Tag: rbi circular
Financial Institutions to release all property documents and remove charges within 30 days of repayment of loan or to pay compensation – RBI RBI has mandated that Financial Institutions shall have to release all property documents and remove charges within 30 days of repayment of loan or pay …
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 …
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 …
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 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 takes supervisory action on Card Networks – American Express Banking Corp. and Diners Club International Ltd The Reserve Bank of India (RBI) has imposed restrictions on American Express Banking Corp. and Diners Club International Ltd. from on-boarding new domestic customers onto their card networks from May 1, …
RBI allows declaration and payment of dividends by banks for financial year ended March 31 2021. Declaration / Payment of dividends by banks allowed by RBI Earlier, In December 2020 RBI had forbidden banks to make dividend payment for financial year ended March 31 2020. However, RBI has …
RBI modifies Data Format for Furnishing of Credit Information to Credit Information Companies RBI in 2014 prescribed Data Format for Furnishing of Credit Information to Credit Information Companies. (CICs) With a view to streamlining the process of data submission by banks/FIs to CICs, it standardised the formats for …
FAQ on Compliance functions in banks and Role of Chief Compliance Officer (CCO) The other day the RBI had issued Guidelines for Compliance functions in banks and Role of Chief Compliance Officer to bring uniformity in approach followed by banks, as also to align the supervisory expectations on …
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 …