Category: RBI
GST applicable on service charges levied on cash deposited by non-chest bank branches to the Currency Chests – RBI Clarification RBI has clarified the applicability of GST on the service charges levied on cash deposited by non-chest bank branches to the Currency Chests. It has been clarified that …
Existing Entrepreneurs Memorandum / Udyog Aadhaar Memorandum (UAM) of MSMEs obtained till June 30, 2020 shall remain valid till June 30, 2022 for classification as MSMEs. In June 2020, the Government of India had notified revised criteria for classification of Micro, Small and Medium Enterprises (MSMES). As per …
RBI cautions public against Prepaid Payment Instruments (non-closed) issued by sRide through its car-pooling app RBI in its latest advisory has cautioned public of the risk in dealing with sRide car-pooling app. RBI cautions public against sRide app The RBI has observed that sRide Tech Private Limited, a …
New definition of MSMEs – Existing EM & UAMs obtained till 30.06.2020 to be valid till 31.03.2022 RBI in August 2020 has notified new definition of Micro, Small and Medium Enterprises. Later, the Government clarified that the existing Entrepreneurs Memorandum (EM) Part II and Udyog Aadhaar Memorandum (UAMs) …
RBI clarification on Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances RBI in November 2021 had issued a Circular on Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances. In response to the queries received seeking certain clarifications, the RBI has …
RBI issues regulations for NBFCs under amended Factoring Regulation Act 2011 The Factoring Regulation Act, 2011 has been amended recently. The amendment widens the scope of companies that can undertake factoring business. The said Act permits Trade Receivables Discounting System (TReDS) to file the particulars of assignment of …
RBI gives general permission for infusion of capital in overseas branches and subsidiaries and retention/ repatriation/ transfer of profits in these centres by banks incorporated in India As per existing practice, banks incorporated in India were required to seek prior RBI approval for infusion of capital in their …
RBI cautions against various Co-operative societies using word “Bank” in their names The RBI has cautioned general public against various Co-operative societies using word “Bank” in their names. According to RBI, in terms of the Banking Regulation Act, 1949 (BR Act, 1949) which was amended by the Banking …
The Reserve Bank Integrated Ombudsman Scheme, 2021 launched today The Reserve Bank Integrated Ombudsman Scheme, 2021 was launched today. The Scheme integrates the existing three Ombudsman schemes of RBI namely, (i) the Banking Ombudsman Scheme, 2006; (ii) the Ombudsman Scheme for Non-Banking Financial Companies, 2018; and (iii) the Ombudsman Scheme …
RBI is organising first global hackathon – HARBINGER 2021 to solve the challenges in the payment and settlement landscape Reserve Bank is organising its first global hackathon – “HARBINGER 2021 – Innovation for Transformation” with the theme ‘Smarter Digital Payments’. The Hackathon invites participants to identify and develop solutions …
