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Foreign Investments in India – Transfer of security by way of gift Liberalisation
RBI/2011-12/175 A.P. (DIR Series) Circular No. 14To All Banks Authorised to Deal in Foreign Exchange Madam / Sir, Foreign Investments in India - Transfer of security by way of gift Liberalisation Attention of the Authorised Dealer (AD) banks is invited to the Regulation 10 A (a) of the Notification No. FEMA 20/2000-RB dated 3rd May 2000 viz.… Read More
NRIs/PIOs holding NRE/ FCNR(B) accounts jointly with Indian resident close relative – liberalisation
RBI/2011-12/174 A.P. (DIR Series) Circular No. 13 To All Banks Authorised to Deal in Foreign Exchange Madam / Sir, NRIs/PIOs holding NRE/ FCNR(B) accounts jointly with Indian resident close relative - liberalisation Attention of the Authorised Dealer (AD) banks is invited to Schedules 1 and 2 of FEMA Notification No. 5/2000-RB dated May 3, 2000 viz. Foreign Exchange… Read More
Savings Bank account maintained by residents in India Joint holder – liberalisation
RBI/2011-12/173 A.P. (DIR Series) Circular No. 12 To All Banks Authorised to Deal in Foreign Exchange Madam / Sir, Savings Bank account maintained by residents in India Joint holder - liberalisation Attention of Authorised Dealer (AD) banks is invited to Regulation 2(vi) of FEMA Notification No. 5 dated May 3, 2000 in terms of which Non-Resident Indian… Read More
Bank penalised for non compliances
The Reserve Bank of India has imposed a penalty of Rs.10 lakh (Rupees Ten Lakh only) on Credit Agricole Corporate & Investment Bank and a penalty of Rs. Five lakh (Rupees five lakh only) on Karnataka Bank Limited for non-compliance with its directives on derivatives. The penalty on Credit Agricole Corporate & Investment Bank has… Read More
Guidelines on Base Rate
RBI/2011-12/170 DBOD.Dir.BC.34 /13.03.00/2011-12 All Scheduled Commercial Banks (excluding RRBs) Dear Sir / Madam Guidelines on Base Rate Please refer to our circular No. DBOD.Dir.BC.88/13.07.001/2009-10 dated April 9, 2010 and our letter DBOD.Dir.No. 21957/13.07.001/ 2009- 10 dated June 24, 2010 addressed to Indian Banks™ Association (IBA) on the subject. 2. The National Scheduled Tribes Finance and… Read More
Amendments to SEBI (Mutual Funds) Regulations, 1996
All Registered Mutual Funds/ Approved Asset Management Companies (AMCs) Sir/Madam, Sub: Amendments to SEBI (Mutual Funds) Regulations, 1996 1. We are enclosing a copy of the Gazette Notification No. LAD-NRO/GN/2011-12/27668 on Amendments to SEBI (Mutual Funds) Regulations, 1996 dated August 30, 2011 for your information and implementation. 2. Mailing of Annual Report or Abridged Summary:… Read More
Reserve Bank Cancels the license of Tandur Mahila Co-operative Bank Ltd. Tandur
In view of the fact that the operations of the Tandur Mahila Co-operative Urban Bank Ltd., Tandur (Andhra Pradesh), were practically defunct with no scope for revival in the foreseeable future and all efforts to ensure regulatory compliance in consultations with the Government of Andhra Pradesh had failed and the depositors were being inconvenienced by… Read More
Substitution of term Micro, Small & Medium Enterprises in place of SSI
RBI/2011-12/167 RPCD.CO RRB. BC.NO.18 /03.05.33/2011-12 The Chairmen All Regional Rural Banks (RRBs) Dear Sir, Substitution of term Micro and Small Enterprises in place of SSI in the documents Copies of the notification No.S.O.1642 (E) dated September 29, 2006 issued by the Ministry of Small Scale Industries andS.O.563 (E) dated February 27, 2009 issued by Ministry of Commerce and… Read More
External Commercial Borrowings Simplification of Procedure
RBI/2011 -12/169 A. P. (DIR Series) Circular No. 11 September 07, 2011 To All Category - I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings Simplification of Procedure Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Borrowing or lending in foreign exchange) Regulations, 2000, notified vide Notification… Read More
Banking Ombudsman Conference : Ten Action Points to improve Customer Service of Banks
1. Indian Banks™ Association (IBA) will standardise most important terms and conditions (MITC) for at least ten important banking transactions and circulate among banks for adaptation. 2. Banks would initiate the process of providing one view of all bank accounts of a customer including deposits, loans, etc., with the help of available technology, such as,… Read More
RTGS Service charges for Members
RBI/2011-12/166 DPSS (CO) RTGS No.388/04.04.002/2011-2012 Chairman and Managing Director / Chief Executive Officer of all RTGS participants Madam / Dear Sir, RTGS service charges for members As you are aware, the Reserve Bank of India has not been levying any service charges on the members for the usage of the RTGS system since its inception.… Read More
Submission of Credit Information to Credit Information Companies
RBI/2011-12/165 DBOD.No. CID.BC.30 /20.16.042/2011-12 Chairmen/Managing Directors/CEOs All Scheduled Commercial Banks (excluding RRBs and LABs) All India Notified Financial Institutions Dear Sir, Submission of Credit Information to Credit Information Companies Defaulters of Rs. 1 Crore and above and Wilful Defaulters of Rs. 25 lakh and above Dissemination of Credit Information of suit-filed accounts Please refer to our Circulars… Read More
Bank penalised for not reporting cash transactions in excess of Rs. 10 lacs
Shri Janata Sahakari Bank Limited, Halol, Dist. Panchmahal Penalised The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on Shri Janata Sahakari Bank Limited, Halol, Dist. Panchmahal, 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… Read More
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