RBI - Corporate Law Reporter

RBI Master Circular –Detection and Impounding of Counterfeit Notes

Master Circular – Detection and Impounding of Counterfeit Notes RBI/2017-18/26 DCM (FNVD) G – 4/16.01.05/2017-18 July 20, 2017 The Chairman/ Managing Director /Chief Executive Officer All Banks and Director of Treasuries of all States Dear Sir / Madam, Master Circular – Detection and Impounding of Counterfeit Notes Please refer to the Master Circular DCM (FNVD) G-6/16.01.05/2016-17… Read More

RBI arrives at an objective, non-discretionary criterion for referring accounts for resolution under IBC

Reserve Bank of India (RBI) has constituted an Internal Advisory Committee (IAC), which arrived at an objective, non-discretionary criterion for referring accounts for resolution under Insolvency and Bankruptcy Code, 2016 (IBC). Reserve Bank of India (RBI) has constituted an Internal Advisory Committee (IAC), which arrived at an objective, non-discretionary criterion for referring accounts for resolution… Read More

SBI informs on charges to be levied on frequent bank transaction :PIB

Imposition of charges on frequent banking State Bank of India (SBI) has informed that the charges are levied by them beyond number of free transactions are as under:- Monthly Average Balance in Savings Bank Monthly Limit on Number of free Debit transactions Branch SBI ATMs Other Bank ATMs 6 Metros Other Centres <Rs.1000 2 5… Read More

RBI set up EFD to speed up regulatory compliance on commercial banks

RBI has set up an Enforcement Department (EFD) which would serve as a centralised department to speed up regulatory compliance; EFD has been entrusted with the responsibility of enforcement action on commercial banks Reserve Bank of India (RBI) has informed that they have set up an Enforcement Department (EFD). EFD would serve as a centralised… Read More

GOI advises Interest rates for Small Savings Schemes for Q2

RBI/2017-18/22 DGBA.GBD. 69/15.02.005/2017-18 July 13, 2017 The Chairman/Chief Executive Officer Agency Banks handling Public Provident Fund, Kisan Vikas Patra- 2014, Sukanya Samriddhi Account, Senior Citizen Savings Scheme-2004 Dear Sir Interest rates for Small Savings Schemes Please refer to our circular DGBA.GAD.2618/15.02.005/2016-17 dated April 6, 2017 on the above subject. The Government of India, had vide their Office… Read More

RBI clarifies Nomination of Non-Executive Chairman to Audit Committee

RBI/2017-18/20 DBS.ARS.BC.01/08.91.020/2017-18 July 13, 2017 The Chief Executives All Indian Commercial Banks Dear Sir/Madam, Audit Committee of the Board of Directors – Nomination of Non-Executive Chairman Please refer to Para 3 (ii) of our circular dated September 26, 1995 on “Audit Committee of the Board of Directors - Reconstitution” and Para (ii) of our circular… Read More

RBI illustrates recording of details of transactions in passbook by Co-operative Banks

RBI/2017-18/24 DCBR.BPD.(PCB/RCB).Cir.No.02/12.05.001/2017-18 July 13, 2017 The Chief Executive Officer All Primary (Urban) Co-operative Banks/ All State Co-operative Banks/ All District Central Co-operative Banks Dear Sir/Madam, Recording of Details of Transactions in Passbook/Statement of Account by Co-operative Banks Please refer to our circular UBD.CO.BPD.(PCB).No.18/12.05.001/2010-11 dated October 26, 2010 and para 4.6.3 of Annex to our circular RPCD.CO.RCB.BC.No.36/07.51.010/2014-15 dated October… Read More

Government of India announce Sale (Re-issue) of Floating Rate Bonds through auction: PIB

Auction for Sale (Re-issue) of ‘Government of India Floating Rate Bonds Auction for Sale (Re-issue) of Government Stocks Public Information Bureau Government of India Ministry of Finance 10-July, 2017 17:09 IST Government of India has announced the Sale (re-issue) of (i) “Government of India Floating Rate Bonds 2024” for a notified amount of Rs.… Read More

Corrigendum: RBI not. transfer of accounts with 25% NPA refers under the IBC

The Reserve Bank of India had issued a Press Release on June 13, 2017 bearing reference number 2016-2017/3363 (“Press Release”) titled 'RBI identifies Accounts for Reference by Banks under the Insolvency and Bankruptcy Code (IBC)’. The third line of paragraph no. 5 of the Press Release, which reads as follows: “5. ...Such cases will be accorded priority… Read More

RBI issues Operational Guidelines for Sovereign Gold Bonds, 2017-18

RBI/2017-18/18 IDMD.CDD.No.29/14.04.050/2017-18 July 06, 2017 The Chairman & Managing Director All Scheduled Commercial Banks (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India ltd.(SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereign Gold Bonds, 2017-18 – Series II - Operational Guidelines This has reference to the GoI notification F.No.4(20)-B/(W&M)/2017 and RBI… Read More

NBFC– SIND Directions prohibits NBFC from PoP Services under PFRDA for National Pension System

RBI/2017-18/16 DNBR(PD)CC.No.087/03.10.001/2017-18 July 06, 2017 All NBFCs Madam/ Sir, Point of Presence (PoP) Services under Pension Fund Regulatory and Development Authority (PFRDA) for National Pension System (NPS) Please refer to Para 111 of Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 prohibiting NBFCs from undertaking PoP Services under… Read More

Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions :RBI

RBI/2017-18/15 DBR.No.Leg.BC.78/09.07.005/2017-18 July 6, 2017 All Scheduled Commercial Banks (including RRBs) All Small Finance Banks and Payments Banks Dear Sir/ Madam, Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions Please refer to our circular DBOD.Leg.BC.86/09.07.007/2001-02 dated April 8, 2002 regarding reversal of erroneous debits arising from fraudulent or other transactions. 2. With the… Read More

Compendium of Guidelines on Financial Inclusion and Development: RBI

RBI/2017-18/14 FIDD.CO.SFB.No.9/04.09.001/2017-18 July 6, 2017 The Chairman/ Managing Director/ Chief Executive Officer Small Finance Banks Dear Sir/Madam, Small Finance Banks – Compendium of Guidelines on Financial Inclusion and Development In view of the announcement made in the budget 2014-15 regarding creation of a framework for licensing small banks, and to give a thrust to the… Read More