Category - RBI

RBI issues third Bi-monthly Monetary Policy Statement, 2017-18

On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to: reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.25 per cent to 6.0 per cent with immediate effect. Consequently, the reverse repo rate… Read More

RBI reduces Bank Rate from 6.50% to 6.25% w.e.f. 02.08.2017

RBI/2017-18/34 DBR.No.Ret.BC.82/12.01.001/2017-18 August 02, 2017 The Chairperson / CEOs of all Scheduled and Non Scheduled Banks Dear Sir / Madam, Change in Bank Rate Please refer to our circular DBR.No.Ret.BC.58/12.01.001/2016-17 dated April 06, 2017 on the captioned subject. 2. As announced in the Third Bi-Monthly Monetary Policy Statement 2017-18 dated August 02, 2017, the Bank Rate stands adjusted… Read More

RBI issues circular on amended Basel III Framework on Liquidity Standards

RBI/2017-18/36 DBR.BP.BC.No. 81/21.04.098/2017-18 August 02, 2017 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure Standard Please refer to our circular DBOD.BP.BC.No.120/21.04.098/2013-14 dated June 9, 2014 “Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring… Read More

RBI clarifies issue of comprehensive Credit Information Reports

RBI/2017-18/35 DBR.CID.BC.No.79/20.16.042/2017-18 August 2, 2017 All Credit Information Companies Dear Sir/Madam Issue of comprehensive Credit Information Reports Please refer to para (v) of Annex IV to our circular DBOD.No.CID.BC.127/20.16.056/2013-14 dated June 27, 2014 advising Credit Information Companies (CICs) to include information on all accounts, both current and past, of a customer having multiple borrowings, in her/his Credit… Read More

RBI issues Cyber security framework to mitigate cyber crimes in banks

Measures to check cyber crimes in Banking System  As per data reported by the Reserve Bank of India (RBI), the number of cyber crime pertaining to credit card, ATM, debit card and Internet banking shows a marginal increase of 4.4% from 13,083 in 2014-15, to 13,653 in 2016-17. RBI has issued Cyber Security Framework in… Read More

RBI has imposed penalty of 30 million on UBI for not complying with KYC norms

Reserve Bank of India The Reserve Bank of India (RBI) has imposed, on July 26, 2017, a monetary penalty of ₹ 20 million on Union Bank of India for non-compliance with the directions issued by RBI on Know Your Customer (KYC) norms. This penalty has been imposed in exercise of powers vested in RBI under… Read More

Rate Revision of Interest by NABARD :RBI

Rate Revision of Interest by NABARD  The Reserve Bank of India (RBI) vide its Master Direction dated March 03, 2016 on ‘Interest Rate on Advances’, has deregulated the interest rate on advances sanctioned by Scheduled Commercial Banks (excluding RRBs). As per these directions, the banks prescribe a comprehensive policy on Interest Rate on Advances duly… Read More

RBI sets up Supervisory Colleges for 6 Commercial Banks with International presence

RBI sets up Supervisory Colleges for six Scheduled Commercial Banks which have sizeable international presence  Reserve Bank of India (RBI) has informed that Supervisory Colleges have been setup for the following six Scheduled Commercial Banks which have sizeable international presence:- State Bank of India, ICICI Bank Ltd., Bank of India, Bank of Baroda, Axis Bank… Read More

Appointment of Statutory Central Auditors (SCAs) – modification of rest period: RBI

RBI/2017-18/29 DBS.ARS.BC.04/08.91.001/2017-18 July 27, 2017 The Chief Executive Officers All Indian Private Sector Banks/ All Foreign Banks operating in India Dear Sir/Madam, Appointment of Statutory Central Auditors (SCAs) – modification of rest period Please refer to DBS.No.ARS.BC.8/08.91.001/2000-2001 dated January 30, 2001 addressed to private sector banks in terms of which, inter alia, an audit firm,… Read More

JLF or IBC? – Can a single dissenting lender derail the process adopted by other lenders under extant JLF Guidelines?

Reserve Bank of India (“RBI”) and Government of India (“GoI”) have been relentlessly showing their willingness to resolve the near about 6 Lakh Crores worth of Non Performing Assets in the country. Manifesting such willingness, GoI has passed the Banking Regulation (Amendment) Ordinance, 2017 to equip RBI to direct insolvency resolution of specific companies to… Read More

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