RBI Notifications - Page 10

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

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 Cash can also be withdrawn at [&he...

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Posted Under: Fema / RBI |

COVID19 Regulatory Package – Asset Classification & Provisioning Clarification

VV.BP.No. 8124/21.04.048/2019-20 (06/05/2020)

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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Posted Under: Fema / RBI |

RBI extends timeline for submission of regulatory returns

RBI/2019-20/228 DOR.BP.BC.No.68/21.04.018/2019-20 (29/04/2020)

In view of disruptions on account of COVID-19 pandemic, it has been decided by RBI to extend the timelines for submission of regulatory returns which can be submitted with a delay of a maximum of 30 days from the due date....

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Statutory Branch Audit of Banks – Guidelines Revised- COVID-19

DOS.ARG.No.6605 /08.91.001/2019-20 (27/04/2020)

In view of the difficulties expressed by certain banks in the matter of conducting Statutory Branch Audit in PSBs on account of lockdown situation prevailing due to the spread of COVID-19 in the country, the matter was examined by RBI....

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RBI Announces ₹ 50,000 crore Special Liquidity Facility for Mutual Funds (SLF-MF)

In view of liquidity strains imposed on Mutual Funds by Covid-19 global pandemic, RBI has announced Rs 50000 crore Special Liquidity Facility for Mutual Funds (SLF- MF)....

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PSL targets achievement not to be a criteria to classify a UCB as Financially Sound & Well Managed

RBI/2019-20/226 DOR (PCB).BPD.Cir.No.12/09.09.002/2020-21 (24/04/2020)

It has also been decided that, non-achievement of PSL targets will not be included as one of the criteria for classifying a UCB as Financially Sound and Well Managed (FSWM) with effect from March 31, 2021. However, it will continue to be taken into account while granting regulatory clearances/approvals for various purposes....

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RBI guidelines for opening various bank accounts outside India

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...

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Posted Under: Fema / RBI |

Electronic Cards for Overdraft Accounts

RBI/2019-20/225 DOR.FSD.BC.No.67/24.01.041/2019-20 (23/04/2020)

The electronic card for Overdraft Accounts in the nature of personal loans shall be allowed to be used for domestic transactions only. Further, adequate checks and balances shall be put in place to ensure that the usage of such cards is restricted to facilitate online/ non-cash transactions. The restriction on cash transaction will not ap...

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Targeted Long Term Repo Operations (TLTROs)- FAQs

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 […]...

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Posted Under: Fema / RBI |

Interest Subvention & PRI Scheme for Short Term Crop Loans extended

RBI/2019-20/224 FIDD.CO.FSD.BC.No.24/05.02.001/2019-20 (21/04/2020)

Banks are advised to extend benefit of Interest Subvention (IS) of 2% and Prompt Repayment Incentive (PRI) of 3% for short term crop loans upto ₹3 lakh to farmers whose accounts have become due or shall become due between March 1, 2020 and May 31, 2020. Reserve Bank of India RBI/2019-20/224 FIDD.CO.FSD.BC.No.24/05.02.001/2019-20 April 2...

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October 2020