FEMA - Corporate Law Reporter

Regaining the Growth Momentum: Issues and Imperatives

(Address by Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India at the Sixth Annual Banking Conference Bank on it, 2013 organised by the Narsee Monjee Institute of Management Studies in Mumbai on Oct 5, 2013) Shri Pratip Chaudhuri, Former Chairman, State Bank of India; Dr. Rajan Saxena, Vice-Chancellor, Narsee Monjee Institute of Management… Read More

RBI releases its monthly Bulletin for October 2013

The Reserve Bank of India today released the October 2013 issue of its monthly Bulletin. The Bulletin includes five special articles: (1) Performance of Private Corporate Business Sector, 2012-13; (2) Performance of Financial and Investment Companies, 2011-12; (3) Monthly Seasonal Factors of Select Economic Time Series; (4) India™s Foreign Trade: Q1 of 2013-14 (April-June); and (5) House… Read More

Housing Loan Products from Banks carrying risks :: RBI advises caution

RBI/2013-14/320 RPCD.CO.RCB.BC.No.43/07.51.013/2013-14 October 8, 2013 The Chairman All State and Central Co-operative Banks (StCBs and CCBs) Dear Sir, Housing Sector: Innovative Housing Loan Products Upfront disbursal of housing loans It has been observed that some banks have introduced certain innovative Housing Loan Schemes in association with developers/builders, e.g. upfront disbursal of sanctioned individual housing loans… Read More

RBI appoints Technical Committee on Mobile Banking

The Reserve Bank of India has announced the constitution of a Technical Committee on Mobile Banking, to examine the options/alternatives including the feasibility of using encrypted SMS based funds transfer using an application that can run on any type of handset for expansion of mobile banking in the country. Terms of Reference of the Committee… Read More

Revised guidelines on lending to Priority Sector for UCBs

RBI/2013-14/318 UBD CO BPD (PCB) MC. No.18/09.09.001/2013-14 October 8, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir / Madam, Revised guidelines on lending to Priority Sector for UCBs Please refer to our circular UBD PCB Cir. No.11/09.09.01/2007-08 dated August 30, 2007 and the amendments thereto issued from time to time on the captioned… Read More

Term Repo under Liquidity Adjustment Facility

RBI/2013-14/319 FMD.MOAG. No. 89 /01.01.009/2013-14 October 08, 2013 All Scheduled Commercial Banks (excluding RRBs) Madam / Sir, Term Repo under Liquidity Adjustment Facility As announced yesterday, it has been decided to conduct auctions for term repos of 7-day and 14-day tenor for a notified amount equivalent to 0.25 per cent of net demand and time… Read More

Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Fifth Amendment) Regulations, 2013

RESERVE BANK OF INDIA (Foreign Exchange Department) (Cental Office) NOTIFICATION No. FEMA. 288/2013-RB Mumbai, the 26th September, 2013 Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Fifth Amendment) Regulations, 2013 G.S.R. 668(E).” In exercise of the powers conferred by Clause (d) of sub-section (3) of Section 6 and sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999… Read More

Changes in Bank Rate

RBI/2013-14/315 Ref:DBOD.No.Ret.BC. 58/12.01.001/2013-14 October 07, 2013 All Scheduled Commercial Banks & Local Area Banks Dear Sir, Bank Rate As announced in the Press Release 2013-2014/728 dated October 07, 2013, the Bank Rate stands adjusted by 50 basis points from 9.5 per cent to 9.0 per cent with effect from October 07, 2013. 2. All penal interest… Read More

RBI Reduces Marginal Standing Facility Rate

RBI/2013-2014/314 FMD.MOAG. No.88/01.18.001/2013-14 October 07, 2013 All Scheduled Commercial Banks (excluding RRBs) Madam / Sir, Marginal Standing Facility As announced today, it has been decided to reduce the Marginal Standing Facility (MSF) rate by 50 basis points from 9.50 per cent to 9.00 per cent with immediate effect. 2. All other terms and conditions of the current… Read More

Adjustment in Bank Rate

As part of the measures announced today by the Reserve Bank to improve liquidity conditions, the marginal standing facility (MSF) rate has been reduced by 50 basis points from 9.5 per cent to 9.0 per cent with immediate effect. Accordingly, the Bank Rate also stands adjusted to 9.0 per cent with immediate effect. Alpana Killawala… Read More

RBI Announces Measures to Improve Liquidity Conditions

Starting with the Mid-Quarter Review of September 2013, the Reserve Bank of India (RBI) began a calibrated withdrawal of exceptional measures undertaken since July 2013. This was done with a view to normalising liquidity conditions. Accordingly, the marginal standing facility (MSF) rate was reduced by 75 basis points from 10.25 per cent to 9.5 per… Read More

RBI Clarification on Unclaimed Scholarship deposits

RRBs - Unclaimed Deposits/Inoperative Accounts in Regional Rural Banks - Treatment of certain savings bank accounts opened for credit of Scholarship amounts and credit of Direct Benefit Transfer under Government Schemes --------------------------------------- RBI/2013-14/312 RPCD.CO.RRB.BC.No.41/03.05.33/2013-14 October 4, 2013 The Chairmen Regional Rural Banks Dear Sir/Madam, Unclaimed Deposits/Inoperative Accounts in Regional Rural Banks - Treatment of certain… Read More

Financial Education Key to Promoting Financial Inclusion and Customer Protection

(Keynote Address by Dr Deepali Pant Joshi, Executive Director, Reserve Bank of India at the College of Agricultural Banking Conference on October 3, 2013 at Pune) I am happy to be able to address, though not real time, various stakeholders from across the country on this important subject and also congratulate the CAB for focusing… Read More