Category Archives: RBI

Sovereign Gold Bond Scheme 2018-19 Series I : Key Features

By | April 14, 2018

Sovereign Gold Bond Scheme 2018-19 Series I RBI/2017-18/163 IDMD.CDD.No.2651/14.04.050/2017-18 April 13, 2018 The Chairman & Managing Director All Scheduled Commercial Banks, (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India Ltd.( SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereign Gold Bond Scheme 2018-19 Series I Government of… Read More »

Category: RBI

Sovereign Gold Bond Scheme 2018-19 Series-I, Operational Guidelines

By | April 14, 2018

Sovereign Gold Bond Scheme 2018-19 Series-I, Operational Guidelines Reserve bank of India has issued Sovereign Gold Bond Scheme 2018-19 Series-I, Operational Guidelines RBI/2017-18/164 IDMD.CDD.No.2652/14.04.050/2017-18 April 13 2018 The Chairman & Managing Director All Scheduled Commercial Banks (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India ltd.(SHCIL) National Stock Exchange of India Ltd. & Bombay Stock… Read More »

Sovereign Gold Bond 2018-19 : Series-I.

By | April 14, 2018

Ministry of Finance ​The ​Government of India, in consultation with the Reserve Bank of India, decide​s​ to issue Sovereign Gold Bond, 2018-19-Series-I​;​ Applications for the ​B​ond​(s)​ will be accepted from 16th to 20th April, 2018​;​ The Certificate of Bond (s)​ to be issued on May 04, 2018​; ​The Bonds ​to be sold through banks, Stock… Read More »

Section 177 of Finance Act 2018 : Amendment of section 55

By | April 1, 2018

Section 177 of Finance Act 2018 [Section 177 of Finance Act 2018 deals with Amendment of section 55 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 55 177. In section 55 of the principal Act,— (i) in sub-section (1), the words “the Reserve Bank and in consultation with” shall be omitted; (ii) in sub-section (3), the… Read More »

Section 175 of Finance Act 2018 : Amendment of section 43

By | April 1, 2018

Section 175 of Finance Act 2018 [Section 175 of Finance Act 2018 deals with Amendment of section 43 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 43 175. In section 43 of the principal Act, in sub-section (5), the words, figures and letters “, without prejudice to the provisions of section 54AA of the Reserve Bank… Read More »

Section 173 of Finance Act 2018 : Amendment of section 39

By | April 1, 2018

Section 173 of Finance Act 2018 [Section 173 of Finance Act 2018 deals with Amendment of section 39 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 39 173. In section 39 of the principal Act, in clause (ii), for the words “the Reserve Bank”, the words “the Central Government” shall be substituted. Finance Act 2018 :… Read More »

Section 172 of Finance Act 2018 : Amendment of section 37

By | April 1, 2018

Section 172 of Finance Act 2018 [Section 172 of Finance Act 2018 deals with Amendment of section 37 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 37 172. In section 37 of the principal Act, in sub-sections (1) and (2), for the words “the Reserve Bank” at both the places where they occur, the words “the… Read More »

Section 166 of Finance Act 2018 : Amendment of section 6

By | April 1, 2018

Section 166 of Finance Act 2018 [Section 166 of Finance Act 2018 deals with Amendment of section 6 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 6 166. In section 6 of the principal Act,— (a) in sub-section (1),— (i) in clause (ca), the words “the Reserve Bank,” shall be omitted; (ii) in clause (d), for… Read More »

Section 165 of Finance Act 2018 : Amendment of section 5

By | April 1, 2018

Section 165 of Finance Act 2018 [Section 165 of Finance Act 2018 deals with Amendment of section 5 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 5 165. In section 5 of the principal Act, in sub-section (5), the words “, in consultation with the Reserve Bank, or the Reserve Bank,” shall be omitted. Finance Act… Read More »

Section 167 of Finance Act 2018 : Amendment of section 7

By | April 1, 2018

Section 167 of Finance Act 2018 [Section 167 of Finance Act 2018 deals with Amendment of section 7 and is covered in CHAPTER VIII MISCELLANEOUS] Amendment of section 7 167. In section 7 of the principal Act, in sub-sections (1), (3) and (4), the words “, in consultation with the Reserve Bank,” shall be omitted. Finance Act 2018… Read More »

RTGS and NEFT will continue till midnight on March 31, 2018 : RBI

By | March 28, 2018

RBI/2017-18/144 DGBA.GBD.No.2388/42.01.029/2017-18 March 27, 2018 All agency banks Dear Sir / Madam Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2017-18) The Government of India has desired that all government transactions with banks for Financial Year 2017-18 must be accounted for within the… Read More »

Category: RBI

RBI Special Clearing operations on March 31, 2018

By | March 28, 2018

RBI/2017-18/145 DPSS.CO.CHD.No./2707/03.01.03/2017-18 March 28, 2018 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including Regional Rural Banks/ Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/Local Area Banks Madam / Dear Sir, Special Clearing operations on March 31, 2018 A reference is invited to the circular issued… Read More »

Category: RBI

RBI norms for Reporting Govt Transactions of March 2018

By | March 20, 2018

Reporting and Accounting of Central Government Transactions of March 2018 RBI/2017-18/142 DGBA.GBD.No.2324/42.01.029/2017-18 March 19, 2018 All Agency Banks Dear Sir / Madam, Reporting and Accounting of Central Government Transactions of March 2018 Please refer to Circular DGBA.GAD.No. 2376/42.01.029/2016-17 dated March 16, 2017 advising the procedure to be followed for reporting and accounting of Central Government transactions (including… Read More »

Category: RBI

Agency commission payable to banks for operating Special Deposit Scheme (SDS)

By | March 15, 2018

Agency commission payable to banks for operating Special Deposit Scheme (SDS) RBI/2017-18/140 DGBA.GBD.2294/15.01.001/2017-18 March 15, 2018 All Agency Banks handling Special Deposit Scheme Dear Sir, Agency commission payable to banks for operating Special Deposit Scheme (SDS) Please refer to para 2 of our Master Circular RBI/2017-18/2 dated July 1, 2017 on Conduct of Government Business by Agency… Read More »

Category: RBI

RBI Discontined LOU and LOC for Trade Credits

By | March 14, 2018

Discontinuance of Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits RBI/2017-18/139 A.P. (DIR Series) Circular No. 20 March 13, 2018 All Authorised Dealer Category – I Banks Madam/ Sir Discontinuance of Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits Attention of Authorised Dealer Category – I (AD… Read More »

Category: RBI

Bank Audit-A Practical Guide for Bank Auditors -4th Edition Book 2018 : Taxmann

By | March 9, 2018

Bank Audit-A Practical Guide for Bank Auditors Description Incorporating: Practical Guidance on LOUs and Swift Relaxed NPA norms for MSME GST registered units (Cir. 07-02-2018) Audit Checklists for SDR,S4A and Revised Resolution Framework (Cir. 12-02-2018) Practical guidance on NPA identification and provisioning including Agricultural loans Comprehensive Branch Audit Programme FY 2017-18 Guidance in Planning and… Read More »

Ombudsman Scheme for Non-Banking Financial Companies, 2018

By | February 28, 2018

DEPUTY GOVERNOR Ombudsman Scheme for Non-Banking Financial Companies, 2018 NOTIFICATION Ref.CEPD.PRS.No.3590/13.01.004/2017-18 February 23, 2018 In exercise of the powers conferred by Section 45L of the Reserve Bank of India Act, 1934, the Reserve Bank of India (RBI) being satisfied that for the purpose of enabling it to promote conducive credit culture among the Non Banking… Read More »

Category: RBI

No bank can refuse Acceptance of small coins and Notes : RBI

By | February 28, 2018

RBI/2017-18/132 DCM (RMMT) No.2945/11.37.01/2017-18 February 15, 2018 The Chairman and Managing Director / The Managing Director/ The Chief Executive Officer All Banks Dear Sir Acceptance of coins We invite a reference to Paragraph 1 (d) of our Master Circular DCM (NE) No. G – 1/08.07.18/2017-18 dated July 03, 2017 on Facility for Exchange of Notes and Coins… Read More »

Risk Management and Inter-bank Dealings: Revised guidelines relating to participation of a person resident in India and Foreign Portfolio Investor (FPI) in the Exchange Traded Currency Derivatives (ETCD) Market

By | February 26, 2018

RBI/2017-18/134 A. P. (DIR Series) Circular No. 18 February 26, 2018 All Category – I Authorised Dealer banks Madam/Sir, Risk Management and Inter-bank Dealings: Revised guidelines relating to participation of a person resident in India and Foreign Portfolio Investor (FPI) in the Exchange Traded Currency Derivatives (ETCD) Market Attention of Authorized Dealers Category – I… Read More »

Category: RBI

Ombudsman Scheme for Non-Banking Financial Companies, 2018 – Appointment of the Nodal Officer/Principal Nodal Officer

By | February 23, 2018

RBI/2017-18/133 DNBR.PD.CC.No 091/03.10.001/2017-18 February 23, 2018 All NBFCs Madam/ Dear Sir, Ombudsman Scheme for Non-Banking Financial Companies, 2018 – Appointment of the Nodal Officer/Principal Nodal Officer The Reserve Bank of India (RBI) has brought into operation today the Ombudsman Scheme for Non-Banking Financial Companies, 2018 (The Scheme). The Scheme is available on the RBI website http://www.rbi.org.in. The Non-Banking… Read More »

Category: RBI

Sovereign Gold Bond Scheme : Now to be Issued Weekly

By | October 11, 2017

RBI/2017-18/71 IDMD.CDD.No.929/14.04.050/2017-18 October 06, 2017 The Chairman & Managing Director All Scheduled Commercial Banks, (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India Ltd.(SHCIL) National Stock Exchange of India Ltd. & Bombay Stock Exchange Ltd. Dear Sir/Madam, Sovereign Gold Bond Scheme Government of India has vide its Notification F.No. 4(25)-B/(W&M)/2017 dated October 06, 2017 announced… Read More »

Sovereign Gold Bond Scheme 2017 -18– Series-III 

By | October 8, 2017

Sovereign Gold Bond Scheme 2017 -18– Series-III Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds 2017-18 – Series-III. Applications for the bond will be accepted from October 09, 2017 to December 27, 2017. The Bonds will be issued on the succeeding Monday after each subscription… Read More »

Category: RBI

Govt of India Justified 99% return of Old Currency Notes after Demonetization

By | August 30, 2017

Finance Ministry: Demonetization immensely beneficial to Indian Economy and People  The Government of India decided to cancel the Legal Tender Status of Rs.1000 and Rs.500 denomination currency notes on 8thNovember 2016 with several objectives: (i) flushing out black money, (ii) eliminate Fake Indian Currency Notes (FICN), (iii) to strike at the root of financing of… Read More »

Category: RBI

New Rs 50 banknote released by RBI

By | August 20, 2017

RBI Introduces Rs 50 banknote in Mahatma Gandhi (New) Series The Reserve Bank of India will shortly issue ₹ 50 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India. The new denomination has motif of Hampi with Chariot on the reverse, depicting the country’s cultural heritage.… Read More »

Sovereign Gold Bond Scheme 2017-18– Series II from 10.07.2017 to 14.07.2017

By | July 6, 2017

Government of India in consultation with RBI decides to issue Sovereign Gold Bond Scheme 2017-18– Series II; Applications for the bond will be accepted from July 10, 2017 to July 14, 2017; The Bonds will be issued on July 28, 2017.  Government of India, in consultation with the Reserve Bank of India, has decided to… Read More »

RBI releases Handbook of Statistics on Indian States 2016-17

By | June 27, 2017

Date : Jun 24, 2017 Today, the Reserve Bank of India released the second edition of its statistical publication titled “Handbook of Statistics on Indian States 2016-17”. Through this publication, the Reserve Bank has been disseminating wide-ranging data on the regional economy of India. This publication follows the ‘one indicator-one table’ approach and in 129… Read More »

Category: RBI

Exclusion of “The Royal Bank of Scotland N.V.” from Second Schedule to RBI Act, 1934

By | June 24, 2017

RBI/2016-17/325 DBR.No.Ret.BC.75/12.07.150/2016-17 June 22, 2017 All Scheduled Commercial Banks Dear Sir, Exclusion of “The Royal Bank of Scotland N.V.” from the Second Schedule to the Reserve Bank of India Act, 1934 We advise that the “The Royal Bank of Scotland N.V.” has been excluded from the Second Schedule to the Reserve Bank of India Act,… Read More »

Category: RBI

Give detailed narrations in Bank Passbooks : RBI to all Banks

By | June 24, 2017

Recording of Details of Transactions in Passbook/ Statement of Account RBI/2016-17/326 DBR.No.Leg.BC.76/09.07.005/2016-17 June 22, 2017 All Scheduled Commercial Banks (including RRBs) All Small Finance Banks and Payments Banks Dear Sir/ Madam, Recording of Details of Transactions in Passbook/ Statement of Account Please refer to instructions contained in Paragraphs 6 and 7 of our circular DBOD.No.Leg.BC.74/09.07.005/2003-04… Read More »

Category: RBI

GST Challan will be single transaction for claim of agency commission by Banks from Govt

By | June 24, 2017

Payment of agency commission for government receipts RBI/2016-17/327 DGBA.GBD.No.3333/31.02.007/2016-17 June 22, 2017 All Agency Banks Dear Sir / Madam Payment of agency commission for government receipts Please refer to Circular No. DGBA.GAD.7575/31.12.011/2011-12 dated May 22, 2012 regarding the rationalisation and revision of agency commission payable to agency banks on government transactions undertaken by them. 2.… Read More »

Category: RBI

File Complaints of Misselling & Mobile/ Electronic Banking to Banking Ombudsman : RBI

By | June 24, 2017

RBI amends Banking Ombudsman Scheme: Includes Complaints relating to Misselling and Mobile/ Electronic Banking Date : Jun 23, 2017 The Reserve Bank of India has widened the scope of its Banking Ombudsman Scheme 2006, to include, inter alia, deficiencies arising out of sale of insurance/ mutual fund/ other third party investment products by banks. Under… Read More »

Category: RBI

Banks may use ratings of INFOMERICS Valuation and Rating Pvt Ltd for capital adequacy purposes

By | June 14, 2017

RBI/2016-17/321 DBR.No.BP.BC.74/21.06.009/2016-17 June 13, 2017 The Chairman / CMD / MD / CEO All Scheduled Commercial Banks (Excluding Local Area Banks and Regional Rural Banks) Madam/Dear Sir, Prudential Guidelines on Capital Adequacy and Market Discipline- New Capital Adequacy Framework (NCAF) – Eligible Credit Rating Agencies – INFOMERICS Valuation and Rating Pvt Ltd. (INFOMERICS) Please refer… Read More »

Category: RBI

RBI Master Direction on IT Framework for NBFC Sector

By | June 10, 2017

Master Direction – Information Technology Framework for the NBFC Sector RBI/DNBS/2016-17/53 Master Direction DNBS.PPD.No.04/66.15.001/2016-17 June 08, 2017 Master Direction – Information Technology Framework for the NBFC Sector In exercise of the powers conferred in terms of clause (b) of sub-section (1) of 45-L of the Reserve Bank of India Act, 1934 (Act 2 of 1934),… Read More »

Category: RBI

Open Bank Branch in villages with population above 5000 : RBI

By | June 10, 2017

RBI/2016-17/320 FIDD.CO.LBS.BC.No 31/02.01.001/2016-17 June 8, 2017 The Chairman and Managing Director/ Chief Executive Officer SLBC Convenor Banks Dear Sir, Aligning roadmap for unbanked villages having population more than 5000 with revised guidelines on Branch Authorisation Policy Please refer to the circular FIDD.CO.LBS.BC.No.82/02.01.001/2015-16 dated December 31, 2015 wherein SLBCs were advised to identify villages with population… Read More »

Category: RBI

Introduction of Legal Entity Identifier for OTC derivatives markets

By | June 3, 2017

RBI/2016-17/314 FMRD.FMID No.14/11.01.007/2016-17 June 01, 2017 To All eligible participants in the OTC derivatives markets Dear Sir/Madam Introduction of Legal Entity Identifier for OTC derivatives markets The Legal Entity Identifier (LEI) code has been conceived of as a key measure to improve the quality and accuracy of financial data systems for better risk management post… Read More »

Category: RBI

Submission of Annual Information Return relating to issue of Bonds for Rs 5 lakh or more

By | June 1, 2017

Submission of Annual Information Return relating to issue of Bonds for Rs 5 lakh or more under Section 285 BA of Income Tax Act, 1961 – Change thereof RBI/2016-17/313 IDMD.CDD.No.3058/13.01.299/2016-17 May 30, 2017 The Chairman/ Managing Director State Bank of India/Associate Banks/ 17 Nationalised Banks/ Axis Bank Ltd., ICICI Bank Ltd., HDFC Bank Ltd., IDBI… Read More »

Category: RBI

Banks to make Minimum qualifications & experience for CFO and CTO – RBI

By | May 19, 2017

Minimum qualifications and experience for CFO and CTO RBI/2016-17/304 DBR.Appt.No.BC.68/29.67.001/2016-17 May 18, 2017 All Scheduled Commercial Banks (excluding RRBs) Madam/ Dear Sir, Minimum qualifications and experience for CFO and CTO Rapid innovations in banking and technology call for better risk governance in the areas of finance and technology. A Chief Financial Officer (CFO) and Chief… Read More »

Category: RBI

Partial Credit Enhancement to Corporate Bonds from banks – RBI Guidelines

By | May 19, 2017

RBI/2016-17/305 DBR.No.BP.BC.70/21.04.142/2016-17 May 18, 2017 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Madam/Dear Sir, Partial Credit Enhancement to Corporate Bonds Please refer to paragraph 21 (a) of the Guidelines on Partial Credit Enhancement to Corporate Bonds by Banks annexed to the circular DBR.BP.BC.No.40/21.04.142/2015-16 dated September 24, 2015, on the capital requirements during the lifetime… Read More »

Category: RBI

Banking Outlets / Branch Authorisation Policy Guidelines for Banks by RBI

By | May 19, 2017

Rationalisation of Branch Authorisation Policy- Revision of Guidelines RBI/2016-17/306 DBR.No.BAPD.BC.69/22.01.001/2016-17 May 18, 2017 The Chairman and Managing Director/Chief Executive Officer All Domestic Scheduled Commercial Banks (Excluding Regional Rural Banks), Small Finance Banks, Payment Banks and Local Area Banks Madam/Dear Sir, Rationalisation of Branch Authorisation Policy- Revision of Guidelines Please refer to the paragraph 11 on… Read More »

Category: RBI

Deposit of Confiscated Notes (old Currency Notes) before 30.12.2016 allowed by Govt of India in RBI

By | May 13, 2017

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 12th May, 2017 G.S.R. 460(E).— In exercise of the powers conferred by sub-section (1) of section 11, read with clause (c) of the proviso to section 5, of the Specified Bank Notes (Cessation of Liabilities) Act, 2017 (2 of 2017), the Central Government hereby… Read More »

GST to have far reaching implications for Indian Economy – RBI Report

By | May 12, 2017

Today, the Reserve Bank of India (RBI) released the report entitled “State Finances: A Study of Budgets of 2016-17”, an annual publication that provides information, analysis and an assessment of the finances of state governments. It is the primary source for disaggregated state-wise fiscal data and delineates the changing dynamics of fiscal federalism over the… Read More »

Category: RBI

Submission of Statutory returns (SLR-Form VIII) in XBRL platform

By | May 12, 2017

RBI/2016-17/302 Ref: DBR.CO.No.Ret.BC/66/12.07.144/2016-17 May 11, 2017 The Chairperson All RRBs Madam/Dear Sir, Submission of Statutory returns (SLR-Form VIII) in XBRL platform It has been decided to move the reporting of SLR from PCRPCD to XBRL (Extensible Business Reporting Language) platform. You are therefore advised to submit the returns (Form VIII) in XBRL from the month… Read More »

National Electronic Funds Transfer (NEFT) system – Settlement at half-hourly intervals

By | May 8, 2017

RBI/2016-17/300 DPSS (CO) EPPD No.2612/04.03.01/2016-17 May 08, 2017 The Chairman and Managing Director / Chief Executive Officer of member banks participating in NEFT Madam / Sir, National Electronic Funds Transfer (NEFT) system – Settlement at half-hourly intervals National Electronic Funds Transfer (NEFT) system presently settles the fund transfer requests of the participating banks on net… Read More »

Category: RBI

Govt Authorized RBI for initiating insolvency resolution process by Banks – Notification

By | May 7, 2017

REGD. NO. D. L.-33004/99 THE GAZETTE OF INDIA EXTRAORDINARY PART II—Section 3—Sub-section (ii) PUBLISHED BY AUTHORITY NEW DELHI, FRIDAY, MAY 5, 2017/VAISAKHA 15, 1939 MINISTRY OF FINANCE (Department of Financial Services) ORDER New Delhi, the 5th May, 2017 S.O. 1435(E).-In exercise of the powers conferred by Section 35AA of the Banking Regulation Act, 1949 (10 of… Read More »