RBI Notifications - Page 3

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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Provisioning on interbank exposure of Primary UCBs

RBI/2019-20/222 DOR.(PCB).BPD.Cir.No.11/16.20.000/2019-20 (20/04/2020)

The interbank exposures arising from deposits placed by UCBs with a UCB under AID and their non-performing exposures arising from discounted bills drawn under LCs issued by a UCB under AID shall be fully provided within five years at the rate of 20% annually. Further, the interest receivable on the deposits shall not be recognised as inco...

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Internal ML/TF risk assessment by REs -Master Direction on KYC amended

RBI/2019-20/221 DOR.AML.BC.No.66/14.01.001/2019-20 (20/04/2020)

A new section (5A) has been added to chapter II of the MD on KYC requiring REs to carry out ‘Money Laundering (ML) and Terrorist Financing (TF) Risk Assessment’ exercise periodically to identify, assess and take effective measures to mitigate its money laundering and terrorist financing risk for clients, countries or geographic areas,...

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32 key highlights of RBI Governor Press conference dated 17.04.2020

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 […]...

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Posted Under: Fema / RBI |

COVID19 Regulatory Package – Resolution of Stressed Assets

RBI/2019-20/219 DOR.No.BP.BC.62/21.04.048/2019-20 (17/04/2020)

Reserve Bank of India RBI/2019-20/219 DOR.No.BP.BC.62/21.04.048/2019-20 April 17, 2020 All Scheduled Commercial Banks (excluding Regional Rural Banks); All India Financial Institutions (NABARD, NHB, EXIM Bank, and SIDBI); All Systemically Important Non-Deposit taking Non-Banking Financial Companies (NBFC-ND-SI) and Deposit taking Non-Bank...

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Projects under Implementation -Asset classification Norms for NBFCs

RBI/2019-20/216 DoR.NBFC (PD).CC.No.110/03.10.001/2019-20 (17/04/2020)

Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 on ‘Norms for restructuring of advances’. The Reserve Bank has issued guidelines to banks on deferment of date of commencement of commercial operations (DCCO) for projects in commercial real estate (CRE) sector vide circular number DOR.No.BP.BC.33/21.04.048/2019-20...

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