FEMA - Corporate Law Reporter

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

Report of Expert Committee on Licensing of New Urban Co-operative Banks

The Reserve Bank of India placed the Report of Expert Committee on Licensing of New Urban Co-operative Banks (Chairman:Shri Y.H. Malegam). Suggestions and comments on the Report may please be forwarded by October 31, 2011 to the Chief General Manager-in-Charge, Urban Banks Department, Reserve Bank of India, Central Office, Garment House, First Floor, Dr. Annie Besant Road,… Read More

Ten Action Points to improve Customer Service of Banks- RBI

Ten Action points emerging out of the Banking Ombudsman Conference 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,… 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

FEMA violations in case of Reliance Communication

The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that complaints were received against M/s. Reliance Communication Limited. The following were the allegations: (i)Reliance Communication Limited had circumvented the provisions of FEMA Regulations by de-subsidiarising Gateway Net Trading Pte Limited as on 31/3/2008 by reduction of… 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

RBI issues Guidelines regarding dealing with Pension related matters

Guidelines regarding dealing with pension related matters have been issued by Reserve Bank of India (RBI) vide their circular dated 1.10.2008. These guidelines, inter-alia, stipulate that to streamline pension payment arranged in banks, it would be necessary to establish and operationalise the Central Pension Processing Centers (CPPCs) at an early date. The arrangement of disbursement… 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