FEMA - Corporate Law Reporter

RBI opens Urban Banks Department at its Panaji Office

With a view to bestowing focussed attention to urban co-operative banking sector in the state of Goa, the Reserve Bank of India has decided to open an Urban Banks Department in Goa. The Department has started functioning at the Reserve Bank of India, Panaji, Goa from June 17, 2011. Its functional jurisdiction will cover the… Read More

Bank penalised for not reporting transactions over 10 lacs to FIU

Press Release : 2010-2011/1842 The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Padra Nagar Nagarik Sahakari Bank Limited, Vadodara, Gujarat, 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… Read More

COSIA calls for ceiling on interest rate for SMEs

Chamber of Small Industry Associations (COSIA) has asked the Reserve Bank to put a ceiling on interest rates charged by banks on the small and medium enterprises. In a statement the COSIA said that RBI's repeated rate hikes have failed to curb inflation even as the domestic investors are feeling the pinch. M R Khambete… Read More

RBI raises interest rates on Housing, Auto loans

Pay more, if you have taken loan for a car, a house, or any other loan as the interest rates on loans rises by 25 basis, from the existing 7.25 per cent to 7.50 per cent points. This step has been taken to control the spiralling inflation. RBI has sought to maintain an interest rate environment that moderates… Read More

Directions for submission of system audit reports from CISA qualified Auditor

June 14, 2011 To All Scheduled Commercial Banks Dear Sir, Directions for submission of system audit reports from CISA qualified Auditor Please refer to our circular Ref No. DPSS.1444/ 06.11.001/ 2010-2011 dated December 27, 2010 on the captioned subject. It is clarified that the contents of the above circular are applicable to only those entities which… Read More

List of Terrorist Individuals/ Organisations under UNSCR 1267(1999) and 1822(2008) on Taliban/Al-Qaida Organisation

Dear Sir, List of Terrorist Individuals/ Organisations under UNSCR 1267(1999) and 1822(2008) on Taliban/Al-Qaida Organisation Please refer to our circular letter DBOD. AML No. 18819 /14.06.001/2010-11 dated June 3, 2011. We have since received from Government of India (Ministry of External Affairs) copy of note dated June 10, 2011 forwarded by the Chairman of UN Security… Read More

Exim Bank’s Line of Credit to the Government of the United Republic of Tanzania

RBI/2010-11/565 A.P. (DIR Series) Circular No. 71 To All Category - I Authorised Dealer Banks Madam / Sir, Exim Bank's Line of Credit of USD 36.56 million to the Government of the United Republic of Tanzania Export-Import Bank of India (Exim Bank) has concluded an Agreement dated March 28, 2011 with the Government of the… Read More

Opening of Branch/Subsidiary/Joint Venture/Representative Office or Undertaking Investment Abroad by NBFCs

RBI/2010-11/566 DNBS (PD) CC.No. 222/03.10.001/2010-11 All NBFCs Dear Sirs, Opening of Branch/Subsidiary/Joint Venture/Representative Office or Undertaking Investment Abroad by NBFCs Please refer to Regulation No. 7 of the Foreign Exchange Management (Transfer or Issue of Any Foreign Security) (Amendment) Regulations, 2004, dated July 07, 2004, in terms of which an Indian party requires prior approval… Read More

3rd Financial Stability Report June 2011 issued by RBI

Press Release : 2010-2011/ 1814 The Reserve Bank of India presented its assessment of the health of India™s financial sector in its Financial Stability Report (FSR), released here today. The report reflects the Reserve Bank™s continuing endeavour to communicate its assessment of the incipient risks to financial sector stability. The first FSR was released in March 2010… Read More

Transactions by cheques up marginally in April: RBI

Cheque transactions worth over Rs 8.66 lakh crore were carried out in the country during April, 2011, a growth of over 0.7 per cent from the same month last year. Banks had cleared cheques worth almost Rs 8.60 lakh crore in April 2010, as per the latest data from the Reserve Bank. However, the total… Read More

RBI to issue Non-Sequential Numbered Banknotes in Denomination of Rs. 500

Press Release : 2010-2011/1810 With a view to enhancing operational efficiency and cost effectiveness in banknote printing at banknote presses, it has been decided to issue, to begin with, fresh banknotes of Rs. 500 denomination in packets, which may not necessarily all be sequentially numbered. This is consistent with international best practices. Packets of Banknotes… Read More

73,000 villages to have banking facilities by 2012 : FM

Union Finance Minister Pranab Mukherjee today said 73,000 villages in the country would have banking facility by next year. "By March 31, 2012, banking facility will be available in 73,000 villages across the country going by the current pace of work," Mukherjee said after inaugurating a Punjab National Bank (PNB) branch at Talai under Raghunathganj… Read More

RBI pitches for greater autonomy for banks to tame inflation

Amid rising inflation, Reserve Bank Governor D Subbarao today pitched for greater autonomy for the central bank saying that operational freedom would help it focus better on management of prices. "Having autonomy frees the central bank from the pressure of responding to short-term developments, deviating from its inflation target and thereby compromising its medium term… Read More