RBI Notifications - Page 7

RBI Master Circular 2017– Lead Bank Scheme

RBI/2017-2018/8 FIDD.CO.LBS.BC.No.1/02.01.001/2017-18 (03/07/2017)

The Reserve Bank of India has issued guidelines on Lead Bank Scheme from time to time. This Master Circular consolidates the relevant guidelines issued by Reserve Bank of India on Lead Bank Scheme up to June 30, 2017 as listed in the Appendix....

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Investment by FPI in Govt Securities Medium Term Framework Review

RBI/2017-18/12 A.P.(DIR Series) Circular No. 48 (03/07/2017)

Currently ‘long term’ category of FPI investors accounts for about 20% of the total investment by FPIs in Central Government securities. In order to recalibrate the Framework to meet the objective of a preference for long-term investors and also with a view to manage the macro-prudential implications of evolving capital flows, the MT...

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RBI Master Circular 2017– Facility for Exchange of Notes and Coins

RBI/2017-18/3 DCM(NE)No.G - 1/08.07.18/2017-18 (03/07/2017)

Please refer to the Master Circular DCM(NE)No. G-1/08.07.18/2016-17 dated July 18, 2016 containing instructions on the facility for exchange of notes and coins. A revised version of Master Circular on the subject is annexed for your information and necessary action. ...

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Master Direction: RBI (Relief Measures by banks in areas affected by Natural Calamities) Directions 2017

RBI/FIDD/2017-2018/55 Master Direction FIDD.CO.FSD.BC No.8/05.10.001/2017-18 (03/07/2017)

Please refer to our ‘Master Direction FIDD.No.FSD.BC.2/05.10.001/2016-17 dated July 1, 2016 incorporating guidelines issued to banks in regard to matters relating to relief measures to be provided in areas affected by natural calamity....

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RBI Master Circular 2017- Credit facilities to SCs & SSTs

RBI/2017-18/7 FIDD.CO.GSSD.BC.No.06/09.09.001/2017-18 (01/07/2017)

Please refer to the Master Circular FIDD.CO.GSSD.BC.No.03/09.09.001/2016-17 dated July 01, 2016 consolidating guidelines / Instructions / directions issued to banks with regard to providing credit facilities to Scheduled Castes (SCs) and Scheduled Tribes (STs)....

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RBI Master Circular 2017– Deendayal Antyodaya Yojana – National Urban Livelihoods Mission (DAY-NULM)

RBI/2017-18/5 FIDD.GSSD.CO.BC.No.03/09.16.03/2017-18 (01/07/2017)

RBI has periodically issued instructions to banks with regard to operationalisation of the Government of India’s National Urban Livelihoods Mission (DAY-NULM). The Ministry of Housing & Urban Poverty Alleviation (UPA Division), Government of India has amended the operational guidelines of Self-Employment Programme (SEP) under DAY-NULM....

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Master Circular- Disbursement of Govt Pension by Agency Banks

Notification No. RBI/2017-18/1 DGBA.GBD.No.-1/31.05.001/2017-18 (01/07/2017)

In order to obviate the time lag between issue of DR orders and payment of DR to the beneficiary and to render expeditious service to senior citizens, the following action is required to be taken:...

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Master Circular on Conduct of Government Business by Agency Banks – Payment of Agency Commission

Notification No. RBI/2017-18/2 (01/07/2017)

Whenever agency banks collect stamp duty through physical mode or e-mode (challan based), they are eligible for payment of agency commission, provided the agency banks do not collect any charges from the members of public or receive remuneration from the State Government for doing this work....

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Limits on balances in customer accounts with payments banks – sweep out arrangements with other banks

RBI/2016-17/329 DBR.NBD.No.77/16.13.218/2016-17 (29/06/2017)

PBs are permitted to act as Business Correspondents (BCs) of other banks. Under the BC arrangement and with prior specific or general consent of the customer, PB may effect the transfer of funds deposited by her into her account with another eligible bank, so that the balance in her account with the PB does not exceed ₹100,000 or any su...

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Government transactions not eligible for agency commission

RBI/2016-17/330 DGBA.GBD.No.3364/31.02.007/2016-17 (29/06/2017)

it is clarified that the following activities do not come under the purview of agency bank business and are therefore not eligible for payment of agency commission: a. Furnishing of bank guarantees/security deposits, etc. through agency banks by government contractors/suppliers, which constitute banking transactions undertaken by banks...

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Specified Bank Notes can be deposited by DCCBs till 19th July 2017

Notification No. RBI/2016-17/331 DCM (Plg) No.5720/10.27.00/2016-17 (29/06/2017)

Please refer to the Specified Bank Notes (Deposit by Banks, Post Offices and District Central Co-operative Banks) Rules, 2017 (copy enclosed) notified by the Government of India on June 20, 2017. In terms of para 2 thereof, it has been decided to accept from DCCBs Specified Bank Notes (SBNs), received by them from their customers within t...

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Illustrative narrations to be recorded in Bank Statement / Passbook

RBI/2016-17/326 DBR.No.Leg.BC.76/09.07.005/2016-17 (22/06/2017)

It has come to our notice that many banks still do not provide adequate details of the transactions in the passbooks and/ or statements of account to enable the account holders to cross-check them....

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Recording of PPO No. in passbook of Pensioners / Family Pensioners

Notification No. DGBA.GBD.No.3235/45.01.001/2016-17-RBI (08/06/2017)

As you are aware, it has been decided to record the PPO number in all the pension passbooks of the pensioners/family pensioners issued to them. This is to alleviate the difficulties reported by pensioners/family pensioners to get duplicate Pension Payment Orders (PPO) in case of missing of original PPO, transfer of pension account from on...

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Revised Branch Authorisation Policy for unbanked villages

RBI/2016-17/320 FIDD.CO.LBS.BC.No 31/02.01.001/2016-17 (08/06/2017)

Rationalisation of Branch Authorisation Policy - Revision of Guidelines’ wherein final guidelines on ‘Banking Outlets’ have been issued with a view to facilitate financial inclusion as also to provide flexibility to banks on the choice of delivery channel....

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Master Direction: Information Technology Framework for NBFC Sector

Master Direction DNBS.PPD.No.04/66.15.001/2016-17 (08/06/2017)

In exercise of the powers conferred in terms of clause (b) of sub-section (1) of 45-L of the Reserve Bank of India Act, 1934 (Act 2 of 1934), the Reserve Bank of India being satisfied for the purpose of enabling it to regulate the credit system of the country to its advantage it is necessary so to do, hereby issues Master Directions - Inf...

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RBI tightens norms for issuance of Masala Bonds

RBI/2016-17/316 A. P. (DIR Series) Circular No. 47 (07/06/2017)

RBI has today tightened the norms for issuance of masala bonds by Indian corporates – raising of such INR denominated debt would now be subject to RBI approval, will have to adhere to all-in-cost ceilings (earlier permitted at arm’s length) and cannot be issued to related parties. ...

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Introduction of Legal Entity Identifier for OTC derivatives markets

RBI/2016-17/314 (01/06/2017)

The Legal Entity Identifier (LEI) code has been conceived of as a key measure to improve the quality and accuracy of financial data systems for better risk management post the Global Financial Crisis. The LEI is a 20-character unique identity code assigned to entities who are parties to a financial transaction....

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Submission of SFT relating to issue of Bonds for ₹ 5 lakh or more- Reg.

RBI/2016-17/313 IDMD.CDD.No.3058/13.01.299/2016-17 (30/05/2017)

It is observed that a few Agency banks were submitting Annual Information Returns (AIR, now changed to SFT) in respect of Savings Bonds to Income Tax Authorities as well as to RBI....

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RBI advisory to banks on Submission of SFT

RBI/2016-17/309 IDMD.CDD.No.3031/13.01.299/2016-17 (25/05/2017)

RBI Advisory on Submission of Annual Information Return now known as Statement of Financial Transaction (SFT) relating to issue of Bonds for ₹ 5 lakh or more under Section 285 BA of Income Tax Act, 1961- ...

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Issue of Pre-paid Payment Instruments by Co-operative Banks

RBI/2016-17/311 DCBR.CO.LS.(PCB/RCB).Cir.No.5/07.01.000/2016-17 (25/05/2017)

It has now been decided to permit all licenced co-operative banks having their own ATM network to issue semi-closed PPIs, provided there are no restrictions on acceptance or repayment of deposits. This is subject to the compliance with eligibility criteria and other guidelines as prescribed by Department of Payment and Settlement Systems ...

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RBI plan to implement Banking Regulation (Amendment) Ordinance, 2017

Press Release: 2016-2017/3138 (22/05/2017)

In a Release today, the Reserve Bank of India outlined the steps taken and those on the anvil post the promulgation of the Banking Regulation (Amendment) Ordinance, 2017....

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Minimum qualifications & experience for CFO & CTO of Banks

RBI/2016-17/304 DBR.Appt.No.BC.68/29.67.001/2016-17 (18/05/2017)

A Chief Financial Officer (CFO) and Chief Technology Officer (CTO) in banks’ management structure would play a crucial role in strengthening and sustaining the banks’ risk governance framework....

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Rationalisation of Bank Branch Authorisation Policy- Revision of Guidelines

Notification No. DBR.No.BAPD.BC.69/22.01.001/2016-17-RBI/2016-17/306 (18/05/2017)

It may be recalled that in terms of announcement made in the first Bi-monthly Monetary Policy Statement 2016-17 on April 5, 2016, it was, inter alia, proposed to redefine branches and permissible methods of outreach keeping in mind the various attributes of the banks and the types of services that are sought to be provided. ...

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Partial Credit Enhancement to Corporate Bonds- Credit Rating

RBI/2016-17/305 DBR.No.BP.BC.70/21.04.142/2016-17 (18/05/2017)

a) To be eligible for PCE from banks, corporate bonds shall be rated by a minimum of two external credit rating agencies at all times; b) The rating reports, both initial and subsequent, shall disclose both standalone credit rating (i.e., rating without taking into account the effect of PCE) as well as the enhanced credit rating (taking i...

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GST to have far reaching implications for Indian Economy

Press Release : 2016-2017/3056 (12/05/2017)

Introduction of GST would have economy-wide ramifications in terms of growth, inflation, government finances and external competitiveness over the medium-term....

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RBI allows deposit of demonetised notes confiscated before 30.12.2016

G.S.R. 460(E) (12/05/2017)

Where specified bank notes have been confiscated or seized by a law enforcement agencies or produced before a court on or before the 30th day of December 2016, such specified bank notes may be tendered, at any office of the Reserve Bank specified under subsection (1) of section 4 of the Act or a nationalised bank designated by the Reserve...

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Submission of Statutory returns (SLR-Form VIII) in XBRL platform

RBI/2016-17/302 Ref: DBR.CO.No.Ret.BC/66/12.07.144/2016-17 (11/05/2017)

It has been decided to move the reporting of SLR from PCRPCD to XBRL (Extensible Business Reporting Language) platform. You are therefore advised to submit the returns (Form VIII) in XBRL from the month of April 2017....

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NEFT system – Settlement at half-hourly intervals

RBI/2016-17/300 DPSS (CO) EPPD No.2612/04.03.01/2016-17 (08/05/2017)

National Electronic Funds Transfer (NEFT) system presently settles the fund transfer requests of the participating banks on net basis at hourly intervals from 8:00 am to 7:00 pm on all working days. ...

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RBI can direct banks to initiate insolvency resolution process

Order No. S.O. 1435(E) (05/05/2017)

Central Government hereby authorises the Reserve Bank of India to issue such directions to any banking company or banking companies which may be considered necessary to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016....

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RBI Circular on Timelines for Stressed Assets Resolution

Notification No. RBI/2016-17/299 DBR.BP.BC.No.67/21.04.048/2016-17 (05/05/2017)

Please refer to the circular DBOD.BP.BC.No.97/21.04.132/2013-14 dated February 26, 2014 on “Framework for Revitalising Distressed Assets in the Economy – Guidelines on Joint Lenders’ Forum (JLF) and Corrective Action Plan (CAP)” and subsequent circulars/amendments in this regard....

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RBI Guidelines on Merchant Acquisition for Card Transactions

Circular No. DCBR.RAD (PCB/RCB)4/7.12.001/2016-17 RBI/2016-17/296 (28/04/2017)

All co-operative banks not intending to act as Point of Sale (POS) acquiring bank are permitted to deploy third party POS terminals without prior approval of Reserve Bank of India (RBI) subject to the bank fulfilling the following criteria:...

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Requirement of Net Owned Fund for Asset Reconstruction Companies

RBI/2016-17/295 DNBR. PD (ARC) CC. No. 03/26.03.001/2016-17 (28/04/2017)

No Asset Reconstruction Company shall commence or carry on the business of securitisation or asset reconstruction without having Net Owned Fund (hereinafter referred to as NOF) of not less than Rupees two crore or such other higher amount as the Reserve Bank may, by notification, specify....

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NOF for ARCs shall be minimum Rupees One Hundred Crore

Notification DNBR (PD-ARC) No. 05 /ED(SS)-2017. (28/04/2017)

Reserve Bank of India hereby specifies that the Net Owned Fund (NOF) for Asset Reconstruction Companies (ARCs) shall be minimum Rupees One Hundred Crore on an ongoing basis with effect from the date of this Notification....

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RBI notifies Role of Chief Risk Officer (CRO)

RBI/2016-17/294 DBR.BP.BC.No.65/21.04.103/2016-17 (27/04/2017)

As part of effective risk management, banks are required, inter-alia, to have a system of separation of credit risk management function from the credit sanction process. However, it is observed that the banks follow diverse practices in this regard....

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Draft Foreign Exchange Management (Cross Border Merger) Regulations, 2017

Press Release : 2016-2017/2909 (26/04/2017)

The Reserve Bank today has placed on its website the draft guidelines proposed to be issued on cross border merger transactions pursuant to the Rules notified by Ministry of Corporate Affairs through Companies (Compromises, Arrangements and Amalgamation) Amendment Rules, 2017 on April 13, 2017....

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Banks cannot Refuse to accept scribbled /coloured /faded bank notes

ND.ID.(Res.). No. 4530/04.00.001/2016-17 (25/04/2017)

Of late, we have been receiving complaints from members of general public that majority of the bank branches are not accepting banknotes, specifically in the denomination of Z 500 and 7 2000, with anything written/colour on them and banknotes whose colour has faded due to washing or any other reason....

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All about Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016

RBI/2016-17/187 IDMD.CDD.No.1453/14.04.050/2016-17 (20/04/2017)

The Government of India has vide the notification no. S.O. 4061 (E) dated December 16, 2016 announced the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS). This Scheme shall be applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016....

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Features of Sovereign Gold Bond Scheme 2017-18 – Series I

Press Release : 2016-2017/2847 (20/04/2017)

The Reserve Bank of India, in consultation with Government of India, has decided to issue Sovereign Gold Bonds 2017-18 - Series I. Applications for the bond will be accepted from April 24-28, 2017. The Bonds will be issued on May 12, 2017. The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated...

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Sovereign Gold Bonds, 2017-18 – Series I – Operational Guidelines

RBI/2016-17/290 IDMD.CDD.No.2759/14.04.050/2016-17 (20/04/2017)

Sovereign Gold Bonds will be available for subscription at the branches of scheduled commercial banks and designated post offices through RBI’s e- Kuber system. ...

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Govt notifies Sovereign Gold Bond Scheme 2017-18 Series I

F. No. 4(8) - W&M/2017 (20/04/2017)

The Gold Bonds under Sovereign Gold Bond Scheme 2017-18 Series I may be held by a Trust, HUFs, Charitable Institution, University or by a person resident in India, being an individual, in his capacity as such individual, or on behalf of minor child, or jointly with any other individual....

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Sovereign Gold Bonds 2017-18 – Series I- Terms and conditions

Press Releases No. IDMD.CDD.No.2760/14.04.050/2016-17 RBI/2016-17/289 (20/04/2017)

Subscription for the Bonds may be made in the prescribed application form (Form ‘A’) or in any other form as near as thereto stating clearly the grams of gold and the full name and address of the applicant. The receiving office shall issue an acknowledgment receipt in Form ‘B’ to the applicant....

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Deposit under PMGKDS, 2016 allowed upto 30th April, 2017

Notification No. S.O. 1218(E) / Press Release No. 2016-2017/2834 (19/04/2017)

In case of persons who had filed the declaration by depositing tax, surcharge and penalty under PMGKDS on or before 31.03.2017, to allow extension of time till 30.04.2017 for banks to upload details into RBI’s E-Kuber system and for depositors to make commensurate deposits, if not already done....

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Prudential Guidelines – Banks’ investment in units of REITs and InvITs

RBI/2016-17/280 DBR.No.FSD.BC.62/24.01.040/2016-17 (18/04/2017)

Banks should ensure adherence to the prudential guidelines issued by RBI from time to time on Equity investments by Banks, Classification and Valuation of Investment Portfolio, Basel III Capital requirements for Commercial Real Estate Exposures and Large Exposure Framework, as applicable....

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Disclosure of Divergence in asset classification & provisioning

Notification No. RBI/2016-17/283 DBR.BP.BC.No.63/21.04.018/2016-17 (18/04/2017)

In order to ensure greater transparency and promote better discipline with respect to compliance with IRACP norms, it has been decided that banks shall make suitable disclosures as per Annex, wherever either (a) the additional provisioning requirements assessed by RBI exceed 15 percent of the published net profits after tax for the refere...

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Guidelines on compliance with Accounting Standard (AS) 11 by banks

Notification No. RBI/2016-17/281 DBR.BP.BC.No.61/21.04.018/2016-17 (18/04/2017)

It has been observed that banks have been recognizing gains in profit & loss account from Foreign Currency Translation Reserve (FCTR) on repatriation of accumulated profits / retained earnings from overseas branch(es) by treating the same as partial disposal under AS 11....

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Additional Provisions for Standard Advances at Higher than Prescribed Rates

Notification No. RBI/2016-17/282 DBR.No.BP.BC.64/21.04.048/2016-17 (18/04/2017)

It is advised that the provisioning rates prescribed in the abovementioned circular are the regulatory minimum and banks are encouraged to make provisions at higher rates in respect of advances to stressed sectors of the economy. With a view to ensure that banks have adequate provisions for loans and advances at all times, it is advised a...

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Banks to celebrate June 5-9, 2017 as Financial Literacy Week

RBI/2016-17/275 FIDD.FLC.BC.No.27/12.01.018/2016-17 (13/04/2017)

The literacy week will focus on four broad themes, viz. KYC, Exercising Credit Discipline, Grievance Redressal and Going Digital (UPI and *99#). ...

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Salient features of revised PCA framework for banks

RBI/2016-17/276 DBS.CO.PPD. BC.No.8/11.01.005/2016-17 (13/04/2017)

The provisions of the revised PCA framework will be effective from April 1, 2017 based on the financials of the banks for the year ended March 31, 2017. The framework would be reviewed after three years....

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Draft guidelines of Simplified Hedging Facility for Residents & Non-Residents

Press Release : 2016-2017/2759 (12/04/2017)

RBI today released draft guidelines of Simplified Hedging Facility for Residents and Non-Residents which permits dynamic hedging of currency risk and simplifies the procedure involved in booking hedge contracts....

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Security Substitution Facility for term repos under Liquidity Adjustment Facility

RBI/2016-17/274 FMOD.MAOG.No.120/01.01.001/2016-17 (12/04/2017)

As announced in the First Bi-monthly Monetary Policy Statement for 2017-18, it has been decided to allow substitution of collateral (security) by the market participants during the tenor of the term repos conducted by Reserve Bank of India under the Liquidity Adjustment Facility, from April 17, 2017....

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Amendment in RBI directions relating to IFSC Banking Units (IBUs)

RBI/2016-17/273 DBR.IBD.BC.59/23.13.004/2016-17 (10/04/2017)

The fixed deposits accepted from non-banks by the IBUs cannot be repaid pre-maturely within the first year. However, fixed deposits accepted as collateral from non-banks for availing credit facilities from IBUs or deposited as margin in favour of an exchange, can be adjusted prematurely in the event of default in repayment of the loan or ...

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Checklist relating to government business for internal / concurrent audit

RBI/2016-17/271 DGBA.GAD.No.2646/31.02.007/2016-17 (07/04/2017)

Internal inspectors/auditors may verify the agency commission claims submitted by branches and confirm their accuracy during the course of their inspection/audit. The following may be specifically examined during the course of internal/concurrent audit at agency bank branches:...

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RBI kept repo rate unchanged at 6.25 per cent

Press Release: 2016-2017/2689 (06/04/2017)

On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to keep the policy repo rate under liquidity adjustment facility (LAF) unchanged at 6.25 per cent....

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Statement on Developmental and Regulatory Policies, RBI

Press Release: 2016-2017/2691 (06/04/2017)

This Statement reviews the progress of various developmental and regulatory policy measures announced by the Reserve Bank in recent policy statements and sets out new measures for further refining the liquidity management framework; strengthening the banking regulation and supervision...

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RBI decides to permit banks to issue Perpetual Debt Instruments

In connection with developing the market for rupee denominated bonds overseas, RBI decides to permit banks to issue Perpetual Debt Instruments (PDI) qualifying for inclusion as Additional Tier 1 capital and debt capital instruments qualifying for inclusion as Tier 2 capital, by way of rupee denominated bonds overseas. ...

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Posted Under: Fema / RBI |

Kapol Co-operative Bank under RBI Scanner; Withdrawal restricted to Rs. 3000

Press Release : 2016-2017/2631 (31/03/2017)

The Kapol Co-operative Bank Ltd will, without prior approval in writing from the Reserve Bank, also not able to grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and ...

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Rate of interest on small savings scheme w.e.f. 01.04.2017

F.No. 1/4/2016-NS.II (31/03/2017)

Rates of interest on various small savings schemes for the first quarter of financial year 2017-18 starting on 1st April, 2017 and ending on 30th June,2017, on the basis of the interest compounding/payment built-in in the schemes, shall be as under:...

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Increase in limits for investment by FPIs in CG Securities and SDLs

RBI/2016-17/265 A.P.(DIR Series) Circular No. 43 (31/03/2017)

The limits for investment by FPIs in Central Government Securities and State Development Loans (SDLs) for the quarter April-June 2017 are proposed to be increased by Rs. 110 billion and Rs. 60 billion respectively....

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Merchant Discount Rate for Debit Card Transactions to continue

RBI/2016-17/264 DPSS.CO.PD No.2737/02.14.003/2016-17 (30/03/2017)

Till the issuance of final instructions on MDR for debit card transactions, the extant instructions issued vide our circular dated December 16, 2016 shall continue....

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RBI advisory on E-wallets

Press Release : 2016-2017/2624 (30/03/2017)

RBI has today advised users of Pre-paid Payment Instruments (PPIs), including mobile and electronic wallets, that only non-bank entities authorised by RBI under Payment and Settlement Systems Act, 2007 (the Act) can issue PPI wallets for purchase of goods and services from third parties and money transfer within India. ...

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Purchase of foreign exchange from foreign citizens and others

RBI/2016-17/263 A.P. (DIR Series) Circular No. 42 (30/03/2017)

Attention of Authorized Persons is invited to the A.P. (DIR Series) Circulars No. 20, 22 and 24 dated November 25, 2016, December 16, 2016 and January 3, 2017 respectively, permitting foreign citizens (i.e. foreign passport holders) to exchange foreign exchange for Indian currency notes up to a limit of Rs. 5000/- per week till January 31...

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Assignment of Lead Bank Responsibility of Associate Banks to SBI

RBI/2016-17/262 FIDD.CO.LBS.BC. No. 26/02.01.001/2016-17 (30/03/2017)

It has been decided to assign the lead bank responsibility of districts hitherto held by the Associate banks to State Bank of India. Accordingly, lead bank responsibility is assigned as follows:...

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Assignment of SLBC Convenorship – Telangana

RBI/2016-17/261 FIDD.CO.LBS.BC. No. 25/02.01.001/2016-17 (30/03/2017)

As per the Gazette of India Notification G.S.R. 157 (E) dated February 22, 2017, the merger of State Bank of Hyderabad with State Bank of India has been notified. The Order called the Acquisition of State Bank of Hyderabad Order, 2017 comes into effect on April 1, 2017....

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Agency Banks not to open for government business on 01.04.2017

RBI/2016-17/259 DBR.No.Leg.BC.56/09.07.005/2016-17 (29/03/2017)

While the Agency Banks are to keep all their branches dealing with government business open on all days in the current financial year (including Saturday, Sunday and all holidays) as already advised, these branches need not be kept open on April 1, 2017....

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All banking payment systems to remain closed on April 1, 2017

RBI/2016-17/260 DPSS.CO.CHD.No./2720/03.01.03/2016-17 (29/03/2017)

All payment systems, including RTGS and NEFT would operate, as on a normal working day, during the period March 25 to April 1, 2017 (including Saturday, Sunday and all holidays). ...

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Formation of 7 new districts in Manipur: Lead Bank Responsibility Assignment

RBI/2016-17/258 FIDD.CO.LBS.BC.No.24/02.08.001/2016-17 (27/03/2017)

The Government of Manipur vide Gazette Notification dated December 14, 2016 has issued a corrigendum rectifying the Sub Divisions of districts Senapati and Kangpokpi as detailed below:-...

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Payment systems to remain open on all days from 25.03.2017 to 01.04.2017

RBI/2016-17/257 DPSS.CO.CHD.No./2695/03.01.03/2016-17 (25/03/2017)

It has been decided that all payment systems, including RTGS and NEFT would operate, as on a normal working day, during the period March 25 to April 1, 2017 (including Saturday, Sunday and all holidays). ...

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An Analysis of Properties and Sources of Divergence

Press Release : 2016-2017/2556 (24/03/2017)

A key feature of the inflationary process during 2015-16 was the large divergence in the Consumer Price Index (CPI) and Wholesale Price Index (WPI) inflation....

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Banks to remain open on all days from 25.03.2017 to 01.04.2017

RBI/2016-17/256 DBR.No.Leg.BC.55/09.07.005/2016-17 (24/03/2017)

All Agency Banks are advised to keep all their branches dealing with government business open on all days in the current financial year and on April 1, 2017 (including Saturday, Sunday and all holidays)....

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Special Clearing operations of banks on March 30 and 31, 2017

RBI/2016-17/255 DPSS.CO.CHD.No./2656/03.01.03/2016-17 (23/03/2017)

With a view to facilitate accounting of all the Government transactions for the current financial year (2016-17) by March 31, 2017, it has been decided to conduct special clearing at all clearing houses across the country on March 30 and 31, 2017 as detailed below:...

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Operational flexibility for Indian subsidiaries of Non-resident Companies

RBI/2016-17/254 A.P. (DIR Series) Circular No. 41 (21/03/2017)

To provide operational flexibility for booking derivative contracts to hedge the currency risk arising out of current account transactions of Indian subsidiaries of Multi-National Companies (MNCs)....

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Draft Master Directions on Issuance & Operation of PPIs in India

RBI/DPSS/2016-17/53 DPSS.CO.PD. No. /02.14.006/2016-17 (20/03/2017)

Reserve Bank of India has, from time to time, issued a number of circulars containing policy guidelines on Issuance and Operation of Prepaid Payment Instruments (PPIs) in India. ...

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Non Resident can enter foreign exchange derivative contract

Notification No. FEMA. 384/RB-2017 / G.S.R. 260(E) (17/03/2017)

A non-resident may enter into a foreign exchange derivative contract with an Authorised Dealer bank in India to hedge an exposure to exchange risk of and on behalf of its Indian subsidiary in respect of the said subsidiary's transactions subject to such terms and conditions as may be stipulated by the Reserve Bank from time to time....

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Reporting and Accounting of Central Govt Transactions of March 2017

Notification No. DGBA.GAD.No. 2376/42.01.029/2016-17-RBI (16/03/2017)

The Government of India has decided that the date of closure of residual transactions for the month of March 2017 be fixed as April 10, 2017 for the Financial Year 2016-17....

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Banks branches accepting taxes to remain open till 8 PM on 31.03.2017

Notification No. DGBA.GAD.No. 2377/42.01.029/2016-17-RBI (16/03/2017)

All agency banks should keep the counters of their designated branches conducting government business open for government transactions up to 6.00 p.m. on March 30, 2017 and up to 8.00 p.m. on March 31, 2017....

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Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 – Clarification

RBI/2016-17/251 IDMD.CDD.No. 2347/14.04.051/2016-17 (16/03/2017)

Currently, banks are issuing an acknowledgement for having received the amounts under PMGKDS. The details of the deposit are then entered in the Bank’s e-kuber application which generates a Subscription Receipt....

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Now RBI website at your fingertips

Press Release : 2016-2017/2419 (10/03/2017)

Reserve Bank of India today formally launched a mobile application (app) version of Reserve Bank of India’s website (www.rbi.org.in). The app is available on Android as well as iOS platforms and can be downloaded from the Play Store/App Store in one’s Android phone/iPhone, respectively, using the keyword Reserve Bank of India...

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Section 269SS and 269T applicable to NBFC: RBI

RBI/2016-17/245 DNBR (PD) CC.No.086/03.10.001/2016-17 (09/03/2017)

Section 269SS and 269T of the Income Tax Act, 1961, the requirements under the Income Tax Act, 1961, as amended from time to time, would be applicable to all NBFCs with immediate effect. Currently, the relevant threshold under the Income Tax Act, 1961 is Rupees Twenty thousand....

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Formation of 7 new districts in Manipur: Assignment of Lead Bank

RBI/2016-17/248 FIDD.CO.LBS.BC.No.23/02.08.001/2016-17 (09/03/2017)

The Government of Manipur vide Gazette Notification dated December 8, 2016 had notified the creation of seven new districts in the State of Manipur. It has been decided to assign the lead bank responsibility of the seven new districts as detailed below...

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100% FDI in e-commerce sites via automatic route allowed

Notification No. No. FEMA.387/2017-RB (09/03/2017)

These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fourth Amendment) Regulations, 2017. They shall come into force from the date of their publication in the Official Gazette....

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RBI Instruction on Reporting Banks on Gold Monetisation Scheme transactions

RBI/2016-17/243 DGBA.GAD.No.2294/15.04.001/2016-17 (06/03/2017)

In order to have uniformity in reporting, reconciliation and accounting, agency banks may report the Gold Monetisation Scheme transactions i.e., receipt, payment, penalty, interest, commission for mobilisation, handing charges, etc., directly through the government account maintained for the purpose at Central Accounts Section, Reserve Ba...

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FEM(Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Regulations, 2017

Notification No. FEMA. 385/ 2017-RB (03/03/2017)

G.S.R. 188 (E).—In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) ...

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Infrastructure Financing- Definition of ‘Infrastructure Lending’

RBI/2016-17/242 DNBR.PD.CC.No.085/03.10.001/2016-17 (02/03/2017)

Updated Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 and Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 are enclosed....

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Financial Literacy by FLCs and rural branches – Policy Review

RBI/2016-17/236 FIDD.FLC.BC.No.22/12.01.018/2016-17 (02/03/2017)

Financial Literacy Centres (FLCs): FLCs are advised to conduct special camps for a period of one year beginning April 1, 2017 on "Going digital" through UPI and *99# (USSD)”. Two posters, one on UPI and one on *99# have been prepared for the benefit of the trainers and the audience. The English, Hindi and local language versions of the ...

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RBI forms Inter-disciplinary Standing Committee on Cyber Security

Press Release: 2016-2017/2303 (28/02/2017)

Reserve Bank of India has set up an Inter-disciplinary Standing Committee on Cyber Security to, inter alia, review the threats inherent in the existing/emerging technology; study adoption of various security standards/protocols; interface with stakeholders; and suggest appropriate policy interventions to strengthen cyber security and resi...

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Law on Cessation of RBI Liability on demonetised bank notes get Presidents Assent

No. 2 of 2017 (27/02/2017)

Notwithstanding anything contained in sub-section (1), where an offence under this Act has been committed by a company and it is proved that the same was committed with the consent or connivance of, or is attributable to any neglect on the part of, any director, manager, secretary, or other officer or employee of the company, such directo...

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Features of Sovereign Gold Bonds 2016 -17 – Series IV

Government of India, in consultation with the Reserve Bank of India(RBI), has decided to issue Sovereign Gold Bonds 2016-17–Series IV. Applications for the bond will be accepted from February 27, 2017 to March 03, 2017....

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Posted Under: Fema / RBI |

Sovereign Gold Bonds, 2016-17 Series IV: Operational Guidelines

RBI/2016-17/235 IDMD.CDD.No.2188/14.04.050/2016-17 (23/02/2017)

Sovereign Gold Bonds, 2016-17-Series IV Application forms from investors will be received at branches during normal banking hours from February 27, 2017 to March 03, 2017....

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All about Sovereign Gold Bonds 2016-17 – Series IV

RBI/2016-17/234 IDMD.CDD.No.2187/14.04.050/2016-17 (23/02/2017)

Sovereign Gold Bonds 2016-17 – Series IV Interest on the Bonds shall be taxable as per the provisions of the Income-tax Act, 1961. The capital gains tax arising on redemption of SGB to an individual has been exempted. The indexation benefits will be provided to long term capital gains arising to any person on transfer of bond...

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Master Direction on Money Transfer Service Scheme (MTSS)

RBI/FED/2016-17/52 FED Master Direction No.1/2016-17 (22/02/2017)

Money Transfer Service Scheme (MTSS) is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India...

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Multilateral and Regional Financial Institutions permitted to invest in Rupee denominated bonds overseas

RBI/2016-17/233 A. P. (DIR Series) Circular No.31 (16/02/2017)

In order to provide more choices of investors to Indian entities issuing Rupee denominated bonds abroad, it has been decided to also permit Multilateral and Regional Financial Institutions where India is a member country, to invest in these Rupee denominated bonds....

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Forward Rate Agreement (FRA) and Interest Rate Swap (IRS) – Withdrawal of Fortnightly return

RBI/2016-17/232 FMRD.DIRD.13/14.01.019/2016-17 (16/02/2017)

Attention is invited to the RBI notification ref. no. MPD.BC.187/07.01.279/1999-2000 dated July 07, 1999. As per the notification, banks were advised to submit a fortnightly return on FRA/IRS to Monetary Policy Department with a copy to various RBI departments....

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Inclusion of Capital Small Finance Bank Limited in 2nd Schedule to RBI Act, 1934

RBI/2016-17/231 DBR.No.Ret.BC.51/12.07.145A/2016-17 (16/02/2017)

We advise that the Capital Small Finance Bank Limited has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide Notification DBR.PSBD.No.5201/16.02.001/2016-17 dated November 8, 2016, and published in the Gazette of India (Part III - Section 4) dated February 4- February 10, 2017....

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Inclusion of Equitas Small Finance Bank Limited in 2nd Schedule to RBI Act, 1934

RBI/2016-17/230 DBR.No.Ret.BC.52/12.07.143A/2016-17 (16/02/2017)

We advise that the Equitas Small Finance Bank Limited has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide Notification DBR.PSBD.No.7144/16.02.002/2016-17 dated December 23, 2016, and published in the Gazette of India (Part III - Section 4) dated February 4- February 10, 2017....

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RBI allows Gold loans up to Rs. 2 lakh with bullet repayment option

RBI/2016-17/229 DBR.RRB.BC.No. 53/31.01.001/2016-17 (16/02/2017)

On a review, it has been decided to increase the quantum of loan that could be granted under the scheme, from Rs.1.00 lakh to Rs.2.00 lakh subject to the following conditions:...

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Reimbursement of Merchant Discount Rate

RBI/2016-17/228 DGBA.GAD.No.2128/44.02.001/2016-17 (16/02/2017)

n order to operationalise the above, RBI will reimburse banks the MDR on debit cards used for payment of tax and non-tax dues to the Government of India with effect from January 1, 2017....

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Draft Circular: Rationalisation of Merchant Discount Rate for Debit Card Transactions

Press Release : 2016-2017/2218 (16/02/2017)

Recent developments have given a fillip to electronic transactions including card payments even at smaller merchant establishments. Keeping this in mind, for encouraging a wider segment of merchants to accept card payments, consultations were held with stakeholders for rationalising the MDR structure for debit card transactions....

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Formation of 21 districts in Telangana- Assignment of Lead Bank Responsibility

RBI/2016-17/227 FIDD.CO.LBS.BC.No.21/02.08.001/2016-17 (16/02/2017)

The Government of Telangana vide Gazette Notification dated October 11, 2016 had notified the formation of twenty one new districts in the State of Telangana. It has been decided to assign the lead bank responsibility of the twenty one new districts as detailed below:-...

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Specified Bank Notes– Chest Balance / Cash Holding Limit

DCM (Plg) No.3217/10.27.00/2016-17-RBI (13/02/2017)

As indicated thereat, a review was undertaken and it has been decided that till further instructions SBNs deposited in the currency chests, since November 10, 2016, will be considered as part of the chest balance in the soiled note category but such deposits will not be reckoned for calculating Chest Balance Limit / Cash Holding Limit....

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