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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As announced in the First Quarter Review of Monetary Policy 2011-12, it has been decided to increase the repo rate under the Liquidity Adjustment Facility (LAF) by 50 basis points from 7.50 per cent to 8.00 per cent with immediate effect. Consequent to the above increase in the repo rate, the reverse repo rate under the LAF will stand automatically adjusted to 7.00 per cent and the Marginal Standing Facility (MSF) rate to 9.00 per cent with immediate effect.
Please refer to the First Quarter Review of Monetary Policy 2011-12 of July 26, 2011, in terms of which the repo rate under the Liquidity Adjustment Facility (LAF) has been increased by 50 basis points from 7.5 per cent to 8.0 per cent with immediate effect. Accordingly, the Standing Liquidity Facilities provided to banks (export credit refinance) and Primary Dealers (PDs) (collateralised liquidity support) from the Reserve Bank would be available at the revised repo rate, i.e., at 8.0 per cent with effect from July 26, 2011.
The Reserve Bank’s Annual Policy Statement of May 3, 2011 highlighted several risk factors to the growth-inflation outlook. Many of these risks have materialised. On the global front, the sovereign debt problems that have beset the euro area over the past year now threaten larger economies in the region. In the US, concerns over a sovereign default loom over financial markets, with potentially disruptive consequences for global capital flows. Japan is dealing with the challenges of recovering from the impact of the tsunami amidst deeper recessionary tendencies.
Dishonour / Return of Cheques – Need to Sign / Initial the Cheque Return Memo – Please refer to our circular DPSS. CO. CHD. No. 485 / 03.06.01 / 2010-11 dated September 1, 2010 on Dishonour / Return of Cheques – Need to Mention the ‘Date of Return’ in the Cheque Return Memo, wherein citing the criticality of the document in case of recourse to legal action, it has been indicated that instruments returned unpaid should have a signed / initialed objection slip on which a definite and valid reason for refusing
Detection of Counterfeit Banknotes – Revised Procedure- For cases of detection of counterfeit notes upto 4 pieces, in a single transaction, a consolidated report as per the format prescribed in the annex should be sent to the police authorities at the end of the month. For cases of detection of counterfeit notes of 5 or more pieces, in a single transaction, FIRs should be lodged with the Nodal Police Station / Police Authorities as per jurisdiction, in terms of our Master Circular ibid.
We advise that the names of 5 amalgamated Regional Rural Banks have been included in the Second Schedule to the Reserve Bank of India Act, 1934 by notification RPCD.CO.RRB.No.11377/ 03.05.100/ 2010-11 March 31, 2011 published in the Extraordinary Gazette of India (Part III- Sec.4) dated June 13, 2011.
In order to facilitate greater use of Indian Rupee in trade transactions, as announced in the Monetary Policy Statement for the year 2011-12 (para 85), it has been decided to allow non-resident importers and exporters to hedge their currency risk in respect of exports from and imports to India, invoiced in Indian Rupees, with AD Category I banks in India, as per details given in the Annex.
Banks are, therefore, advised that while preparing their Annual Branch Expansion Plan (ABEP), they should allocate at least 25 percent of the total number of branches proposed to be opened during a year in unbanked rural (Tier 5 and Tier 6) centres. An unbanked rural centre would mean a rural (Tier 5 and Tier 6) centre that does not have a brick and mortar structure of any scheduled commercial bank for customer based banking transactions.
The Reserve Bank of India (RBI) has decided that all foreign entities including NGOs/ NPOs/Government bodies and news agencies, operating in India through BOs/ LOs, who are continuing to function in India without obtaining any approval from RBI i.e. established under erstwhile FERA provisions, should approach RBI within 90 days from the date of issue of this circular (i.e. 15 July 2011) for regularization of establishment of such offices in India, in terms of extant FEMA provisions. A.P. (DIR Series) Circular No. 02
Accordingly, we advise you to furnish data on priority sector advances in the revised format to Rural Planning and Credit Department, Central Office, Statistics Division, 10th Floor, New Central Office Building, Shahid Bhagat Singh Marg, Mumbai 400 001, on a quarterly basis as on last reporting Fridays of March, June, September and December of a particular year within fifteen days from the reference date.
