RBI master circulars - Page 20

SEBI allows Acceptance of Third Party Address as Correspondence Address

CIR/MRD/DP/ 37 /2010 (14/12/2010)

This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 read with Section 19 of the Depositories Act, 1996 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market....

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StCBs/DCCBs – Know Your Customer Guidelines – Salaried Employees

RBI/2010 -11/307 RPCD.CO.RCB.AML.BC. No.37/07.40.00/2010-11 (10/12/2010)

These guidelines are issued under Section 35A of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) and Rule 7 of Prevention of Money-Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenan...

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Financial Inclusion by Extension of Banking Services – Use of Business Correspondents / Business Facilitators by Urban Co-operative Banks

RBI/2010-11/308 UBD.BPD. (PCB). Cir. No 28/09.18.300/2010-11 (10/12/2010)

The due diligence on entities to be engaged as the Business Facilitator / Correspondent shall factor the key risks and other risks identified of different capacities of entities. Some of the indicative parameters for due diligence of MFIs/ other entities while considering agency / funding relationship with them are given below....

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Balances held by State and Central Co-operative Banks with IDBI Bank Limited – Treatment for CRR / SLR Purpose

RBI/2010-11/302 RPCD.CO.RCB.BC.No.34/07.02.01/2010-11 (07/12/2010)

It has been decided that State and Central Co-operative Banks are exempted till further order from the obligation of maintenance of cash reserve ratio (CRR) under section 18 or assets in the form of cash, gold or unencumbered approved securities under section 24 read with section 56 of the Banking Regulation Act, 1949, to the extent of th...

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Operation of bank accounts and money mules

RBI/2010-11/303, DBOD. AML. BC. No. 65/14 .01.001/2010-11 (07/12/2010)

It has been brought to our notice that “Money mules” can be used to launder the proceeds of fraud schemes (e.g., phishing and identity theft) by criminals who gain illegal access to deposit accounts by recruiting third parties to act as money mules In some cases these third parties may be innocent while in others they may be having co...

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Ownership of units – Two or more undertakings under the same ownership – Status of the unit

RBI/2010-11/305 RPCD.SME & NFS.BC.No. 35 /06.02.31 (P)/2010-11 (06/12/2010)

Equity participation by other industrial undertaking shall mean total equity held in an industrial undertaking by other industrial undertaking or undertakings, whether small scale or otherwise, put together as well as the equity held by persons who are Directors in any other industrial undertaking or undertakings....

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RRBs – Opening of bank accounts – salaried employees – RBI/2010-11/298

RBI/2010-11/298 RPCD.CORRB.AML.BC.No.31/ 03.05.33(E)/2010-11 (06/12/2010)

It has been brought to the notice of RBI that for opening bank accounts of salaried employees, some banks rely on a certificate/letter issued by the employer as the only KYC document for the purposes of certification of identity as well as address proof. Such a practice is open to misuse and fraught with risk....

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Issuance of Non-Convertible Debentures (NCDs)

RBI/2010-11/299 IDMD.PCD.No. 24/14.03.03/2010-11 (06/12/2010)

Investments by the FIIs shall be subject to extant provisions of the Foreign Exchange Management Act (FEMA) and rules, regulations, notifications, directions or orders issued thereunder, and within such limits as may be set forth in this regard from time to time by the SEBI....

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Shortfall in Maintenance of SLR – Additional Liquidity Support under LAF

RBI/2010-11/290 Ref. DBOD.No.Ret.BC. 63 /12.02.001/2010-11 (30/11/2010)

As stated in the Press Release issued by the Reserve Bank of India on November 29, 2010, in order to provide further liquidity comfort, it has been decided to allow Scheduled Commercial Banks to avail of the additional liquidity support under the LAF to the extent of up to 2.0 per cent of their NDTL as on the reporting Friday of the secon...

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Submission of information to Credit Information Companies

RBI/2010-11/286 DNBS(PD-SC/RC).CC. No. 23 /26.03.001/2010-11 (25/11/2010)

It is therefore, advised that SC/RCs on becoming member /members of any Credit Information Company / Companies may provide them the current data in the existing format if not already furnished by the banks/FIs from whom SC/RCs acquire the assets. Care should be taken to ensure that accurate data / history regarding borrowers is given to ...

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