Exchange Traded Currency Derivatives (ETCD) market: Revised guidelines
Risk Management and Inter-bank Dealings: Revised Guidelines relating to the Exchange Traded Currency Derivatives (ETCD) market At present, domestic participants are allowed to take a long (bought) as well as short (sold) position upto USD 10 million per exchange. As a measure of further liberalisation, RBI amended the provision in terms of its circular No.…
Read articleSpecial clearings in Banks on 30th & 31 March 2015
Details of Special Clearing operations on March 30 and 31, 2015 at all clearing houses.(For RTGS/NEFT- extended time window will be indicated through the respective system). March 30, 2015(Monday): Normal Clearing as followed on any working Monday plus a Special Clearing exclusively for Government transactions (receipts and payments) with return clearing on the same day…
Read articleExtension of bank hours on 30th and 31st of March 2015
Banks shall keep the counters open for Transactions of Central/State Governments on 30th (full day)/ 31st March 2015 (till 8 p.m) and all electronic transactions till midnight of 31st March. RBI in its circular dated 25.03.2015 instructed that all agency banks shall keep the counters of their designated branches conducting government business open for full…
Read articleRBI releases Names of Applicants of Trade Receivables Discounting System (TReDS)
The Reserve Bank of India on 25.03.2015 released the names of applicants who have applied for setting up Trade Receivables Discounting System (TReDS). These are: Sr.No. Name of the entity NSE Strategic Investment Corporation Limited (NSIC) and Small Industries Development Bank of India (SIDBI), Mumbai Trade Receivables Exchange (Group of Banking Professionals), Mumbai Axis Bank…
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New Pension System (NPS): Is it provides you peaceful retirement plan?
The ‘New Pension System (NPS)’ is a contribution-based pension scheme initiated by Government of India for the purpose of delivering income security to all citizens at their old age. According to a good number of financial advisers ‘New Pension System (NPS)’ is the most cost effective mode of retirement planning. Here we discuss the investment…
What is relaxed KYC norm for proprietary concerns?
In case of opening accounts of proprietorship concerns, apart from customer identification procedure as applicable to the proprietor, banks and financial institutions call for and verify the activity proof of the concern. The default rule under KYC is that any two documents, out of following documents listed in paragraph 2.5(h) of RBI Master Circular should…
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