FEMA - Corporate Law Reporter

RBI releases ‘Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks: March 2013’

The Reserve Bank of India today released on its website ˜Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks, March 2013™. The publication contains data on spatial distribution of aggregate deposits and gross bank credit of scheduled commercial banks including regional rural banks (RRBs) based on Basic Statistical Return (BSR)-7 as on March 31,… Read More

RBI launches the 7th Round of Survey on Computer Software and Information Technology Enabled Services Exports

The Reserve Bank of India has been conducting survey on Computer Software and Information Technology Enabled Services Exports annually since 2002-03.The survey results are used for compilation of balance of payments (BoP) statistics. The 7th round of the Survey with 2012-13 as the reference period has been launched. The survey collects data on various aspects of computer… Read More

RBI Governor’s proposal to relax Branch Authorisation Policy

RBI/2013-14/274 DBOD.No.BAPD.BC.54 /22.01.001/2013-14 September 19, 2013 All Domestic Scheduled Commercial Banks (excluding RRBs) Madam / Dear Sir Section 23 of the Banking Regulation Act, 1949 Relaxations in Branch Authorisation Policy Please refer to Governor™s Statement on taking office on September 04, 2013 (extract enclosed - Annex 1) regarding the proposal to completely free bank branching for… Read More

RBI Clarification on carrying of INR 10,000 by Non-residents and Residents

In terms of instructions issued vide A.P. (Dir Series) circular No.45 dated September 16, 2013, the Reserve Bank of India had facilitated encashment of rupees into convertible currencies even beyond Immigration/Customs desk. This instruction has been misreported in certain sections of the media as a new restriction imposed by the Reserve Bank. The Reserve Bank issues… Read More

External Commercial Borrowings (ECB) Policy Liberalisation of definition of Infrastructure Sector

RBI/2013-14/270 A.P. (DIR Series) Circular No. 48 September 18, 2013 To All Category - I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) Policy Liberalisation of definition of Infrastructure Sector Attention of Authorised Dealer Category I (AD Category I) banks is invited to the A.P. (DIR Series) Circular No. 5 dated August 1, 2005, A.P.… Read More

Analysis and Disclosure of Customer Complaints and Unreconciled Balances on Account of ATM Transactions

RBI/2013-14/269 RPCD.CO.RRB.BC.No.35/03.05.33/2013-14 September 17, 2013 The Chairmen All Regional Rural Banks Dear Sir/Madam, Analysis and Disclosure of Customer Complaints and Unreconciled Balances on Account of ATM Transactions The Committee on Procedures and Performance Audit on Public Services (CPPAPS) had recommended that banks should place a statement before their Boards analyzing the complaints received. CPPAPS had… Read More

RBI Publishes FAQs on Basic Savings Bank Deposit Account

RBI/2013-14/264 RPCD.RRB.RCB.AML.BC.No. 36/07.51.018/2013-14 September 17, 2013 The Chairmen / CEOs of Regional Rural Banks / State and Central Co-operative Banks Dear Sir / Madam, Financial Inclusion- Access to Banking Services Basic Savings Bank Deposit Account (BSBDA) FAQs Please refer to Circular RPCD.CO.RRB.RCB.BC.No.24/07.38.01/2012-13 dated August 22, 2012 on Basic Savings Bank Deposit Account (BSBDA) wherein banks have been… Read More

RBI warns UCBs against High Risk Innovative Housing Loan Products

RBI/2013-14/268 UBD CO BPD (PCB) Cir. No.17/09.22.010/2013-14 September 17, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir / Madam, Housing Sector: Innovative Housing Loan Products - Upfront Disbursal of Housing Loans Primary (Urban) Co-operative Bank It has been observed that some banks have introduced certain innovative Housing Loan Schemes in association with… Read More

RBI Circular w.r.t. Overseas forex trading through electronic / internet trading portals

RBI/2013-14/265 A.P. (DIR Series) Circular No. 46 September 17, 2013 To All Category - I Authorised Dealer Banks Madam/ Sir, Overseas forex trading through electronic / internet trading portals Attention of the Authorised Dealer Category - I (AD Category - I) banks is invited to A.P. (DIR Series) Circular No. 53 dated April 07, 2011 and A.P. (DIR… Read More

RBI Directive w.r.t. Operational Procedure to be followed by UCBs for e-KYC exercise

RBI/203-14/263 UBD.BPD (PCB) Cir. No.15/14.01.062/2013-14 September 17, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks. Madam / Dear Sir, Know Your Customer (KYC) Norms /Anti-Money Laundering (AML) Standards/ Combating Financing of Terrorism (CFT)/Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 e-KYC Service of UIDAI Recognising on-line Aadhaar authentication (electronic verification… Read More

RBI directive on Unclaimed Deposits/Inoperative Accounts in banks w.r.t. credit of Scholarships and DBT

RBI/2013-14/262 DBOD.No. Leg. BC. 53/09.07.005/2013-14 September 17, 2013 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, Unclaimed Deposits/Inoperative Accounts in banks Treatment of certain savings bank accounts opened for credit of Scholarship amounts and credit of Direct Benefit Transfer under Government Schemes Please refer to Circular DBOD. No. Leg.BC.34/09.07.005/2008-09 dated August 22, 2008 on unclaimed deposits/inoperative accounts wherein… Read More

RBI : Enabling Urban Microfinance

Enabling Urban Microfinance (Keynote Address by Dr Deepali Pant Joshi, Executive Director, Reserve Bank of India at the Conference on The Challenges of Enabling Urban Finance organised by Minorities Development Department, Government of Maharashtra and MAVIM the State Womens™ Development Corporation on September 16, 2013 at Mumbai) At the outset, let me congratulate Additional Secretary… Read More

RBI Policy on Lending Against Security of Single Product such as Gold Jewellery

RBI/2013-14/260 DNBS.CC.PD.No.356 /03.10.01/2013-14 September 16, 2013 To All NBFCs (excluding PDs) Dear Sir, Lending Against Security of Single Product Gold Jewellery It may be recalled that in the light of the spike in gold imports in the recent years and the potential threat this could pose to external stability of the country, the Working Group to Study… Read More