Category Archives: RBI

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

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

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

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

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

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

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

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

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 »

RBI announces rate of interest on Floating Rate Bonds 2024

Date : May 05, 2017 The rate of interest on the Floating Rate Bonds, 2024 (FRB 2024) applicable for the half year May 07, 2017 to November 06, 2017 shall be 6.30 percent per annum. It may be recalled that the rate of interest on the FRB, 2024 was set at average rate (rounded off… Read More »

Category: RBI

Timelines for Stressed Assets Resolution – RBI

RBI/2016-17/299 DBR.BP.BC.No.67/21.04.048/2016-17 May 5, 2017 The Chairman and Managing Director/Chief Executive Officer All Scheduled Commercial Banks (Excluding Local Area Banks and Regional Rural Banks) Madam/Dear Sir, Timelines for Stressed Assets Resolution Please refer to the circular DBOD.BP.BC.No.97/21.04.132/2013-14 dated February 26, 2014 on “Framework for Revitalising Distressed Assets in the Economy – Guidelines on Joint Lenders’… Read More »

Category: RBI

Scribbling on Banknotes – Bank can not refuse /coloured/faded banknotes

Scribbling on Banknotes RESERVE BANK OF INDIA ND.ID.(Res.). No. 4530/04.00.001/2016-17 April 25, 2017 The Controlling Head All Banks under the jurisdiction of New Delhi Issue Circle Madam / Dear Sir, Scribbling  on Banknotes Of late, we have been receiving complaints from members of general public that majority of the bank branches are not accepting banknotes, specifically in… Read More »

Sovereign Gold Bond – Dematerialisation

Sovereign Gold Bond – Dematerialisation Date : Apr 28, 2017 The Reserve Bank of India, in consultation with the Government of India, has issued seven tranches of Sovereign Gold Bonds for a total value of ₹ 4800 crore till date. Investors in these bonds have been provided with the option of holding them in physical… Read More »

Category: RBI

Net Owned Fund Requirements for Asset Reconstruction Company

RBI/2016-17/295 DNBR. PD (ARC) CC. No. 03/26.03.001/2016-17 April 28, 2017 The Chairman / Managing Director / Chief Executive Officer All registered Asset Reconstruction Companies. Dear Sir, Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002- Section 3 (1) (b) – Requirement of Net Owned Fund (NOF) for Asset Reconstruction Companies. A… Read More »

RBI Guidelines on Merchant Acquisition for Card Transactions

RBI/2016-17/296 DCBR.RAD (PCB/RCB) Cir.No.4/7.12.001/2016-17 April 28, 2017 The Chief Executive Officers All Primary (Urban) Co-operative Banks / All State Co-operative Banks (StCBs) / All District Central Co-operative Banks Dear Sir/Madam, Guidelines on Merchant Acquisition for Card Transactions Co-operative banks have been permitted to install both onsite/offsite ATM networks and can issue debit cards on their… Read More »

Role of Chief Risk Officer (CRO) in Banks – RBI Guidlines

RBI/2016-17/294 DBR.BP.BC.No.65/21.04.103/2016-17 April 27, 2017 The Chairman and Managing Director/Chief Executive Officer All Scheduled Commercial Banks (Excluding Local Area Banks and Regional Rural Banks) And Small Finance Banks Madam/Dear Sir, Risk Management Systems – Role of the Chief Risk Officer (CRO) Please refer to the guidelines on Risk Management Systems issued vide our circular DBOD.No.BP.(SC).BC.98/21.04.103/99… Read More »

Sovereign Gold Bond Scheme 2017 -18 – Series I – Issue Price

Sovereign Gold Bond Scheme 2017 -18 – Series I – Issue Price Date : Apr 21, 2017 In terms of GoI notification F. No. 4(8) – W&M/2017 and RBI circular IDMD.CDD.No.2760/14.04.050/2016-17 dated April 20, 2017, the Sovereign Gold Bond Scheme 2017-18 – Series I will be opened for subscription for the period from April 24,… Read More »

Category: RBI

Sovereign Gold Bonds 2017-18 – Series I – Operational Guidelines

RBI/2016-17/290 IDMD.CDD.No.2759/14.04.050/2016-17 April 20, 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 Bonds, 2017-18 – Series I – Operational Guidelines This has reference to the GoI notification… Read More »

Sovereign Gold Bonds 2017-18 – Series I

RBI/2016-17/289 IDMD.CDD.No.2760/14.04.050/2016-17 April 20, 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 Bonds 2017-18 – Series I Government of India has vide its Notification F.No. 4(8)-(W&M)/2017… Read More »

Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) 2016 – Amended

Date : Apr 19, 2017 The Government of India, in consultation with the Reserve Bank of India, had notified Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 vide notification no. S.O. 4061 (E) dated December 16, 2016. The deposit under this scheme shall be made by any person who declared undisclosed income under Pradhan Mantri… Read More »

Category: RBI

Compliance with Ghosh Committee Recommendations need not be reported to Audit Committee of Board

Compliance with Ghosh Committee Recommendations RBI/2016-17/284 Ref. DBS.CO.PPD.BC.No.9/11.01.005/2016-17 April 20, 2017 The Chairman/Chief Executive All Scheduled Commercial Banks (Excluding RRBs) Madam/Dear Sir, Compliance with Ghosh Committee Recommendations We invite attention to our circular DBS.CO.PPD.BC.No.10/11.01.005/2015-16; dated April 28, 2016, in terms of which banks have been advised that the compliance to the Jilani Committee recommendations need… Read More »

Category: RBI

PMGKY – Date for deposit in Bonds Ledger Account extended

Press Information Bureau Government of India Ministry of Finance 19-April-2017 19:48 IST Central Government amends Pradhan Mantri Garib Kalyan Deposit Scheme through a Notification. In exercise of the powers conferred by clause (c) of Section 199B of the Finance Act, 2016 (28 of 2016), the Central Government has amended through a Notification the conditions specified… Read More »

RBI Prudential Guidelines – Banks’ investment in units of REITs and InvITs

RBI/2016-17/280 DBR.No.FSD.BC.62/24.01.040/2016-17 April 18, 2017 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/ Madam, Prudential Guidelines – Banks’ investment in units of REITs and InvITs Please refer to the paragraph 12 of the Statement on Developmental and Regulatory Policies (extract enclosed) issued by RBI on April 06, 2017. As indicated therein, it has been decided… Read More »

Banks not to recognize Forex Gain Loss on foreign currency translation reserve in P & L

RBI/2016-17/281 DBR.BP.BC.No.61/21.04.018/2016-17 April 18, 2017 All Scheduled Commercial Banks (excluding Regional Rural Banks) Madam / Dear Sir, Guidelines on compliance with Accounting Standard (AS) 11 [The Effects of Changes in Foreign Exchange Rates] by banks – Clarification Please refer to circulars DBOD.No.BP.BC.76/21.04.018/2004-05 dated March 15, 2005 and DBOD.BP.BC.No.76/21.04.018/2005-06 dated April 05, 2006 on the captioned… Read More »

Banks to make Additional Provisions For Standard Advances At Higher Than The Prescribed Rates

RBI/2016-17/282 DBR.No.BP.BC.64/21.04.048/2016-17 April 18, 2017 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Madam/Dear Sir, Additional Provisions For Standard Advances At Higher Than The Prescribed Rates Please refer to paragraph 5 of the Master Circular – Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances dated July 1, 2015. 2. It is… Read More »

Category: RBI

Banks to make Disclosure in “Notes to Accounts” if Divergence in asset classification & provisioning

RBI/2016-17/283 DBR.BP.BC.No.63/21.04.018/2016-17 April 18, 2017 All Commercial Banks (Excluding Regional Rural Banks) Madam/Dear Sir, Disclosure in the “Notes to Accounts” to the Financial Statements- Divergence in the asset classification and provisioning Please refer to paragraph 22 of the Fourth Bi-monthly Monetary Policy Statement, 2015-16 announced on September 29, 2015 on the captioned subject (extract enclosed).… Read More »

RBI opens the Office of the Banking Ombudsman at Raipur

Date : Apr 17, 2017 Considering the significant increase in banking network during the recent past and the large jurisdiction being covered by the current Office of the Banking Ombudsman, Bhopal, the Reserve Bank has set up an Office of the Banking Ombudsman for the State of Chhattisgarh at Reserve Bank of India, Raipur. The… Read More »

Category: RBI

Revised Prompt Corrective Action (PCA) framework for banks

RBI/2016-17/276 DBS.CO.PPD. BC.No.8/11.01.005/2016-17 April 13, 2017 All Scheduled Commercial Banks (Excluding Regional Rural Banks) Madam/ Dear Sir Revised Prompt Corrective Action (PCA) framework for banks Please refer to RBI circulars No. DBS.CO.PP.BC.9/11.01.005/2002-03 dated December 21, 2002 and DBS.CO.PP.BC.13/11.01.005/2003-04 dated June 15, 2004 on the scheme of Prompt Corrective Action. 2. The existing PCA framework for… Read More »

Setting up of IFSC Banking Units (IBUs) – Permissible activities

RBI/2016-17/273 DBR.IBD.BC.59/23.13.004/2016-17 April 10, 2017 All Scheduled Commercial Banks (excluding Regional Rural Banks) Dear Sir/Madam, Setting up of IFSC Banking Units (IBUs) – Permissible activities Please refer to RBI circular DBR.IBD.BC.14570/23.13.004/2014-15 dated April 01, 2015, as modified from time to time, setting out RBI directions relating to IFSC Banking Units (IBUs). We have received a… Read More »

Category: RBI

Checklist for internal / concurrent audit of Govt business Agency Banks

Systems and Controls for conduct of government banking RBI/2016-17/271 DGBA.GAD.No.2646/31.02.007/2016-17 April 7, 2017 All Agency Banks Dear Sir/Madam, Systems and Controls for conduct of government banking Please refer to our Master Circulars DGBA.GAD.No.2/31.12.010/2015-16 dated July 1, 2015 on Conduct of Government Business by Agency Banks – Payment of Agency Commission and DGBA.GAD.No.H-1/31.05.001/2015-16 dated July 1,… Read More »

Change in Bank Rate by RBI w.e.f 06.04.2017

RBI/2016-17/270 DBR.No.Ret.BC.58/12.01.001/2016-17 April 06, 2017 The Chairperson / CEOs of all Scheduled and Non Scheduled Banks Dear Sir / Madam, Change in Bank Rate Please refer to our circular DBR.No.Ret.BC.19/12.01.001/2016-17 dated October 04, 2016 on the captioned subject. 2. As announced in the First Bi-Monthly Monetary Policy Statement 2017-18 dated April 06, 2017, the Bank… Read More »

Category: RBI

Interest rates for Small Savings Schemes for Q1 FY 2017-18

RBI/2016-17/267 DGBA.GAD.2618/15.02.005/2016-17 April 6, 2017 The Chairman/Chief Executive Officer Agency Banks handling Public Provident Fund, Kisan Vikas Patra- 2014, Sukanya Samriddhi Account, Senior Citizen Savings Scheme-2004 Dear Sir Interest rates for Small Savings Schemes Please refer to our circular DGBA.GAD.2012/15.02.005/2016-17 dated February 9, 2017 on the above subject. The Government of India, had vide their… Read More »

Category: RBI

RBI to up a separate Enforcement Department w.e.f 03.04.2017

Reserve Bank of India (RBI) to up a separate Enforcement Department; proposed to be opened on April 3, 2017 Reserve Bank of India (RBI) is setting up a separate Enforcement Department. The Enforcement Department (EFD) is proposed to be opened on April 3, 2017, to separate those who oversee the possible rule breaches and those… Read More »

Category: RBI

Assignment of Lead Bank Responsibility after SBI Associate Bank Merger

RBI/2016-17/262 FIDD.CO.LBS.BC. No. 26/02.01.001/2016-17 March 30, 2017 The Chairmen and Managing Directors SLBC Convenor Banks Dear Sir, Assignment of Lead Bank Responsibility As per the Gazette of India Notification dated February 22, 2017, the merger of Associate banks with State Bank of India has been notified. The Order comes into effect on April 1, 2017.… Read More »

Category: RBI

Rationalisation of Merchant Discount Rate (MDR) for Debit Card Transactions – Continuance of Special Measures

RBI/2016-17/264 DPSS.CO.PD No.2737/02.14.003/2016-17 March 30, 2017 The Chairman and Managing Directors / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks / Payments Banks and Small Finance Banks / All Card Network Providers Dear Madam / Sir, Rationalisation of Merchant Discount Rate… Read More »

Category: RBI

RBI advisory on E-wallets

Date : Mar 30, 2017 RBI advisory on E-wallets The Reserve Bank of India has today advised the users of Pre-paid Payment Instruments (PPIs), including mobile and electronic wallets, that only non-bank entities authorised by RBI under the Payment and Settlement Systems Act, 2007 (the Act) can issue PPI wallets for purchase of goods and… Read More »

Opening of all Agency Banks for government business on April 1, 2017 – Revised instructions

Opening of all Agency Banks for government business on April 1, 2017 – Revised instructions RBI/2016-17/259 DBR.No.Leg.BC.56/09.07.005/2016-17 March 29, 2017 All Agency Banks Dear Sir/ Madam, Opening of all Agency Banks for government business on April 1, 2017 – Revised instructions We had vide our circular DBR.No.Leg. BC.55/09.07.005/2016-17 dated March 24, 2017 advised all Agency… Read More »

Category: RBI

All payment systems to remain closed on April 1, 2017

All payment systems to remain closed on April 1, 2017 RBI/2016-17/260 DPSS.CO.CHD.No./2720/03.01.03/2016-17 March 29, 2017 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 Dear Sir/ Madam, All payment systems to remain closed… Read More »

Category: RBI

Banks to remain open on all days from March 25 2017 to April 1, 2017

RBI/2016-17/257 DPSS.CO.CHD.No./2695/03.01.03/2016-17 March 25, 2017 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 Payment systems to remain open on all days from March 25, 2017 to April 1, 2017 A reference is… Read More »

Special Clearing operations by Banks on March 30 and 31, 2017

RBI/2016-17/255 DPSS.CO.CHD.No./2656/03.01.03/2016-17 March 23, 2017 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 30 and 31, 2017 A reference is invited to the… Read More »

Category: RBI