Banks are increasingly extending mobile banking facilities (financial) to their customers. Interbank Mobile Payment Service (IMPS) developed and operated by National Payment Corporation of India (NPCI) has also enabled real time transfer of funds through the medium of the mobile phone between accounts in different banks. The volume and value of mobile banking transactions is also showing an uptrend. 3. In terms of Para 2.1 of our circular dated December 24, 2009, a transaction limit of Rs. 50,000/- per customer per day had been mandated. On a review it has been decided to remove this cap. However, banks may place per transaction limits based on their own risk perception with the approval of its Board.
Banks intending to move to any of the IRB approaches for computing capital charge for credit risk are advised to assess their preparedness for the same with reference to these guidelines. If a bank feels that it is prepared to adopt IRB approaches as per these guidelines, it may submit a letter of intention and its Board’s approval for adoption of IRB approach for credit risk to RBI (Chief General Manager-in-Charge, Reserve Bank of India, Department of Banking Operations and Development, Central Office, 12th Floor, Shahid Bhagat Singh Road, Mumbai – 400001), along with a gist of self assessment report between April 1, 2012 and June 30, 2012.
As and when Customs (CBEC) have conveyed their readiness to implement on-line message exchange between Customs and DGFT, Policy Circulars have been issued from time to time by DGFT indicating the names and Port Codes of such Customs Ports where EDI facility would be available. Such Policy Circulars issued in past are listed below:
The Insurance Regulatory and Development Authority (Insurance Brokers) Regulations, 2002 have laid down the functions of a Direct Broker in Regulation 3. Regulations 3(e) and 3(j) envisage that an insurance broker should render advice to a client on appropriate insurance cover and terms and assist in the negotiations of claims. However, as per Clause 7(e) of Schedule 3 of the said Regulations, an insurance broker should not to take up a recovery assignment on a policy contract which has not been serviced through him nor work as a claims consultant for a policy which has not been serviced through him.
Ref.DBOD.Ret..BC. No.66/12.06.001/2011-12 We advise that the name of State Bank of India Commercial and International Bank Limited has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 by notification DBOD.No.Ret.BC.35/12.06.059/2011-12 dated September 26, 2011, published in the Gazette of India (Part III – Section-4) dated October 29 – November 04, 2011.
It has been decided to permit banks to avail themselves of funds from RBI on overnight basis, under Marginal Standing Facility (MSF), against their excess SLR holdings. Additionally, they can also avail themselves of funds, on overnight basis below the stipulated SLR, up to one per cent of their respective Net Demand and Time Liabilities outstanding at the end of second preceding fortnight. In the event the banks’ SLR holdings fall below the statutory requirement, banks will not have the obligation to seek a specific waiver for default in SLR compliance arising out of use of this facility in terms of notification issued under sub section (2A) of Section 24 of the Banking Regulation Act, 1949.
In terms of paragraph 2 of the circular dated February 18, 2005 and paragraph 2 of the circular dated January 12, 2011, RRBs are required to prepare a risk profile of each customer and apply enhanced due diligence measures on higher risk customers. Some illustrative examples of customers requiring higher due diligence have also been provided in the paragraph under reference.Further, paragraph 5 of the circular dated February 18,2005requires RRBs to put in place policies, systems and procedures for risk management keeping in view the risks involved in a transaction, account or banking/business relationship.
In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the following correction is made in description of export item under Sl. No 1011, Product Code-62 Chemicals of the DEPB Rate Schedule.
References are received from various field offices pointing out that implementation of the instructions contained in the circular referred in Para 1 above will lead to return of claims already received in the office wherein the benefits payable are more than Rs. 10,000/-. This will lead to undue hardship to the PF beneficiaries.
Notification No. 111/2011-Customs in exercise of the powers conferred by sub-sections (1) and (5) of Section 9A of the said Act and in pursuance of rule 23 of the said rules, the Central Government hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 133/2009-Customs, dated the 9th December, 2009, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R.870 (E), dated the 9th December, 2009, namely: –
