Banking Regulation Act

Timely Issue of TDS Certificate to Customers

RBI/2013-14/401 UBD.CO.BPD.(PCB).Cir.No. 41/12.05.001/2013-14 December 5, 2013 To, The Chief Executive Officer All Urban Co-operative Banks Dear Sir / Madam, Timely Issue of TDS Certificate to Customers It has been brought to our notice that some banks are not providing TDS Certificate in Form 16A to their customers in time, causing inconvenience to customers in filing… Read More

Tags: Banking Regulation ActCustomerCustomer serviceGeneral managerIncome taxTax return (United States)TDS CertificateTimely Issue of TDS Certificate

Investment of Banks in Money Laundering

The contravention of any of the directions and instructions issued by Reserve Bank of India (RBI) under the Banking Regulation Act, 1949 is an offence punishable under sub-section (4) of Section 46 of the Banking Regulation Act. In terms of sub-section (1) of Section 47A of the Banking Regulation Act, 1949, if a contravention or… Read More

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RRBs – Interest Rates on FCNR(B) Deposits

RBI/2013-14/194 RPCD.CO.RRB.BC.No.22 /03.05.33/2013-14 August 19, 2013 All Regional Rural Banks Dear Sir, Interest Rates on FCNR(B) Deposits Please refer to our circular RPCD.CO.RRB.No.76/03.05.33(C)/2011-12 dated May 8, 2012 on Interest Rates on Deposits held in FCNR(B) Accounts. In view of the prevailing market conditions, it has been decided that until further notice and with effect from the close… Read More

Tags: Banking Regulation ActBasis pointFCNRIndiaInterest rateNovember 30 2013Reserve Bank of India

Reserve Bank of India penalizes Gujarat Mercantile Co-operative Bank Ltd., Ahmedabad

The Reserve Bank of India, in exercise of powers vested in it under the provisions of Section 47 A (1) (b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS), imposed a monetary penalty of ` 2.00 lakh (Rupees two lakh only) on Gujarat Mercantile Co-operative Bank Ltd., Ahmedabad for violation of the… Read More

Tags: AhmedabadBankBanking Regulation ActBanking ServicesBusinessFinancial servicesReserve Bank of IndiaRun batted in

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