RBI Notifications

Updates of MCA, SEBI, RBI, IBBI in the month of December 2020

Fema / RBI - Analysis of Rules under Company Law⇒  ♦ The Companies (Compromise, Arrangements and Amalgamations) Second Amendment Rules, 2020: The Ministry of Corporate Affairs (MCA) has vide notification dated December 17, 2020 notified the Companies (Compromise, Arrangements and Amalgamations) Second Amendment Rules, 2020. The Companies (Comprom...

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FAQs on Resolution Framework for Covid-19 related stress

Fema / RBI - Does invocation under the Resolution Framework require the borrowers to submit any specific resolution plan and the lenders to agree on implementation of the same before December 31, 2020?...

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RBI: Governor’s recent speech – from foreign exchange/government bonds angle

Fema / RBI - Shri Shaktikanta Das, Governor, Reserve Bank of India, gave a lecture on ‘Accelerating Financial Market Reform in India’ at the 4th Annual Day of Foreign Exchange Dealers’ Association of India (FEDAI) on November 26, 2020, at Mumbai. Though the title involves an overhaul of total financial reforms in recent times in India, I...

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Targeted Long Term Repo Operations (TLTROs)- FAQs

Fema / RBI - Will banks be required to maintain specified securities for the amount received in TLTRO in HTM book at all times?  Yes. The banks will have to maintain amount of specified securities for the amount received in TLTRO in its HTM book at all times till maturity of TLTRO....

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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...

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Norms for empanelment of Statutory Branch Auditors in PSB

Fema / RBI - RBI releases on its website Norms for selection of branches of Public Sector Banks (PSBs) for Statutory Audit, Procedure for appointment of Statutory Branch Auditors, General guidelines applicable to appointment of Statutory Branch Auditors and Eligibility norms for the empanelment of audit firms to be appointed as Statutory Branch Audito...

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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...

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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...

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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....

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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...

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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...

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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...

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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...

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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 ...

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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...

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RBIA Framework – Strengthening Governance arrangements

RBI/2020-21/83 Ref.No.DoS.CO.PPG./SEC.04/11.01.005/2020-21 - (07/01/2021) - The internal audit function must have sufficient authority, stature, independence and resources within the bank, thereby enabling internal auditors to carry out their assignments with objectivity....

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Operationalisation of Payments Infrastructure Development Fund Scheme

RBI/2020-21/81 DPSS.CO.AD No.900/02.29.005/2020-21 - (05/01/2021) - PIDF is intended to subsidise deployment of payment acceptance infrastructure in Tier-3 to Tier-6 centres with special focus on North-Eastern States of the country. It envisages creating 30 lakh new touch points every year for digital payments....

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Introduction of Legal Entity Identifier for Large Value Transactions

Circular No. RBI/2020-21/82 DPSS.CO.OD No.901/06.24.001/2020-21 - (05/01/2021) - The Legal Entity Identifier (LEI) is a 20-digit number used to uniquely identify parties to financial transactions worldwide. It was conceived as a key measure to improve the quality and accuracy of financial data systems for better risk management post the Global Financial Crisis....

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RBI imposes monetary penalty on Bajaj Finance Limited

Press Release No. 2020-2021/891 - (05/01/2021) - The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.50 crore (Rupees Two crore Fifty lakh only) on Bajaj Finance Limited, Pune (the company), by an order dated January 05, 2021, for violation of (i) directions issued by RBI on Managing Risks and Code of Conduct in Outsourcing of F...

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Reserve Bank of India introduces RBI-Digital Payments Index

Press Release: 2020-2021/874 - (01/01/2021) - As announced in the Statement on Developmental and Regulatory Policies as part of the Sixth Bi-monthly Monetary Policy Statement for 2019-20 dated February 06, 2020, the Reserve Bank of India has constructed a composite Digital Payments Index (DPI) to capture the extent of digitisation of payment...

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Recent Posts in "RBI Notifications"

Norms for empanelment of Statutory Branch Auditors in PSB

RBI releases on its website Norms for selection of branches of Public Sector Banks (PSBs) for Statutory Audit, Procedure for appointment of Statutory Branch Auditors, General guidelines applicable to appointment of Statutory Branch Auditors and Eligibility norms for the empanelment of audit firms to be appointed as Statutory Branch Audito...

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Posted Under: Fema / RBI |

RBIA Framework – Strengthening Governance arrangements

RBI/2020-21/83 Ref.No.DoS.CO.PPG./SEC.04/11.01.005/2020-21 (07/01/2021)

The internal audit function must have sufficient authority, stature, independence and resources within the bank, thereby enabling internal auditors to carry out their assignments with objectivity....

Read More

Updates of MCA, SEBI, RBI, IBBI in the month of December 2020

Analysis of Rules under Company Law⇒  ♦ The Companies (Compromise, Arrangements and Amalgamations) Second Amendment Rules, 2020: The Ministry of Corporate Affairs (MCA) has vide notification dated December 17, 2020 notified the Companies (Compromise, Arrangements and Amalgamations) Second Amendment Rules, 2020. The Companies (Comprom...

Read More
Posted Under: Fema / RBI |

Operationalisation of Payments Infrastructure Development Fund Scheme

RBI/2020-21/81 DPSS.CO.AD No.900/02.29.005/2020-21 (05/01/2021)

PIDF is intended to subsidise deployment of payment acceptance infrastructure in Tier-3 to Tier-6 centres with special focus on North-Eastern States of the country. It envisages creating 30 lakh new touch points every year for digital payments....

Read More

Introduction of Legal Entity Identifier for Large Value Transactions

Circular No. RBI/2020-21/82 DPSS.CO.OD No.901/06.24.001/2020-21 (05/01/2021)

The Legal Entity Identifier (LEI) is a 20-digit number used to uniquely identify parties to financial transactions worldwide. It was conceived as a key measure to improve the quality and accuracy of financial data systems for better risk management post the Global Financial Crisis....

Read More

RBI imposes monetary penalty on Bajaj Finance Limited

Press Release No. 2020-2021/891 (05/01/2021)

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.50 crore (Rupees Two crore Fifty lakh only) on Bajaj Finance Limited, Pune (the company), by an order dated January 05, 2021, for violation of (i) directions issued by RBI on Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs and Fair Prac...

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Reserve Bank of India introduces RBI-Digital Payments Index

Press Release: 2020-2021/874 (01/01/2021)

As announced in the Statement on Developmental and Regulatory Policies as part of the Sixth Bi-monthly Monetary Policy Statement for 2019-20 dated February 06, 2020, the Reserve Bank of India has constructed a composite Digital Payments Index (DPI) to capture the extent of digitisation of payments across the country....

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RBI Report on Trend & Progress of Banking in India 2019-20

Press Release: 2020-2021/844 (29/12/2021)

Today, the Reserve Bank of India released the Report on Trend and Progress of Banking in India 2019-20, a statutory publication in compliance with Section 36 (2) of the Banking Regulation Act, 1949. This Report presents the performance of the banking sector, including co-operative banks, and non-banking financial institutions during 2019-...

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RBI cancels Licence of Subhadra Local Area Bank, Kolhapur

Press Release: 2020-2021/828 (24/12/2020)

The Reserve Bank of India (RBI) has, vide order dated December 24, 2020 cancelled the banking licence issued to Subhadra Local Area Bank Ltd., Kolhapur, Maharashtra under Section 22 (4) of the Banking Regulation Act, 1949 to carry on banking business in India. The order is made effective from close of business on December 24, 2020....

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RBI Cautions against unauthorised Digital Lending Platforms/Mobile Apps

Press Release: 2020-2021/819 (23/12/2020)

There have been reports about individuals/small businesses falling prey to growing number of unauthorised digital lending platforms/Mobile Apps on promises of getting loans in quick and hassle-free manner....

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