Category: RBI
Average base rate charged by NBFC-MFIs to their borrowers from January 2021 to be 7.96% Average base rate to be charged by NBFC-MFIs to their borrowers for quarter beginning January 1, 2021 notified at 7.96 per cent. Reserve Bank of India (RBI) has communicated that the applicable average …
Bank can open specific accounts stipulated under statutes / Regulations without restrictions – RBI FAQs on opening of Current Accounts RBI by its circulars dated August 6, 2020 and November 2, 2020 on the issue of Opening of Current Accounts by Banks. On a review, the RBI has …
RBI issues revised FAQs on Resolution Framework for Covid-19 related stress FAQs on Resolution Framework for Covid-19 related stress (Revised on December 12, 2020 1. In Paragraph 4 of the Annex to the Resolution Framework, it is stated that the reference date for the outstanding amount of debt …
RBI forbids banks to make dividend payment for the financial year ended March 31 2020. In 2005, the Reserve Bank of India ( RBI ) reviewed the policy approach with regard to payment of dividends by bank shifting the regulatory focus from the ‘quantum of dividend’ to the …
Limit increased for contactless Card transactions & processing of e-mandates for recurring transactions RBI in 2015 and 2019 relaxed Additional Factor of Authentication (AFA) for Card transactions in Contactless mode and processing e-mandates / standing instructions on cards and Prepaid Payment Instruments (PPIs) for recurring transactions with values …
Banks not to grant approval to any branch office, project office, liaison office to foreign Law firms for practicing in India The Hon’ble Supreme Court in 2018 held that advocates enrolled under the Advocates Act, 1961 alone are entitled to practice law in India and that foreign law …
IWG submits report to RBI. Large NBFCs may be converted into banks, promoters’ stake can be increased in bank Reserve Bank of India (RBI) had constituted an Internal Working Group (IWG) to review extant ownership guidelines and corporate structure for Indian private sector banks. The Terms of Reference …
RBI relaxes provisions for Housing Finance Institutions. Net owned fund of 20 crore rupees specified to commence business RESERVE BANK OF INDIA(Department of Regulation) NOTIFICATION Mumbai, the 18th November, 2020 No. DOR.049/CGM(MM)–2020.—In exercise of the power conferred by section 45-NC of the Reserve Bank of India Act, 1934, …
Compounding of Contraventions under FEMA. Delegation of powers to RBI Regional Offices Foreign Exchange Management Act, 1999 (FEMA)- Compounding of Contraventions under FEMA, 1999 In terms of the Master Direction on “Compounding of Contraventions under FEMA, 1999” the powers to compound certain contraventions of have been delegated to …
Co-Lending by Banks and NBFCs to Priority Sector RBI in its Third Bi-Monthly Monetary Policy Statement 2018-19 introduced the Co-origination Model between Banks and Non-Banking Financial Companies – Non-Deposit taking – Systemically Important (NBFC-ND-SIs) for providing competitive credit to priority sector. Based on the feedback received from the …
