the ‘import factor’, for factoring on limited recourse basis, depending on the terms of agreement.
11. Primary Dealership Business
(a) Primary Dealership business through a subsidiary:
A bank intending to form a subsidiary for undertaking primary dealership business shall be required to be registered as an NBFC. The bank shall directly approach DNBR, RBI for the same.
(b) Primary Dealership business departmentally:
Primary dealership business undertaken departmentally shall be subject to the authorisation from IDMD. The bank shall directly approach IDMD for the same.
12. Underwriting Activities
A bank intending to engage in underwriting of issues of shares, debentures and bonds shall do so either departmentally or through a merchant banking subsidiary. Underwriting business undertaken departmentally and through subsidiary shall be subject to the conditions specified in Section 4 (b) and Section 5 of Chapter II, respectively.
13. Mutual Fund Business
14. Insurance Business
(a) Insurance business with risk participation through a subsidiary/joint venture:
No bank shall undertake insurance business with risk participation except through a subsidiary/joint venture set up for the purpose, subject to fulfilment of the eligibility criteria (as on March 31 of the previous year) as under:
(b) Undertaking of insurance broking/corporate agency by a subsidiary/joint venture:
No bank shall set up a subsidiary/joint venture company for undertaking insurance broking and corporate agency until it fulfils the eligibility criteria (as on March 31 of the previous year) as under:
(c) Insurance broking services departmentally:
A bank may, at its option, act as an insurance broker departmentally subject to the conditions mentioned under Section 17(d) on insurance agency business.
15. Pension Fund Management by Banks
No bank shall undertake the business of pension fund management except through a subsidiary set up for the purpose, subject to the fulfilment of the eligibility criteria (as on March 31 of the previous year) listed below:
16. Investment Advisory Services
No bank shall undertake the business of investment advisory services (IAS) except through a separate subsidiary set up for the purpose or one of its existing subsidiaries, subject to the following conditions:
A bank presently offering IAS shall reorganise its operations in accordance with these Directions latest by April 21, 2019.
17. Portfolio Management Services
(a) No bank shall start or introduce any new portfolio management service (PMS) or similar scheme or set up a subsidiary for the purpose without the approval of RBI.
(b) A bank already undertaking PMS departmentally as on the date of these Directions shall ensure compliance with the following conditions:
(c) The aforesaid conditions shall, mutatis mutandis, be applicable to the subsidiaries of banks in so far as they are not contradictory to specific regulations of RBI or SEBI, governing their operations.
18. Agency Business by Banks:
(a) Agency business shall be undertaken only for the products and services in which a bank is permitted to deal in as per Banking Regulation Act, 1949.
(b) The service shall be provided on fee basis, without any risk participation.
(c) Agency business of mutual fund companies undertaken departmentally shall be subject to the following additional conditions:
(d) Corporate agency of insurance companies undertaken departmentally by banks shall be subject to the following additional conditions:
i. There shall be a Board approved policy encompassing the model of insurance distribution to be adopted, issues of customer appropriateness, suitability and grievance redressal.
ii. The deposit to be maintained by an insurance broker as per the IRDA (Licensing of Banks as Insurance Brokers) Regulations, 2013, as amended from time to time, shall be maintained with a scheduled commercial bank other than itself.
iii. The bank shall ensure customer appropriateness and suitability as under:
iv. It shall be ensured that performance assessment and incentive structure for staff is not violative of Section 10(1) (ii) of the BR Act, 1949 or the guidelines issued by IRDA in payment of commissions/brokerage/incentives. It shall also be ensured that no incentive (cash or non-cash) is paid to the staff engaged in insurance broking/corporate agency services by the insurance company.
v. The bank shall not follow any restrictive practices of forcing a customer to either opt for products of a specific insurance company or link sale of such products to any banking product. It shall be prominently stated in all publicity material distributed by the bank that the purchase by a bank’s customer of any insurance products is purely voluntary, and is not linked to availment of any other facility from the bank.
vi. A robust internal grievance redressal mechanism shall be put in place along with a Board approved customer compensation policy for resolving issues related to services offered. It shall be ensured that the insurance companies whose products are being sold have robust customer grievance redressal arrangements in place. The bank shall facilitate the redressal of grievances.
19. Referral Services
Banks offering referral services shall do so only for financial products other than insurance, on a non-risk participation basis.
20. Retailing of Government Securities
Banks intending to undertake the business of retailing of Government Securities shall do so with non-bank clients subject to the Directions issued by RBI on the subject.
21. Membership of SEBI approved Stock Exchanges
(a) No AD Category I scheduled commercial bank shall become a trading/clearing member of the currency derivatives segment of the SEBI recognised stock exchanges unless –
Provided that a bank not meeting the aforesaid conditions may participate in the currency futures market as a client.
A bank that is a trading/clearing member shall keep its and its clients’ position distinct from one another.
(b) A bank which intends to become a member of a SEBI approved stock exchange for the purpose of undertaking proprietary transactions in the corporate bond market shall do so subject to satisfying the membership criteria of the stock exchanges and complying with the regulatory norms laid down by SEBI and the respective stock exchange.
CHAPTER – IV
EXEMPTIONS, INTERPRETATIONS AND REPEAL
The Reserve Bank of India may, if it considers necessary for avoiding any hardship or for any other just and sufficient reason, grant extension of time to comply with or exempt any bank or class of banks, from all or any of the provisions of these Directions either generally or for any specified period, subject to such conditions as the Reserve Bank of India may impose.
For the purpose of giving effect to the provisions of these Directions, the Reserve Bank of India may, if it considers necessary, issue necessary clarifications in respect of any matter covered herein and the interpretation of any provision of these Directions given by the Reserve Bank of India shall be final and binding on all the parties concerned.
(a) With the issue of these directions, the instructions / guidelines contained in the following circulars, issued by the Reserve Bank stand repealed.
|SL.||Circular No.||Circular Date||Subject|
|1||DBOD.No.Ref.871/C.396-67||August 3, 1967||Underwriting of Shares, Debentures, etc.|
|2||DBOD.No.Ins.BC.124/C.396-71||November 8, 1971||Underwriting of Shares, Debentures, etc.|
|3||IECD.No.CAD.92/C446(LF)-84||August 18, 1984||Equipment Leasing –Guidelines to Banks|
|4||IECD.No.CAD.94/C446(LF)-84||September 12, 1984||Equipment Leasing Activity|
|5||DBOD.No.GC.BC.131/C.408C(P)/86||November 25,1986||Investments in and Underwriting of Shares and Debentures|
|6||DBOD.No.BP.BC.138/C.469(W)-86||December 17, 1986||Setting up of Subsidiaries by Banks|
|7||IECD.No.CAD.92/C.446(LF)-84||August 18, 1984||Equipment Leasing – Guidelines to Banks|
|8||DBOD.No.Dir.BC.43/C.347-87||April 15, 1987||Portfolio Management on behalf of Clients|
|9||DBOD.No.BP.BC.1/C.469(W)-87||July 2,1987||Mutual Fund Business|
|10||DBOD.No.BP.(FSC)BC.120/C.469-89||May 2, 1989||Portfolio Management on behalf of Clients|
|11||DBOD.BP(FSC)1854/C-469-89||May 27, 1989||Approval for Setting up of Subsidiaries, etc.|
|12||DBOD.No.(FSC)BC.1/C.469-89||July 7, 1989||Guidelines for Undertaking Mutual Fund Business by Banks|
|13||DBOD.No.FSC.BC.26/C.469-89||September 29, 1989||Commitments in respect of Public Issue of Shares, Debentures, etc.|
|14||DBOD.No.FSC.BC.27/C.469-89||September 29, 1989||‘Safety Net’ Schemes for Public Issues of Shares, Debentures, etc.|
|15||DBOD.FSC.152/C-469-89||November 22, 1989||‘Badla’ Financing by Banks/their Subsidiaries|
|16||IECD.No.PMD.1/50/90-91||July 2, 1990||Guidelines for provision of Factoring Services|
|17||IECD.No.PMD.BC.9/50-90/91||August 30, 1990||Factoring Services|
|18||DBOD.No.FSC.BC.14/C.469-90/91||September 7,1990||Hire-Purchase Business by Banks|
|19||DBOD.No.FSC.BC.69/C.496-90/91||January 18, 1991||Portfolio Management on behalf of Clients|
|20||DBOD.No.FSC.BC.130/C.469-90/91||May 30, 1991||Conduct of Leasing Business by Commercial Banks – Clarification|
|21||DBOD.no.FSC.BC.45/C.469-91/92||October 15, 1991||Participation in the Share Capital of Finance Services Companies/ Taking membership of OTC Exchange of India|
|22||DBOD.No.BC.131/24.01.013/91-92||April 29, 1992||Scheme for Money Market Mutual Funds – Guidelines|
|23||DBOD.No.BC.11/24.01.009/92-93||July 30, 1992||Portfolio Management on behalf of Clients|
|24||DBOD.No.BC.93/24.01.012/92-93||May 17, 1993||Merchant Banking Activities|
|25||DBOD.No.BC.94/24.01.001/92-93||March 19, 1993||Monitoring the Activities of Subsidiaries/Mutual Funds|
|26||DBOD.No.1095/27.01.2002/93||April 15, 1993||Investment Portfolio of Banks – Reconciliation of Holdings|
|27||DBOD.No.BC.145/13.07.05/93||July 30, 1993||Underwriting Activity – Devolvement on Underwriters|
|28||DBOD.No.BC.183/27.07.003/93-94||October 18, 1993||Information System for Portfolio Management Services (PMS)|
|29||DBOD.No.BC.12/24.01.001/93-94||February 10, 1994||Conduct of Leasing Business by Commercial Banks|
|30||DBOD.No.BC.18/24.01.001/93-94||February 19, 1994||Equipment Leasing, Hire Purchase, Factoring etc. Activities|
|31||DBOD.No.BC.26/24.01.003/94||March 8, 1994||Prior Approval of Mutual Funds Schemes|
|32||DBOD.No.BC.69/24.01.003/94||May 21, 1994||Guidelines for Undertaking Mutual Fund Business by Banks|
|33||DBOD.No.BC.73/27.07.001/94-95||June 7, 1994||Acceptance of Deposits under Portfolio Management Scheme (PMS)|
|34||IECD.No.44/08.12.01/94-95||April 27, 1995||Factoring Services- Role of Banks- Clarifications|
|35||DBOD.No.FSC.BC.86/24.01.001/95-96||August 17, 1995||Commitments in respect of Underwriting etc. – Obligations|
|36||DBOD.No.FSC.BC.101/24.01.001/95||September 20, 1995||Equipment Leasing, Hire Purchase and Factoring etc. Activities|
|37||DBOD.No.FSC.BC.147/24.01.013/95-96||December 11, 1995||Scheme for Money Market Mutual Funds – Guidelines|
|38||DBOD.No.FSC.BC.46/24.01.013/95-96||April 9, 1996||Scheme for Money Market Mutual Funds – Guidelines|
|39||DBOD.No.FSC.BC.70/24.76.002/95-96||June 8, 1996||Retailing of G-Secs|
|40||DBOD.No.FSC.BC.74/24.76.002/95-96||June 13, 1996||Marketing of Mutual Fund Units by Banks|
|41||DBOD.No.FSC.BC.95/24.01.013/96||July 3, 1996||Scheme for Money Market Mutual Funds – Guidelines|
|42||DBOD.No.FSC.BC.101/24.76.002/96||July 25, 1996||Retailing of G-Secs|
|43||DBOD.No.FSC.BC.90/24.01.001/97-98||August 13, 1997||Equipment Leasing, Hire Purchase, Factoring, etc. Activities|
|44||DBOD.No.FSC.BC.129/24.76.002/97||October 22, 1997||Retailing of G-Secs|
|45||DBOD.No.FSC.BC.130/24.76.002/96-97||Oct 22, 1997||Investments by Money Market Mutual Funds (MMMFs)|
|46||DBOD.No.FSC.BC.49/24.01.001/97-98||June 2, 1998||Reports/ Review submitted by Banks to RBI|
|47||DBOD.No.FSC.BC.118/24.76.002/98||December 26, 1998||Information System for Portfolio Management Services|
|48||DBOD.No.FSC.BC.42/24.01.013-39||April 29, 1999||Cheque writing facility for investors of MMMFs|
|49||DBOD.No.FSC.BC.65/24.01.001/99||July 1, 1999||Participation in Share Capital of Financial Services Companies|
|50||DBOD. No. FSC.BC.70/24.01.001/99||July 17, 1999||Equipment Leasing Activity – Accounting/ Provisioning norms|
|51||DBOD.No.FSC.99/24.01.013/99-2000||October 9, 1999||Cheque writing facility for investors of MMMFs|
|52||DBOD.No.FSC.BC.119/24.01.013/99-2000||Nov 2, 1999||Scheme for Money Market Mutual Funds – Guidelines|
|53||DBOD.No.FSC.120/24.01.013/99-2000||Nov 2, 1999||Cheque writing facility for investors of MMMFs|
|54||DBOD.No.FSC.BC.145/24.01.013/2000||March 7, 2000||Guidelines relating to MMMFs|
|55||DBOD.No.FSC/BC.16/24.01.018/99-2000||August 9, 2000||Entry of Banks into Insurance Business|
|56||DBOD.No.FSC.BC.66/24.01.002/2002-03||January 31, 2003||Public Issue of shares and Debentures- Underwriting by Merchant Banking Subsidiaries of Commercial Banks|
|57||DBOD.No.FSC/BC.27/24.01.018/2003-04||September 22, 2003||Entry of Banks into Insurance Business|
|58||DBOD.FSD.BC.No.25/24.092.001/2006-07||August 9, 2006||Guidelines for banks undertaking PD Business|
|59||DBOD.No. BP.BC.27/21.01.002/2006-07*||August 23, 2006||Prudential guidelines- Bank’s investment in Venture Capital Funds (VCFs)|
|60||IDMD.PDRS.1431/03.64.00/2006-07||October 5, 2006||Operational guidelines for banks undertaking/ proposing to undertake Primary Dealer Business|
|61||DBOD.No.FSD.BC.46/24.01.028/2006-07#||December 12, 2006||Financial Regulation of Systemically Important NBFCs and Bank’ relationship with them|
|62||DBOD.No.FSD.BC.102/24.01.022/2006-07||June 28, 2007||Pension Funds Management by Banks|
|63||DBOD.No.FSD.BC.29/24.01.001/2008-09||August 6, 2008||Introduction of Currency Futures- Permitting banks to become trading/ clearing members of SEBI approved exchanges|
|64||DBOD.No.FSD.BC.18/24.01.001/2008-09||July 1, 2009||MC on Parabanking Activities (Referral Services)|
|65||DBOD.No.FSD.BC.60/24.01.001/2009-10||November 16, 2009||Marketing/ Distribution of MF/ Insurance etc., Products by Banks|
|66||DBOD.FSD.BC.No.64/24.92.001/2005-06||February 27, 2006||Guidelines for Banks undertaking PD Business|
|67||DBOD.No.FSD.BC.67/24.01.001/2009-10||January 7, 2010||Disclosure in Balance Sheet-Bancassurance Business|
|68||Mailbox Clarification||March 25, 2010||Marketing/ Distribution of MF/ Insurance etc.,- Products by Banks|
|69||DBOD.FSD.BC.No.57/24.01.006/2011-12||November 21, 2011||Banks as sponsors to Infrastructure Debt Funds|
|70||DBOD.FSD.BC.62/24.01.001/2011-12||December 12, 2011||Section 19 of the BR Act, 1949- Investment in Subsidiaries and other Companies|
|71||DBOD.No.FSD.BC.53/24.01.001/2012-13||November 5, 2012||Corporate Bond Market – Permission to banks for membership in SEBI approved stock exchanges|
|72||DBR.No.FSD.BC.62/24.01.018/2014-15||January 15, 2015||Entry of Banks into Insurance Business|
|73||Mailbox Clarification||February 11, 2015||Entry of Banks into Insurance Business|
|74||DBR.No.FSD.BC.32/24.01.007/2015-16||July 30, 2015||Provision of Factoring Services by Banks -Review|
|75||DBR.No.FSD.BC.37/24.01.001/2015-16||September 16, 2015||Equity Investments by Banks – Review|
|76||DBR.No.FSD.BC.94/24.01.026/2015-16||April 21, 2016||Guidelines on Investment Advisory Services offered by banks|
|*Paragraph 5 of the circular listed at serial no.59 shall be treated as repealed.|
|# Paragraph 16.C of the circular listed at serial no. 61 shall be treated as repealed.|
(b) All approvals/acknowledgements given under the above circulars shall be deemed as given under these directions.
(c) All the repealed circulars are deemed to have been in force during the relevant periods, prior to the coming into effect of these directions