RBI Notifications

CS for banks | RBI Discussion paper on ‘Governance in Commercial Banks in India’

Fema / RBI - RBI has released a discussion paper today i.e. 12th June 2020, on ‘Governance in Commercial Banks in India’ for public comments To align the current regulatory framework with global best practices while being mindful of the context of domestic financial system. Major Key Highlights – From Company Secretary (CS) Prospective: 1. Appoi...

Read More

Legal Entity Identifier for Large Corporate Borrowers

Fema / RBI - LEI Code is 20 digit alphanumeric code based on the ISO (International Standard Organization) Standard 17442. It enables the accurate identification of the organization involved in financial transactions. It contains various information about the registered entities including the ownership of such entities....

Read More

RBI guidelines for opening various bank accounts outside India

Fema / RBI - Many Indian companies have opened subsidiaries abroad when all that they required was a collection bank account. This is often felt necessary for the purpose of collecting payments from customers either through bank transfers or through online transactions. Reserve Bank of India, strangely, is positively inclined towards Indians opening c...

Read More

Targeted Long Term Repo Operations (TLTROs)- FAQs

Fema / RBI - RBI announces second set of measures on 17th April, 2020 to preserve financial stability and help put money in the hands of the needy and disadvantaged. The funds availed under TLTRO 2.0 can be deployed within 45 days of availment, against 30 days for TLTRO 1.0. The TLTRO 2.0 scheme announced by RBI offers an […]...

Read More

32 key highlights of RBI Governor Press conference dated 17.04.2020

Fema / RBI - 1. RBI is acting proactively RBI governor said that the RBI is doing everything to fight the epidemiological challenge that the world is facing. 2. To ensure financial system, RBI staff is working, being staying away from family RBI governor started his address by thanking RBI staff that has been working away to keep the […]...

Read More

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

Fema / RBI - 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...

Read More

COVID19 Regulatory Package – Asset Classification & Provisioning Clarification

Fema / RBI - 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...

Read More

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

Fema / RBI - 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....

Read More

Trade War: Is it a prelude to deglobalisation?

Fema / RBI - The forex market is unique in several ways. A foreign currency is essentially a commodity outside its jurisdiction and therefore has attributes of an asset. But the exchange rate, the price of the foreign currency normalised to the home currency is an important macroeconomic variable that ought to be determined by economic fundamentals an...

Read More

Global Risks and Policy Challenges facing Emerging Market Economies

Fema / RBI - The biggest risk facing these economies is the growing evidence that global growth and trade is weakening. Unsettled trade tensions and developments around Brexit are imparting further downside risks to the outlook. There is considerable uncertainty as to whether this weakness is temporary or the beginning of a recession in advanced econo...

Read More

RBI Responsible for Monitoring Compliance of Loan Moratorium Circular: HC

Velankani Information Systems Limited Vs Secretary, Ministry of Home Affairs (Karnataka High Court) - The contentions of the RBI that the dispute is between the Petitioner and Respondents is not acceptable since the dispute arises out of the implementation or not of a Circular issued by the RBI. RBI is therefore directed to monitor the implementation of the Circular, including verification of whethe...

Read More

Exclusion of Lockdown Period- SC cannot issue any direction to RBI

Harsh Nitin Gokhale Vs Reserve Bank of India & Ors (Supreme Court) - Harsh Nitin Gokhale Vs Reserve Bank of India & Ors (Supreme Court) In the present case, writ petition file seeking relief to exclude the time period of lockdown for calculating the limitation for presentation of cheque/demand draft within 3 months as per policy decision of RBI. Supreme Court sta...

Read More

FEMA – Claim for interest in the nature of compensation for wrongful retention of money is not maintainable

Directorate Of Enforcement Vs. Subhash Muljimal Gandhi (Delhi High Court) - Directorate of Enforcement Vs. Subhash Muljimal Gandhi ( Delhi HC)- that interest at the rate of 6% per annum under Rule 8 could have been awarded to the respondent on the seized Indian currency only. The learned Single Judge has however applying the said Rule also awarded interest on the seized fo...

Read More

SC asks Ketan Ketan Parikh and Co to Deposit deposit 50 percent of penalty imposed for Fema violations

Ketan V. Parekh Vs. Special Director, Directorate of Enforcement and another (Supreme Court of India) - Ketan V. Parekh Vs. Special Director, Directorate of Enforcement and another (Supreme Court)- Ketan Parikh, Kartik Parikh and M/s. Panther Fincap and Management Services Ltd, were imposed a penalty of Rs. 80 Crores, 12 Crores and 40 Crores respectively by the Special Director of Enforcement, Mumbai ...

Read More

Section 45(1A) of the Prevention of Money Laundering Act, 2002 – Binod Kumar Versus State of Jharkhand & Others

Binod Kumar Vs State of Jharkhand & Others (Supreme Court of India) - Binod Kumar Versus State of Jharkhand & Others- In the impugned judgment, it is mentioned that the basic allegation is amassing of illicit wealth by various former Ministers, including a former Chief Minister of the State. The money alleged to have been so earned is of unprecedented amounts. However...

Read More

Positive Pay System for Cheque Truncation System

RBI/2020-21/41 DPSS.CO.RPPD.No.309/04.07.005/2020-21 - (25/09/2020) - The concept of Positive Pay involves a process of reconfirming key details of large value cheques. Under this process, the issuer of the cheque submits electronically, through channels like SMS, mobile app, internet banking, ATM, etc., certain minimum details of that cheque (like date, name of the b...

Read More

Banking Regulation (Amendment) BIll, 2020 introduced in Lok Sabha

Bill No. 114 of 2020 - (14/09/2020) - Banking Regulation (Amendment) Bill, 2020 which seeks to replace the Banking Regulation (Amendment) Ordinance, 2020 (Ord. 12 of 2020) provides for the following, namely:— (i) substitution of section 3 to provide that the Act shall not apply to— (a) a primary agricultural credit society; or (b) a...

Read More

Master Circular – Deendayal Antyodaya Yojana – DAY-NRLM

RBI/2020-2021/39 FIDD.GSSD.CO.BC. No.06/09.01.01/2020-21 - (18/09/2020) - The Master Circular has been suitably updated by incorporating the modifications in DAY-NRLM scheme issued up to September 18, 2020, which are listed in the appendix and also been placed on website (https://www.rbi.org.in)....

Read More

Automation of Income Recognition, Asset Classification and Provisioning processes in banks

RBI/2020-21/37 Ref. No. DoS.CO.PPG./SEC.03/11.01.005/2020-21 - (14/09/2020) - In order to ensure the completeness and integrity of the automated Asset Classification (classification of advances/investments as NPA/NPI and their upgradation), Provisioning calculation and Income Recognition processes, banks are advised to put in place / upgrade their systems to conform to the fo...

Read More

Compliance functions in banks and Role of CCO

RBI/2020-21/35 Ref. No. DoS.CO.PPG./SEC.02/11.01.005/2020-21 - (11/09/2020) - The following guidelines are meant to bring uniformity in approach followed by banks, as also to align the supervisory expectations on CCOs with best practices....

Read More

Recent Posts in "RBI Notifications"

Positive Pay System for Cheque Truncation System

RBI/2020-21/41 DPSS.CO.RPPD.No.309/04.07.005/2020-21 (25/09/2020)

The concept of Positive Pay involves a process of reconfirming key details of large value cheques. Under this process, the issuer of the cheque submits electronically, through channels like SMS, mobile app, internet banking, ATM, etc., certain minimum details of that cheque (like date, name of the beneficiary / payee, amount, etc.) to the...

Read More

Banking Regulation (Amendment) BIll, 2020 introduced in Lok Sabha

Bill No. 114 of 2020 (14/09/2020)

Banking Regulation (Amendment) Bill, 2020 which seeks to replace the Banking Regulation (Amendment) Ordinance, 2020 (Ord. 12 of 2020) provides for the following, namely:— (i) substitution of section 3 to provide that the Act shall not apply to— (a) a primary agricultural credit society; or (b) a co-operative society whose primary obje...

Read More

Master Circular – Deendayal Antyodaya Yojana – DAY-NRLM

RBI/2020-2021/39 FIDD.GSSD.CO.BC. No.06/09.01.01/2020-21 (18/09/2020)

The Master Circular has been suitably updated by incorporating the modifications in DAY-NRLM scheme issued up to September 18, 2020, which are listed in the appendix and also been placed on website (https://www.rbi.org.in)....

Read More

Automation of Income Recognition, Asset Classification and Provisioning processes in banks

RBI/2020-21/37 Ref. No. DoS.CO.PPG./SEC.03/11.01.005/2020-21 (14/09/2020)

In order to ensure the completeness and integrity of the automated Asset Classification (classification of advances/investments as NPA/NPI and their upgradation), Provisioning calculation and Income Recognition processes, banks are advised to put in place / upgrade their systems to conform to the following guidelines latest by June 30, 20...

Read More

Compliance functions in banks and Role of CCO

RBI/2020-21/35 Ref. No. DoS.CO.PPG./SEC.02/11.01.005/2020-21 (11/09/2020)

The following guidelines are meant to bring uniformity in approach followed by banks, as also to align the supervisory expectations on CCOs with best practices....

Read More

Ratios which banks must consider for finalizing resolution plan of eligible borrowers

Circular No. RBI/2020-21/34 DOR.No.BP.BC/13/21.04.048/2020-21 and Press Release: 2020-2021/298 (07/09/2020)

All lending institutions shall mandatorily consider the following key ratios while finalizing the resolution plans in respect of eligible borrowers under Part B of the Annex to the Resolution Framework:...

Read More

RBI Releases Revised Priority Sector Lending Guidelines

RBI/FIDD/2020-21/72 Master Directions FIDD.CO.Plan.BC.5/04.09.01/2020-21, Press Release No. 2020-2021/284 (04/09/2020)

Reserve Bank of India has comprehensively reviewed the Priority Sector Lending (PSL) Guidelines to align it with emerging national priorities and bring sharper focus on inclusive development, after having wide ranging discussions with all stakeholders....

Read More

RBI revises Long Form Audit Report (LFAR) after 18 Years

RBI/2020-21/33 Ref.No.DOS.CO.PPG./SEC.01/11.01.005/2020-21 (05/09/2020)

Keeping in view the large scale changes in the size, complexities, business model and risks in the banking operations, a review of the LFAR formats, in consultation with the stakeholders, including the Institute of Chartered Accountants of India (ICAI), was undertaken and it has been decided to make the following changes....

Read More

Cessation of ‘Aditya Birla Idea Payments Bank Ltd’ as a banking company

RBI/2020-21/32 DOR.No.Ret.BC.12/12.07.150/2020-21 (03/09/2020)

We advise that the Aditya Birla Idea Payments Bank Limited has ceased to be a banking company within the meaning of the Banking Regulation Act, 1949 with effect from July 28, 2020...

Read More

Cessation of ‘Westpac Banking Corporation’ as a banking company

RBI/2020-21/31 DOR.No.Ret.BC.11/12.07.150/2020-21 (03/09/2020)

We advise that the Westpac Banking Corporation has ceased to be a banking company within the meaning of the Banking Regulation Act, 1949 vide Notification DOR.IBD.No.100/23.13.138/2020-21 dated July 18, 2020...

Read More

Browse All Categories

CA, CS, CMA (4,940)
Company Law (6,594)
Custom Duty (7,960)
DGFT (4,332)
Excise Duty (4,390)
Fema / RBI (4,362)
Finance (4,614)
Income Tax (34,464)
SEBI (3,677)
Service Tax (3,594)

Search Posts by Date

September 2020
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
282930