Bank customers can now lodge single window on-line complaint to RBI

RBI today (June 24, 2019) launched the “Complaint Management System (CMS)” to facilitate grievance redressal process. CMS portal is a software application through which public can access at RBI website to lodge their online complaints against any of the entities regulated by RBI with public interface such as commercial banks, Urban Co-operative banks, Non-Banking Financial…

Opening of Foreign Currency Accounts by Re-insurance and Composite Insurance brokers

In terms of notification No. FEMA 10(R)(2)/2019-RB dated February 27, 2019, the Reserve Bankof India  on April 2019 advised all ategory – I Authorised Dealers and Authorised Banks that they may open interest free foreign currency accounts for reinsurance brokers. A According to the notification, re-insurance and composite insurance brokers registered with IRDA may open…

RBI’s disclaimer note on merger of Lakshmi Vilas Bank (LVB) and Indiabulls Housing Finance Limited (IBHFL)

Reserve Bank of India (RBI) in its press release announced that it has learnt merger of Lakshmi Vilas Bank (LVB) and Indiabulls Housing Finance Limited (IBHFL)through media. As per media news above entities have made a merger announcement on April 5, 2019 with approval of their respective Boards. RBI’s disclaimer said that a section of…