FEMA - Corporate Law Reporter

Structured Mechanism for monitoring the credit growth to the MSE sector

RBI / 2012-13/495 RPCD. SME&NFS. BC.No. 74 /06.04.01/2012-13 May 9, 2013 The Chairman/Managing Director/ Chief Executive Officer All Scheduled Commercial Banks (excluding Regional Rural Banks) Dear Sir / Madam, Structured Mechanism for monitoring the credit growth to the MSE sector In view of the concerns emerging from the deceleration in credit growth to the Micro… Read More

RBI Working Paper Series 5 / 2013: Persistence of Informal Credit in Rural India: Regulatory Policies Need to Recognise Changing Rural Landscape

The Reserve Bank today placed on its website a Working Paper titled Persistence of Informal Credit in Rural India: Evidence from ˜All-India Debt and Investment Survey™ and Beyond under the RBI Working Paper Series. The paper has been authored by Dr. Narayan Chandra Pradhan. Rural credit market in India is characterised by the coexistence of… Read More

RBI Central Board meets at Srinagar

The Central Board of Directors of the Reserve Bank of India met today at Srinagar. Dr. D. Subbarao, Governor, Reserve Bank of India chaired the meeting. Directors, Shri Kiran Karnik, Prof. M. V. Rajeev Gowda, Shri Y.H. Malegam, Prof. Dipankar Gupta, Dr. Najeeb Jung, Dr. Indira Rajaraman, Prof. Damodar Acharya attended the meeting. Government nominee… Read More

Forex Earnings from Tourism increases by more than 7%

The Foreign Exchange Earnings (FEEs) from tourism in Rupee terms in April, 2013 rose by seven percent in comparison to April 2012.The Foreign Tourist Arrivals ( FTAs) in April 2013 was 4.52 lakh which was the same in April 2012. However, FTAs during the period January-April 2013 were 24.80 lakh with a growth of 1.9%, as compared to the FTAs… Read More

Submission of Undertaking: Renewal of Authorisation

RBI/2012-13/494 IDMD.PDRD.No. 3089/03.64.027/2012-13 May 08, 2013 All the Primary Dealers Dear Sir/Madam, Submission of Undertaking: Renewal of Authorisation In terms of Para 1.4 of Section I (for standalone PDs) / Para 2.3 of Section II (for Bank-PDs) of the Operational Guidelines to Primary Dealers dated July 02, 2012; the PDs are required to have a… Read More

Delay in re-presentation of technical return cheques and levy of charges for such returns

RBI/2012-13/493 DPSS.CO.CHD.No. 2030/03.06.01/2012-2013 May 7, 2013 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs /Local Area Banks Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks Madam / Dear Sir, Delay in re-presentation of technical return cheques and levy of charges for such returns As… Read More

RBI Committee suggests GIRO based Indian Bill Payment System

The Reserve Bank of India (RBI) has today released the report of the committee set up to study the feasibility of implementation of GIRO based payment systems in India (Chairman, Shri G. Padmanabhan). The committee has highlighted the need for developing an electronic bill payment system based on a GIRO model for payment of dues… Read More

RBI Working Paper Series 4 /2013 Monetary Policy Transmission Faster When Monetary System is in Deficit Mode

The Reserve Bank of India today placed on its website a Working Paper titled Financial Development and Monetary Policy Transmission across Financial Markets: What Do Daily Data tell for India? under the RBI Working Paper Series. The paper has been authored by Dr. Partha Ray and Shri Edwin Prabu. Developed and integrated financial markets are… Read More

Indian Financial Markets: Fuelling the Growth of the Indian Economy

(Address delivered by Shri. Harun R Khan, Deputy Governor, Reserve Bank of India at the inaugural session of the conference on Indian Financial Markets: Fuelling the Growth of the Indian Economy organized by the Confederation of Indian Industry at the ADB Annual Conference on May 4, 2013 at Greater NOIDA, Delhi NCR) 1. Dr. Arvind… Read More

Financial Development and Monetary Policy Transmission Across Financial Markets: What Do Daily Data tell for India?

This paper seeks to address two questions In Indian context. First, what is the nature of integration among different segments of Indian financial markets? Second, what has been the influence of monetary policy on different segments of financial markets? As far as domestic financial integration is concerned, the study finds that the money market segment… Read More

Assam Plan for 2013-14 Finalized

The Annual Plan for the year 2013-14 for the state of Assam was finalised here today at a meeting between Deputy Chairman, Planning Commission, Mr. Montek Singh Ahluwalia and Chief Minister of Assam, Sh. Tarun Gogoi. The plan size has been agreed at Rs.12,500 crore. In his comments on the performance of the State, Mr… Read More

Government Approves 17 Proposals of Foreign Direct Investment

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on March 13, 2013, the Central Government has approved Seventeen (17) proposals of Foreign Direct Investment amounting to Rs. 262.5594 crore approximately. Following are the details of proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 13.03.2013: Following Seventeen (17) proposals have been approved : Sl. No. Name of the applicant Particulars of the proposal FDI/NRIinflows (Rs. In crore) INDUSTRIAL POLICY & PROMOTION 1 Ms. Sonia Sharma and Mr. Harish Kumar Sharma Induction… Read More

Action against Various Officers/Employees for Violation of Banking Norms and Regulations

In connection with Cobrapost, Red Spider 2 Expose which was released yesterday, Shri Rajiv Takru, Secretary, Department of Financial Services (DFS), Ministry of Finance had asked the Chairman cum Managing Directors (CMDs) of various Public Sector Banks (PSBs) and Life Insurance Corporation (LIC) of India for an immediate action in the matter. Beside above, the… Read More