Category: RBI
RBI to withdraw Rs. 2000 Denomination Banknotes from Circulation but Will continue as Legal Tender The Rs. 2000 denomination banknote was introduced in November 2016 primarily to meet the currency requirement in view of demonetisation. The objective of introducing Rs. 2000 banknotes has been stated to met banknotes in …
Penal interest on loan defaults replaced by Penal Charges i.e, no further interest on such charges. RBI releases Draft Circular on Fair Lending Practice – Penal Charges in Loan Accounts The Reserve Bank of India has released the Draft Circular on Fair Lending Practice – Penal Charges in …
Revised Guidelines for Appointment / Re-appointment of Statutory Branch Auditors of Public Sector Banks from Financial year 2022-2023 and onwards. RBI has revised Guidelines for Appointment / Re-appointment of Statutory Branch Auditors of Public Sector Banks and norms on Business Coverage under Statutory Branch Audit of Public Sector …
RBI has revised the remuneration payable to the Statutory Central and Branch Auditors of Nationalized banks effective from the FY 2022-23. The revised remuneration is as under: 1. Remuneration for Central Statutory Audit work of the bank The fees admissible to the SCAs for Audit of the Head/Central …
Customers can do KYC by submission of self-declaration through various non-face–to-face channels or fresh KYC remotely through V-CIP – RBI RBI has rationalised the KYC related instructions taking into account the available technological options for enhancing customers’ convenience within the framework prescribed under the Prevention of Money Laundering …
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 …
