The Reserve Bank of India (RBI) on Thursday extended the deadline to comply with new card storage rules by another six months till 30th June 2022, following requests from industry bodies and other stakeholders. “In light of various representations received in this regard, we advise…the timeline for storing of a card on file (CoF) data…
The Reserve Bank of India has today issued the Prompt Corrective Action (PCA) Framework for Non-Banking Financial Companies (NBFCs). In a notification on its website, the RBI said the new framework; the first of its kind for NBFCs will come into effect from October 1 next year. It may be recalled that the revised Prompt…
All Scheduled Commercial Banks other than foreign banks, Small Finance Banks, Payment Banks, and Regional Rural Banks incorporated in India who have met regulatory capital requirement (including regulatory buffer) are permitted to infuse capital in overseas branches and subsidiaries and retention/ repatriation/ transfer of profits in these centres by banks incorporated in India. Banks that…
In the Statement on Developmental and Regulatory Policies on December 8, 2021, the Reserve Bank of India announced an increase in the UPI Transaction Limit for Specified Categories.The statement said that the ‘Reserve Bank has been making efforts to facilitate greater participation of retail customers in financial markets, e.g. investment in the G-secs segment through…
In today’s (08.12.2021) MPC meeting, the Reserve Bank of India decided to maintain the policy repo rate under the liquidity adjustment facility (LAF) on hold at 4.0 percent. The Monetary Policy Committee of the Reserve Bank of India has also decided to maintain the status quo on all other key policy rates. RBI had…
The Reserve Bank of India has noted that some cooperative societies are using the word ‘bank’ in their names, in contravention of the Banking Regulation Act. Some cooperative societies are even accepting deposits from non-members/nominal members/associate members without any licensing or approval from the central bank, which is tantamount to conducting banking business in violation…
The Reserve Bank on Friday (12.11.2021) announced the activation of the RBI Retail Direct (RBI-RD) Scheme with effect from today. RBI-RD Scheme will bring G-secs such as Government of India Treasury Bills; Government of India dated securities; Sovereign Gold Bonds (SGB); and State Development Loans (SDLs), within easy reach of the common man by simplifying…
With the expectation that the publication of the London Interbank Offered Rate (LIBOR) as a benchmark rate will cease by the end of 2021, RBI permitted banks to offer interest rates on FCNR (B) deposits using widely accepted ‘Overnight Alternative Reference Rate (ARR)* for the respective currency’ with upward revision in the interest rates ceiling…
( The intent of the clubbing provision is to control tax evasion arising out of the transfer of assets and income to the spouse. Clubbing provisions of the income tax act also apply to assets or income transferred to the minor children from parents and from father in law to daughter in law, also to…
The Reserve Bank of India on Thursday made announcement amendments to Gold Monetization Scheme, 2015 with immediate effect. According to the latest notification, a new subparagraph 2.2.2 (f) has been inserted to read as the ‘Interest on premature closure of the deposit in case of death of the depositor before and after the lock-in period’.…