RBI stipulations for refinancing exposures under prudential norms
In terms of instructions contained in RBI circular DBOD.No.BP.BC.107/21.04.048/2013-14 dated April 22, 2014 and A.P. (DIR Series) Circular No.129 dated May 9, 2014, Indian companies are not permitted to raise external commercial borrowings (ECB) from overseas branches / subsidiaries of Indian banks for the purpose of refinance / repayment of the rupee loans raised from…
Read articleRevision of interest rates for small savings (SCSS/PPF/Kisan Vikas Patra/Sukanya Samriddhi Acccount)
Revision of interest rates for Small Savings Schemes (SCSS/PPF/KVP/Sukanya Samriddhi Account) The Government of India have vide their Office Memorandum (OM) No.6/01/2011-NS.II dated March 31, 2015, advised the rate of interest on various small savings schemes for the financial year 2015-16. Accordingly, the rates of interest on PPF 1968, SCSS 2004, Kisan Vikas Patra &…
Read articleMerger of ING Vysya Bank with Kotak Mahindra Bank from April 1,2015
RBI approves ING Vysya Bank Ltd.- Kotak Mahindra Bank Ltd. Amalgamation. The Scheme of amalgamation has been sanctioned in exercise of the powers contained in Sub-section (4) of Section 44A of the Banking Regulation Act, 1949. The Scheme will come into force with effect from April 1, 2015. All the branches of ING Vysya Bank Ltd.…
Read article
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…
Extension 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 article