Global Banking Laws

Financial Regulations and Rules of the United Nations

Through its Financial Regulations, the General Assembly issues the broad legislative directives governing the financial management of the United Nations. The revised Financial Regulations were approved by the Assembly in section IV of its resolution 67/246. In accordance with that resolution, the revised Financial Regulations shall take effect as from 1 July 2013, provided that, as a transitional measure, the regulations relating to the preparation and reporting of financial statements shall not be implemented for the regular budget, trust funds and reserves and special accounts, other than peacekeeping accounts, until 1 January 2014.

 Bank for International Settlements

World Bank

The World Bank is an international organization, comprised of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), that provides financial and technical assistance to client countries. The mission of the World Bank is to end extreme poverty and promote shared prosperity. Justice and the rule of law are key to achieving these twin goals. A lack of justice is a central dimension of poverty, and increasing evidence points to the importance of accountable and effective justice institutions in creating the enabling environment for a range of development outcomes – from improved basic services to increased private sector investment and reduced corruption (UNO)

• Afghanistan Monetary Policy and Framework till the Taliban captured it - Article 62 of Da Afghanistan Bank Law states: "Da Afghanistan Bank shall be responsible for the formulation, adoption and execution of the monetary policy of Afghanistan."
• Agreement Establishing the Asian Clearing Union (ACU)-1974 - The ACU was established at the initiative of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). The Decision to establish the ACU was taken at the Fourth Ministerial Conference on Asian Economic Co-operation held in December 1970 at Kabul. The Draft Agreement Establishing the ACU was finalized at a meeting of senior officials of the Governments and central banks held at ESCAP, Bangkok, in December 1974 after five central banks (India, Iran, Nepal, Pakistan, and Sri Lanka) signed the Agreement.
• AGREEMENT ON BANKING BETWEEN GOVT OF INDIA AND GOVT OF PAKISTAN – 23/04/1949 - In the case of banks functioning in both or either of the Dominions, if any Muslim accounts have been transferred from West Pakistan to India without application from the depositors, such accounts should be re-transferred to Western Pakistan to a branch of the same bank or if the bank has no branch, action will be taken as in (c) below.
• ALL INDIA RESERVE BANK EMPLOYEES ASSOCIATION Vs. RESERVE BANK OF INDIA-23/4/1965 - SUPREME COURT OF INDIA FULL BENCH ( Before : P.B. Gajendragadkar, C.J; V. Ramaswami, J; M. Hidayatullah, J; K. N. Wanchoo, J ) ALL INDIA RESERVE BANK EMPLOYEES ASSOCIATION — Appellant Vs. RESERVE BANK OF INDIA — Respondent
• An inter-ministerial panel recommended Bank of Baroda, Vijaya Bank and Dena Bank for amalgamation. - Sep 18, 2018: Three state-run banks – Dena Bank, Vijaya Bank and Bank of Baroda – will be merged to create the third-largest bank in the country, the government said on Monday, as part of efforts to clean up the
• Application Of Banking Regulation Act To Co-Operative Banks( Sec 56 of Banking Regulation Act) - Application Of The Banking Regulation Act 1949 To Co-Operative Banks 56- Act to apply to co-operative societies subject to modifications The provisions of this Act, as in force for the time being, shall apply to, or in relation to, co-operative
• Article of Association-Afghanistan International Bank - Afghanistan International Bank was founded in 2004 and has since established itself as a pioneering leader in Afghanistan’s banking sector. We have become the country’s most respected and trusted financial institution.
• Automation of Income Recognition, Asset Classification and Provisioning processes in banks-RBI - Banks shall keep the business logic and other parameters/configurations of the System updated to ensure that the System based identification, classification, provisioning and income recognition are strictly in compliance with the regulatory guidelines on an ongoing basis. There should be periodic system audit, at least once in a year, by Internal / External Auditors who are well versed with the system audit both on system parameters as also from the perspective of compliance to Income Recognition, Asset Classification and Provisioning guidelines.
• Banco Central de Cuba-Central Bank of Cuba - Central Bank of Cuba The creation of the Central Bank of Cuba (BCC), arranged by the Council of State by Decree Law No. 172, of May 28, 1997.The National Banking System, headed by the Central Bank of Cuba, is made
• Bank Fixed Deposit Interest Rates in India - The rates are applicable for deposits of below Rs. 1 crore. As per 1st March 2019 Bank of India  Investment Period FD rates for Regular deposits FD rates for Senior Citizen 7 days to 14 days 5.25% 5.25% 15 days
• Bank for International Settlements (BIS) - The Bank for International Settlements (BIS) serves central banks in their pursuit of monetary and financial stability, fosters international cooperation in those areas and acts as a bank for central banks
• Banking Laws in India - Reserve Bank I. Acts  exclusively administered by Reserve Bank of India Reserve Bank of India Act, 1934 Public Debt Act 1944 Government Securities Act 2006 Government Securities Regulations, 2007 Banking Regulation Act 1949 Foreign Exchange Management Act, 1999 Securitisation and
• Banking Laws Index - RBI is the sole repository of power for the management of currency. It is also vested with the sole right to issue bank notes and to issue currency notes supplied to it by the Government of India. It has been held that the RBI has an important role to play in evolving the monetary policy of the country.
• Banking phishing - The victim is redirected to a fake website similar to the impersonated service, where the user thinking he is on the official site, ends up filling out a form where he provides the same data he would have used on the actual website.
• Banning of Unregulated Deposit Schemes Act, 2019 - An Act to provide for a comprehensive mechanism to ban the unregulated deposit schemes, other than deposits taken in the ordinary course of business, and to protect the interest of depositors
• Basel Committee Charter - Basel Committee Charter Updated 5 June 2018 Table of contents Purpose and role Membership Oversight Organisation BCBS standards, guidelines and sound practices Consultation with non-member authorities Relationship with other international financial bodies Public consultation process I. Purpose and role 1.
• Basel Committee on Banking Supervision (BCBS) - BCBS 45 members comprise central banks and bank supervisors from 28 jurisdictions   BIS is an international organisation which fosters cooperation among central banks and other agencies in pursuit of financial and monetary stability. It has no supervisory or regulatory
• Borrowing and Lending in foreign currency in India - The Reserve Bank of India, is the custodian of the country’s foreign exchange reserves and is vested with the responsibility of managing their investment. The legal provisions governing management of foreign exchange reserves are laid down in the Reserve Bank of India Act, 1934. The Reserve Bank issues licences to banks and other institutions to act as Authorised Dealers in the foreign exchange market. In keeping with the move towards liberalisation, the Reserve Bank has undertaken substantial elimination of licensing, quantitative restrictions and other regulatory and discretionary controls.
• Brief history of Finance and technology – Pablo Hernández de Cos-2019 - 19 November 2019 Good evening, and thank you for inviting me to speak at this year’s Euro Finance Week. Introduction As many of you know, I was appointed Chairman of the Basel Committee earlier this year. Over the past few
• Business and work of The Reserve Bank of India - Reserve Bank is there to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; to have a modern monetary policy framework to meet the challenge of an increasingly complex economy, to maintain price stability while keeping in mind the objective of growth.
• Central Bank Digital Currency – Is This the Future of Money-T Rabi Sankar - . Except as currency notes, all other use of paper in the modern financial system, be it as bonds, securities, transactions, communications, correspondences or messaging – has now been replaced by their corresponding digital and electronic versions.
• Central Banks in Response to COVID-19 Outbreak - The key existential question is: Will the worldwide effort contain the mortality and morbidity as also the macroeconomic consequences of COVID-19?
• Co-Operative Banking In India and Guidelines - The Reserve Bank acts in close co-ordination with other regulators, such as, Registrar of Co-operative Societies and Central Registrar of Co-operative Societies. The Reserve Bank enters into Memorandum of Understanding (MoU) with Central Government and all State Governments which have
• Competency of CJM to proceed for secured creditor u/s 14 of SRFAESI ACT - whether the Chief Judicial Magistrate (for short, "CJM") is competent to process the request of the secured creditor to take possession of the secured asset under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, "2002 Act")? There are conflicting views of different High Courts on this question. The High Courts of Bombay, Calcutta, Madras, Madhya Pradesh and Uttarakhand have interpreted the said provision to mean that only the Chief Metropolitan Magistrate (for short, "CMM") in metropolitan areas and the District Magistrate (for short, "DM") in nonmetropolitan areas are competent to deal with such request. On the other hand, the High Courts of Kerala, Karnataka, Allahabad and Andhra Pradesh have taken a contrary view of the same provision, to mean that it does not debar or preclude the CJM in the nonmetropolitan areas to exercise power under Section 14 of the 2002 Act.
• Cryptocurrencies – An assessment : Address by RBI Deputy Governor on 14/02/2022 - That cryptocurrencies are decentralized systems where transactions are authenticated by participants themselves by consensus. They are designed to bypass the financial system and all its controls. They cannot be traced or confiscated or frozen by Governments.
• Current transactions with foreign countries and to foreign exchange accounts – Regulation of Bank of Algeria No. 07-01 - The purpose of this Regulation is to define the principle of the convertibility of the national currency for current international transactions and the rules applicable to the transfer from and to foreign countries related to such transactions and the rights and obligations of foreign trade operators and authorized intermediaries.
• Digital Payment system in India 2022 - In November 2005, a more secure system was introduced for facilitating one-to-one funds transfer requirements of individuals / corporates. Available across a longer time window, the NEFT system provides for batch settlements at half-hourly intervals, thus enabling near real-time transfer of funds. Certain other unique features viz. accepting cash for originating transactions, initiating transfer requests without any minimum or maximum amount limitations, facilitating one-way transfers to Nepal, receiving confirmation of the date / time of credit to the account of the beneficiaries, etc., are available in the system. From December 2019, it is available 24x7 throughout the year with half-hourly settlements.
• Documentary Credit(Letter of credit) – Payment Under International Trade - Documentary credit is the most used means of payment in international transactions(trade); it implies for the exporter a greater level of security in the collection of his sales. Being a given order by the importer to the issuing bank, which executes the payment against the documents required within the credit´s terms and conditions. Again a documentary credit is an undertaking given by a bank (issuing bank) of a stated amount to the seller (beneficiary) on the instruction of the buyer (applicant) to pay at sight or to a future date.
• Draft Amalgamation Scheme of Lakshmi Vilas Bank Ltd. with DBS Bank India Ltd-2020 - If on the Appointed date any cause of actions, suit, decrees, recovery certificates, appeals or other proceedings of whatever nature is pending by or against the transferor bank before any court or tribunal or any other authority (including for the avoidance of doubt, an arbitral tribunal), the same shall not abate, be discontinued or be in any way prejudicially affected, but shall, subject to the other provisions of the Scheme, be prosecuted and enforced by or against the transferee bank.
• Failed transactions shall not be charged: Non-cash ATM inquiries shall be free- RBI 14/08/2019 - The number of free ATM transactions has been reduced to three for other banks and five for home/own Bank.  
• Federal Act on the Swiss National Bank-2021 (Swiss Confederation) - The National Bank may provide banking services to the Confederation. These shall be provided for an adequate consideration. However, the services shall be provided free of charge if they facilitate the implementation of monetary policy. The details shall be laid down in agreements concluded between the respective federal offices and the National Bank.
• Financial institutions definition by FATF - Financial institutions   Financial institutions means any natural or legal person who conducts as a business one or more of the following activities or operations for or on behalf of a customer: 1- Acceptance of deposits and other repayable funds from
• Foreign Exchange Management (Possession and retention of foreign currency) Regulations, 2000 - a person resident in India but not permanently resident therein may possess without limit foreign currency in the form of currency notes, bank notes and travellers cheques, if such foreign currency was acquired, held or owned by him when he was resident outside India and, has been brought into India in accordance with the regulations made under the Act.
• Global Banking Laws - Financial Regulations and Rules of the United Nations Through its Financial Regulations, the General Assembly issues the broad legislative directives governing the financial management of the United Nations. The revised Financial Regulations were approved by the Assembly in section IV
• Government launched a Bad Bank for stressed assets as a measure to clean up bank books - The Government has launched a Bad Bank with all the regulatory approvals in place. This was stated by Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in the Lok Sabha today.
• Government of India issued RBI directions u/s 7 of the RBI Act for the first time - The Reserve bank of India is neither autonomous nor independent and directors are simple government servant by their appointment.
• Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector - Licensing of Small Finance Banks in the Private Sector Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector I. Introduction The Reserve Bank had issued the Guidelines for Licensing of “Small Finance Banks” in the Private Sector
• Guidelines relating to conduct of guarantee business in India - An important criterion for judging the soundness of a banking institution is the size and character, not only of its assets portfolio but also, of its contingent liability commitments such as guarantees, letters of credit, etc. As a part of business, banks issue guarantees on behalf of their customers for various purposes. The guarantees executed by banks comprise both performance guarantees and financial guarantees. The guarantees are structured according to the terms of agreement, viz., security, maturity and purpose. With the introduction of risk weights for both on-Balance Sheet and off-Balance Sheet exposures, banks have become more risk sensitive, resulting in structuring of their business exposures in a more prudent manner.
• How proceedings for offence under Section 138 of Negotiable Instrument Act can be regulated where accused is willing to deposit cheque amount - M/S. METERS AND INSTRUMENTS PRIVATE LIMITED & ANR. VS KANCHAN MEHTA[05-10-2017] held : In JIK Industries Ltd. vs Amarlal Jumani — which required consent of the complainant for compounding Vinay Devanna Nayak v. Ryot Sewa —nature of offence under Section 138 primarily related to a civil wrong
• India Banks have been granted permission to declare dividends by RBI-04/05/2005 - These guidelines permitted banks to declare dividends subject to a ceiling of 33.33% on the dividend payout ratio, without obtaining the prior approval of RBI, subject to the fulfilment of the laid down criteria.
• Indian Govt took comprehensive measures to curb incidence of frauds in banks - RBI Master Circular on Frauds, 2015, observes that frauds are committed by unscrupulous borrowers by various methods including, inter alia, fraudulent discount of instruments, fraudulent disposal of pledged /hypothecated stocks, fund diversion, criminal neglect and mala fide managerial failure on the part of borrowers.
• Institute for the Works of Religion (IOR)-Vatican Bank - A Bank that helps the customer in money laundering, corruption, tax-evasion and embezzlement…. Location: Tower of Niccolo V at the Vatican “The Istituto per le Opere di Religione (henceforth, the Institute or IOR) is an institution of the Holy See,
• Largest Banks of the World -  ABN AMRO Group NV Netherlands   Agricultural Bank of China China ,  Agricultural Development Bank of China China   Australia & New Zealand Banking Group Australia   Banco Bradesco SA Brazil  Banco do Brasil SA Brazil  Banco Sabadell Spain  Banco Santander Spain ,
• Law of Reserve Banking - Creation of the  Reserve Bank of India and Reserve Banking A bank to be called the Reserve Bank of India shall be constituted for the purposes of taking over the management of the currency from the Central Government and of
• Legal framework of foreign exchange reserve management in India - The Reserve Bank of India publishes half-yearly reports on management of foreign exchange reserves as part of its efforts towards enhanced transparency and levels of disclosure. These reports are prepared half yearly with reference to the position as at end-March and end-September each year. The present report (37th in the series) is with reference to the position as at end-September 2021.
• Liquidity and Liquidity Risk means - “Liquidity” means NBFC’s[Non-Banking Financial corporations] capacity to fund the increase in assets and meet both expected and unexpected cash and collateral obligations at reasonable cost and without incurring unacceptable losses. “Liquidity Risk” means inability of an NBFC to meet such
• Liquidity Risk Management Framework for Non-Banking Financial companies and Core Investment Companies – Draft Guidelines for public comments issued by Reserve Bank of India - RESERVE BANK OF INDIA ISSUE DATE Date: May 24, 2019 Draft Guidelines All Non-Banking Financial Companies (NBFCs) including Core Investment Companies (CICs) Madam/ Sir, Liquidity Risk Management Framework for Non-Banking Financial companies and Core Investment Companies – Draft Guidelines for
• List of Scheduled Banks in India - SCHEDULED BANKS UNDER RBI ACT Ajodhia Bank, Fyzabad, Allahabad Bank. American Express Banking Corp. American Express International Banking Corporation. Andhra Bank, Masulipatam. Bank of America, National Association. Bank of Baroda Bank of China, Calcutta. Bank of India, Bombay. Bank of
• Master Direction – Exemptions from the provisions of RBI Act 1934 - The Reserve Bank of India (the Bank), being satisfied that, in the public interest, and to enable the Bank to regulate the financial system of the country to its advantage, in exercise of the powers conferred by section 45NC of the Reserve Bank of India Act, 1934 (Act 2 of 1934) and of all the powers enabling it in this behalf exempts the categories of non-banking financial companies as given below from certain provisions of the Reserve Bank of India Act, 1934 (the RBI Act, 1934) as specified hereunder
• Members of The Joint Forum on Financial Conglomerates - The Joint Forum (JF) was established in 1996 under the aegis of the Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS) to deal with issues common to
• Monetary Policy: Reserve Bank of India - Monetary policy refers to the policy of the central bank with regard to the use of monetary instruments under its control to achieve the goals specified in the Act. The Reserve Bank of India (RBI) is vested with the responsibility of conducting monetary policy. This responsibility is explicitly mandated under the Reserve Bank of India Act, 1934.
• National Electronic Funds Transfer and Real Time Gross Settlement systems – Waiver of charges by RBI - RBI/2018-2019/208 DPSS (CO) RPPD No.2557/04.03.01/2018-19 June 11, 2019 The Chairman / Managing Director / Chief Executive Officer of member banks participating in RTGS and / or NEFT Madam / Sir National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement
• Non-Banking Financial Companies (NBFCs) and Chit funds in India - India has financial institutions which are not banks but which accept deposits and extend credit like banks. These are called Non-Banking Financial Companies (NBFCs) in India. At end-March 2017, there were 11,522 NBFCs registered with the Reserve Bank, of which
• Open banking in India by Rajeshwar Rao - Thank you for inviting me this evening to the Mint's Annual Banking Conclave. The organisers have quite aptly selected an extremely topical and contemporary theme, i.e., Future of Banking: Navigating a Digital Opportunity for this year's conclave. During the previous edition of this conclave, I remember Governor Shaktikanta Das speaking about digital disruptions and blurring of boundaries between traditional banks and FinTech & BigTech. Looking at the constellation of speakers who have been engaging with you, I am sure you all have had an extremely enlightening discourse on several of the emerging issues during the conclave.
• Overview of Payment Systems in India-Notes By RBI - In India, the payment and settlement systems are regulated by the Payment and Settlement Systems Act, 2007 (PSS Act) which was legislated in December 2007. The PSS Act as well as the Payment and Settlement System Regulations, 2008 framed thereunder came into effect from August 12, 2008. In terms of Section 4 of the PSS Act, no person other than the Reserve Bank of India (RBI) can commence or operate a payment system in India unless authorised by RBI. Reserve Bank has since authorised payment system operators of pre-paid payment instruments, card schemes, cross-border in-bound money transfers, Automated Teller Machine (ATM) networks and centralised clearing arrangements.
• Payment and Settlement Systems Act 2007 - Payment and Settlement Systems Act 2007-"Payment system" means a system that enables payment to be effected between a payer and a beneficiary, involving clearing, payment or settlement service or all of them, but does not include a stock exchange; . Explanation.- For the purposes of this clause, "payment system" includes the systems enabling credit card operations, debit card operations, smart card operations, money transfer operations or similar operations;
• PAYMENT SERVICES ACT 2019 – SINGAPORE - An Act to provide for the licensing and regulation of payment service providers, the oversight of payment systems, and connected matters, to repeal the Money‑changing and Remittance Businesses Act (Chapter 187 of the 2008 Revised Edition) and the Payment Systems (Oversight) Act (Chapter 222A of the 2007 Revised Edition), and to make consequential and related amendments to certain other Acts.
• Post Payments Bank has been incorporated as a Public Limited Company by Government of India - The payments bank will be registered as a public limited company under the Companies Act, 2013, and licensed under Section 22 of the Banking Regulation Act, 1949, with specific licensing conditions restricting its activities mainly to acceptance of demand deposits and provision of payments and remittance services. It will be governed by the provisions of the Banking Regulation Act, 1949; Reserve Bank of India Act, 1934; Foreign Exchange Management Act, 1999; Payment and Settlement Systems Act, 2007; Deposit Insurance and Credit Guarantee Corporation Act, 1961; other relevant Statutes and Directives, Prudential Regulations and other Guidelines/Instructions issued by RBI and other regulators from time to time.
• Power of RBI to control advances by banking companies (Sec 21 of Banking Regulation Act) - Where the Reserve Bank is satisfied that it is necessary or expedient in the public interest or in the interests of depositors or banking policy so to do, it may determine the policy in relation to advances to be followed by banking companies generally or by any banking company in particular, and when the policy has been so determined, all banking companies or the banking company concerned, as the case may be, shall be bound to follow the policy as so determined.
• President of India promulgated the Banning of Unregulated Deposit Scheme Ordinance 2019 - 21.02.2019 – Banning of Unregulated Deposit Ordinance-2019, exempts Individual, Firm, Companies & LLP etc. for taking any loan and deposit for their course of business as per section 2(4) e,f,l and other provisions. Chit fund is regulated by Chit Fund Act, 1982
• Press Release of Basel Committee on Banking Supervision on Basel-III Framework-01/06/2011 - Strong capital requirements are a necessary condition for banking sector stability but by themselves are not sufficient. A strong liquidity base reinforced through robust supervisory standards is of equal importance. To date, however, there have been no internationally harmonised standards in this area. The Basel Committee is therefore introducing internationally harmonised global liquidity standards. As with the global capital standards, the liquidity standards will establish minimum requirements and will promote an international level playing field to help prevent a competitive race to the bottom.
• Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017. - THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 1st June, 2017 G.S.R. 538(E).— In exercise of the powers conferred by sub-section (1) read with clause (h), clause (i), clause
• Prize in Economic Sciences is not a Nobel Prize – It is a ‘Swedish Bank Prize’ - The Prize in Economic Sciences is not a Nobel Prize. In 1968, Sveriges Riksbank (Sweden’s central bank) instituted “The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel”, and it has since been awarded by the Royal Swedish Academy of Sciences according to the same principles as for the Nobel Prizes that have been awarded since 1901.
• Procedure Rules of Asian Clearing Union (ACU) - The participants will permit the banks in their respective countries to maintain ACU dollar, ACU euro and ACU yen accounts with their correspondent banks in the other participating countries. All payments other than ineligible payments will be settled by the banks concerned through these accounts. The operations on these accounts shall be governed by the prevailing Exchange Control Regulations and such other directions, rules, regulations or guidelines as the participants may issue or specify from time to time.
• RBI allowed escrow accounts in scheduled commercial banks - Maintenance of Escrow Account with a Scheduled Commercial Bank   RBI/2020-21/68 DPSS.CO.PD.No.660/02.14.008/2020-21 November 17, 2020 All Scheduled Commercial Banks / Authorised Prepaid Payment Instrument Issuers / Payment Aggregators / Payment System Providers / System Participants Madam / Dear Sir, Maintenance
• RBI asked Banks for seeding of Aadhaar numbers with existing or new accounts for Direct Benefit Transfer – 13/08/2019 - RBI directed all Banks for implementation of Direct Benefit Transfer (DBT) Scheme
• RBI cancels Certificate of Registration of several NBFCs U/S 45-IA (6) of Reserve Bank of India Act, 1934 - Date : Oct 23, 2018 RBI cancels Certificate of Registration of 31 NBFCs The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate
• RBI Cautions against unauthorised Digital Lending Platforms - There have been reports about individuals/small businesses falling prey to growing number of unauthorised digital lending platforms/Mobile Apps on promises of getting loans in quick and hassle-free manner. These reports also refer to excessive rates of interest and additional hidden charges being demanded from borrowers; adoption of unacceptable and high-handed recovery methods; and misuse of agreements to access data on the mobile phones of the borrowers.
• RBI Central Board accepts Bimal Jalan Committee recommendations and approves surplus transfer to the Government-26/08/2019 - 1. The Central Board of the Reserve Bank of India (RBI) today decided to transfer a sum of ₹1,76,051 crore to the Government of India (Government) comprising of ₹1,23,414 crore of surplus for the year 2018-19 and ₹52,637 crore of
• RBI Compliance Function and Role of Chief Compliance Officer – NBFCs – 11/04/2022 - Framework for Compliance Function and Role of Chief Compliance Officer in Non-Banking Financial Companies in Upper Layer and Middle Layer (NBFC-UL & NBFC-ML)
• RBI Framework on Analysis of Balance Sheets (BSA) - the analysis of the financial position of banks as disclosed in the balance sheets is not being done in a systematic manner with a view to evaluating the critical parameters of performance and initiating appropriate corrective measures. Peer group comparison of performance parameters is also not attempted to evaluate the operational efficiency, strengths and weaknesses in performance of competitors. Further, in the absence of uniformity among banks in using various financial and non­financial parameters, the results are not always objective. It has, therefore, been decided that a uniform framework should be devised to enable banks to undertake focused scrutiny of the balance sheets to identify/analyse the key measures of returns and risks, assumed by banks and to demonstrate the relationship of returns and risks.
• RBI guidelines for Prepaid Payment Instruments for Interoperability u/s 18 & 10(2) of the Payment and Settlement Systems Act, 2007 - Prepaid Payment Instruments (PPIs) – Guidelines for Interoperability RBI/2018-19/61 DPSS.CO.PD.No.808/02.14.006/2018-19 October 16, 2018 All Prepaid Payment Instrument Issuers, System Providers and System Participants Madam / Dear Sir, Prepaid Payment Instruments (PPIs) – Guidelines for Interoperability A reference is invited to
• RBI guidelines on restructuring of advances to Micro, Small and Medium Enterprises (MSME) sector - RBI/2018-19/100 DBR.No.BP.BC.18/21.04.048/2018-19 January 1, 2019 All banks and NBFCs regulated by the Reserve Bank of India Dear Sir/ Madam, Micro, Small and Medium Enterprises (MSME) sector – Restructuring of Advances 1. Please refer to the circulars DBR.No.BP.BC.100/21.04.048/2017-18 dated February 07, 2018 and DBR.No.BP.BC.108/21.04.048/2017-18
• RBI guidelines on Tokenisation – Card Transactions - The Reserve Bank has released guidelines on tokenisation for debit/credit/ prepaid card transactions as a part of its continuous endeavour to enhance the safety and security of the payment systems in the country. Tokenisation involves a process in which a
• RBI Master Direction – Reserve Bank of India (Credit Derivatives) Directions, 2022 - In exercise of the powers conferred under section 45W of the Reserve Bank of India Act, 1934 (02 of 1934) (hereinafter called the Act) read with section 45U of the Act and in supersession of Circular No. IDMD.PCD.No.10/14.03.04/2012-13 dated January 07, 2013, the Reserve Bank of India (hereinafter called the Reserve Bank) hereby issues the following Directions.
• RBI Master Direction-Compounding of Contraventions under FEMA 1999 - Master Direction- Compounding of Contraventions under FEMA, 1999 (Updated as on April 04, 2019) RBI/FED/2015-16/1 FED Master Direction No.4/2015-16 January 1, 2016 (Updated as on April 04, 2019) (Updated as on September 19, 2018) (Updated as on December 22, 2017)
• RBI merged three categories of NBFCs, asset finance, loan companies and investment companies into one category called NBFC-ICC - The Reserve Bank of India (RBI) has merged three categories of NBFCs — asset finance, loan companies and investment companies — into one new category called NBFC-investment and credit company (NBFC-ICC) to ease operational flexibility of these institutions.
• RBI Monthly Bulletin-June 2020 - The Bulletin includes RBI Governor’s statement, Monetary Policy Statement, 2020-21, Statement on Developmental and Regulatory Policies, four Articles and Current Statistics. The four articles are: I. Quarterly Estimates of Households’ Financial Assets and Liabilities; II. Issues in Non-Bank Financial Intermediation; III. Market Financing Conditions for NBFCs: Issues and Policy Options; and IV Provisional Accounts of Central Government Finances 2019-20: An Assessment.
• RBI National Electronic Clearing Service Procedural Guidelines-2011 - The objective of the system is to facilitate centralised processing for repetitive and bulk payment instructions. Sponsor banks shall submit NECS data at a single centre viz. at Mumbai. NECS (Credit) shall facilitate multiple credits to beneficiaries’ accounts at core banking enabled destination bank branches spread across the country against a single debit of the account of a User with the Sponsor Bank which maintains settlement account in the books of RBI, Mumbai. NECS (Debit), when operationalised, shall facilitate multiple debits to destination account holders against single credit to User account.
• RBI Payment and settlements in India: Vision-2019-21 - ayment and settlement systems are the backbone of any economy. The last decade has witnessed substantial developments in this area of activity across the country. The Reserve Bank of India (RBI), under powers from the Payment and Settlement Systems Act, 2007, has endeavoured to ensure that India has ‘state-of-the-art’ payment and settlement systems that are not just safe and secure, but are also efficient, fast and affordable. Efforts in this direction has yielded handsome results.
• RBI Payments Vision-2025 - Payments Vision 2025 has been prepared after considering the inputs from various stakeholders and guidance from the Board for Regulation and Supervision of Payment and Settlement Systems of the RBI. The activities to be taken up during the period up to 2025 as part of Vision 2025 are captured across five anchor goalposts of Integrity, Inclusion, Innovation, Institutionalisation and Internationalisation. They cover 47 specific initiatives and 10 expected outcomes. Payments Vision 2025 builds on the initiatives of Payments Vision 2019-21.
• RBI Priority Sector Lending – Targets and Classification Directions 2020 - Reserve Bank of India has comprehensively reviewed the Priority Sector Lending (PSL) Guidelines to align it with emerging national priorities and bring a sharper focus on inclusive development, after having wide-ranging discussions with all stakeholders.
• RBI releases Annual Report of Ombudsman Schemes, 2020-21 - The Reserve Bank of India (RBI) released the Annual Report of the Ombudsman Schemes for the year 2020-21 , which has been prepared for the nine-month period, i.e., July 1, 2020 to March 31, 2021, in alignment with the change in the Financial Year of RBI from ‘July – June’ to ‘April – March' with effect from July 1, 2020. The Annual Report covers the activities under the Banking Ombudsman Scheme, 2006 (BOS), the Ombudsman Scheme for Non-Banking Financial Companies, 2018 (OSNBFC) and the Ombudsman Scheme for Digital Transactions, 2019 (OSDT), major developments and the way forward in the area of consumer protection.
• RBI releases draft “Enabling Framework for Regulatory Sandbox” - A regulatory sandbox (RS) usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may (or may not) permit certain regulatory relaxations for the limited purpose of the testing. The RS allows the regulator, the innovators, the financial service providers (as potential deployers of the technology) and the customers (as final users) to conduct field tests to collect evidence on the benefits and risks of new financial innovations, while carefully monitoring and containing their risks. It can provide a structured avenue for the regulator to engage with the ecosystem and to develop innovation-enabling or innovation-responsive regulations that facilitate delivery of relevant, low-cost financial products.
• RBI Scale Based Regulation: A Revised Regulatory Framework for NBFCs-22/10/2021 - Regulatory structure for NBFCs shall comprise of four layers based on their size, activity, and perceived riskiness. NBFCs in the lowest layer shall be known as NBFC - Base Layer (NBFC-BL). NBFCs in middle layer and upper layer shall be known as NBFC - Middle Layer (NBFC-ML) and NBFC - Upper Layer (NBFC-UL) respectively. The Top Layer is ideally expected to be empty and will be known as NBFC - Top Layer (NBFC-TL)
• RBI Statement on Developmental and Regulatory Policies-6/2/2020 - This Statement sets out various developmental and regulatory policy measures for improving credit flows to certain sectors; reinforcing monetary transmission; strengthening regulation and supervision; broadening and deepening financial markets; and improving payment and settlement systems.
• RBI to Issue New Design ₹ 100 Denomination Banknote - The Reserve Bank of India will shortly issue ₹ 100 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 “RANI KI VAV” on
• Registration of Factors (Reserve Bank) Regulations, 2022 - In exercise of the powers conferred by section 3 read with Section 31A of the Factoring Regulation Act, 2011 (12 of 2012), the Reserve Bank of India, hereby makes the following regulations pertaining to the manner of granting Certificate of Registration to companies which propose to do factoring business.
• Report of the Working Group on FinTech and Digital Banking [RBI] - Financial services, including banking services, are at the cusp of a revolutionary change driven by technological and digital innovations. A rapidly growing number of financial entities and technology firms are experimenting with related technological and financial solutions as well as new products in the financial services field which either modifies the way financial intermediation takes place or leads to disintermediation.
• Reserve Bank of India (Prevention of Market Abuse) Directions, 2019 - These Directions shall apply to transactions of all participants in markets for financial instruments but shall exclude transactions executed through the recognized stock exchanges under and in accordance with the regulations of the Securities and Exchange Board of India. These Directions shall not apply to the Bank and the Central Government in furtherance of monetary policy, fiscal policy or other public policy objectives.
• Reserve Bank-One Nation One Integrated Ombudsman Scheme-2021 - The Scheme integrates the existing three Ombudsman schemes of RBI namely, (i) the Banking Ombudsman Scheme, 2006; (ii) the Ombudsman Scheme for Non-Banking Financial Companies, 2018; and (iii) the Ombudsman Scheme for Digital Transactions, 2019
• Retail payments and settlement systems in India - National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007
• Revised SBI FD Interest Rate, SBI Fixed Deposit Rates Sep 2018 - 1. Revision in Interest Rates On Retail Domestic Term Deposits (Below Rupees One Crore) w.e.f. 30.07.2018 Accordingly, the interest rates for Retail Domestic Term Deposits ‘Below Rupees One Crore ‘have been revised. The revised interest rates are as under : (All figures
• Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002[SARFAESI] - An Act to regulate securitisation and reconstruction of financial assets and enforcement of security interest and to provide for a Central database of security interests created on property rights, and for matters connected therewith or incidental thereto.
• Shell bank - Shell bank means a bank that has no physical presence in the country in which it is incorporated and licensed, and which is unaffiliated with a regulated financial group that is subject to effective consolidated supervision. Physical presence means meaningful mind and
• State Bank of India Act 1955 - THE STATE BANK OF INDIA ACT, 1955 (Act No. 23 OF 1955) AN ACT To constitute a State Bank for India, to transfer to it the undertaking of the Imperial Bank of India and to provide for other matters connected therewith
• State of global financial regulation- William Coen - 1- Introduction Thank you for this opportunity to provide an update on the Basel Committee’s work to finalise the global regulatory framework, as well as its longer-term agenda. I note that I started with similar words on this occasion last
• Syndicate Bank vs Channaveerappa Beleri & Ors [SC 2006 April] - Keywords: Bank Credit-on demand-Bank Loan-period of limitation This Court itself had indicated that ‘live account’ means an account that is not settled. The use of the term ‘settled’ gives an indication that a ‘live account’ refers to an account where
• The Bankers Books Evidence Act, 1891 - Law Library (18 of 1891) [1st October, 1891] An Act to amend the Law of Evidence with respect to Bankers Books. Whereas it is expedient to amend the Law of Evidence with respect to Bankers Books; It is hereby enacted
• The Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the .. of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005 - These rules may be called the Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005.
• The Reserve Bank of India decided to transfer an interim dividend of Rs 28,000 crore to the government in the financial year 2018-19 - “Based on a limited audit review and after applying the extant economic capital framework, the board decided to transfer an interim surplus of Rs 28,000 crore to the central government for the half-year ended December 31, 2018,” the RBI said.
• The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (Sarfaesi Act) - The definition of 'secured creditor' includes securitisation/reconstruction company and any other trustee holding securities on behalf of bank/financial institution. The definition of 'securitisation company' and 'reconstruction company' in Sections 2(1)(za) and (v) shows that these companies may be private companies registered under the Companies Act, 1956 and having a certificate of registration from Reserve Bank under Section 3 of the Securitisation Act. Evidently, Parliament did not intend to give priority to the dues of private creditors over sovereign debt of the State.
• Types of Non-Banking Financial Companies registered with RBI - Non-banking financial institutions (NBFIs), engaged in varied financial activities are part of the Indian financial system providing a range of financial services. NBFCs are incorporated under the Companies Act, 1956. NBFCs can be classified into two broad categories, viz., (i) NBFCs accepting public deposit (NBFCs-D) and (ii) NBFCs not accepting/holding public deposit (NBFCs-ND). Residuary Non-Banking Companies(RNBCs) are another category of NBFCs whose principal business is acceptance of deposits and investing in approved securities. In the interest of depositors, RBI has evolved a regulatory framework the salient features of which are outlined below for the guidance of depositors
• VISHAL N. KALSARIA Vs. BANK OF INDIA & ORS -20/01/2016 - If we accept the legal submissions made on behalf of the Banks to hold that the provisions of SARFAESI Act override the provisions of the various Rent Control Acts to allow a Bank to evict a tenant from the tenanted premise, which has become a secured asset of the Bank after the default on loan by the landlord and dispense with the procedure laid down under the provisions of the various Rent Control Acts and the law laid down by this Court in catena of cases, then the legislative powers of the state legislatures are denuded which would amount to subverting the law enacted by the State Legislature. Surely, such a situation was not contemplated by the Parliament while enacting the SARFAESI Act
• What is Legal Tender and the Promise to Pay - Legal Tender and the Promise to Pay Legal Tender The concept of legal tender is often misunderstood. Contrary to popular opinion, legal tender is not a means of payment that must be accepted by the parties to a transaction, but rather a legally defined
• Who are the World Bank Group - THE WORLD BANK GROUP For more than fifty years the World Bank Group has served as a catalyst for economic growth and social progress. Almost every country of the world is a member of the Bank Group. These institutions are headquartered
• Why Lakshmi Vilas Bank Ltd was put under moratorium by RBI - The Reserve Bank assures the depositors of the bank that their interest will be fully protected and there is no need to panic. In terms of the provisions of the Banking Regulation Act, the Reserve Bank has drawn up a scheme for the bank’s amalgamation with another banking company. With the approval of the Central Government, the Reserve Bank will endeavour to put the Scheme in place well before the expiry of the moratorium and thereby ensure that the depositors are not put to undue hardship or inconvenience for a period of time longer than what is absolutely necessary.