Category: RBI
RBI extends deadline for closing of banks current accounts by those availing CC/OD facility RBI, in order to enforce credit discipline amongst the borrowers as well as to facilitate better monitoring by the lenders had put restrictions on opening of current accounts by borrowers having Cash Credit …
RBI cautions the public not to fall prey to fictitious offers of buying/ selling of Old Banknotes and Coins According to the RBI press release, the Apex Bank has come to know that certain elements are fraudulently using the name/ logo of Reserve Bank of India, and seeking …
RBI Retail Direct Scheme: Allowing Retail Investors to Open Gilt Accounts with RBI ‘the RBI Retail Direct’ facility was announced in the Statement of Developmental and Regulatory Policies dated February 05, 2021 for improving ease of access by retail investors through online access to the government securities market – …
Definition of Micro Small and Medium Enterprises – Retail & Wholesale Trade added The Ministry of Micro , Small and Medium Enterprises (MSMEs) has decided to include Retail and wholesale trades as MSMEs and they are allowed to be registered on Udyam Registration Portal. However, benefits to …
Non renewed Fixed Deposits to attract less interest – RBI Directions RBI has revised its Instruction with respect to where a Fixed / Term Deposit matures and remains unpaid/unclaimed As per the existing instruction, if a Term Deposit matures and proceeds are unpaid, the amount of left unclaimed …
RBI issues Guidelines on Managing Risks in Outsourcing of Financial services by Co-operative Banks RBI has observed that the co-operative banks are increasingly using outsourcing as a means for reducing costs as well as for availing specialist expertise, where these are not available internally. The RBI maintains that …
RBI prescribes guidelines on distribution of dividend by NBFCs RBI has prescribed guidelines on distribution of dividend by NBFCs to infuse greater transparency and uniformity in practice. The said guidelines shall be effective for declaration of dividend from the profits of the financial year ending March 31, 2022 …
Gold Metal Loans-Banks to provide option to borrower to repay part of GML in physical gold in lots of one kg or more AS per RBI directions nominated banks are authorized to import gold and designated banks participating in Gold Monetization Scheme, 2015 (GMS) can extend Gold (Metal) …
RBI releases Consultative Document on Regulation of Microfinance. Suggestions/feed back invited RBI, in the Statement on Developmental and Regulatory Policies dated February 5, 2021 released with the fifth Bi-monthly Monetary Policy Statement for 2020-21, announced that a consultative document will be issued for harmonising the regulatory frameworks for various regulated …
RBI issues FAQs on appointment Auditors of Banks, UCBs & NBFCs. Time gaps required, prohibition on Concurrent auditors for appointment as SCAs/SAs In April 2021 RBI had issued Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs). …
