Category - RBI

Rationalisation of Merchant Discount Rate (MDR) for Debit Card Transactions

RBI/2017-18/105 DPSS.CO.PD No. 1633/02.14.003/2017-18 December 06, 2017 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks / Payment Banks and Small Finance Banks /All Card Network Providers Dear Madam / Sir, Rationalisation of Merchant Discount Rate… Read More

RBI releases Statement on Developmental and Regulatory Policies

Rationalisation of Merchant Discount Rate In recent times, debit card transactions at ‘Point of Sales’ have shown significant growth. With a view to giving further fillip to acceptance of debit card payments for purchase of goods and services across a wider network of merchants, it has been decided to rationalise the framework for Merchant Discount… Read More

Reserve Bank cautions regarding risk of virtual currencies including Bitcoins

Attention of members of public is drawn to the Press Release issued by the Reserve Bank of India (RBI) on December 24, 2013, cautioning users, holders and traders of Virtual Currencies (VCs) including Bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs. Vide press release dated… Read More

RBI clarifies Co-operative societies cannot use the word “Bank” in their names

It has come to the notice of Reserve Bank of India (RBI) that some Co-operative Societies are using the word “Bank” in their names. This is a violation of Section 7 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) (the B.R.Act, 1949). It has also come to the notice of RBI that… Read More

15 NBFCs surrender their certificate of Registrations to RBI

The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their Certificate of Registration. Sr. No. Name of the Company… Read More

RBI cancels certificate of registration of 2 NBFCs

The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following two non-banking financial companies (NBFCs) in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. Sr. No. Name of the Company Registered Office Address CoR No. Issued On Cancellation Order… Read More

RBI notification on Reporting of Transactions by agency banks

RBI/2017-18/103 DGBA.GBD.1472/31.02.007/2017-18 November 30, 2017 All Agency Banks Dear Sir Reporting of Transactions by agency banks to RBI It has been brought to our notice that some agency banks are reporting government transactions after considerable delay and along with the current transactions to RBI, without taking necessary authorisation from the concerned government departments. As per… Read More

Directions on Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs

RBI/2017-18/87 DNBR.PD.CC.No.090/03.10.001/2017-18 November 09, 2017 To All Non-Banking Financial Companies (NBFCs), Madam/ Sir, Directions on Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs In exercise of the powers conferred under Section 45 L of the Reserve Bank of India Act, 1934, the Reserve Bank of India after being satisfied that… Read More

Risk Management and Inter-Bank Dealings – Simplified Hedging Facility Guidelines : RBI

RBI/2017-18/88 A.P. (DIR Series) Circular No. 11 November 09, 2017 To, All Authorised Dealer Category - I Banks Madam/Sir, Risk Management and Inter-Bank Dealings – Simplified Hedging Facility Attention of Authorised Dealers Category – I (AD Category – I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May… Read More

FEMA (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017

RESERVE BANK OF INDIA (FOREIGN EXCHANGE DEPARTMENT) (CENTRAL OFFICE) NOTIFICATION Mumbai, the 7th November, 2017 No. FEMA 20(R)/ 2017-RB Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017 G.S.R. 1374(E).— In exercise of the powers conferred by clause (b) of sub-section (3) of section 6 and section 47… Read More

RBI includes Utkarsh Small Finance Bank Limited in Schedule II of the Act

RESERVE BANK OF INDIA (Department of Banking Regulation) NOTIFICATION Mumbai, the 4th October, 2017 No. DBR.NBD. (SFB–UMFL).No. 2689/16.13.216/2017-2018.—In pursuance of clause (a) of sub- section (6) of Section 42 of Reserve Bank of India Act, 1934 (2 of 1934), the Reserve Bank of India directs the inclusion in the Second Schedule to the said Act… Read More

Introduction of Legal Entity Identifier for large corporate borrowers: RBI

RBI/2017-18/82 DBR.No.BP.BC.92/21.04.048/2017-18 November 02, 2017 All Scheduled Commercial Banks (Excluding Regional Rural Banks), All India Financial Institutions (Exim Bank, SIDBI, NHB, NABARD), Local Area Banks, Small Finance Banks Madam/Dear Sir, Introduction of Legal Entity Identifier for large corporate borrowers The Legal Entity Identifier (LEI) code is conceived as a key measure to improve the quality… Read More

RBI includes Au Small Finance Bank Limited to second schedule of the Act

RESERVE BANK OF INDIA (Department of Banking Regulation) NOTIFICATION Mumbai, the 18th September, 2017 No. DBR.NBD. (SFB–AFL). No. 2689/16.13.216/2017-18.—In pursuance of clause (a) of sub-section (6) of Section 42 of Reserve Bank of India Act, 1934 (2 of 1934), the Reserve Bank of India directs the inclusion in the Second Schedule to the said Act… Read More

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