MPC meeting rescheduled & MSF Relaxation extended till 31, March 2021

September 28, 2020 (Mumbai): The meeting of the Monetary Policy Committee (MPC) during September 29, 30 and October 1, 2020 as announced by RBI vide Press Release 2019-2020/2248 dated April 20, 2020 is being rescheduled. The Central Bank communication said that the dates of the MPC’s meeting will be announced shortly. Marginal Standing Facility (MSF)…

RBI asks full automation of Income Recognition, Asset Classification and Provisioning processes in banks

Reserve Bank of India today asked all the banks that they should ensure that the asset classification status is updated as part of day end process. Banks should also be able to generate classification status report at any given point of time with actual date of classification of assets as NPAs/NPIs. In any exceptional circumstance…

RBI marks rules for appointment of chief compliance officers (CCO) of banks and and their role functions

Today, RBI in its notification said that an independent compliance function is required to be headed by a designated Chief Compliance Officer (CCO) of banks, selected through a suitable process with an appropriate ‘fit and proper’ evaluation/selection criteria to manage compliance risk effectively.The Central Bank also directed all the banks to lay down a board-approved…

The K.V.Kamath committee constituted by RBI names 26 sectors for restructuring: COVID 19 related stress

Based on the report of the Expert Committee (K.V.Kamath Committee) on Resolution Framework for Covid-19 related Stress the Reserve Bank of India (RBI) on Monday announced the financial parameters for the resolution plans under the scheme. The Committee has recommended financial parameters that, inter alia, include aspects related to leverage, liquidity, and debt serviceability. The…

Revised LFAR format with audit scope on areas of credit risk, market risk, operational risk, capital adequacy among others

RBI on Saturday announced the revised long format audit report (LFAR) norms with the scope of the mandate of an audit covering areas of ‘Credit risk’, ‘market risk’, assurance functions and operational risk areas’, ‘capital adequacy’ and ‘going concern and liquidity risk assessment’, among others. This may also involve commenting on various risks to which…