FEMA - Corporate Law Reporter

Operational Guidelines on implementation of Electronic Benefit Transfer (EBT)

RBI/2011-12/153; August 12, 2011 The Chairman/CMD/CEO of all scheduled commercial banks As you are aware, Electronic Benefit Transfer (EBT) for servicing low value accounts and extending banking infrastructure to underserved low income areas has been implemented in the states of Andhra Pradesh, Haryana, Karnataka, Orissa, Chhattisgarh, Himachal Pradesh, Uttarakhand, Bihar, Punjab, etc. on pilot basis in… Read More

Prudential Norms for Off-balance Sheet Exposures of Banks

RBI/2011-12/ 151; August 11, 2011 The Chairman and Managing Directors/ Chief Executive Officers of All Scheduled Commercial Banks (excluding RRBs and LABs) & All India Term-Lending & Refinancing Institutions In terms of our circular DBOD.No.BP.BC.57/ 21.4.157/2008-09 dated October 13, 2008, the overdue receivables representing positive mark to market value of a derivative contract would be treated… Read More

Master Circular – Use of Hindi in banks

RBI/2011-12/150 DBOD No. Rajbhasha BC. 21 /06.11.04/2011-12 Chairman & Managing Director All Public Sector Banks Dear Sir, Master Circular - Use of Hindi in banks Please refer to the Master Circular DBOD No. Rajbhasha.BC. 22/ 06.11.04/ 2010-11 dated July 1, 2010 on the captioned subject. The Master Circular has been suitably updated by incorporating instructions issued up to June… Read More

RBI Central Board meet today at Mumbai; Governor meets State Government and Bankers

The Central Board of Directors of the Reserve Bank of India met today at Mumbai. Dr. D. Subbarao, Governor, Reserve Bank of India chaired the meeting. Shri Y. H. Malegam, Prof U. R. Rao, Shri Lakshmi Chand, Shri H. P. Ranina, Shri Suresh Neotia, Dr. A. Vaidyanathan, Prof. M. M. Sharma and Shri Sanjay Labroo… Read More

RBI releases Its Monthly RBI Bulletin for August 2011

The Reserve Bank of India today released the August issue of its Monthly RBI Bulletin. The August Bulletin carries four special articles: Developments in India's Balance of Payments during Fourth Quarter (January-March) of 2010-11 India's External Debt as at end-March 2011 Inflation Expectations Survey of Households: June 2011 (Round 24) Quarterly Industrial Outlook Survey: April-June 2011… Read More

RBI Releases Draft Guidelines on Internal Risk Based (IRB) Approach for Calculating Credit Risk Capital Charge

The Reserve Bank of India today released on its website, draft guidelines on Internal Rating Based (IRB) Approach for calculating credit risk capital charge. Comments/feedback on the draft guidelines may please be emailed before September 9, 2011 or mailed to the Chief General Manager-in-Charge, Department of Banking Operations and Development, Reserve Bank of India, Central Office Building, 12th Floor,… Read More

RBI releases Report of the Committee to Review Facilities for Individuals under FEMA, 1999

The Reserve Bank of India (RBI) today placed on its website (www.rbi.org.in) the Report of the Committee to Review the Facilities for Individuals under Foreign Exchange Management Act (FEMA), 1999. The Report was submitted to the Reserve Bank of India on August 8, 2011. Pursuant to the announcement in the Annual Monetary Policy for 2011-12, a… Read More

Teachers’ Co-operative Bank Limited, Udupi, Karnataka Penalised

The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on Teachers' Co-operative Bank Limited, Udupi, Karnataka, 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) for violation of Reserve Bank of India's directives… Read More

Dr. Subbarao re-appointed RBI Governor for two more years

Press Release : 2011-2012/216 The Government of India today approved the extension of the term of Dr. D. Subbarao as the Governor of the Reserve Bank of India. Dr. Subbarao™s term has been extended for a period of two years with effect from September 5, 2011 up to September 4, 2013. Dr. Subbarao was appointed… Read More

RBI announces rate of interest on Floating Rate Bonds 2015(II)

Press Release : 2011-2012/214 The rate of interest on the Floating Rate Bonds, 2015(II) [FRB, 2015(II)] applicable for the year (August 10, 2011 to August 9, 2012) shall be 8.82 per cent per annum. It may be recalled that the rate of interest on the FRB, 2015(II) was set at a mark-up (as decided in… Read More

Reverse Repo Window under Liquidity Adjustment Facility and Marginal Standing Facility Change of Timing

RBI/2011-2012/149 FMD.MOAG. No.62/01.01.01/2011-12 All Scheduled Commercial Banks (excluding RRBs) and Primary Dealers Dear Sir, Reverse Repo Window under Liquidity Adjustment Facility and Marginal Standing Facility Change of Timing Presently, Repo and Reverse Repo auctions under Liquidity Adjustment Facility (LAF) are conducted between 9.30 am and 10.30 am and the Marginal Standing Facility (MSF) is available… Read More

Opening of ‘Small Account’

RBI/2011-12/147 RPCD.CO RRB.AML.BC.No.15 /03.05.33(E)/2011-12 The Chairmen All Regional Rural Banks (RRBs) Dear Sir, Opening of 'Small Account' Please find enclosed a copy of the Government of India, Notification No.14/2010/F.No.6/2/2007-E.S. dated December 16, 2010, amending the Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and… Read More

Auction of Government of India Dated Securities

Ref.No.IDMD / 675 /08.02.032/2010-11 All Scheduled Commercial Banks / All State Co-operative Banks/All Scheduled Primary (Urban) Co-operative Banks /All Financial Institutions/ All Primary Dealers Dear Sirs, Auction of Government of India Dated Securities Government of India have offered to sell (re-issue) (a) 7.83 percent Government Stock 2018 for a notified amount of Rs.3,000 crore… Read More