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Notifications/Circulars Category : RBI
OBC warns Concurrent Auditors to duly Verify all Outward SWIFT messages
Posted Date : 22-Feb-2018 , 10:21:59 am | Posted By: CASANSAAR

ORIENTAL BANK OF COMMERCE (A GOVERNMENT OF INDIA UNDERTAKING) CORPORATE OFFICE, GURGAON HO/I&C/Circular letter No./41/2017-18 Date: 19.02.2018 To All Concurrent Auditors / Branches / Offices Re: Verification of all Outward SWIFT messages Attention of all concurrent auditors is invited towards the scope & coverage of activities while undertaking audit work of Branches/Clusters/Offices. In this connection, detailed guidelines on scope & coverage of activities have ...

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Category : RBI | Comments : 0 | Hits : 1361

RBI forms committee to measure effectiveness of bank audit in fraud mitigation
Posted Date : 22-Feb-2018 , 10:19:18 am | Posted By: CASANSAAR

Reserve Bank of India (RBI), as part of its ongoing efforts for strengthening of the supervisory framework in the country, has been issuing necessary instructions to banks from time to time on a variety of issues of prudential supervisory concern, including the management of operational risks inherent in the functioning of banks. The risks arising from the potential malicious use of the SWIFT infrastructure, created by banks for their genuine business needs, has always been a component of their ...

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Category : RBI | Comments : 1 | Hits : 14093

Acceptance of coins
Posted Date : 16-Feb-2018 , 10:26:01 am | Posted By: Manya

RBI/2017-18/132 DCM (RMMT) No.2945/11.37.01/2017-18 February 15, 2018 The Chairman and Managing Director / The Managing Director/ The Chief Executive Officer All Banks Dear Sir Acceptance of coins We invite a reference to Paragraph 1 (d) of our Master Circular DCM (NE) No. G - 1/08.07.18/2017-18 dated July 03, 2017 on Facility for Exchange of Notes and Coins where it was advised that none of the bank branches should refuse to accept small denomination notes and / or coins tend...

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Category : RBI | Comments : 0 | Hits : 1173

Resolution of Stressed Assets – Revised Framework
Posted Date : 13-Feb-2018 , 09:36:05 am | Posted By: CASANSAAR

RBI/2017-18/131 DBR.No.BP.BC.101/21.04.048/2017-18 February 12, 2018 All Scheduled Commercial Banks (Excluding Regional Rural Banks (RRB)), All-India Financial Institutions (Exim Bank, NABARD, NHB and SIDBI) Dear Sir/Madam, Resolution of Stressed Assets – Revised Framework 1. The Reserve Bank of India has issued various instructions aimed at resolution of stressed assets in the economy, including introduction of certain specific schemes at different points of time. In vi...

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Category : RBI | Comments : 0 | Hits : 1222

Levy of Penal Interest – Delayed Reporting
Posted Date : 09-Feb-2018 , 09:14:50 pm | Posted By: CASANSAAR

RBI/2017-18/130 DCM (CC) No. 2885/03.35.01/2017-18 February 9, 2018 1. The Chairman & Managing Director / Chief Executive Officer (All Banks having currency chests) 2. The Director Treasuries (State Governments) Madam / Dear Sir, Levy of Penal Interest – Delayed Reporting Please refer to ourMaster Direction DCM (CC) No.G-2/03.35.01/2017-18 dated October 12, 2017on captioned subject. 2. Presently, penal interest is levied for all cases where the bank has enjoyed ...

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Category : RBI | Comments : 0 | Hits : 1178

Relief for MSME Borrowers registered under Goods and Services Tax
Posted Date : 08-Feb-2018 , 08:29:42 am | Posted By: CASANSAAR

RBI/2017-18/129 DBR.No.BP.BC.100/21.04.048/2017-18 February 07, 2018 All banks and NBFCs regulated by the Reserve Bank of India Madam / Dear Sir, Relief for MSME Borrowers registered under Goods and Services Tax (GST) Presently, banks and NBFCs in India generally classify a loan account as Non-Performing Asset (NPA) based on 90 day and 120 day delinquency norms, respectively. It has been represented to us that formalisation of business through registration under GST had adver...

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Category : RBI | Comments : 0 | Hits : 1433

Small Saving Schemes – Payment of Agency Commission
Posted Date : 01-Feb-2018 , 05:05:13 pm | Posted By: Manya

RBI/2017-18/127 DGBA.GBD.No.1972/15.02.005/2017-18 February 01, 2018 All Agency Banks handling Small Saving Schemes Dear Sir / Madam Small Saving Schemes – Payment of Agency Commission Please refer to Government of India Notification F. No. 7/10/2014-NS dated October 10, 2017, wherein, all Public Sector Banks, ICICI Bank Ltd., Axis Bank Ltd., and HDFC Bank Ltd., were authorised to receive subscriptions under National Saving Time Deposit Scheme, 1981, National Saving (Monthl...

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Category : RBI | Comments : 0 | Hits : 1118

Exim Bank's Government of India supported Line of Credit of USD 71.40 million to the Government of Côte d’Ivoire
Posted Date : 25-Jan-2018 , 06:02:55 pm | Posted By: Manya

RBI/2017-18/125 A.P. (DIR Series) Circular No.17 January 25, 2018 All Category – I Authorised Dealer Banks Madam/Sir Exim Bank's Government of India supported Line of Credit of USD 71.40 million to the Government of Côte d’Ivoire Export-Import Bank of India (Exim Bank) has entered into an Agreement on May 22, 2017 with the Government of Côte d'Ivoire for making available to the latter, a Government of India supported Line of Credit (LoC) of USD 71.4 millio...

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Category : RBI | Comments : 0 | Hits : 925

Exim Bank's Government of India supported Line of Credit of USD 100 million to the Government of the Republic of Kenya
Posted Date : 25-Jan-2018 , 06:01:23 pm | Posted By: Manya

RBI/2017-18/124 A.P. (DIR Series) Circular No.16 January 25, 2018 All Category – I Authorised Dealer Banks Madam/Sir Exim Bank's Government of India supported Line of Credit of USD 100 million to the Government of the Republic of Kenya Export-Import Bank of India (Exim Bank) has entered into an agreement dated January 11, 2017 with the Government of the Republic of Kenya for making available to the latter, a Government of India supported Line of Credit (LOC) of USD 100 mill...

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Category : RBI | Comments : 0 | Hits : 909

Formation of new districts in the State of Assam - Assignment of Lead Bank Responsibility
Posted Date : 19-Jan-2018 , 10:49:16 am | Posted By: Manya

RBI/2017-18/122 FIDD.CO.LBS.BC.No.2195/02.08.001/2017-18 January 18, 2018 The Chairmen & Managing Directors/ Chief Executive Officers All Lead Banks Dear Sir/Madam, Formation of new districts in the State of Assam - Assignment of Lead Bank Responsibility The Government of Assam vide Gazette Notifications dated January 25, 2016, February 26, 2016 and August 5, 2016 had notified the creation of eight new districts in the State of Assam. It has been decided to assign the lead bank respo...

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Category : RBI | Comments : 0 | Hits : 1171

Interest rates for Small Savings Schemes - RBI
Posted Date : 12-Jan-2018 , 08:41:01 am | Posted By: CASANSAAR

RBI/2017-18/120 DGBA.GBD.1781/15.02.005/2017-18 January 11, 2018 All Agency Banks handling Small Saving Schemes Dear Sir Interest rates for Small Savings Schemes Please refer to ourcircular DGBA.GBD.954/15.02.005/2017-18 dated October 12, 2017on the above subject. The Government of India, had vide their Office Memorandum (OM) No.F.No.01/04/2016–NS dated December 27, 2017 advised the rate of interest on various small savings schemes for the fourth quarter of the financial ye...

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Category : RBI | Comments : 0 | Hits : 1342

7.75% Savings (Taxable) Bonds, 2018 - Amendments
Posted Date : 10-Jan-2018 , 08:52:19 am | Posted By: CASANSAAR

RBI/2017-18/119 IDMD.CDD.No.1728/13.01.299/2017-18 January 08, 2018 The Chairman & Managing Director State Bank of India & 18 Nationalised Banks Axis Bank Ltd., ICICI Bank Ltd., HDFC Bank Ltd., Stock Holding Corporation of India ltd.(SHCIL) Dear Sir/Madam, 7.75% Savings (Taxable) Bonds, 2018 - Amendments Please refer to ourCircular RBI/2017-18/114 IDMD.CDD.No.1671/13.01....

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Category : RBI | Comments : 0 | Hits : 1336

Submission of Financial Information to Information Utilities
Posted Date : 05-Jan-2018 , 10:09:47 am | Posted By: Manya

RBI/2017-18/115 DNBR.PD(ARC)CC.No.05/26.03.001/2017-18 January 04, 2018 The Chairman/ Managing Director/ Chief Executive Officer All registered Asset Reconstruction Companies Dear Sir/Madam, Submission of Financial Information to Information Utilities Please refer to circular DBR.No.Leg.BC.98/09.08.019/2017-18 dated December 19, 2017 on the captioned subject. Instructions contained therein are applicable to all registered Asset Reconstruction Companies (ARCs) a...

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Category : RBI | Comments : 0 | Hits : 1170

Refinancing of External Commercial Borrowings
Posted Date : 05-Jan-2018 , 10:08:07 am | Posted By: Manya

Attention of Authorized Dealer Category - I (AD Category - I) banks is invited to paragraph 2 of the Statement on Developmental and Regulatory Policies issued along with the Fifth Bi-monthly Monetary Policy Statement for 2017-18. In terms of the extant provisions in paragraphs 2.15 and 2.16 (xiii) of Master Direction No.5 dated January 1, 2016 on “External Commercial Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised ...

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Category : RBI | Comments : 0 | Hits : 1119

XBRL Returns – Harmonization of Banking Statistics
Posted Date : 05-Jan-2018 , 10:06:20 am | Posted By: Manya

The Reserve Bank of India had constituted an inter-departmental Task-force in December 2014, to provide “harmonised” definitions of major balance sheet/ profit and loss/ off-balance sheet items covered in the banking/ regulatory returns received across RBI departments. A set of harmonised definitions for 106 data elements reported in multiple returns was released vide press release dated March 30, 2017. The Reserve Bank has now harmonized the definitions for another set of 83 data el...

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Category : RBI | Comments : 0 | Hits : 1229

Master Direction – Foreign Investment in India
Posted Date : 05-Jan-2018 , 10:04:18 am | Posted By: Manya

Foreign Investment in India is regulated in terms of clause (b) sub-section 3 of section 6 and section 47 of the Foreign Exchange Management Act, 1999 (FEMA) read with Foreign Exchange Management (Transfer or Issue of a Security by a Person resident Outside India) Regulations, 2017 issued vide Notification No. FEMA 20(R)/2017-RB dated November 7, 2017. These Regulations are amended from time to time to incorporate the changes in the regulatory framework and published through amendment noti...

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Category : RBI | Comments : 0 | Hits : 1430

7.75% Savings (Taxable) Bonds, 2018
Posted Date : 04-Jan-2018 , 11:47:10 am | Posted By: Manya

It has been decided by the Government of India to issue 7.75% Savings (Taxable) Bonds, 2018 with effect from January 10, 2018 in terms of GoI notification F.No.4(28) - W&M/2017 dated January 03, 2018. A copy of the Government Notification is enclosed. The salient features of the Bond are detailed below. A copy of the Circular, Government Notification and Press Release with regard to this Scheme also have been placed on our website (www.rbi.org.in). ...

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Category : RBI | Comments : 0 | Hits : 1598

Cessation of 8 percent GoI Savings (Taxable) Bonds 2003
Posted Date : 02-Jan-2018 , 05:59:25 pm | Posted By: Manya

Government of India Ministry of Finance Department of Economic Affairs Budget Division, (W&M Section) New Delhi, January 01, 2018 Notification Cessation of 8 percent GoI Savings (Taxable) Bonds 2003 No.F.4(10)-W&M/2003 : The Government of India, hereby notifies that the 8 percent GoI Savings(Taxable) Bonds, 2003 as per Notification F.4(10)-W&M/2003, dated March 21, 2003 shall cease for subscription with effect from the close of business on Tuesday, the 2n...

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Category : RBI | Comments : 0 | Hits : 1014

Prompt implementation of Governments’ instructions by agency banks
Posted Date : 22-Dec-2017 , 08:55:47 am | Posted By: CASANSAAR

RBI/2017-18/111 DGBA.GBD/1616/15.02.005/2017-18 December 21, 2017 All Agency Banks Dear Sir / Madam, Prompt implementation of Governments’ instructions by agency banks It is brought to our notice that some agency banks are not adhering to instructions/ notifications issued by Government (Central as well as States) promptly by stating that further communications have not been received by them from RBI. 2. In this connection, all agency banks are advised to scrupulously fo...

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Submission of Financial Information to Information Utilities - RBI
Posted Date : 19-Dec-2017 , 02:35:30 pm | Posted By: Manya

RBI/2017-18/110 DBR.No.Leg.BC.98/09.08.019/2017-18 December 19, 2017 All Scheduled Commercial Banks (Including RRBs), Small Finance Banks, Local Area Banks, All Co-operative Banks, All NBFCs and All India Financial Institutions Dear Sir/Madam Submission of Financial Information to Information Utilities According to Section 215 of Insolvency and Bankruptcy Code (IBC), 2016, a financial creditor shall submit financial information and information relating to assets in relation to...

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Category : RBI | Comments : 1 | Hits : 12567

Customer Protection - Limiting Liability of Customers of Co-operative Banks in Unauthorised Electronic Banking Transactions
Posted Date : 14-Dec-2017 , 05:51:27 pm | Posted By: Manya

RBI/2017-18/109 DCBR.BPD.(PCB/RCB).Cir.No.06/12.05.001/2017-18 December 14, 2017 The Chief Executive Officer All Primary (Urban) Co-operative Banks/ All State Co-operative Banks/ All District Central Co-operative Banks Madam / Dear Sir, Customer Protection - Limiting Liability of Customers of Co-operative Banks in Unauthorised Electronic Banking Transactions Please refer to our circular UBD.BSD.I/PCB/No.45/12.05.00/2001-02 dated May 30, 2002 and para 13 of circular RPCD.CO.RCB...

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Category : RBI | Comments : 0 | Hits : 1133

Settlement of Agency transactions in certain cases (for Funds and Agency Commission) directly from Reserve Bank of India
Posted Date : 07-Dec-2017 , 06:36:52 am | Posted By: Manya

RBI/2017-18/107 DGBA.GBD.No-1498/31.02.007/2017-18 December 7, 2017 The Chairman/ Managing Director/ Chief Executive Officer/ Agency Banks Dear Sir/ Madam As per the existing arrangements in certain states, in certain cases, some agency banks are routing their agency transactions of state governments through another agency bank, that acts as an aggregator, that in turn settles these agency transactions with concerned Regional Office of RBI for both receipts and paym...

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Category : RBI | Comments : 0 | Hits : 1380

Rationalisation of Merchant Discount Rate (MDR) for Debit Card Transactions
Posted Date : 07-Dec-2017 , 12:30:41 am | Posted By: Manya

RBI/2017-18/105 DPSS.CO.PD No. 1633/02.14.003/2017-18 December 06, 2017 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks / Payment Banks and Small Finance Banks /All Card Network Providers ...

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Category : RBI | Comments : 0 | Hits : 1635

Reporting of Transactions by agency banks to RBI
Posted Date : 01-Dec-2017 , 09:44:09 am | Posted By: CASANSAAR

RBI/2017-18/103 DGBA.GBD.1472/31.02.007/2017-18 November 30, 2017 All Agency Banks Dear Sir Reporting of Transactions by agency banks to RBI It has been brought to our notice that some agency banks are reporting government transactions after considerable delay and along with the current transactions to RBI, without taking necessary authorisation from the concerned government departments. 2....

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Category : RBI | Comments : 0 | Hits : 1755

Conversion of debt into equity- Review
Posted Date : 24-Nov-2017 , 08:26:05 am | Posted By: CASANSAAR

RBI/2017-18/101 DNBR.PD(ARC)CC. No.04/26.03.001/2017-18 November 23, 2017 The Chairman/ Managing Director/ Chief Executive Officer All registered Asset Reconstruction Companies Dear Sir/Madam, Conversion of debt into equity- Review Please refer to ourCircular DNBS(PD)CC.No. 35/SCRC/26.03.001/2013-14 dated January 23, 2014on the above subject. 2. On a review of the limit imposed on shareholding of the post converted equity of the borrower company under reconstruction by Asse...

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Category : RBI | Comments : 0 | Hits : 1829

Special Deposit Scheme (SDS)-1975 Payment of interest for calendar year 2017
Posted Date : 24-Nov-2017 , 08:25:17 am | Posted By: CASANSAAR

RBI/2017-18/100 DGBA.GBD.No.1387/15.01.001/2017-18 November 23, 2017 The Chairman/Managing Director/Chief Executive Officer/ Agency Banks Handling the Special Deposit Scheme 1975 Dear Sir Special Deposit Scheme (SDS)-1975 Payment of interest for calendar year 2017 We want to inform that gazette notifications related to interest rates for SDS 1975 are available in Government of India website viz.egazette.nic.inwhich can be perused for guidance. You may please ensure that interes...

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Category : RBI | Comments : 0 | Hits : 1786

Auction for Sale (Re-issue) of Government Stock (GS)
Posted Date : 22-Nov-2017 , 05:58:58 pm | Posted By: Manya

Subject to the limit of ` 15000 Cr, being total notified amount, GoI will have the option to retain additional subscription up to ` 1000 Cr against any of the above security. The sale will be subject to the terms and conditions spelt out in this notification (called ‘Specific Notification’). The Stock will be sold through Reserve Bank of India, Mumbai Office, Fort, Mumbai- 400 001 as per the terms and conditions specified in the General Notification F.No.4(13)–W&M/2008,...

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Category : RBI | Comments : 0 | Hits : 1191

Auction of Government of India Dated Securities
Posted Date : 22-Nov-2017 , 05:50:55 pm | Posted By: Manya

RBI/2017-18/98 Ref.No.IDMD/1243/08.02.032/2017-18 November 20, 2017 All Scheduled Commercial Banks All State Co-operative Banks/All Scheduled Primary (Urban) Co-operative Banks /All Financial Institutions/ All Primary Dealers....

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Category : RBI | Comments : 0 | Hits : 1135

Over-the-Counter Government Securities Transaction by Foreign Portfolio Investors (FPIs)
Posted Date : 17-Nov-2017 , 08:08:17 am | Posted By: CASANSAAR

RBI/2017-18/97 FMRD.DIRD.05/14.03.007/2017-18 November 16, 2017 All market participants Dear Sir/Madam, Over-the-Counter Government Securities Transaction by Foreign Portfolio Investors (FPIs) – Settlement Period In terms of RBIcircular FMRD.DIRD.06/14.03.007/2014-15 dated March 20, 2015, Foreign Portfolio Investors (FPIs) are required to settle transactions in Government Securities in the Over-the-Counter-(OTC) market on a T+2 basis. 2. As announced in paragraph 13 of t...

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Category : RBI | Comments : 0 | Hits : 991

Secondary market transactions in Government Securities – Notional Short Sale
Posted Date : 17-Nov-2017 , 08:07:27 am | Posted By: CASANSAAR

RBI/2017-18/96 FMRD.DIRD.04/14.03.007/2017-18 November 16, 2017 All market participants Dear Sir/Madam, Secondary market transactions in Government Securities – Notional Short Sale In terms of RBIcirculars IDMD.PCD.21/14.03.07/2011-12 dated June 21, 2012, andIDMD.PCD.14/14.03.07/2011-12 dated December 28, 2011market participants undertaking ‘notional’ short sale are not permitted to use securities from their HTM/AFS/HFT portfolio for delivery against the short s...

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Category : RBI | Comments : 0 | Hits : 1108

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