reserve bank of india

No to current account for customers having CC/OD facilities & its Impact Analysis

Fema / RBI - 1. Now Banks can’t open current accounts for borrowers who have a cash credit account with any other bank. 2. Banks with over 10% exposure can open CC/OD accts; other lenders can have collection accounts; but have to debit money only to CC/OD accounts of banks that have more than 10% exposure to borrower...

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RBI Payment and Settlement Systems

Fema / RBI - The Reserve Bank of India (RBI) has released Statement on Developmental and Regulatory Policies dated 06th August, 2020 on account of various developmental and regulatory policy measures to enhance liquidity support for financial markets and other stakeholders; further easing of financial stress caused by COVID-19 disruptions. Payment and...

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Legal Entity Identifier [LEI Code – RBI MANDATE]

Fema / RBI - The Legal Entity Identifier (LEI) is a 20-character, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). It connects to key reference information that enables clear and unique identification of legal entities participating in financial transactions. Each LEI contains i...

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RBI New Guidelines on Opening of Current Accounts by Banks

Fema / RBI - Reserve Bank of India (RBI) on August 6, 2020 vide circular no. RBI/2020-21/20 DOR. No. BP.BC/7/21.04.048/2020-21, Issued revised Guidelines on Opening Current Account with Banks, key points of which are as follows: 1. No Current Account, where Customer Availing Credit Facilities (CC/OD) from banking System 2. In Case, customer not availe...

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Future of Retail payments in United States – An instantaneous exhilarating experience

Fema / RBI - Governor Lael Brainard, the distinguished Governor of Federal Bank, United States of India unveiled the acceptance by Federal Reserve Board of Fed Now Service’s proposal, a revolutionary one for enabling banks of every size and in every community in America to provide safe and efficient instant payment services around the clock, every d...

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No Current Account In Banks for CC/OD Customers?

Fema / RBI - RBI on August 06, 2020, barred banks from opening current accounts for customers who have availed cash credit or overdraft facilities from any bank. RBI has taken this measure with a view to improve credit discipline. In a notification, the central bank said that rather than opening a new current account, all transactions should be [&hell...

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Indian Economy at a Crossroad: A view from Financial Stability Angle

Fema / RBI - he outbreak of COVID-19 pandemic is unambiguously the worst health and economic crisis in the last 100 years during peace time with unprecedented negative consequences for output, jobs and well-being. It has dented the existing world order, global value chains, labour and capital movements across globe and needless to say, the socio-econo...

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RBI extends FLA 2020 due date to 31st July 2020

Fema / RBI - Submission of annual return on FLA through the web-based FLAIR portal for financial year 2019-20 has been started. Entities which are filing FLA return for the first time/ with revised UIN (Unique identification number) are required to register themselves first for generating login credentials and they can file FLA return. However, the en...

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Highlights of RBI Governor’s announcements dated 22.05.2020

Fema / RBI - RBI extends the three-month moratorium The loan moratorium will be extended till August 31 2020. This makes it a six month moratorium Lending institutions are being permitted to restore the margins for working capital to the origin level by March 31, 2021...

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11 Key Highlights of RBI Press Conference dt. 22.05.2020; Loan moratorium extended 31 August, 2020

Fema / RBI - RBI Governor Shaktikanta Das addressed the media at 10 am today post  Finance Minister gave details of the Rs 20 lakh crore economic relief package to help the economy recover from the coronavirus pandemic. Key Highlights: 1. Repo rate reduced by 40 bps to 4% 2. Private consumption impacted most by COVID-19 3. Food inflation […]...

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SC refuses to interfere with period of validity of cheque

In re Cognizance for Extension of Limitation (Supreme Court) - In re Cognizance for Extension of Limitation (Supreme Court) With reference to the prayer, that the period of validity of a cheque be extended, we find that the said  period has  not  been  prescribed by  any Statute but  it  is  a  period  prescribed by the Reserve Bank of India under Sec...

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Covid-19: HC restrains bank from taking coercive action for default in factoring facility

Eastman Auto & Power Limited Vs RBI (Delhi High Court) - The object of issuing notifications/circulars dated 27.03.2020 and 17.04.2020 was to provide financial relief in repayment due to COVID-19 to the parties who have availed the term loans and working capital facilities but this relief is not extended towards factoring facilities....

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RBI’s circular directing bank to take recourse to IBC is ultra vires to section 35AA

Dharani Sugars And Chemicals Ltd. Vs Union of India & Ors. (Supreme Court of India) - Hon'ble Supreme Court held that RBI Circular directing bank to take recourse to Insolvency and Bankruptcy Code (IBC)  is ultra vires to Section 35AA of the Banking Regulation Act....

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No advocate / chartered accountants can represent willful defaulter

Revati Cements Pvt. Ltd & Anr. Vs State Bank of India & Ors. (Madhya Pradesh HC) - Assessee-company being a ‘willful defaulter’ could not be represented through the lawyers or Chartered Accountants as the personal hearing was available only to borrower Director and Promoter of the alleged default unit....

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Unrealised loss on outstanding interest rate swaps would be allowable as business deduction

J P Morgan Chase Bank Vs. ADIT (ITAT Mumbai) - This decision is relevant to assessees following RBI guidelines for accounting for interest rates swaps. Companies which are claiming unrealised loss on outstanding interest rate swaps at the year end would find this ruling useful. While this ruling ...

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RBI releases Financial Stability Report, July 2020- Highlights

Press Release: 2020-2021/96 - (24/07/2020) - Reserve Bank released the 21st Issue of the Financial Stability Report (FSR), which reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability, and the resilience of the financial system in the context of contempo...

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Banking Regulation (Amendment) Bill, 2020

Bill No. 56 of 2020 - (03/03/2020) - Government introduces Banking Regulation (Amendment) Bill, 2020 in Lok Sabha to bring the co-operative banks on par with the developments in the banking sector through better management and proper regulation of co-operative banks with a view to ensure that the affairs of the co-operative banks are c...

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Statement by Governor- Sixth Bi-monthly Monetary Policy Statement, 2019-20

Press Releases No. 2019-2020/1891 and 1890 - (06/02/2020) - Reserve Bank of India Statement by Governor – Sixth Bi-monthly Monetary Policy Statement, 2019-20, February 6, 2020 Over the last three days, i.e., during 4th, 5th and 6th February, 2020 the Monetary Policy Committee (MPC) met and assessed current and evolving macroeconomic and financial condi...

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DICGC increases insurance coverage for depositors in all insured banks to ₹ 5 lakh

Press Release: 2019-2020/1878 - (04/02/2020) - With a view to providing a greater measure of protection to depositors in banks the Deposit Insurance and Credit Guarantee Corporation, a wholly owned subsidiary of the Reserve Bank of India, has raised the limit of insurance cover for depositors in insured banks from the present level of ₹1 lakh ...

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Govt. issues Sovereign Gold Bond Scheme 2019-20

Notification No. G.S.R. 705(E) - (30/09/2019) - (i) This scheme may be called the Sovereign Gold Bond Scheme 2019-20. (ii) There will be a distinct Series (starting from Series V) for every tranche which will be indicated on the Bond issued to the investor. (iii) It shall come into force on the date of its publication in the Official Gazett...

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reserve bank of india’s Popular Posts

Recent Posts in "reserve bank of india"

No to current account for customers having CC/OD facilities & its Impact Analysis

1. Now Banks can’t open current accounts for borrowers who have a cash credit account with any other bank. 2. Banks with over 10% exposure can open CC/OD accts; other lenders can have collection accounts; but have to debit money only to CC/OD accounts of banks that have more than 10% exposure to borrower...

Read More
Posted Under: Fema / RBI |

No Current Account In Banks for CC/OD Customers?

RBI on August 06, 2020, barred banks from opening current accounts for customers who have availed cash credit or overdraft facilities from any bank. RBI has taken this measure with a view to improve credit discipline. In a notification, the central bank said that rather than opening a new current account, all transactions should be [&hell...

Read More
Posted Under: Fema / RBI |

RBI Payment and Settlement Systems

The Reserve Bank of India (RBI) has released Statement on Developmental and Regulatory Policies dated 06th August, 2020 on account of various developmental and regulatory policy measures to enhance liquidity support for financial markets and other stakeholders; further easing of financial stress caused by COVID-19 disruptions. Payment and...

Read More
Posted Under: Fema / RBI |

Legal Entity Identifier [LEI Code – RBI MANDATE]

The Legal Entity Identifier (LEI) is a 20-character, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). It connects to key reference information that enables clear and unique identification of legal entities participating in financial transactions. Each LEI contains i...

Read More
Posted Under: Fema / RBI |

RBI New Guidelines on Opening of Current Accounts by Banks

Reserve Bank of India (RBI) on August 6, 2020 vide circular no. RBI/2020-21/20 DOR. No. BP.BC/7/21.04.048/2020-21, Issued revised Guidelines on Opening Current Account with Banks, key points of which are as follows: 1. No Current Account, where Customer Availing Credit Facilities (CC/OD) from banking System 2. In Case, customer not availe...

Read More
Posted Under: Fema / RBI |

Future of Retail payments in United States – An instantaneous exhilarating experience

Governor Lael Brainard, the distinguished Governor of Federal Bank, United States of India unveiled the acceptance by Federal Reserve Board of Fed Now Service’s proposal, a revolutionary one for enabling banks of every size and in every community in America to provide safe and efficient instant payment services around the clock, every d...

Read More
Posted Under: Fema / RBI |

Framework for resolution of stressed loans on account of Covid-19

The RBI has, vide notification dated 06.08.2020, issued a new framework for resolution of stressed loans caused by Covid-19. I am discussing the relevant portion of this notification in my own words in simple and clear language in three parts. Part-I (General overview of the framework) Existing frameworks for restructuring of loans before...

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Posted Under: Fema / RBI |

RBI barred opening Current Accounts for CC/OD Customers with Banks

In a recent notification, Reserve Bank of India (RBI) on 6th August 2020, instructed all Scheduled Commercial Banks to maintain a discipline on opening of Current Account. The below are highlights from the notification: 1. No bank shall open current accounts for customers who have availed credit facilities in the form of cash credit (CC)/...

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Posted Under: Fema / RBI |

Indian economy: ‘Its future is bright’, says RBI Governor in CII Conference

Particularly for Indian citizens who are accustomed to hearing sad news or depressing articles from foreign writers, the present governor of RBI gave a heart-warming speech indicating the right direction for the Indian economy. Myself being a born optimist with decades of living in India is very happy to cover his speech with my observati...

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Posted Under: Fema / RBI |

Financial Stability of Banking Sector – Bank & Borrower

THE FINANCIAL STABILITY OF THE BANKING SECTOR THE BANK AND THE BORROWER A RELATIONSHIP OF TRUST, FAITH, HOPE AND UNDERSTANDING. The advent of banking reforms in India has brought the concept of NPA (Non-Performing Asset) which has changed drastically the perception and approach of the bank and the customer when dealing with loans financed...

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Posted Under: Fema / RBI |

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