Category: RBI
RBI extends time for Submission of annual returns by UCBs to 30.09.2020 As per section 31 of the Banking Regulation Act, 1949 read with Section 56 , accounts and balance-sheet together with the auditor’s report are required to be published and furnished as returns to the Reserve Bank …
Value of Plant & Machinery or Equipment for MSMEs new Definition-RBI withdraws its Circular in view of Govt. clarification The Government had recently notified new criteria for classifying MSMEs. The RBI then issued a circular suggesting documents that can be relied upon by banks for arriving at investment …
RBI releases the National Strategy for Financial Education: 2020-2025 Financial education is defined as the possession of the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources. RBI National Strategy for Financial Education: 2020-2025 Objectives To …
RBI revises guidelines for Opening of Current Accounts by Banks. The revised RBI instructions on opening of current accounts by banks are as under: No current A/c if cash credit / overdraft facility have been availed i. No bank shall open current accounts for customers who have availed …
Existing loans to MSMEs classified as ‘standard’ may be restructured without a downgrade in the asset classification Micro, Small and Medium Enterprises (MSME) sector – Restructuring of Advances To support the MSME entities on account of the fallout of Covid-19 pandemic RBI has decided that existing loans to …
RBI releases Financial Stability Report, July 2020 Today, the Reserve Bank released the 21st Issue of the Financial Stability Report (FSR), which reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability, and the resilience of the financial …
Fair Practices Code for Asset Reconstruction Companies – RBI Guidelines RBI has issued ‘Fair Practices Code’ for Asset Reconstruction Companies registered with it. Companies has been advised to adopt the Code to ensure transparency and fairness in their operations. Fair Practices Code for Asset Reconstruction Companies In order …
RBI extends timeline for finalization of audited accounts by NBFC In view of the on-going situation and taking in to account the feedback received from various stakeholders, RBI has decided that every applicable NBFC shall finalise its balance sheet within a period of 3 months from the date …
Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) (Amendment) Regulations, 2020 RESERVE BANK OF INDIA(Foreign Exchange Department)(CENTRAL OFFICE) NOTIFICATION Mumbai, the 15th June,2020 Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) (Amendment) Regulations, 2020 No. FEMA. 395(1)/2020-RB.—In exercise of the powers conferred …
RBI extends timeline for compliance with various payment system requirements Extension of timeline for compliance with various payment system requirements Reserve Bank of India (RBI) had in past issued instructions on Master Direction on Issuance and Operation of Prepaid Payment Instruments (PPI-MD), enhancing security of card transactions, harmonisation …
