The Reserve Bank of India has extended the date for the public to exchange their pre-2005 banknotes till December 31, 2015. The central bank had, in December 2014, set the last date for public to exchange of these notes as June 30, 2015.RBI further clarified that It is further clarified by the bank that the public…
The increasing incidences of frauds in general and in loan portfolios of banks in particular are the matter of serious concern to all stake holders. Unfortunately, most often banks even after identifying the frauds, take times to file complaints with CBI / Police on the grounds of cheating, misappropriation of funds, diversion of funds etc.…
The Reserve Bank of India made available an illustrative list of Early Warning Signals (EWS) which should alert bank officials about wrongdoings and frauds in loan accounts. In the background of increasing incidences of frauds in general and in loan portfolios in particular, the Reserve Bank of India brought into force the systemized framework for…
The Government of India has provided additional relaxation for the purpose of address in addition to the relaxation in proof of identity under simplified measures of PML rules. Accordingly RBI has notified that the following additional documents are deemed to be Officially Valid Documents (OVD) for proof of address. Utility bill which is not more…
Reserve Bank on Monday (June 8, 2015) released Strategic Debt Restructuring scheme which paves way to ensure more ‘skin in the game’ of promoters. While unveiling the new scheme, RBI has invited reference to its circular dated Feb 26, 2014 on “Framework for Revitalising Distressed Assets in the Economy – Guidelines on Joint Lenders’ Forum…
The new medical reimbursement scheme scheme covers all the existing employees/officers in the bank service and same would also be continued beyond their retirement/superannuation/ resignation etc., subject to payment of stipulated premium by them. New recruits will be covered from their date of joining to the bank. The scheme also includes the benefit of cashless…
In the second bi-monthly monitory policy statement for 2015-16 (02.06.2015), RBI said that on the basis of an assessment of the current and evolving macroeconomic situation, it has been decided to reduce Key policy rates by 25 basis points. reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from…
The Reserve Bank of India in its press release today (May 28,2015) advised banks to encourage large agricultural borrowers such as agricultural commodity processors, traders, millers, aggregators, etc., to hedge their risks related to agricultural commodity prices. Banks provide a number of credit facilities to customers engaged in activities related to agriculture. One of the…
The recognized overseas ECB lenders who are able to mobilise Indian Rupees may extend Rupee denominated loans to Indian companies. The lenders may enter into back-to-back swap transaction with AD-Category-1 banks to facilitate Rupee denominated lending. The recognized non-resident lender (financier from abroad) approaches his overseas bank with a request for a swap rate for…
The non-resident exchange houses from Gulf Countries, Hong Kong and Singapore open Rupee Vostro accounts in AD Category – I banks in India. The Vostro accounts can be used for channeling inward remittances to India primarily on private account. The remitter and the beneficiary (in most cases) should be individuals. The account can be used…