FEMA - Corporate Law Reporter

RBI clarification w.r.t. External Commercial Borrowings (ECB) from the foreign equity holder

RBI/2013-14/221 A.P. (DIR Series) Circular No.31 September 04, 2013 To All Authorised Dealer Category-I Banks Madam / Sir, External Commercial Borrowings (ECB) from the foreign equity holder Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to the A.P. (DIR Series) Circular No. 5 dated August 1, 2005, as amended from time to time, relating… Read More

RBI Rationalization/Clarifications w.r.t. Overseas Direct Investments

RBI/2013-14/220 A.P. (DIR Series) Circular No.30 September 04, 2013 To All Category-I Authorised Dealer Banks Madam / Sir, Overseas Direct Investments Rationalization/Clarifications Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to the A.P. (DIR Series) Circular No. 23 dated August 14, 2013 and the Notification No. FEMA.120/RB-2004 dated July 7, 2004, as… Read More

RBI Notification w.r.t. Returns to be submitted by NBFCs & Introduction of ˜Branch info™ returns

RBI/2013-14/219 DNBS (PD). CC.No. 355/03.02.02/2013-14 September 3, 2013 To CEOs of All NBFCs (excluding RNBCs) Dear Sir/Madam, Returns to be submitted by NBFCs- Introduction of ˜Branch info™ return Please refer to the DNBS (PD).CC.No.243/03.02.02/2011-12 dated September 22, 2011 on submission of returns by NBFCs. In terms of the extant instructions NBFCs are required to file various periodical… Read More

RBI observation on Disclosure of customer complaints and unreconciled balances on account of ATM transactions

RBI/2013-14/218 DBOD.BP.BC.No. 49/21.04.018/2013-14 September 3, 2013 The Chairman and Managing Director/Chief Executive Officer of all Commercial Banks (Excluding Regional Rural Banks) Dear Sir Disclosure of customer complaints and unreconciled balances on account of ATM transactions Please refer to our circular DBOD.No.Leg BC.60/09.07.005/2006-07 dated February 22, 2007 on Analysis and Disclosure- Disclosure of Complaints / Unimplemented Awards of… Read More

RBI observation on Innovative Housing Loan Products – Advises banks on risks

RBI/2013-14/217 DBOD.BP.BC.No. 51/08.12.015/2013-14 September 3, 2013 All Scheduled Commercial Banks (excluding RRBs) 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 to the builders without… Read More

RBI Guidelines w.r.t. Sharing of Information Technology Resources by Banks

RBI/2013-14/216 DIT.CO (Policy) No.674/09.63.025/2013-14 August 30, 2013 The Chairman/Chief Executive Officers All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam Sharing of Information Technology Resources by Banks - Guidelines Please refer to paragraph 101 of the Monetary Policy Statement 2013-14 wherein the need for banks to examine the issue of shared IT resources to optimise costs while maintaining… Read More

RBI Clarification on Deregulation of Interest Rates on Non-Resident External Rupee Deposits

RBI/2013-14/215 UBD.BPD.(PCB) CIR No.8/13.01.000/2013-14 September 3, 2013 The Chief Executive Officers All Primary (Urban) Co-operative Banks Dear Sir/Madam, Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits Please refer to our circular UBD.BPD.(PCB) CIR No.16/13.01.000/2011-12 dated December 28, 2011 on Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non- Resident (NRO) Accounts.… Read More

RBI :: Simplification of Procedure Settlement of Claims of Deceased Depositor & Placing claim forms on bank™s website

RBI/2013-14/214 DBOD.No.Leg.BC.48/09.07.005/2013-14 September 03, 2013 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, Settlement of Claims of Deceased Depositor Simplification of Procedure Placing of claim forms on bank™s website Please refer to circular DBOD.No.Leg.BC.95 /09.07.005/2004-05 dated June 09, 2005 wherein simplified procedure has been specified for settlement of claims of deceased depositors. We have been receiving feedback… Read More

RBI :: Information sought by Banks from Customers under PMLA has to be as per guideline and not intrusive

RBI/2013-14/213 DBOD. AML.BC. No. 50/14.01.001/2013-14 September 3, 2013 The Chairmen / CEOs of all Scheduled Commercial Banks (Excluding RRBs)/ Local Area Banks / All India Financial Institutions Dear Sir, Know Your Customer (KYC) Norms / Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under PMLA, 2002 Information sought by banks from customers… Read More

RBI :: Finding Alternate Avenues for Distribution of Banknotes and Coins

RBI/2013-2014/212 DBOD.NO. BAPD.BC.46 /22.01.009/2013-14 September 02, 2013 The Chairmen and CEOs (All Scheduled Commercial Banks including Regional Rural Banks and Local Area Banks) Dear Sir, Financial Inclusion by Extension of banking Services- Use of Business Correspondents for distribution of Banknotes and Coins- Alternative Avenues Please refer to Para 110 of the Monetary Policy Statement 2013-14… Read More

RBI :: 20th Half Yearly Report on Management of Foreign Exchange Reserves – October 2012-March 2013

The Reserve Bank of India has today released the 20th half-yearly report on management of foreign exchange reserves with reference to March 2013. It may be recalled that in February 2004, the Reserve Bank had commenced a process of compiling half yearly reports and placing them in the domain for bringing about more transparency and also for… Read More

RBI :: Challenges to Policy Making and Evolving Role of Statistical Analysis

The Reserve Bank of India organised the 7th Statistics Day Conference on August 30, 2013. The theme of the conference was 'Challenges to Policy Making and Evolving Role of Statistical Analysis'. Statistics Day is observed in India to commemorate the sterling contribution of Prof. Prasanta Chandra Mahalanobis to statistics and the Indian statistical system. Distinguished… Read More

MoF :: Expert committee on short term cooperative credit structure (STCCS) gives its recommendations

The Expert Committee, in its report submitted to the Reserve Bank of India (RBI), inter alia, noted that the share of Short Term Cooperative Credit Structure (STCCS) in providing agricultural credit has fallen to a mere 17% although there are small pockets where its share is more than 50%. The Expert Committee has, inter alia, given… Read More