FEMA - Corporate Law Reporter

Section 23 of the Banking Regulation Act, 1949 Installation of off-site Cash Deposit Machines (CDMs) / Bunch Note Acceptor Machines (BNAMs)

RBI/2014-15/438 DBR.No.BAPD.BC.68/22.01.001/2014-15 February 2, 2015 All Scheduled Commercial Banks (including RRBs) Dear Sir/Madam, Section 23 of the Banking Regulation Act, 1949 Installation of off-site Cash Deposit Machines (CDMs) / Bunch Note Acceptor Machines (BNAMs) Please refer to circular DBOD.No.BL.BC.137/22.01.001/2008-09 dated June 12, 2009 wherein all SCBs have been permitted to install off-site ATMs at centers… Read More

Clarification by RBI on Foreign Direct Investment in Pharmaceutical Sector

RBI/2014-15/441 A.P.(DIR Series) Circular No.70 February 02, 2015 To All Category-I Authorised Dealer Banks Madam / Sir, Foreign Direct Investment in Pharmaceuticals sector Clarification Attention of Authorised Dealers Category I (AD Category - I) banks is invited to A.P. (DIR Series) Circular No.124 dated April 21, 2014 and the Foreign Exchange Management (Transfer or Issue… Read More

RBI constitutes High Powered Committee on Urban Co-operative Banks

The Reserve Bank of India has constituted a High Powered Committee under the Chairmanship of Shri R.Gandhi, Deputy Governor, Reserve Bank of India to re-examine and recommend appropriate set of businesses, size, conversion and licensing terms for the Urban Cooperative Banking Sector. This was pursuant to the recommendation made by the Standing Advisory Committee (SAC)… Read More

Review of norms for classification of Urban Co-operative Banks (UCBs) as Financially Sound and Well Managed (FSWM)

RBI/2014-15/261 UBD.CO.LS (PCB) Cir.No.20/07.01.000/2014-15 October 13, 2014 Chief Executive Officers of all Primary (Urban) Co-operative Banks Madam / Dear Sir Review of norms for classification of Urban Co-operative Banks (UCBs) as Financially Sound and Well Managed (FSWM) Please refer to our circular UBD.CO.LS.(PCB).Cir.No.24/07.01.000/2013-14 dated October 1, 2013 wherein the eligibility criteria for FSWM UCBs were laid down.… Read More

Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards – Money changing activities

RBI/2014-15/433 A.P.(DIR Series) Circular No.68 January 28, 2015 To, All Authorised Persons Madam/ Dear Sir, Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards - Money changing activities Please refer to our A.P.(DIR Series) Circular No. 34 dated September 04, 2013 on risks arising from the deficiencies in AML/CFT regime of certain jurisdiction. 2. Financial Action… Read More

RBI signs MoU on Supervisory Cooperation and Exchange of Supervisory Information with Banco Central do Brasil

The Reserve Bank of India signed a Memorandum of Understanding (MoU) on Supervisory Cooperation and Exchange of Supervisory Information with Banco Central do Brasil (BCB) on December 26, 2014. With this the Reserve Bank has signed 23 such MoUs, one Letter for Supervisory Co-operation and one Statement of Co-operation with overseas regulators/supervisors. The MoU was… Read More

Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards – Cross Border Inward Remittance under Money Transfer Service Scheme

RBI/2014-15/432 A.P. (DIR Series) Circular No.67 January 28, 2015 To, All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme. Madam/ Dear Sir, Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards - Cross Border Inward Remittance under Money Transfer Service Scheme Please refer to our A.P.(DIR Series) Circular No.35 dated September… Read More

Dispensing with “No Due Certificate” lending by banks

RBI/2014-15/430 FIDD.CO.LBS.BC.No.49/02.01.001/2014-15 January 28, 2015 The Chairmen & Managing Directors All Scheduled Commercial Banks (including RRBs) Dear Sir/Madam, Dispensing with ˜No Due Certificate™ for lending by banks Please refer to our circular RPCD.LBS (SAA).BC.No.62/08.01.00/2004-05 dated December 8, 2004 on Relaxation in Service Area norms. Further, in terms of circular RPCD.PLFS.BC.No.85/05.04.02/2006-07 dated April 30, 2007 on ˜Simplification of the Procedures… Read More

External Commercial Borrowings (ECB) Policy Simplification of Procedure

RBI/2014-15/425 A.P. (DIR Series) Circular No.64 January 23, 2015 To The Authorised Dealer Category-I Banks Madam / Dear Sir External Commercial Borrowings (ECB) Policy Simplification of Procedure Attention of the Authorised Dealer (AD) Category-I banks is invited to the following provisions contained in the undernoted A.P. (DIR Series) Circulars through which powers have been delegated… Read More

Display of information by banks

RBI/2014-15/422 DBR.Leg.No.BC.64/09.07.005/2014-15 January 22, 2015 All Scheduled Commercial Banks (Excluding RRBs) Dear Sir/ Madam Display of information by banks Please refer to our circulars DBOD.Leg.No.BC.33/09.07.005/2008-09 dated August 22, 2008 and DBOD.Leg.BC.42/09.07.005/2008-09 dated September 12, 2008 on display of information for promoting transparency in the operations of banks. 2. In order to further enhance transparency in… Read More

Foreign Direct Investment (FDI) in India Review of FDI policy Sector Specific conditions- Construction Development

RBI/2014-15/420 A.P. (DIR Series) Circular No. 60 January 22, 2015 To All Category I Authorised Dealer banks Madam/Sir, Foreign Direct Investment (FDI) in India Review of FDI policy Sector Specific conditions- Construction Development Attention of Authorised Dealer Category I (AD Category-I) banks is invited to Annex B of Schedule 1 to the Foreign Exchange Management… Read More

Union Budget – 2014-15 Interest Subvention Scheme

RBI/2014-15/417 FIDD.No.FSD.BC.48/05.04.02/2014-15 January 21, 2015 To, The Chairman / Managing Director All Public & Private Sector Scheduled Commercial Banks Dear Sir/Madam Union Budget - 2014-15 Interest Subvention Scheme As directed by the Government of India and in pursuance of the budget announcement made by the Finance Minister relating to the Interest Subvention Scheme 2014-15, Interest… Read More

Foreign Contribution (Regulation) Act, 2010 Receipt of foreign contribution by Individuals / NGOs / Organisations from certain donors – Primary (Urban) Co-operative Banks (UCBs)/State and Central Co-operative Banks

RBI/2014-15/408 DCBR.BPD (PCB/RCB) Cir.No.13/14.01.062/2014-15 January 15, 2015 The Chief Executive Officer, All Primary (Urban) Co-operative Banks/ State and Central Co-operative Banks (StCBs / CCBs) Madam/Dear Sir, Foreign Contribution (Regulation) Act, 2010 Receipt of foreign contribution by Individuals / NGOs / Organisations from certain donors - Primary (Urban) Co-operative Banks (UCBs)/State and Central Co-operative Banks Under… Read More