Category - FEMA

RRBs/StCBs/CCBs KYC Clarification on Proof of Address

RBI/2014-15/288 RPCD.RRB.RCB.AML.No.4424/07.51.018/2014-15 October 31, 2014 Regional Rural Banks (RRBs) / State / Central Cooperative Banks (StCBs/CCBs) Madam / Dear Sir, KYC Clarification on Proof of Address Please refer to our circular RPCD.RRB.RCB.AML.BC.No.111/07.51.018/2013-14 dated June 12, 2014 on the captioned subject. In this regard we also draw your attention to our circular RPCD.RRB.RCB.AML.No.2797/07.51.018/2014-15 dated September 9, 2014, forwarding copies… Read More

Government eased FDI norms for construction, real estate sector

The MODI government has eased the foreign investment rules in construction to attract money into the sectors which are short of funds and serve its dual objectives as promised of creation of more and more employment opportunities and all the Indian families shall have their own roof to live in. The Union Cabinet has approved… Read More

RRBs – Fourth Bi-monthly Monetary Policy Statement, 2014-15 SLR Holdings under Held to Maturity Category

RBI/2014-15/268 RPCD.CO.RRB.BC.No. 34 /03.05.33/2014-15 October 20, 2014 All Regional Rural Banks Dear Sir, Fourth Bi-monthly Monetary Policy Statement, 2014-15 SLR Holdings under Held to Maturity Category Please refer to paragraph 25 of the Fourth Bi-monthly Monetary Policy Statement, 2014-15 extract enclosed announced on September 30, 2014. 2. In terms of our circular RPCD.CO.RRB.BC.No.25/03.05.33/2014-15 dated August 7, 2014 on ˜Monetary… Read More

Compounding of Contraventions under FEMA, 1999

RBI/2014-15/266 A.P. (DIR Series) Circular No.36 October 16, 2014 To All Category - I Authorised Dealer Banks Madam / Sir, Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) - Compounding of Contraventions under FEMA, 1999 Attention of all the Authorised Dealer Category - I (AD Category - I) banks… Read More

Usage of ATMs Rationalisation of number of free transactions – Clarifications

RBI/2014-15/260 DPSS.CO.PD.No.659/02.10.002/2014-2015 October 10, 2014 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks Madam / Dear Sir, Usage of ATMs Rationalisation of number of free transactions - Clarifications A reference is invited to the circular DPSS.CO.PD.No.… Read More

Memorandum of Instructions for Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-resident Exchange Houses

1.Attention of Authorised Dealer Category I (AD Category I) banks is invited to the A.P. (DIR Series) Circular No. 28 [A. P. (FL/RL Series) Circular No. 02] dated February 6, 2008and the Annex to the A.P. (DIR Series) Circular No 88 dated January 9, 2014 on the captioned subject, as amended from time to time. 2. It has… Read More

RBI focuses on inflation while banks take call to increase interest rates

RBI governor Raghuram Rajan has been a convincing personality as no governor in recent past has been as focused on reining in inflationary expectations as Rajan. No one has been more explicit than him in spelling out the goal of the apex banking institution. Some of the experts, economists have taken an unusual  stand that… Read More

Risk Management and Inter Bank Dealings: Hedging under Past Performance Route

RBI/2014-15/250 A.P. (DIR Series) Circular No. 34 Sep 30, 2014 To All Category I Authorised Dealer Banks Madam / Sir, Risk Management and Inter Bank Dealings : Hedging under Past Performance Route Attention of Authorised Dealers Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May… Read More

Loans not to get cheaper but deposits may fetch less returns

Borrowing costs may not fall but deposit rates have already come down with which the public may earn less returns. There is no change immediately in the loan rates but soon it will be reduced which has given some hopes to the borrowers. The base rate will not come down immediately because credit demand in… Read More

Know Your Customer norms : Creating Public Awareness

RBI/2014-15/233 UBD. BPD (PCB).Cir.No.16/14.01.062/2014-15 September 16, 2014 The Chief Executive Officer All Primary (Urban) Co-operative Banks Madam/Dear Sir, Know Your Customer (KYC) Norms Creating Public Awareness The Reserve Bank of India, in the recent times, has been taking several measures to simplify KYC requirements to help the common man open bank accounts. It is, however,… Read More

Bank Accounts to turn dormant and inoperative if no transaction for 2 years

RBI/2014-15/227 UBD.BPD.Cir.No.14/12.05.001/2014-15 September 11, 2014 The Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir / Madam Inoperative Accounts Please refer to Paragraph 2(iv) of our Circular UBD.BPD.(PCB).Cir.No.9/13.01.000/2008-09 dated September 1, 2008 on Unclaimed Deposits / Inoperative Accounts in Banks in terms of which a savings as well as current account should be treated as inoperative… Read More

Guidelines on Wilful Defaulters Clarification regarding Guarantor, Lender and Unit

RBI/2014-15/221 DBOD.No.CID. 41/20.16.003/2014-15 September 9, 2014 All Scheduled Commercial Banks (excluding RRBs and LABs) and All India Notified Financial Institutions (FIs) Dear Sir/ Madam Guidelines on Wilful Defaulters Clarification regarding Guarantor, Lender and Unit Please refer to the Master Circular on Wilful Defaulters DBOD.No.CID.BC.3/20.16.003/2014-15 dated July 1, 2014. 2. Paragraph 2.1 of the circular lists… Read More

Upper age limit for Whole Time Directors on the Boards of Banks

RBI/2014-15/217 DBOD. APPT.BC.No. 40 /29.39.001/2014-15 September 9, 2014 To The Managing Director & Chief Executive Officers of all Private Sector Banks Dear Sir / Madam, Upper age limit for Whole Time Directors on the Boards of Banks The matter relating to fixing an upper age limit for the post of Managing Director & Chief Executive… Read More

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