FEMA - Corporate Law Reporter

Grievance Redressal Mechanism in Banks Display of Names of Nodal Officers

RBI/2011-12/426 DBOD.No. Leg.BC.83/ 09.07.005/2011-12 All Scheduled Commercial Banks (excluding RRBs) Dear Sir Grievance Redressal Mechanism in Banks Display of Names of Nodal Officers Please refer to our Circular DBOD.No.Leg.BC.24 /09.07.005/2009-10 dated July 21, 2009 wherein banks were, inter alia, advised to display the names and other details of the officials at their Head Office / Zonal Offices… Read More

Settlement of OTC transactions in Certificates of Deposit (CDs) and Commercial Papers (CPs)

RBI/2011-12/427 IDMD.PCD. 20 /14.01.02/2011-12 To All RBI-regulated Entities Dear Sir/Madam Settlement of OTC transactions in Certificates of Deposit (CDs) and Commercial Papers (CPs) In terms of circular IDMD.DOD.11/11.08.36/2009-10 dated June 30, 2010, all RBI-regulated entities are mandated to report their OTC transactions in CDs and CPs on the FIMMDA reporting platform within 15 minutes of the… Read More

Grant of ˜Certificate of Registration™ For carrying on the business of Credit Information

RBI/2011-12/429 DBOD No. CID. BC. 84/20.16.042/2011-12 March 5, 2012 Chairmen / Managing Directors / CEOs All Scheduled Commercial Banks (excluding RRBs) & All India Financial Institutions Dear Sir, Grant of ˜Certificate of Registration™ For carrying on the business of Credit Information Credit Information Bureau (India) Limited We advise that, on March 5, 2012,… Read More

Financial Inclusion by Extension of Banking Services – Use of Business Correspondents (BCs)

RBI/2011-12/425 DBOD.No.BL.BC. 82/22.01.009/2011-12 All Scheduled Commercial Banks (Including RRBs) & Local Area Banks Dear Sir, Financial Inclusion by Extension of Banking Services - Use of Business Correspondents (BCs) Please refer to paragraph 3 on 'BC Model' of our circular DBOD.No.BL.BC.43/ 22.01.009/2010-11 dated September 28, 2010 on the above subject wherein it is stated that while a BC… Read More

RBI-Monitoring of frauds

RBI/2011-12/424 DNBS.PD.CC. No. 256 /03.10.042 / 2011-12 All Non-Deposit taking NBFCs with asset size of Rs.100 crore and above and Deposit taking NBFCs Dear Sirs, Monitoring of frauds A reference is invited to DNBS(PD)CC.No.59/03.10.42/2005-06 dated October 26, 2005 which contained guidelines on classification of frauds, approach towards monitoring of and reporting system for frauds for deposit taking… Read More

Supervisory Action Framework for Urban Cooperative Banks (UCBs)

RBI/2011-12/420 UBD.BPD. (PCB). Cir.No. 22/12.05.001/2011-12 The Chief Executive Officer, All Primary (Urban) Co-operative Banks. Madam / Dear Sir, Supervisory Action Framework for Urban Cooperative Banks (UCBs) You are aware, that the Reserve Bank of India (the Bank) conducts inspection of UCBs under the provisions of the Banking Regulation Act, 1949 (AACS) (the Act), to assess… Read More

Clarification – Establishment of Branch Offices (BO) / Liaison Offices (LO) in India by Foreign Entities Delegation of Powers

RBI/2011-12/421 A.P. (DIR Series) Circular No.88 To All Category - I Authorised Dealer Banks Madam / Sir, Clarification - Establishment of Branch Offices (BO) / Liaison Offices (LO) in India by Foreign Entities Delegation of Powers Attention of Authorised Dealer Category I (AD Category I) banks is invited to A.P. (DIR Series) Circular No.24 dated December… Read More

Assignment of Lead Bank responsibility- Newly formed district of Prabudh Nagar in the State of Uttar Pradesh

RBI/2011-12/422 RPCD.CO.LBS. BC.No. 62/02.08.01/2011-12 The Chairmen/CMD All Lead Banks Dear Sir/Madam, Assignment of Lead Bank responsibility- Newly formed district of Prabudh Nagar in the State of Uttar Pradesh The Government of Uttar Pradesh vide their Gazette Notification No. 2875/1-5-2011-155/2011-R-5 dated September 28, 2011 has advised about the constitution of a new district viz. Prabudh Nagar… Read More

Compilation of R-Returns: Reporting under FETERS

RBI/2011-12/413 A.P. (DIR Series) Circular No. 84 To All Authorised Dealers in Foreign Exchange Madam / Sir, Compilation of R-Returns: Reporting under FETERS Attention of Authorised Dealer (Category I) banks is invited to A.P.(DIR Series) Circular No.77 dated March 13, 2004 giving guidelines for compilation of R-Returns and reporting under the Foreign Exchange Transactions Electronic Reporting System (FETERS), and… Read More

External Commercial Borrowings (ECB) for Infrastructure facilities within National Manufacturing Investment Zone (NMIZ)

RBI/2011-12/414 A. P. (DIR Series) Circular No. 85 To All Category-I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) for Infrastructure facilities within National Manufacturing Investment Zone (NMIZ) 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 videNotification… Read More

Know Your Customer (KYC) norms-Cross Border Inward Remittance under Money Transfer Service Scheme

BI/2011-12/416 A.P. (DIR Series) Circular No. 87 To All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme. Madam/ Sir, Know Your Customer (KYC) norms / Anti-Money Laundering (AML) standards / Combating the Financing of Terrorism (CFT) / Obligation of Authorised Persons under Prevention of Money Laundering Act (PMLA), 2002, as amended by… Read More

Assignment of Lead Bank responsibility- Newly formed district of Bhim Nagar in the State of Uttar Pradesh

RBI/2011-12/417 RPCD.CO.LBS. BC.No. 61/02.08.01/2011-12 The Chairmen/CMD All Lead Banks Dear Sir/Madam, Assignment of Lead Bank responsibility- Newly formed district of Bhim Nagar in the State of Uttar Pradesh The Government of Uttar Pradesh vide their Gazette Notification No. 2876/1-5-2011-154/2011-R-5 dated September 28, 2011 has advised about the constitution of a new district viz. Bhim Nagar… Read More

Import of Gold on Loan Basis- Tenor of Loan and Opening of Stand – By Letter of Credit

RBI/2011-12/411 A.P. (DIR Series) Circular No. 83 To All Category I Authorised Dealer Banks Madam / Sir, Import of Gold on Loan Basis- Tenor of Loan and Opening of Stand - By Letter of Credit Attention of Authorised Dealer Category I (AD Category I) banks is invited to the A.P.(DIR Series) Circular No. 34 dated February… Read More