Fema / RBI : RBI plans to ease registration norms for low-risk NBFCs to reduce compliance burden. The move aims to encourage innovation while m...
CA, CS, CMA : CBDT corrected multiple ITR forms to fix structural and computational errors. The update ensures accurate tax reporting and reduce...
Fema / RBI : The issue concerns liability in unauthorised digital transactions. The ruling insight highlights that absence of a clear definitio...
Fema / RBI : The RBI maintained key policy rates unchanged, signaling confidence in economic stability and controlled inflation. The decision r...
CA, CS, CMA : The latest amendments aim to simplify compliance and promote investment while reducing penalties. The update signals a major shift...
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 court held that failure to apply Clause 3(d) of the RBI Master Circular invalidated the wilful defaulter declaration. Non-Exec...
Corporate Law : The court held that Ombudsman’s finding of customer negligence was unsustainable and directed bank to refund disputed amount. Th...
Corporate Law : Court ruled that protections under the RBI Circular apply only to third-party breaches and cannot be invoked to recast personal tr...
Fema / RBI : Rajasthan High Court stays a ₹7 crore deposit for Tijaria Polypipes' OTS, directing Bank of India to comply with RBI circulars a...
Fema / RBI : RBI directs NBFCs to adhere to a Rs 20,000 cash loan disbursement limit, aiming to regulate cash transactions and enforce complian...
Fema / RBI : The RBI has consolidated all previous e-mandate guidelines into a single framework governing recurring digital payments. The key t...
Fema / RBI : The update prohibits most INR derivative contracts with related entities. Only specific transactions such as cancellations and non...
Fema / RBI : The issue involved restrictive branch approval requirements for NBFCs. RBI removed prior approval norms, allowing easier expansion...
Fema / RBI : The RBI proposes replacing the existing dual methodology with a single asset-based criterion for identifying NBFC-UL entities. The...
Fema / RBI : The discussion paper addresses increasing APP frauds and proposes preventive safeguards like transaction delays and authentication...
In order to avoid the last-minute rush for customers paying their income-tax dues, the Reserve Bank on Friday said tax payers may use select branches of some public and private sector banks to remit their dues in advance. Some of the branches of State Bank of India, State Bank of Travancore, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, Allahabad Bank, Andhra Bank, Bank of India are authorized to accept payment of I-T dues either by cash or cheque, RBI said in a release.
In view of the fact that The Madhavpura Mercantile Co-operative Bank Ltd, Ahmedabad (Gujarat) [the co-operative bank] had ceased to be solvent, all efforts to revive it in close consultation with the Government of India had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India (RBI) passed an order cancelling the banking licence issued to the co-operative bank with effect from the close of business on June 04, 2012. The Central Registrar of Co-operative Societies, New Delhi (CRCS) has also been requested to issue an order for winding up the co-operative bank and appoint a liquidator.
Under the online Application Tracking System (ATS), customers can submit applications online and also track the status of an already filed / submitted application. The applicant would be required to login with email id and password as registered with the RBI website. In respect of those applications, being submitted physically at the counters of the Foreign Exchange Department, a valid email id is required to be indicated in the letter / application. An auto generated information will be sent to the email id given upon receipt of an application and also at the time of disposal of an application by the Department. Status of all letters / applications (other than statements and returns) requiring a reply from the Foreign Exchange Department can be tracked by accessing the ATS. ATS can easily be accessed on the homepage of RBI (www.rbi.org.in).
The Reserve Bank of India (RBI) has said that it could do little to arrest the fall of rupee if the decline was caused by fundamental weakness of the economy or due to global factors. Speaking to reporters in Mumbai on Friday, RBI Deputy Governor KC Chakrabarty said in such a case, RBI could only take more calibrated steps in the forex market.
It has come to the notice of the Reserve Bank of India that an email has been sent in its name from mail id: alert@rbi.org and signed by RBI Online offering a ‘new online security platform’. According to the mail, the ‘new online security platform’ offers to ‘prevent online identity theft in internet banking by asking the customer to go through a two-way authentication factor before he/she properly logs into internet banking every time’. The email then asks the recipient to ‘download the attachment and update’.
On a review of developments in the global financial markets and current macro-economic conditions, the Reserve Bank has taken the following measures to ease foreign currency flows as also to enhance the availability of export credit in foreign currency:
Globally, the triad of Financial Inclusion, Financial Literacy and Consumer Protection has been recognized as intertwining threads in pursuit of Financial Stability. For any kind of stability, whether financial, economic, political or social, inclusive growth is an essential prerequisite. Inclusive growth, in turn, is largely driven by financial inclusion and an inclusive financial system.
SMEs are universally acknowledged as major contributors to Gross Domestic Product (GDP) and even larger contributors to exports and employment. SMEs play a critical role in the economic and social development of emerging markets by creating jobs and generating income for low-income groups. This fosters economic growth and social stability, and also contributes to the development of a dynamic private sector.
Growth is likely to improve moderately in 2012-13. While inflation has moderated, risks to inflation are still on the upside. Accordingly, monetary policy needs to support growth without inflation and external imbalances by excessively fuelling demand.
In view of three holidays this week, public sector banks have been directed to function full day on Saturday, April 7. The Finance Ministry has asked all public sector banks to to function full day this coming Saturday instead of working half-day, official sources said. Usually, banks are open for public dealings between 10 am and 1 pm on Saturdays.
