FEMA - Corporate Law Reporter

Responsible Innovation and Regulation in the Financial Sector

(Keynote address by Dr. Duvvuri Subbarao, Governor, Reserve Bank of India, at the IDRBT Banking Technology Excellence Awards Function on August 2, 2013 at Hyderabad) Once again, it is my pleasure and privilege to be here at IDRBT for the annual awards for IT excellence in banking. Every time I come here, I am impressed… Read More

Cabinet Approves interest subvention scheme to provide short-term crop loans to farmers

Interest Subvention to Public Sector Banks (PSBs), Private Sector Banks, Cooperative Banks and Regional Rural Banks (RRBs) and to NABARD for refinance to RRBs and Cooperative Banks for providing short-term crop loan to farmers at interest rate of 7 per cent per annum The Union Cabinet today approved continuation of the interest subvention scheme to… Read More

RBI Notification on Risk Management and Inter-bank Dealings

RBI/2013-14/169 A.P. (DIR Series) Circular No. 18 August 1, 2013 To, All Category - I Authorised Dealer Banks Madam / Sir, Risk Management and Inter-bank Dealings Attention ofAuthorised Dealers Category I (AD Category I) banks is invited to AP (DIR) Circular No. 121 dated June 26, 2013 wherein it was clarified that if an FII wishes to… Read More

Revised PD Returns for Primary Dealers

RBI/2013-14/168 IDMD.PDRD.No. 346 / 10.02.23 / 2013-14 July 31, 2013 All the Primary Dealers Dear Sir/Madam, Revised PD Returns for Primary Dealers A reference is invited to para 3.8 of RBI™s Master Circular IDMD.PDRD.01/03.64.00/2013-14 dated July 01, 2013 on Operational Guidelines to Primary Dealers regarding reporting requirements of various regulatory returns submitted at periodic intervals to RBI.… Read More

Recommendations of Damodaran Committee on Customer Service in Banks- Uniformity in Intersol Charges

RBI/2013-14/166 RPCD.RRB.BC.No.17/03.05.33/2013-14 July 31, 2013 All Regional Rural Banks Dear Sir/ Madam Recommendations of Damodaran Committee on Customer Service in Banks- Uniformity in Intersol Charges Please refer to announcement made in Monetary Policy Statement 2013-14 on May 3, 2013 on ˜Recommendations of Damodaran Committee- Uniformity in Intersol Charges™. 2. With the introduction of Core Banking Solution (CBS),… Read More

Simplifying Norms for Periodical Updation of KYC for Urban Cooperative Banks

RBI/2013-14/167 UBD.BPD (PCB) Cir. No. 2 /14.01.062/2013-14 July 31, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir, Know Your Customer (KYC)/Anti Money Laundering (AML) Standards/Combating Financing of Terrorism (CFT)/ Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 Simplifying norms for Periodical Updation of KYC - Primary (Urban) Co-operative… Read More

GoI & RBI on Same Page towards achieving Stability and Growth

RBI and The Government on the Same Page and working together to Achieve Stability and Growth; Government Welcomes the RBI Policy Statement : CEA The Reserve Bank of India (RBI) came out with its policy statement this morning. The RBI left policy rates on hold. Dr Raghuram Rajan, Chief Economic Adviser (CEA), Ministry of Finance… Read More

Auction of Government of India Dated Securities

Ref.No.IDMD/292/08.02.032/2013-14 July 29, 2013 All Scheduled Commercial Banks All State Co-operative Banks/All Scheduled Primary (Urban) Co-operative Banks /All Financial Institutions/ All Primary Dealers. Dear Sirs, Auction of Government of India Dated Securities Government of India have offered to sell (re-issue) (a) 7.28 Government stock 2019 for a notified amount of Rs.3,000 crore (nominal) through a price… Read More

Frauds in the Banking Sector: Causes, Concerns and Cures

(Inaugural address by Dr. K. C. Chakrabarty , Deputy Governor, Reserve Bank of India on July 26, 2013 during the National Conference on Financial Fraud organized by ASSOCHAM at New Delhi) Dr. Rana Kapoor, President, ASSOCHAM and MD & CEO, Yes Bank; Shri M. J. Joseph, Additional Secretary and Chief Vigilance Officer, Ministry of Corporate… Read More

First Quarter Review of Monetary Policy 2013-14

By Dr. D. Subbarao Governor Introduction Since early May when the Reserve Bank issued its Monetary Policy Statement for 2013-14, global growth has been uneven and slower than initially expected. The tail risks to global recovery had eased in the early part of the year, but that improvement was overtaken by the turmoil in financial… Read More

First Quarter Review of Monetary Policy 2013-14 Statement by Dr. D. Subbarao, Governor, Reserve Bank of India

"First of all, on behalf of the Reserve Bank, a warm welcome to you all. This morning, we put out the First Quarter Review of Monetary Policy for 2013-14.Based on an assessment of the present and prospective macroeconomic situation, we have decided to keep the policy repo rate under the liquidity adjustment facility (LAF) as… Read More

Unsolicited Commercial Communication- National Do Not Call Registry

RBI/2013-14/163 DNBS (PD) CC No. 353/ 03.10.042/2013-14 July 26, 2013 To All Non-Banking Financial Companies (NBFCs) and Residuary Non-Banking Companies (RNBCs) Dear Sirs, Unsolicited Commercial Communication- National Do Not Call Registry Please refer to circular No DNBS.PD.CC.No. 109.03.10.001-2007-08 dated November 26, 2007 on the above subject in terms of which NBFCs were advised to employ only those… Read More

Implementation of Section 51-A of UAPA, 1967 Updates of the UNSCR 1988(2011) Sanctions List

RBI/2013-14/162 DBOD. AML. No. 1416 /14.06.001/2013-14 July 26, 2013 The Chairmen / CEOs of all Scheduled Commercial Banks (Excluding RRBs)/ Local Area Banks / All India Financial Institutions Dear Sir, Implementation of Section 51-A of UAPA, 1967 Updates of the UNSCR 1988(2011) Sanctions List Please refer to our circular DBOD. AML. No. 6328 /14.06.001/2012-13 dated October 29,… Read More