FEMA - Corporate Law Reporter

RBI Instruction to UCBs on the change of bank rates

RBI/2012-13/451 UBD.BPD.(PCB).Cir.No. 44/16.11.00/2012-13 March 19, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks Madam/Dear Sir, Bank Rate Please refer to our circular UBD.BPD.(PCB).Cir.No.35/16.11.00/2011-12 dated January 30, 2013 on the captioned subject. As announced in the Mid-Quarter Review of Monetary Policy 2012-13, the Bank Rate stands adjusted by 25 basis points from 8.75 per cent to… Read More

Governance in Banks and Financial Institutions

(Address of Shri Anand Sinha, Deputy Governor, Reserve Bank of India, delivered on his behalf, at the L & T Management Development Centre, Lonavla on March 19, 2013) Shri Deosthalee and senior management of L & T. A very good evening. I deem it a privilege to address you this evening on ˜Governance in banks… Read More

RBI and GoI taking steps for Improving Customer Services in Public Sector Banks

Public Sector Banks accounted for nearly two third of the customer complaints received during last financial year. A total number of 72,889 complaints were received in the offices of the Banking Ombudsmen spread across the country against the Scheduled Commercial Banks during the period from June, 2011 to July, 2012, out of which 48,180 were… Read More

RBI Guidelines on Strengthening of Management Information System for Lead Banks Scheme

RBI/2012-13/450 RPCD. CO.LBS. BC. No. 68/02.01.001/2012-13 March 19, 2013 The Chairmen and Managing Directors SLBC Convenor banks/ Lead Banks Dear Sir, Lead Bank scheme - Strengthening of Management Information System (MIS) As you are aware that priority sector guidelines are being revised from time to time, the last major revision done in the year 2012.… Read More

Penal Interest Rates which are linked to the Bank Rate

RBI/2012-13/449 DBOD.No.Ret.BC.84 /12.01.001/2012-13 March 19, 2013 All Scheduled Commercial Banks & Local Area Banks Dear Sir, Bank Rate As announced in the Mid-Quarter Review of Monetary Policy 2012-13, the Bank Rate stands adjusted by 25 basis points from 8.75 per cent to 8.50 per cent with effect from March 19, 2013. 2. All penal interest rates… Read More

RBI instructions on Liquidity Adjustment Facility and Marginal Standing Facility

RBI/2012-2013/448 FMD.MOAG No. 77 /01.01.001/2012-13 March 19, 2013 All Scheduled Commercial Banks (excluding RRBs) and Primary Dealers Madam / Sir, Liquidity Adjustment Facility and Marginal Standing Facility Please refer to Reserve Bank circulars IDMD.OMO No.08/03.75.00/2004-05 dated October 27, 2004, FMD.MAOG.No.13/01.01.001/2006-07 dated March 30, 2007 and FMD.No.59/01.18.001/2010-11 dated May 9, 2011. 2. As you may be… Read More

RBI’s Standing Liquidity Facilities for Banks and Primary Dealers based on new Repo rates

Standing Liquidity Facilities for Banks and Primary Dealers RBI/2012-13/446 MPD.BC.362/07.01.279/2012-13 Phalguna 28, 1934 (S) March 19, 2013 To All Scheduled Banks [excluding Regional Rural Banks(RRBs) ] and Primary Dealers Dear Sir/Madam, Standing Liquidity Facilities for Banks and Primary Dealers Please refer to the Mid Quarter Monetary Policy Review: March 2013 dated March 19, 2013, in… Read More

RBI reduces Repo rates under the Liquidity Adjustment Facility by 25 basis points

RBI/2012-2013/447 FMD.MOAG. No. 76 /01.01.01/2012-13 March 19, 2013 All Scheduled Commercial Banks (excluding RRBs) and Primary Dealers Madam / Sir, Liquidity Adjustment Facility Repo and Reverse Repo and Marginal Standing Facility Rates As announced today in the Mid-Quarter Review of the Monetary Policy 2012-13, it has been decided to reduce the Repo rate under the… Read More

RBI publishes Working Paper Series : “Estimation of Counterfeit Currency Notes in India Alternative Methodologies”

The Reserve Bank today placed on its website a Working Paper titled Estimation of Counterfeit Currency Notes in India Alternative Methodologies under the RBI Working Paper Series. The paper has been written by Shri Sanjoy Bose and Dr. Abhiman Das. Counterfeiting poses increasing challenges to currencies all over the world, including India. Recent advances in… Read More

RBI releases Mid-Quarter Monetary Policy Review for March 2013

Monetary and Liquidity Measures Based on an assessment of the current macroeconomic situation, it has been decided to: ¢ reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 7.75 per cent to 7.5 per cent with immediate effect; Consequently, the reverse repo rate under the LAF stands adjusted… Read More

RBI presents Prudential norms on Advances to Infrastructure Sector

RBI/2012-13/445 DBOD.BP.BC.No. 83/08.12.014/2012-13 March 18, 2013 All Scheduled Commercial Banks (excluding RRBs) Dear Sir, Prudential norms on Advances to Infrastructure Sector In terms of our circular DBOD.No.BP.BC.125/21.04.048/2008-09 dated April 17, 2009 on ˜Prudential Norms on Unsecured Advances™ rights, licenses, authorization, etc., charged to the banks as collateral in respect of projects (including infrastructure projects) should not be… Read More

RBI initiates Scrutiny of Three Banks for Alleged KYC/AML Guidelines

The Reserve Bank of India has initiated the process of carrying out comprehensive scrutinies covering both, Head Office and branches of three private sector banks, namely, ICICI Bank, HDFC Bank and Axis Bank. Apart from this, the Reserve Bank has also undertaken a thematic study in respect of banks that are active in selling gold… Read More

RBI Clarification on Anti-Money Laundering and Combating of Financing of Terrorism

RBI/2012-13/443 RPCD.RRB.RCB.AML.No. 9753/07.51.018/2012-13 March 15, 2013 The Chairmen / CEOs of all Regional Rural Banks / State and Central Co-operative Banks Dear Sir, Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) - Standards Please refer to our letter RPCD.CO.RRB.RCB.AML.No. 6163/07.51.018/2012-13 dated December 17, 2012 on risks arising from the deficiencies in AML/CFT regime of certain… Read More