Overseas citizen of India (OCI) and Person of Indian origin (PIO)
The government of India vide Gazette notification no.26011/01/2014-IC-I dated 9.1.2015 notified that all the existing ‘Person of Indian Origin’ (PIO) card holders shall be deemed to be Overseas Citizen of India (OCI) card holders under Indian Citizenship Act of 1955. Now let us find out what it means to foreigners of Indian origin. Meaning of…
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What are the documents required for opening Current Accounts in banks?
As per the existing RBI guidelines, the banks cannot open the current account of prospective customers without obtaining a ‘No-objection letter’ from the lending banks and in case no response is received from the existing bankers after a minimum waiting period of a fortnight. The Reserve Bank of India in their notification informed that they…
Read articleOvernight MIBID/MIBOR benchmark will be revised from July 22, 2015
The Reserve Bank of India announced today (02/07/2015) that the methodology for the FIMMDA-NSE-Overnight Mumbai Interbank Bid/Offer Rate (Overnight MIBID/MIBOR) benchmark will be revised from July 22, 2015. The newly constituted entity ‘The Financial Bench Marks India Pvt. Ltd (FBIL)’ is also stated that it is taking over the administration of the benchmark, replacing the…
Read articleCirculation of pre-2005 Currency notes extended up to December 31, 2015
The Reserve Bank of India has extended the date for the public to exchange their pre-2005 banknotes till December 31, 2015. The central bank had, in December 2014, set the last date for public to exchange of these notes as June 30, 2015.RBI further clarified that It is further clarified by the bank that the public…
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Fraud Risk Management in Banks
The increasing incidences of frauds in general and in loan portfolios of banks in particular are the matter of serious concern to all stake holders. Unfortunately, most often banks even after identifying the frauds, take times to file complaints with CBI / Police on the grounds of cheating, misappropriation of funds, diversion of funds etc.…
What are the valid address proof documents for KYC?
The Government of India has provided additional relaxation for the purpose of address in addition to the relaxation in proof of identity under simplified measures of PML rules. Accordingly RBI has notified that the following additional documents are deemed to be Officially Valid Documents (OVD) for proof of address. Utility bill which is not more…
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