Modified directions of RBI relating to IFSC Banking Units (IBUs)
As per RBI’s latest notification IBUs (IFSC Banking Units) cannot open SB account. IBUs are also prohibited from undertaking cash transactions. They can open foreign currency current accounts (including escrow accounts) of units operating in IFSC and of non-resident institutional investors to facilitate their investment transactions subject to the provisions of FEMA 1999 and other…
Read article RBI launches “Mobile Aided Note Identifier (MANI)”
“MANI” a mobile application is useful for aiding visually impaired persons to identify the denomination of Indian Bank Notes. The Indian banknotes are printed with several features which enable the visually impaired (colour blind, partially sighted and blind people) to identify them, viz., intaglio printing and tactile mark, variable banknote size, large numerals, variable colour,…
Read article RBI tells UCBs to report Large Exposures to Central Repository of Information on Large Credits (CRILC)
To bring cooperative banks closer to the reporting standards of commercial banks, the RBI on December 27, 2019, mandated Urban Co-operative Banks to report credit information, including classification of an account as a special mention account (SMA) to the central repository of information on large credits (CRILC). The CRILC database is used by banks and…
Read article Asset Reconstruction Companies are barred from Acquisition of financial assets from sponsors and lenders
On Friday (December 6), RBI announced that Asset Reconstruction Companies (ARCs) shall not acquire financial assets, from the following on a bilateral basis, whatever may be the consideration. The above restriction is applicable to the following types of ARCs where; a bank/ financial institution which is the sponsor of the ARC; a bank/ financial institution…
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Bank customers can enjoy seamless 24×7 NEFT service on all days (from December 16, onwards)
The Reserve Bank of India advised all the member banks that NEFT service shall be available 24×7 NEFT service including holidays from December 16, 2019, with the first settlement taking place after 00:30 hours on December 16, 2019 (i.e. night of December 15, 2019). The Central Bank advised all the member banks to initiate necessary…
Coming soon: New Pre-Paid Payment Instruments (PPI)
RBI as per the guidelines provided under the Payment and Settlement Act, 2005 defined Prepaid Payment Instruments (PPIs) as instruments of payment that facilitate buying of goods and services, including the transfer of funds, financial service and remittances, against the value stored within or on the instrument. Reserve Bank of India in its Statement on…
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