RBI Notifications includes Notifications, Circulars, Guidelines, Press release issued by Reserve Bank of India & GOI Related to Banking and Fema Law.
Fema / RBI : The issue involved delayed recognition of credit losses under the earlier framework. RBI introduced ECL to ensure probability-base...
Fema / RBI : RBI clarified that the Digital Rupee is legal tender with features similar to physical cash. It enables secure, instant, and fee-f...
Fema / RBI : The issue concerns alternative settlement mechanisms for international trade. The framework allows INR-based transactions with fle...
Fema / RBI : The RBI maintained key policy rates unchanged, signaling confidence in economic stability and controlled inflation. The decision r...
Fema / RBI : The RBI clarifies which entities must file FLA returns and outlines the complete online filing process. The key takeaway is mandat...
Fema / RBI : The amendment redefines revenue reserves by excluding provisions for liabilities and depreciation. This ensures clearer classifica...
Fema / RBI : RBI revises the definition of revenue reserves to exclude provisions and liabilities. The change enhances transparency and consist...
Fema / RBI : The Reserve Bank of India has removed a key provision from capital adequacy norms to ensure consistency with updated investment ru...
Fema / RBI : RBI introduces annual IFR assessment instead of continuous compliance for RRBs. The change reduces operational burden while mainta...
Fema / RBI : The Reserve Bank of India has proposed a clear 5% IFR requirement for rural co-operative banks’ current investments. This change...
Fema / RBI : The contentions of the RBI that the dispute is between the Petitioner and Respondents is not acceptable since the dispute arises o...
Fema / RBI : Harsh Nitin Gokhale Vs Reserve Bank of India & Ors (Supreme Court) In the present case, writ petition file seeking relief to e...
Fema / RBI : Directorate of Enforcement Vs. Subhash Muljimal Gandhi ( Delhi HC)- that interest at the rate of 6% per annum under Rule 8 could ...
Fema / RBI : Ketan V. Parekh Vs. Special Director, Directorate of Enforcement and another (Supreme Court)- Ketan Parikh, Kartik Parikh and M/s....
Fema / RBI : Binod Kumar Versus State of Jharkhand & Others- In the impugned judgment, it is mentioned that the basic allegation is amassing of...
Fema / RBI : RBI issued revised draft directions to regulate recovery practices of banks, NBFCs, and other regulated entities. The framework pr...
Fema / RBI : RBI has released draft amendment directions for commercial and small finance banks to strengthen Pillar 3 disclosures under Basel ...
Fema / RBI : RBI has abolished the mandatory Investment Fluctuation Reserve requirement for commercial banks following changes in market risk a...
Fema / RBI : RBI has amended Investment Fluctuation Reserve norms for Small Finance Banks after identifying operational difficulties in maintai...
Fema / RBI : RBI has amended Investment Fluctuation Reserve norms for Payments Banks after identifying operational challenges in maintaining IF...
On a review, it has been decided that henceforth NRI as defined in Foreign Exchange Management (Deposit) Regulations, 2000 contained in Notification No. FEMA.5/2000-RB dated 3rd May 2000, as amended from time to time, shall be eligible to transfer funds from NRO account to NRE account within the overall ceiling of USD one million per financial year subject to payment of tax, as applicable (i.e. as applicable if funds were remitted abroad). Such credit of funds to NRE account shall be treated as eligible credit in terms of paragraph 3(j) of Schedule-1 of Notification No. FEMA.5/2000-RB dated 3rd May 2000.
As per the extant guidelines, ECB proceeds can be utilized for permissible foreign currency expenditure and Rupee expenditure. On a review, it has been decided that at the time of availing Loan Registration Number (LRN) from the Reserve Bank, borrowers should provide bifurcation of the utilization of the ECB proceeds towards foreign currency and Rupee expenditure in Form-83.
With a view to increasing the availability of funds to exporters, it has been decided to allow banks to determine their interest rates on export credit in foreign currency with effect from May 5, 2012.
Please refer to paragraph 2 of our circular No.DBOD.Dir.BC.59/13.03.00/2011-12 dated November 23, 2011 on Interest Rates on Deposits held in FCNR(B) Accounts. In view of the prevailing market conditions, it has been decided that until further notice and with effect from the close of business in India as on May 4, 2012, the interest rates on FCNR(B) Deposits will be as under:
Export-Import Bank of India (Exim Bank) has concluded an Agreement dated January 17, 2012 with the Government of the Democratic Socialist Republic of Sri Lanka, making available to the latter, a Line of Credit (LOC) of USD 382.37 million (USD three hundred eighty two million three hundred seventy thousand) for financing export of eligible goods and services including consultancy services for the purpose of (i) Track-laying on the Pallai-Kankesanthurai Railway Line (USD 149.34 million), (ii) Setting up of signaling and telecommunications system for the Northern Railway Line (USD 86.52 million) and (iii) any other contracts that may
Export-Import Bank of India (Exim Bank) has concluded an Agreement dated May 24, 2011 with the Government of the Republic of Burundi, making available to the latter, a Line of Credit (LOC) of USD 80 million (USD Eighty million) for financing eligible goods, machinery, equipment and services including consultancy services from India for the purpose of installation of the Kabu Hydro Electric Project in Burundi. The goods, machinery, equipment and services including consultancy services from India for exports under this Agreement are those which are eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this Agreement.
Please refer to the paragraph 90 (extract enclosed) of the Monetary Policy Statement 2012-13 announced on April 17, 2012. It was indicated that the final guidelines on the implementation of Basel III capital regulations would be issued by end – April 2012. It may be recalled that draft proposals on Basel III capital regulations were issued vide circular DBOD.No.BP.BC.71/ 21.06.201/ 2011-12 dated December 30, 2011.
Banks are advised that KYC once done by one branch of the bank should be valid for transfer of the account within the bank as long as full KYC has been done for the concerned account. The customer should be allowed to transfer his account from one branch to another branch without restrictions. In order to comply with KYC requirements of correct address of the person, fresh address proof may be obtained from him/her upon such transfer by the transferee branch. It may be noted that instructions regarding periodical updation of KYC data in terms of para 2.4(e) and those on maintenance of records of identity and transaction in terms of para 2.21(iii) of our Master circular DBOD.AML.BC. No.2/14.01.001/ 2009-10 dated July 01, 2011 remain unchanged and banks will be required to carry out the updation at prescribed intervals as also maintain records of transactions and verification of identity as prescribed.
Pursuant to the announcement made by Union Finance Minister in the Union Budget for the year 2012-13, it has been decided to increase the limit from Rs.5 lakh to Rs.10 lakh for the bank loans extended to non-governmental agencies, approved by NHB for their refinance, for on-lending for the purpose of construction/reconstruction of individual dwelling units or for slum clearance and rehabilitation of slum dwellers.
Please refer to our Circular UBD.BPD.(PCB). Cir. No.47/13.05.000/2010-11 dated May 11, 2011, on the above subject, advising UCBs that their exposure to housing, real estate and commercial real estate loans should be limited to 10 percent of their total assets which could be exceeded by an additional 5 percent of total assets for housing loans to individuals upto ` 15 lakh.
