reserve bank of india

50 years of nationalization of Indian Banks: celebration and an introspection

Fema / RBI - When Mr R.K. Panjwani, a banking colleague of mine for 40 years congratulated me on the occasion of 50 years of Indian banks nationalization, my mind waded back to RBI Governor, Shaktikanta Das, lecture on 16th November 2019 at Amrut Modi School of Management, Ahmedabad University. Yes, it is time to think about the performance […]...

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RBI’s latest Liquidity Risk Management guidelines for NBFCs

Fema / RBI - RBI’s latest Liquidity Risk Management guidelines for Non-Banking Financial Companies (NBFCs) RBI in its wisdom issued detailed guidelines on liquidity risk management for NBFCs on November 4, 2019 with non-deposit taking NBFCs with asset size of Rs. 100 Crore and above, systematically important Core investment companies and all deposit...

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Private Bank CEO Salary: RBI revises compensation guidelines

Fema / RBI - Effective governance of compensation – The Board of Directors to oversee compensation system’s design and operation, monitor the compensation system, and staff engaged in financial and risk control must be independent and compensated irrespective of the areas supervised by them. All in altruistic sense....

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Bank Deposit Insurance by DICGC- FAQs

Fema / RBI - Each depositor in a bank is insured upto a maximum of 1,00,000 (Rupees One Lakh) for both principal and interest amount held by him in the same right and same capacity as on the date of liquidation/cancellation of bank's licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force....

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PMC Bank Loan Scam

Fema / RBI - Before readers go through the PMC bank scam it is important for them to understand the background of  PMC bank:- ♠ PMC stands for Punjab and Maharashtra Co-operative Bank. ♠ The bank started on February 13,1984 ♠ The bank has a wide network of 137 branches across six states. ♠ The Bank stands among top […]...

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RBI supersedes Board of PMCB Bank Ltd. Mumbai

Fema / RBI - RBI vide its order dated 23rd September, 2019 superseded the Board of Punjab and Maharashtra Cooperative Bank Ltd. Mumbai and Shri Jai Bhagwan Bhoria has been appointed as the Administrator of the bank by RBI with all the powers of the Board....

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Draft RBI Guidelines for ‘on tap’ Licensing of Small Finance Banks in Private Sector

Fema / RBI - Reserve Bank of India Draft Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector September 13, 2019 I. Introduction The Reserve Bank had issued the Guidelines for Licensing of ‘Small Finance Banks‘ in  the Private Sector on November 27, 2014. The process of licensing culminated in granting in-pri...

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Statement by Governor -Third BI-monthly Monetary Policy, 2019-20

Fema / RBI - Reserve Bank of India The Monetary Policy Committee (MPC) met on 5th, 6th and 7th August, 2019 and deliberated over the evolving macroeconomic outlook, against the backdrop of recent developments and incoming data. Today, the MPC voted unanimously to reduce the policy repo rate and to maintain the accommodative stance of monetary policy. ...

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Global Risks and Policy Challenges facing Emerging Market Economies

Fema / RBI - The biggest risk facing these economies is the growing evidence that global growth and trade is weakening. Unsettled trade tensions and developments around Brexit are imparting further downside risks to the outlook. There is considerable uncertainty as to whether this weakness is temporary or the beginning of a recession in advanced econo...

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Opportunities and Challenges of FinTech

Fema / RBI - In general, FinTech stands for financial technology and describes technologically enabled financial innovations. From ‘start-ups’ to ‘big-techs’ to established financial institutions, all the key players are harnessing this technological edge along the financial services’ value chain to provide agile, efficient and differentiat...

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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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Mere disclosure of any income or loss without disclosing particulars of income or loss cannot be said to be a full and true disclosure of facts for determining total income under IT Act

Survidhi Financial Services Ltd. Vs. ACIT (ITAT Delhi) - Merely because the assessee is not required to disclose the particulars of sale and purchase of units in audit report obtained under the Companies Act, it cannot be a bona fide reason or an excuse for not disclosing the same in the statement of accounts or any annexure filed along with the return of...

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Adjustment of notional royalty, for the know how transferred to Indian company, against the purchase consideration for the products manufactured for t

Robert Bosch GmbH Vs. ACIT (ITAT Bangalore) - Recently, the Bangalore bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Robert Bosch GmbH v. ACIT [2010-TII-149-ITAT-BANG-INTL] (the taxpayer) while rejecting the contention of the tax department held that the taxpayer is not expected to make royalty income with reference to...

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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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Third Bi-monthly Monetary Policy Statement, 2019-20 Resolution of Monetary Policy Committee (MPC) Reserve Bank of India

Press Release: 2019-2020/364  - (07/08/2019) - Reserve Bank Of India Date : Aug 07, 2019 Third Bi-monthly Monetary Policy Statement, 2019-20 Resolution of the Monetary Policy Committee (MPC) On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today decided to: red...

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RBI releases Draft Report on Comprehensive Review of Market Timings

Press Release : 2019-2020/116 - (10/07/2019) - RBI today released the draft report of Internal Working Group on Comprehensive Review of Market Timings. Comments on draft report are invited from market participants and other interested parties by July 31, 2019....

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Kisan Credit Card Scheme: Working Capital for Animal Husbandry & Fisheries

RBI/2018-19/112 FIDD.CO.FSD.BC.12/05.05.010/2018-19 / Press Release : 2018-2019/1839 - (04/02/2019) - The Kisan Credit Card Scheme aims at providing adequate and timely credit support from the banking system under a single window with flexible and simplified procedure to the farmers for short term crop loans. In order to extend the operational flexibility to farmers engaged in Animal Husbandry and F...

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RBI prohibits dealing in Virtual Currencies by regulated entities

RBI/2017-18/154 DBR.No.BP.BC.104 /08.13.102/2017-18 - (06/04/2018) - Entities regulated by the Reserve Bank shall not deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs. Such services include maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collate...

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Recent Posts in "reserve bank of india"

50 years of nationalization of Indian Banks: celebration and an introspection

When Mr R.K. Panjwani, a banking colleague of mine for 40 years congratulated me on the occasion of 50 years of Indian banks nationalization, my mind waded back to RBI Governor, Shaktikanta Das, lecture on 16th November 2019 at Amrut Modi School of Management, Ahmedabad University. Yes, it is time to think about the performance […]...

Read More
Posted Under: Fema / RBI |

RBI’s latest Liquidity Risk Management guidelines for NBFCs

RBI’s latest Liquidity Risk Management guidelines for Non-Banking Financial Companies (NBFCs) RBI in its wisdom issued detailed guidelines on liquidity risk management for NBFCs on November 4, 2019 with non-deposit taking NBFCs with asset size of Rs. 100 Crore and above, systematically important Core investment companies and all deposit...

Read More
Posted Under: Fema / RBI |

Private Bank CEO Salary: RBI revises compensation guidelines

Effective governance of compensation – The Board of Directors to oversee compensation system’s design and operation, monitor the compensation system, and staff engaged in financial and risk control must be independent and compensated irrespective of the areas supervised by them. All in altruistic sense....

Read More
Posted Under: Fema / RBI |

Bank Deposit Insurance by DICGC- FAQs

Each depositor in a bank is insured upto a maximum of 1,00,000 (Rupees One Lakh) for both principal and interest amount held by him in the same right and same capacity as on the date of liquidation/cancellation of bank's licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force....

Read More
Posted Under: Fema / RBI |

PMC Bank Loan Scam

Before readers go through the PMC bank scam it is important for them to understand the background of  PMC bank:- ♠ PMC stands for Punjab and Maharashtra Co-operative Bank. ♠ The bank started on February 13,1984 ♠ The bank has a wide network of 137 branches across six states. ♠ The Bank stands among top […]...

Read More
Posted Under: Fema / RBI |

Serious lapses in processing recent DICGC claims – Open letter to RBI

You might have read a lot on PMC bank debacle (including some of my articles on PMC Bank and DICGC) in the last couple of days. The communication to Governor RBI (I termed it as ‘an open letter’) write up and commentary will speak of the reality, the current state of affairs. The risk of losing […]...

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Posted Under: Fema / RBI |

Resolution of stressed assets- Analysis of latest RBI circular

Key provisions of latest RBI Circular No. RBI/2018-19/203 DBR.No.BP.BC.45/21.04.048/2018-19 dated June 07, 2019 in relation to Resolution of stressed assets. 1. Identification and reporting of stress Lenders shall recognize incipient stress in loan accounts classifying such assets as special mention accounts (SMA) as following: SMA Sub-ca...

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Posted Under: Fema / RBI |

PMC Bank failure – insight of DICGC-Risky Bonds issued by PMC– Suggestions to RBI

Most of you may be reading, listening to the news on Punjab Maharashtra Co-operative Bank’s failure and would broadly be aware as to how a co-operative bank ranking number four in the Cooperative sector with apparently good balance sheet became almost become bankrupt, overnight. At this stage issue of accountability would be discussed f...

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Posted Under: Fema / RBI |

P2P Lenders Hope of an Increase in Lending Limit

P2P Lenders Hope of an Increase in Lending Limit as RBI Awakens to Their Demands RBI’s demand for P2P lending platforms to provide authentic data has certainly aroused hope for positive change among stakeholders! Background The Association of NBFC Peer-to-Peer (P2P) Lending Platforms had written a letter to the RBI in July this year, br...

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Posted Under: Fema / RBI |

RBI supersedes Board of PMCB Bank Ltd. Mumbai

RBI vide its order dated 23rd September, 2019 superseded the Board of Punjab and Maharashtra Cooperative Bank Ltd. Mumbai and Shri Jai Bhagwan Bhoria has been appointed as the Administrator of the bank by RBI with all the powers of the Board....

Read More
Posted Under: Fema / RBI |

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