RBI master circulars - Page 36

RBI circular on Marketing/distribution of mutual fund/insurance etc., products by banks

RBI/2009-10/225, DBOD.No.FSD.BC. 60/24.01.001/2009-10 (16/11/2009)

banks have been advised that they need not obtain prior approval of the RBI for engaging in insurance agency business or referral arrangement without any risk participation, subject to the conditions stipulated in Annex 4 of the Master Circular. Banks have also been permitted, vide paragraph 17 of the above circular, to offer purely refe...

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Anti-money laundering Act: RBI tightens KYC norms for politically Exposed Person

DNBS(PD). CC 163/03.10.042/ 2009- 10 (13/11/2009)

WITH the Prevention of Money Laundering (Amendment) Act, 2009 (No 21 of 2009) coming into force from June 1, the RBI has advised all NBFCs to maintain records of clients for a period of 10 years from the date of transaction. The NBFCs will have keep records of the Identity of the Clients, both domestic or international, which will permit ...

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Prevention of Money laundering Act, 2002 – Obligations of NBFCs in terms of Rules notified thereunder

RBI/2009-10/ 220, DNBS(PD). CC 164/03.10.042/ 2009- 10 (13/11/2009)

The Prevention of Money Laundering (Amendment) Act, 2009 (No. 21 of 2009) has come into force with effect from June 01, 2009 as notified by the Government. In terms of Sub-Section 2(a) of Section 12 of The Prevention of Money Laundering (Amendment) Act, 2009 (PMLA, 2009), the records referred to in clause (a) of Sub-Section (1) of Section...

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RBI circular on frequent dishonour of cheques

RBI/2009-10/213 DBOD.No.Leg. BC.59 /09.07.005/2009-10 (09/11/2009)

In this connection, it may be mentioned that frequent dishonour of cheques of value of less than Rs. 1 crore is also a matter of concern and banks need to take appropriate action in those accounts where such dishonour of cheques occur....

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RBI Circular on Combating Financing of Terrorism – Unlawful Activities (Prevention) Act, 1967 – Obligation of banks

RBI/2009-10/206 RPCD.CO RRB.No. 39 /03.05.33(E)/2009-10 (05/11/2009)

In paragraph 5 (b) of the above circular,it has been advised to RRBs that as and when lists of individuals and entities, approved by Security Council Committee established pursuant to various United Nations' Security Council Resolutions (UNSCRs), are received from Government of India, the Reserve Bank circulates these to all banks and fin...

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RBI circular on Inoperative savings and current account

RBI/2009-10/ 202 DBOD.Leg. No.BC. 55 /09.07.005 /2009-10 (30/10/2009)

There may be instances where the customer has given a mandate for crediting the interest on Fixed Deposit account to the Savings Bank account and there are no other operations in the Savings Bank account. Some doubts have arisen whether such an account is to be treated as inoperative account after two years....

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RBi Circular on Payment of interest on Saving Bank Account on a Daily Product Basis

RBI/2009-10/ 181, RPCD.CO.RF.BC. No.31/07. 38.01/2009- 10 (12/10/2009)

Please refer to paragraph 3 (iii) of our directive RPCD.No.RF.Dir. BC.53/D.1- 87/88 dated November 2, 1987, in terms of which interest in the case of savings deposits shall be calculated on the minimum balance to the credit of the deposit account during the period from the 10th to the last day of each calendar month....

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RBI Circular to RBs – Priority Sector Lending Categorisation of activities under service under the MSMED Act, 2006

RBI/2009-10/178, RPCD.CO RRB.No. 29 /03.05.33/2009- 10 (06/10/2009)

In terms of paragraphs 2.1.1 and 2.1.2 of Section I of the guidelines on lending to priority sector enclosed to circular RPCD.No.RRB. BC.20/ 03.05.33/2007- 08 dated August 22, 2007, credit to small enterprises includes loans granted to micro and small (manufacturing and service) enterprises, provided investment in plant and machinery [ori...

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RBI Circular on Issue of Bank Guarantee on behalf of service importers

RBI/2009-10/ 176- A.P. (DIR Series) Circular No.11 (05/10/2009)

The directions contained in this Circular have been issued under Section 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any, required under any other law....

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RBI Circular on Payment of Interest on Savings Bank Account on a Daily Product Basis

RBI/2009-10/169, RPCD.CO.RRB.BC.No. 25 /03.05.33/2009-10 (24/09/2009)

On a review, it has been decided that the interest on balances in savings bank accounts would be calculated on a daily product basis with effect from April 1, 2010. Regional Rural Banks are advised to work out modalities to effect a smooth transition to the revised procedure....

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September 2020