RBI Notifications notification

RBI Increases Exposure Limit for Group of Connected Counterparties

RBI/2019-20/243 DOR.No.BP.BC.70/21.01.003/2019-20 (23/05/2020)

With a view to facilitate greater flow of resources to corporates, it has been decided, as a one-time measure, to increase a bank’s exposure to a group of connected counterparties from 25% to 30% of the eligible capital base of the bank....

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Resolution Timelines under Prudential Framework on Resolution of Stressed Assets- Exclusion of Period from 01.03.2020 to 31.08.2020

RBI/2019-20/245 DOR.No.BP.BC.72/21.04.048/2019-20 (23/05/2020)

In respect of accounts which were within the Review Period as on March 1, 2020, the period from March 1, 2020 to August 31, 2020 shall be excluded from the calculation of the 30-day timeline for the Review Period. In respect of all such accounts, the residual Review Period shall resume from September 1, 2020, upon expiry of which the lend...

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COVID-19 – Regulatory Package by RBI

RBI/2019-20/244 DOR.No.BP.BC.71/21.04.048/2019-20 (23/05/2020)

Lending institutions are permitted, at their discretion, to convert the accumulated interest for the deferment period up to August 31, 2020, into a funded interest term loan (FITL) which shall be repayable not later than March 31, 2021....

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Maximum permissible period of pre & post-shipment export credit extended

RBI/2019-20/246 DOR.DIR.BC.No.73/04.02.002/2019-20 (23/05/2020)

It has been decided to increase the maximum permissible period of pre-shipment and post-shipment export credit sanctioned by banks from one year to 15 months, for disbursements made upto July 31, 2020....

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RBI notifications on Change in Policy Rates wef 22.05.2020

RBI/2019-20/240 DOR.No.Ret.BC.74/12.01.001/2019-20, RBI/2019-20/238 REF.No.MPD.BC.391/07.01.279/2019-20, RBI/2019-20/236 FMOD.MAOG.No.143/01.18.001/2019-20, RBI/2019-20/237 FMOD.MAOG.No.142/01.01.001/2019-20 (22/05/2020)

As announced in the Monetary Policy Statement 2020-21 dated May 22, 2020, the Bank Rate is revised downwards by 40 basis points from 4.65 per cent to 4.25 per cent with immediate effect....

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RBI extends time limits for Settlement of import payment

RBI/2019-20/242 A.P. (DIR Series) Circular No.33 (22/05/2020)

In view of the disruptions due to outbreak of COVID- 19 pandemic, it has been decided to extend the time period for completion of remittances against such normal imports (except in cases where amounts are withheld towards guarantee of performance etc.) from six months to twelve months from the date of shipment for such imports made on or ...

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VRR for FPIs investment in debt – relaxations

RBI/2019-20/239 A. P. (DIR Series) Circular No. 32 (22/05/2020)

Reserve Bank of India RBI/2019-20/239 A. P. (DIR Series) Circular No. 32 May 22, 2020 To All Authorised persons Madam / Sir, ‘Voluntary Retention Route’ (VRR) for Foreign Portfolio Investors (FPIs) investment in debt – relaxations Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to the Foreign Exchange ...

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RBI allows banks to extend Loan Moratorium upto 31.08.2020

Press Release: 2019-2020/2392 (22/05/2020)

In respect of working capital facilities sanctioned in the form of cash credit/overdraft, lending institutions are being permitted to allow a deferment of another three months, from June 1, 2020 to August 31, 2020, in addition to the three months allowed on March 27, 2020 on payment of interest in respect of all such facilities outstandin...

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RBI reduces policy repo rate by 40 bps to 4%

Press Release : 2019-2020/2391 (22/05/2020)

On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today (May 22, 2020) decided to: reduce the policy repo rate under the liquidity adjustment facility (LAF) by 40 bps to 4.0 per cent from 4.40 per cent with immediate effect;...

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Extending Master KYC Direction, 2016 to Housing Finance Companies

RBI/2019-20/235 DOR.NBFC (HFC).CC.No.111/03.10.136/2019-20 (19/05/2020)

It has been decided to extend the Master Direction – Know Your Customer (KYC) Direction, 2016 to all Housing Finance Companies. Instructions/ guidelines/ regulations contained in the circulars mentioned in the Appendix, issued by National Housing Bank (erstwhile regulator of Housing Finance Companies) stand repealed....

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May 2020