Bank | Corporate Law Reporter

RBI Reviews Guidelines on Restructuring of Advances by NBFCs

RBI/2013-14/459 DNBS.CO. PD. No. 367/03.10.01/2013-14 January 23, 2014 All NBFCs excluding Primary Dealers Dear Sirs, Review of Guidelines on Restructuring of Advances by NBFCs As indicated in paragraph 42 of the Second Quarter Review of Monetary Policy 2013-14 announced on October 29, 2013, the extant instructions on restructuring of advances by NBFCs have been reviewed… Read More

Tags: ANNEX, Bank, COLABA, Cuffe Parade, Monetary policy, Mumbai, Reserve Bank of India, Working Group

Collection of Account Payee Cheques – Prohibition on Crediting Proceeds to Third Party Account

RBI/2013-14/458 DBOD.BP.BC.No. 87/21.01.001/2013-14 January 22, 2014 The Chairmen / Chief Executives of All Scheduled Commercial Banks (excluding RRBs) Collection of Account Payee Cheques - Prohibition on Crediting Proceeds to Third Party Account Please refer to our circular DBOD.BP.BC.No.50/21.01.001/2011-12 dated November 4, 2011 advising banks that they are prohibited from crediting 'account payee' cheques to the account of… Read More

Tags: Bank, Bank account, Business, cheque, Financial services, Negotiable Instrument, Negotiable Instruments Act 1881, Payment

Distribution of Banknotes & Coins Review of Incentives & Penalties

RBI/2013-14/450 DCM (CC) No.G-16/03.39.01/2013-14 January 13, 2014 The Chairman & Managing Directors/ Chief Executive Officers All Scheduled Commercial Banks (Including RRBs, UCBs, State Cooperative Bank & District Central Cooperative Banks) Dear Sir / Madam, Distribution of Banknotes & Coins Review of Incentives & Penalties Please refer to Sl No.4 of our Circular DCM (CC) No.G-10/03.39.01/2013-14 dated… Read More

Tags: Bank, Business, Commercial bank, Distinguished Conduct Medal, General manager, Jpmorgan Chase, Madam, Reserve Bank India

Submission of online Quarterly Statements by Securitisation Companies/Reconstruction Companies registered with the Reserve Bank of India under Section 3(4) of the SARFAESI Act

RBI/2013-2014/422 DNBS (PD) CC. No. 34/SCRC/26.03.001/2013-2014 December 31, 2013 All registered Securitisation Companies/ Reconstruction Companies Submission of online Quarterly Statements by Securitisation Companies/ Reconstruction Companies registered with the Reserve Bank of India under Section 3(4) of the SARFAESI Act Please refer to our Circular DNBS (PD) CC. No. 5/SCRC/10.30.000/2006-2007 dated April 25, 2007 and subsequent Circular DNBS… Read More

Tags: Bank, COLABA, Cuffe Parade, Mumbai, Reconstruction Era, Reserve Bank of India, Securitisation, Securitisation Companies/Reconstruction Companies

Charges Levied by Banks for Sending SMS Alerts

RBI/2013-14/403 UBD.CO.BPD.(PCB).Cir.No.42/12.05.001/2013-14 December 6, 2013 To, The Chief Executive Officer All (Primary) Urban Co-operative Banks Dear Sir / Madam, Charges Levied by Banks for Sending SMS Alerts Please refer to paragraph 37 of the Second Quarter Review of Monetary Policy Statement 2013-14 announced on October 29, 2013 (extract enclosed) on 'Customer Service- Charges Levied by… Read More

Tags: Alert messaging, Asynchronous Transfer Mode, Bank, Customer service, Monetary policy, Reserve Bank of India, Short Message Service, Urban area

Union Budget – 2013-14 Interest Subvention Scheme

RBI/2013-14/398 RPCD.No.FSD.BC.71/05.04.02/2013-14 December 4, 2013 To, The Chairman / Managing Director All Public & Private Sector Scheduled Commercial Banks Dear Sir Union Budget - 2013-14 Interest Subvention Scheme As directed by the Government of India and in pursuance of the budget announcement made by the Finance Minister relating to the Interest Subvention Scheme 2013-14, Interest subvention… Read More

Tags: Bank, Government of India, Interest, Kisan Credit Card, Loan, Public sector, Reserve Bank of India, Statutory auditor

Filing of records of equitable mortgages with the Central Registry

RBI/2013-14/369 DNBS.(PD).CC.No.360 /03.10.001/2013-14 November 12, 2013 All NBFCs Dear Sirs, Filing of records of equitable mortgages with the Central Registry The Central Government in exercise of the powers conferred under Section 21 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, has notified on 31st March, 2011 the establishment of… Read More

Tags: 31st March 2011, Bank, Central bank, Companies Act 1956, India, Mortgage loan, New Delhi, Run batted in

˜At par™ cheque facility extended to Cooperative Banks/RRBs by Scheduled Commercial Banks

RBI/2013-14/344 RPCD.CO.RRB.RCB.BC.No. Cir.No. 48/07.51.010//2013-14 October 29, 2013 The Chairman All Regional Rural Banks (RRBs) All State and Central Co-operative Banks (StCBs and CCBs) Dear Sir, Know Your Customer (KYC)/Anti Money Laundering (AML) Standards/Combating Financing of Terrorism (CFT)/ Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 ˜At par™ cheque facility extended to Cooperative… Read More

Tags: Bank, cheque, Indian Settlement Systems, Know Your Customer, Modern Language Association, money laundering, Prevention of Money Laundering Act 2002, Regional Rural Bank

RBI update w.r.t. ˜At par™ cheque facility extended to Cooperative Banks by Scheduled Commercial Banks

RBI/2013-14/332 UBD.BPD (PCB) Cir. No. 32/14.01.062/2013-14 October 22, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks. Madam / Dear Sir, Know Your Customer (KYC)/Anti Money Laundering (AML) Standards/Combating Financing of Terrorism (CFT)/ Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 ˜At par™ cheque facility extended to Cooperative Banks by Scheduled… Read More

Tags: Bank, cheque, Indian Settlement Systems, Know Your Customer, KYC, Modern Language Association, money laundering, Prevention of Money Laundering Act 2002

Housing Loan Products from Banks carrying risks :: RBI advises caution

RBI/2013-14/320 RPCD.CO.RCB.BC.No.43/07.51.013/2013-14 October 8, 2013 The Chairman All State and Central Co-operative Banks (StCBs and CCBs) Dear Sir, Housing Sector: Innovative Housing Loan Products Upfront disbursal of housing loans It has been observed that some banks have introduced certain innovative Housing Loan Schemes in association with developers/builders, e.g. upfront disbursal of sanctioned individual housing loans… Read More

Tags: Bank, Construction, Individual, Loan, Lump sum, Mortgage loan, Public housing, Upfront

RBI Clarification on Unclaimed Scholarship deposits

RRBs - Unclaimed Deposits/Inoperative Accounts in Regional Rural Banks - Treatment of certain savings bank accounts opened for credit of Scholarship amounts and credit of Direct Benefit Transfer under Government Schemes --------------------------------------- RBI/2013-14/312 RPCD.CO.RRB.BC.No.41/03.05.33/2013-14 October 4, 2013 The Chairmen Regional Rural Banks Dear Sir/Madam, Unclaimed Deposits/Inoperative Accounts in Regional Rural Banks - Treatment of certain… Read More

Tags: Bank, Bank account, CBS, Credit (finance), Current account, Direct Benefit Transfer, General manager, Regional Rural Bank

Government Decides in Principle to Enhance the Amount of Capital to be Infused into Public Sector Banks

Government Decides in Principle to Enhance the Amount of Capital to be Infused into Public Sector Banks; Additional Amount of Capital to be Provided to Enable Banks to Lend to Borrowers in Selected Sectors at Lower Rates to Stimulate Demand; Expected to Give a Boost to Capacity Addition, Employment and Production The Central Government has decided in… Read More

Tags: Bank, Durable good, Government, P. Chidambaram, Public sector, Raghuram Rajan, Reserve Bank of India, Run batted in

Review of Norms for Classification of Financially Sound and Well Managed UCBs

RBI/2013-14/308 UBD.CO.LS.(PCB).Cir.No.24/07.01.000/2013-14 October 1, 2013 Chief Executive Officers of all Primary (Urban) Co-operative Banks Dear Sir/ Madam, Review of norms for classification of Financially Sound and Well Managed (FSWM) Urban Co-operative Banks (UCBs) Please refer to para 1 of our circular ref: UBD.CO.LS.Cir.No.25/07.01.000/2010-11 dated November 16, 2010 wherein the eligibility criteria regarding FSWM UCBs were laid down.… Read More

Tags: Bank, General manager, Printed circuit board, Reserve Bank of India, Run batted in, Statutory Liquidity Ratio, Urban, Urban area